Transacting online is generally safe. Still, to be clear, it carries the small risk of losing your money or data to fraudsters. When depositing money to casino sites, there’s also the risk of losing your money to unsafe websites. With that in mind, the type of payment method you choose matters a lot. It affects your security, deposit limits, fees, withdrawal speeds, and freebies. Below is an overview of the best, safest payment options for online casinos.
PayPal is one of the biggest digital wallets in the world. It was launched in 2000 and increased after eBay adopted it as the ideal way to shop on the eCommerce website. With time, PayPal grew past eBay to become the favorite way to transact online for nearly 400 million people in 200+ countries. PayPal is a safe payment company, and there’s proof. First, it’s licensed and regulated in the UK and the US. Regulation ensures financial institutions provide fair, professional services. Next, it has data security tools, password protection, two-factor authentication, and its trademark One-Touch service. One-Touch is a service that helps keep your personal information private. You give PayPal your financial information once. After that, it allows you to deposit money to casinos without revealing these bank details. Another security tool in PayPal’s arsenal is a chargeback. If you deposit money to a casino and something goes wrong, you can always ask for a refund.
Google is one of the most secure websites in the world. It uses the most advanced security measures available today to keep its customers safe. So, if you can use Google Pay in your country, then it’s an ideal option. Many of the safest betting sites in the world support Google Pay for both deposits and withdrawals. Vitally, you also qualify for bonuses when you use this payment option. However, it might not be an ideal deposit method for high rollers. Google Pay has a maximum transaction limit of $2500 per day. Also, you can’t send or receive more than $2000 per single payment. That means it’s a great, safe option for depositing small amounts to casinos. But if you want higher limits, consider a different provider.
Contrary to popular belief, cryptocurrencies like Bitcoin, Ethereum, and Monero are safe. If you’ve heard stories of people who lost money through crypto, it’s because they lost the funds due to human error. Or the funds were stolen from a crypto wallet. Cryptocurrencies run on a decentralized ledger of records known as the blockchain. This ledger is immutable, meaning no one can change transaction records. And because it’s decentralized, it’s hack-proof. Some cryptocurrencies like Monero and DASH were created with privacy in mind. They anonymize payments to eliminate all possibilities of anyone tracing your transactions. So, if you’re after the safest cryptocurrencies, look beyond Bitcoin. Although often controversial, Bitcoin is increasingly an accepted payment method at leading online casinos. These operators allow you to deposit from $10 to as much as $100,000. This makes crypto one of the ideal deposit options for high rollers. But as we mentioned, you can also lose your coins if you’re not careful. You can lose them in an unsafe crypto wallet or by sharing your passwords and keys.
4—Visa and MasterCard
Visa and MasterCard are the two biggest card issuers in the world. Unsurprisingly, they’re the most preferred deposit method among casino card users. For the uninitiated, casinos accept both credit and debit cards. In both cases, Visa and MasterCard keep your data and money safe. These companies protect you in numerous ways. First, there’s the branding. Visa and MasterCard cards are properly branded to show Visa, your card number, bank name, and account number. Next, Visa and MasterCard use secure chips to keep your money safe and to keep off hackers. Additionally, these card issuers give you a chance to ask for a refund. They also monitor transactions to thwart thousands of potential fraud cases.
5—Skrill and Neteller
Skrill and Neteller are two sister companies owned by Paysafe. They both launched intending to serve the online gambling industry. They use similar security techniques, similar account top-up methods and have the same disadvantages. Let’s explain. On both Skrill and Neteller, the primary way of adding funds to your account is through MasterCard. After that, you can deposit between $10 and $10,000 at your favorite online casino. Skrill and Neteller use SSL encryption to keep your money and data safe like all major financial websites. They also feature password protection, two-factor authentication, firewalls, and anti-phishing tools. In other words, your money is safe at Skrill and Neteller. However, depositing with either e-wallet can disqualify you from casino bonuses. There’s a history of people exploiting casino bonuses by creating multiple accounts at Skrill and Neteller.
Bank transfer is one of the safest payment methods in the world. It’s arguably the most popular way for sending money in every country. The explanation is simple. The transfer takes place through banks that process the paperwork manually. The only reason wire transfer might be unsafe is when transacting with suspicious casinos. In that case, you can send your money to the casinos and never get to use it to play casino games. Wire transfer is also slow. Unless you have the patience to wait for a couple of days before you can play slots or poker, a bank transfer isn’t an ideal option. In recent years online casinos have started using mediators such as Zimpler, Trustly and Brite to make the payments faster. This way online casino can also comply with the regulation in a fast and easy way if the player idenitification is required.
7—Mobile Payment Apps
In this age of mobile-friendly websites, mobile payment apps are overgrowing. Interestingly, many smartphone dealers also own an in-house payment app. Samsung has Samsung Pay. Apple has Apple Pay, while Google has Google Pay. Most of these apps are safe, convenient, and often cost-free. However, they tend to support small limits because they’re designed for microtransactions. Some mobile payment apps are designed with casinos in mind. Boku, for example, features a service that gives you credit to play casino games and settle the bill afterward through a phone bill.