When it comes to finding the right online casino for you, one may assume that the most important factors revolve around content, games, promotions, and so on. However, this is often not the case, as many seasoned players will consider the available deposit and withdrawal methods at a site as the most important element.
If you are unsure about deposit and withdrawal methods, here is a breakdown of the most popular, and therefore most readily available options that you will find in the world of online gambling.
One of the most common and most popular deposit and withdrawal method in many countries when it comes to online gambling is e-wallets.
The ease of use, relatively low fees, and very high processing speeds which allow the site you are using to, in most cases, receive your money instantly, makes e-wallets a strong option, allowing you instant access to the real money games you want to play as soon as your deposit has been made.
It is not only players who appreciate the speed and simplicity of e-wallet payments, so you will find that many sites will reward players who deposit in this manner, many offering additional bonuses of up to 20%. The ease of processing of e-wallet payments make the world much easier for gambling operators, putting them in a position to share their savings with players.
The main downside to e-wallet payments is to do with the companies who provide them. E-wallet sites like Neteller, PayPal, and Skrill (which are the three most popular by some distance) can, due to the popularity of the method, pick and choose the sites and nations that they deal with, so you may find that if you live in a country with particularly strict gambling laws and regulations, then e-wallet payments will not be possible.
For example, sites that operate in the US will often refuse e-wallet payments, this is due to the Unlawful Internet Gambling Enforcement Act in the country.
Other downsides to e-wallets include the fact that they can take a while to set up and confirm, and, despite their fees being competitive in the grand scheme, they still charge fees, which is usually a percentage of your deposit.
As one may expect, payments made directly from debit or credit cards is the most popular method of deposit and withdrawal in the online gambling world, and is the most used method around the globe.
The popularity of big named credit and debit card companies including (but far from limited to) Mastercard, Visa, and American Express mean that there is an inherent sense of trust when using this method, something that is, obviously, of paramount importance to those who are entrusting their money to an online gambling site.
There are a plethora of upsides to this method, firstly the simplicity of it, as depositing at a casino site is the same as paying online for most products, in that all you need to do is provide the details of your card and your billing address. Also, where e-wallet transactions will often force you to sign up for available services at sites run by third-parties, this is not something that will ever happen with credit or debit card payments.
Another upside is the speed, essentially you give your details, and then you can deposit immediately in most cases.
Perhaps the biggest selling point of this payment method is the safety and security it ensures. Not only is this an entirely safe method in terms of protecting your money, it also means that you are unable to spend over your limit (in the case of credit cards) or the money available in your account (in the case of debit cards) making it easy to keep on top of how much money you are spending.
With so many positives, it may seem strange that any other deposit and withdrawal methods exist, but there is a large downside here, and it is with the withdrawal part of the method.
While depositing with your credit or debit card could not be any easier, and you can deposit large sums of money without having to worry about fees, withdrawing is not so easy. Usually, you cannot cash out using your credit or debit card, meaning that you’ll need to request a cheque by courier, or a bank wire transfer in order to cash out your winnings.
This does make things more complex, but it does not take away from the general sense of simplicity that comes with using a credit or debit card for the purpose of depositing. All you have to ensure is that your card has been cleared for international transactions before you use it at online casino sites.
If you prefer a certain level of discretion when it comes to funding your account at online casinos, then you may prefer to use a prepaid card. The process is very similar to credit and debit card payments, so most sites that accept one, will tend to accept the other. This is not always true though, so it is worth putting your research in first.
All you have to do is put funds onto your prepaid card, and then you can use it in the same way as any other card, you are also able to top these cards up locally and online. For example, if you are using a Visa Prepaid Card, you can top up your funds at any Visa ReadyLink location.
If you are a player in the US, the likelihood is that you are already aware of cash transfer services such as Western Union and MoneyGram as a way of depositing into your online gambling account.
The popularity of this method in the Us is, granted, somewhat based on the limited options that are available, but that does not mean this is a bad way to go.
The number of outlets that the two big money transfer companies mentioned above have all over the world is a testament to the trust and reliability that the method is known for.
It is a little more complex to send your deposit via money transfer, but some consider it more than worth the extra effort. All you need to do is contact the support staff at your chosen site to gain the necessary information to make a transfer, then once you have created an account with your chosen transfer company, it is simply a matter of filling out a form, you can then make your transfer online, or at your nearest Western Union or MoneyGram outlet, there are a lot of them in the world so finding one close shouldn’t be a struggle!
Bitcoin is the new kid on the block in terms of paying for things online, and it took a surprising amount of time for this method to start gaining traction in the online gambling market, however, this is changing as an increasing number of sites have spotted a possible niche, and are now allowing Bitcoin payments.
Bitcoin as implemented by an unknown group known only as Satoshi Nakamoto in 2009, although credit has since been taken, this enigmatic way of launching an online currency is part of the reason that bitcoin is not necessarily trusted by players.
However, there is something enchanting about the fact that Bitcoin runs completely differently to anything we’ve seen before. For example, there is no single entity running Bitcoin, the network is entirely decentralised, manned by individual volunteers who execute and record transactions. This allows a level of security that arguably no other currency has, in that no person or company is capable of single-handedly influencing or adjusting rates.
Bitcoin, as prepaid cards, is something that will be attractive to those who appreciate discretion in their online gambling activities, as you can stay more or less anonymous while using it. There is no need to identify yourself with name or address.
Bitcoin was not taken seriously for a long time, seen by many as a gimmick used to make a point, but the value of the currency quietly crept up, and by the end of 2013 the market capitalisation of Bitcoin was over $10 billion. The value of a single Bitcoin went over $450 shortly afterwards, making it necessary for smaller subunits to be implemented to facilitate smaller transactions.
If you play with Bitcoin, and win in Bitcoin, then there are various exchange sites that will allow you to transfer Bitcoin into traditional currency, but there is not really a fixed exchange rate so this can be a risk. Banks still do not accept Bitcoin as valid currency, but more and more mainstream companies are beginning to accept this currency.
At this point, Bitcoin is for those who have a full understanding of the pros and cons of the currency, and it still arguably comes with more negatives than positives when it comes to using this method for deposits and withdrawals at online casinos. However, this is not necessarily going to remain the case, so although Bitcoin may not be right for you now, that may well change so be sure to keep an eye on the growth of this online currency.
There are a lot of ways to deposit and withdraw, more than those listed above. But, if you are just starting out in the world of online gambling, and you are looking for a safe and secure way to deposit and withdraw, then it is wise to opt for one of these methods.