The online casino industry has grown over the years. With this growth comes the acceptance of different payment methods. If you go to sites like https://icecasino.com/ro/pacanele, you should not be surprised at the overwhelming options you can use to make deposits and withdrawals.
Today, we will show you the most common payment methods in the online casino industry. We will also provide you with information on whether they are safe.
What Are the Most Common Payment Methods?
Here are the most common payment methods:
Credit & debit cards
Pay by Phone
Credit Cards and Debit Cards
Cards are the most widely used type of payment method in the casino industry. If you observe carefully, you will find out that the two most accepted issuers are Visa and Mastercard. Some casinos accept American Express as well.
Cards are fast, and online casinos can also transfer money into them. It means that most of the time, you can transfer your winnings to a credit card. Now, while some banks allow online gaming for their debit cards, there are others who don’t. So, even if your debit card is from Visa or Mastercard, the bank may refuse the transaction. If you happen to have this issue, you can use a workaround by transferring money from the card to an e-wallet.
Electronic wallets are commonly referred to as e-wallets. The most popular in the casino industry are PayPal, Skrill, and Neteller. You must have funds in the e-wallet before using it. It is fundable with your bank account or credit card. You can also fund e-wallets by accepting payments in them from sales channels or if someone sends you money through them.In addition, not all casinos accept e-wallets. Another thing you need to know is that some e-wallets do not accept money if you use it for a casino game. For example, Neteller does not allow casino transactions in some Asian countries.
The two main types of crypto used in the online casino industry are Bitcoin and Ethereum aka ETH. To make a deposit, you must click on a specific button on the casino’s site. The thing with cryptocurrency is that it is highly volatile. The fiat equivalent of the crypto varies every day. As such, the exchange rate will also vary.
You must be cautious when transferring cryptocurrency assets. It takes only one wrong character in the crypto address, and your money can disappear.
Although not used often, a bank transfer is still an option to make a deposit to online casinos. It is not a big issue in Europe, as most banks allow the transfer. However, some countries have some online casino restrictions, so you cannot expect this to be a payment option all the time.
Also, bank transfers sometimes can be slow. They can take up to three days to complete. In addition, you must transfer the funds with the correct routing number, checking number, etc. Some casino players use sites like InstaDebit to facilitate the transfer.
Pay by Phone
Some telecommunications companies allow you to make deposits to casinos, but these are rare. In this process, the casino will charge your telco account. Then, the telco company will add that charge to your monthly bill.
Are Online Casinos Safe for Financial Transactions?
Yes, they are safe for a transaction. However, make sure that you only deal with a licensed casino. A licensed casino goes through government and third-party checks to verify that they are safe. Casinos use what we call SSL, or Secure Socket Layer. It is a type of encryption that allows them to keep your data safe. With encryption, a hacker may be able to intercept the data but cannot read it. Only the casino’s servers can read the information.
Casinos also use 128-bit encryption. Right now, it is one of the strongest levels of encryption in the world. Even banks and credit card institutions use it. Again, make sure you are dealing with a legit casino. You can find this out on a casino’s website. You will see where they got their license, and then you can cross-check. Another thing you can do is go to review sites and read what the users have to say about the safety and security of the casino.
There are many payment options in the online casino industry. Choose at least two, so you have varying options. In some cases, a casino may accept a deposit from a source but not allow it for withdrawal. It is why you are better off using two methods.
These payment methods are also safe. Casinos use 128-bit encryption and SSL in their systems, which financial establishments also implement. As such, you can rest assured that your data and private information are safe and secure.