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What’s the Safest Banking Method to Use at Online Casinos?

What's the Safest Banking Method to Use at Online Casinos?

Quick, easy, and secure deposits are essential aspects that improve a player’s experience at an online casino. Advanced online casino platforms have various deposit and withdrawal channels. Such have reduced payment processing delays and allow credit card transfers, E-payments, and even support cryptocurrencies. Deciding the best option out of these options confuses most online casino players. We did a comprehensive review of the popular online casino payment methods to establish the most reliable option. 

Credit Card Online Payments

Credit cards are the most widely used online payment method. They are the most secure options, as well-established banking operators run them. Almost every online casino accepts credit card payments but with varying options. The most common options include Visa, MasterCard, and American Express.

Visa cards are the most widespread deposit method. It is one of the oldest online payment methods hence available in most parts of the world.

MasterCard is Visa’s immediate competitor. Both cards work the same.

American Express (Amex) is not as widely accepted due to the USA’s restrictive gambling laws.

Credit cards charge an estimated 1.3% of every transaction made. This is quite affordable. Different suburbs may have varying laws concerning credit cards and gambling. For example, the UK does not allow using credit cards for gambling.

E-Wallets

E-Wallets are the most preferable methods when it comes to online banking and new FinTech startups continue to deliver E-wallet apps that are just getting better and better. They are already taking over internet payments thanks to their simplified yet resourceful procedures. You only need to visit one of the numerous E-wallet websites and create an account, after which you may link a card of your choice. You can then start transferring funds to other users and businesses. E-wallets provide currency freedom that is rare in many payment methods.

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PayPal. In 2002, eBay, one of the biggest online businesses, bought PayPal, giving it massive exposure. PayPal is now the most popular E-wallet but is extra vigilant when it comes to online gambling. PayPal is restrictive when managing user’s accounts, posing threats such as freezing and deletion of accounts in the occurrence of certain misconducts. This explains why the method is not popular among gamblers.

Neteller is a gambler’s alternative to PayPal and draws its largest traffic from the industry. In 2005, the company facilitated 80% of online gambling transactions in the USA and underwent a $300 million loss to authorities and oversight bodies, which led it to shift to the British market.

Skrill is now also an online gambling giant, thanks to its global reach among online casino operators. The company was initially established in 2001 as Money Bookers. Over the years, the brand has managed to outdo competitors leading to its rise as Neteller’s top competitor.

Neosurf. The French-originated company is now one of the top E-wallets globally. Focusing mainly on digital transactions to and from gambling sites, NeoSurf has been voted as one of the simplest and most secure casino bankings in Australia. Its operations cut across Spain, Switzerland, Belgium, France, Australia and New Zealand. In emerging landscapes like Africa, their services are available in almost every part of the continent, thanks to the Neosurf Authorized Resellers who deliver through a middle party. Its 128-bit encryption provides top security for users, and the prepay feature enables them to make planned spending. However, you will discover that it is impossible to withdraw funds through this service, despite its ability to make deposits. Neosurf has both credit cards and E-wallet services.

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Even though depositing through these channels is a minute or a few seconds process, withdrawals have huge delays. Sometimes taking days due to the verification process. However, if you provide truthful information and stick to the rules, you will eventually get your money without much hustle.

Cryptocurrencies

Technological advancements in payment methods have had great surprises, but none like cryptocurrencies. The algorithm behind pieces of data containing a monetary value that can be transferred from an end to another without the ability to be traced or forged is the simplest way to explain cryptocurrencies. Other advantages attributed to the currencies include the ability to transact from anywhere globally, and the improved privacy is especially beneficial in protecting online casino players from cyber-security fraudsters.

Cryptocurrencies such as Bitcoin, Etherium, Litecoin, and Dogecoin are the current front runners. Besides being the gold of cryptocurrencies, bitcoin is the most common and most preferable among online casino players. Despite the wide availability of cryptocurrencies as a means of payment on many casino platforms, many are yet to adapt.

The risks of using bitcoins as a means of payment revolve around the extremely private technology that makes it impossible for centralized control by regulatory bodies such as governments. The coins’ value depends on the many opinions of traders and investors who either sell in numbers leading to a drop in value or buy, leading to increased demand.  You also need to be cautious of the hack-ability of cryptocurrency wallets. We recommend storing them in an offline wallet until the need to spend arises.

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To conclude, your payment method choice depends on its availability on the casinos you prefer and the level of safety you want. All the organizations managing the different methods do their best to protect their users and themselves from losses. You should always reach out to them in the occurrence of any suspicious activities. 

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