Making payments at online casinos is a sad reality – we all wish we could just bet the free credit from a welcome bonus indefinitely and turn it into big wins. If only! While welcome bonuses and other promotions give free spins and bonus credits that can amp up our deposits, the majority of our wagering money comes from deposits.

Modern online casinos give their players a range of payment methods to choose from. Typically, there will be more options available for making deposits than for withdrawals. Some online casinos will offer special bonuses for certain deposit methods or will have deposit method requirements for claiming bonuses.

Besides these factors that can determine which payment method to use, the decision ultimately comes down to player preferences. Some people prefer the reliability of traditional methods like bank transfers, while others enjoy the convenience of payment apps.

For new players, worries over choosing the right payment method can be a hurdle when signing up for a new online casino. This guide will provide handy tips for choosing the best payment method while using online casinos. Then, it’ll give examples of each of the leading types of payment methods.

Security

Security is a concern with every purchase made online. The best payment methods are those that have strong security measures and have protections in place for customers. Protections for buyers can be things like fraud protection, two-factor authentication, and encryption.

The online casino should also have encryption software in place and should have a strong Know Your Customer (KYC) protocol. KYC protocols are used to confirm a player’s identity before funds can be released. The best payment methods will also have their own KYC protocols so that the player’s funds are protected throughout the entire transaction.

Fees

Fees are a tricky topic when it comes to online casino payments. In the majority of cases, online casinos do not charge any fees on deposits or withdrawals. They also heavily advertise that they do not charge any fees.

However, many payment methods will levy fees on transactions. If fees are a serious concern, players need to do their research into the payment methods available to find out what fees might be charged. These can vary dramatically.

Withdrawal times

One of the most important factors for players is how fast withdrawals are processed. Players generally want to have access to the funds that they’ve deposited or won. Having to plan days or weeks in advance to ensure that a withdrawal will be processed by the time that you need it is frustrating and unrealistic for most people.

This link https://www.casinomeister.com/blog/betsafe-withdrawal-times/ explains the withdrawal processing times for Betsafe, one of the leading online casinos operating in the UK. Other reputable casinos will have similar withdrawal times.

One of the major selling points for some online casinos is that they offer instant withdrawals. “Instant” in this context often means under 24 hours, and could perhaps be better described as a fast withdrawal method. It is also only available for certain payment methods. For players who want immediate access to their funds, this is an important feature to look out for.

Bank/wire transfer

Bank/wire transfers are an old-fashioned payment method. They’ve lasted so long because they are reliable and trustworthy. Bank transfers are done through a financial institution so they have more protections than some apps do. However, bank/wire transfers are one of the slowest payment methods, and can take an average of five to seven days to process.

Visa/Mastercard

Visa and Mastercard are the two most widely accepted payment methods in the entire online casino industry. In the UK, only debit cards can be used for gambling deposits. The use of credit cards for gaming payments was banned in 2020. Most major banks use Visa and Mastercard to process their debit card payments.

While debit card payments are very safe and secure, they can take longer to process. This is because they have their own, thorough KYC protocols. They may also attract some fees, depending on the bank.

Payment apps

Payment apps are a modern payment method that recognises that many people prefer to use their phones for everything and would rather not carry a physical card. There is a lot of variety in payment apps. Some, like PayPal, Skrill, and Neteller, have been around for years and have fantastic reputations. Others are less reliable and players should be very careful when creating new accounts.

Cryptocurrency

Cryptocurrency is an attractive payment method for players who take security and anonymity seriously. The protection provided by the blockchain are hard to beat. Cryptocurrency deposits and withdrawals are processed instantly, which is another attractive aspect. On the other hand, the cryptocurrency market can be incredibly volatile.

It is not a good idea for players with no experience with cryptocurrency to start with a crypto casino. It can be very easy to make bad investments, buy the wrong coins or misunderstand how hot and cold wallets work, alongside other issues. Try investing in cryptocurrency and using it in less risky ways before considering crypto casinos.