Online Casino Payment Options: Deposit and Withdrawal Methods

Online gaming experience is partly hinged on the payment methods available in the lobby and what you eventually choose for conducting your transactions. 

However, even before making that first deposit on a chosen gambling website, you must consider a couple of factors. So, join us as we closely examine the factors and the most popular deposit and withdrawal methods you’ll likely find in an online casino lobby.

How to Choose a Payment Method

Some of the most important aspects that should guide your selection of an online payment method in an online casino include the following: 

• Security;
• Transactional durations, i.e., instant deposits and speedy withdrawals;
• Ability to process both deposits and cash-out transactions;
• Fees incurred for deposits and/or withdrawals;
• The payment method must work within your jurisdiction;
• Minimum and maximum transactional limits;
• Ease of use.

Reputable online casinos like https://icecasino.com/ro will require you to load a deposit immediately after signing up to start playing – unless you have redeemed a no deposit promotion.

Above anything else, choosing the right payment platform is vital as it dictates how quickly and easily you will access your returns after landing a win. Failure to consider all the above elements could mean you are forced to make multiple transactions due to maximum limits or pay hefty fees to transfer small amounts of money. With that out of the way, let’s move on to the most popular deposit and withdrawal methods used in online casinos.

E-Wallets

If your focus when going for a gambling payment solution is security, then you can never go wrong with e-wallets. They take advantage of SSL-Encryption to assure your transactional safety, and on top of that, they are convenient and reliable to use. Some of the most trusted e-wallet options you can use for transactions on gaming platforms today include:

• PayPal

• Neteller
• Skrill
• ecoPayz
• Apple Pay
• Google Pay
• Venmo
• Zelle

Regarding transactional speeds, cashing out typically takes up to 24 hours for you to receive your casino winnings in your e-wallet account.

Credit and Debit Cards

Many people in the general public will concur that credit and debit cards are some of the most popular payment methods in use on casino websites. This is because these methods are easy to use and offer excellent reliability compared to other payment options. Of course, like e-wallets, they also use SSL encryption technology to guarantee transactional safety. Some of the bank cards accepted by most online casino sites are such as:

• MasterCard
• VISA
• JCB
• Diners Club International
• Maestro
• American Express 

Bear in mind, however, that some gambling platforms do not support withdrawals via MasterCard, mainly due to technical limitations and regulatory restrictions on their part. Additionally, as reliable and trustworthy as bank cards are, using them to cash out usually takes a little longer. It could be anywhere between 24 hours and up to 3 days. 

Bank Transfer

Almost all online casino platforms offer bank or wire transfers as a payment option. This payment method entails simply moving funds from the bank to your gambling account. This process works just like your regular wire transfer as you go on with your day-to-day transactions. It is favored by many gamblers because it is reliable and readily available for most people. However, the only caveat to this method is that its transactional times are longer than other options like e-wallets. Bank withdrawals from online casinos take 3 to 5 working days, sometimes even longer.

Cryptocurrencies

As one of the most progressive industries, the iGaming scene was one of the first to embrace the use of cryptocurrencies for transactions. So, now that more people are increasingly embracing Bitcoin and other cryptos, they are becoming a lot more popular for online gambling. In fact, today, many iGaming platforms strictly accept cryptos for transactions and not the usual fiat currencies. Besides Bitcoin, the other cryptocurrencies that have been gaining traction in the online casino world are such as:

• Bitcoin Cash
• Ethereum
• Tether
• Litecoin
• USDT
• Dogecoin
• Monero

Using crypto for online casino transactions is preferred by many gamblers for a variety of reasons, including:

• Instant transactions mean you won’t wait for hours or days to receive your wins.
• Transactions are anonymous, as your payment information is essentially a string of codes. 
• Little to no fees for conducting the transactions.
• There are no limits to how much funds you can transfer. 
• Blockchain technology makes crypto transactions completely secure.

On the flip side, the biggest downside for cryptocurrencies is that they are highly volatile. As such, after cashing out from your chosen gaming platform, your funds might lose their value before you use them for purchases.

As you can see, there are many different online casino payment methods available in the industry. Each of these methods commands its fair share of merits and demerits, which you must consider before making your final decision.