With sites like Twitch popularizing crypto gambling, betting with digital tokens has never been more popular. More iGamers are discovering the benefits of the blockchain each day. Therefore, you should familiarize yourself with the best options available. Learn about the best crypto exchanges suited for online gambling and how to choose one yourself.
The Characteristics Of A Good Cryptocurrency Exchange
It is important to take into account several factors when signing with an exchange. Although as a gambler you’ll have different priorities compared to the average crypto investor, you should still follow certain guidelines. These range from minor inconsistencies to deal-breakers such as KYC procedures, supported coins, and altcoins, or withdrawal and deposit methods.
What are Key Things To Look For?
Security
The majority of crypto hijacks happen on exchanges. Your security is of the utmost importance. This is especially relevant on smaller, lesser-known sites that are either new or not really renowned. Make sure to do your diligent research and check for community reviews.
Fees
As a responsible gambler, fees are the second thing you want to look out for. The fewer fees you pay, the more balance you’ll have, which means more spins and more fun! Make sure to not just check the crypto conversion fees but also the fiat currency conversion structure (e.g. CAD to USD/EUR).
Matching Payment Methods
If an exchange doesn’t support the payment method of your choice, it’s all for nothing. If, for example, you have a large amount of Paypal credit, but the exchange does not accept Paypal, you’ll be out of luck. Moreover, fees are further determined by your payment method.
Number of Supported Coins
Though the exchange is only required to support the currencies of your favorite online casinos, having a variety of options is always nice. Having more options offers flexibility in case wagering requirements need to be met or if you wish to switch casinos.
List Of Best Exchanges For Crypto Casinos
Unfortunately, there isn’t a singular exchange that is perfect for all casino games. So, now that you know exactly what to look for, finding the perfect exchange for you personally shouldn’t be too hard. Here’s a compiled list of the very best crypto exchanges for gamblers.
Kraken – Extremely Secure
Known for its amazing customer service and unhackable status, Kraken is one of the oldest and most secure crypto exchanges out there. Launched in 2013, Kraken has been operating with nothing but finesse. It supports over 7 fiat currencies and has the 4th largest trading volume.
The US-based exchange moreover accepts customers worldwide and has reasonably priced fees. The fee structure differs depending on whether you’re buying or selling. The seller’s fee is usually around 0.26% per trade and the buyer’s fee is around 0.16%. Negligible fees combined with an extremely secure system make a perfect partner to any bitcoin gambling site.
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Coinbase – Trustworthy & Reputable
Coinbase is the most popular and reputable place to get your hands on crypto. From crypto gamblers, crypto casuals to crypto investors this should be the first place to look at. Although, with slightly higher fees and fewer supported altcoins, the exchange saves you precious time. Its interface is extremely easy to use and overall the best option for beginners.
However, the biggest downside that makes it very unappealing for iGamers is the site’s hostile relationship with Bitcoin casinos. Coinbase doesn’t allow direct transfers to bitcoin gambling sites. It’s against their TOS. For safety measures make sure to never directly deposit to an online casino site from your Coinbase account. Instead, withdraw your coins to your Bitcoin wallet first before you proceed further.
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Binance – Very Low Fees
Binance is perfect for frequent users who have delved into the crypto world more deeply. It has the highest trading volume and offers the most cryptocurrency trading pairs of any trusted exchange. You can purchase crypto directly with your credit card using 20 different fiat currencies. You’ll have access to over 50 different cryptos meaning you’ll be able to buy Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and many more all in one place.
Their fee structure is 0.1% for the taker side and 0.1% for the maker side, which you can further reduce by 25% using Binance’s native currency (BNB). Long-time users can even get their hands on their very own Binance Visa Card to pump out crypto on the go.
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KuCoin – Offshore Exchange With Optional KYC
KuCoin is a Seychelles-based exchange that is the best choice for players that value that privacy. Whether you like to keep every aspect of your gambling sessions private or just don’t like being spied on, Kucoin is the most obvious choice. KYC is completely optional and pretty much unessential since it’s required only for any transfers above 2 BTC ($130,000).
While a KYC process is usually an upside for security reasons, it can be a massive downside in certain scenarios. Giving away your personal and sensitive information on the internet can be very dangerous. KuCoin is highly recommended if you’re just looking to get some crypto every now and then to charge your crypto betting site batteries.
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Best Crypto Sports Betting Exchanges
Sports betting exchanges are a great alternative to Bitcoin casino sites. Unlike regular sportsbooks where you bet against the house, betting exchanges let you wager money against other players, peer-to-peer style. This allows you to have much better odds than the house would ever give you.
SportX
The SportX platform is a smart contract protocol and a set of web applications that can create, trade, and settle markets for crypto-based sports betting and even political predictions. Bets on SportX surprisingly do not accept Bitcoin as they exclusively operate in DAI. The DAI cryptocurrency is designed to keep its value as close to a US dollar as possible. This makes betting much more stable compared to a volatile Bitcoin exchange.
Moreover, the platform also features a great staking UI, betting tournaments, and markets for nine sports leagues: NBA, NHL, NCAA Basketball, UFC, ATP Tennis, PGA Golf, English Premier League, Champions League, and Europa League.
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Degens
Formally known as a Sports Crypt, this crypto sports betting exchange is a great rival to the industry giant, Betfair. Degens is a P2P exchange that uses ETH and the stablecoin Dai. Operating since 2017, Degens is the first non-custodial betting exchange on the market that utilizes Ethereum smart contracts.
Their services offer little to no fees, no KYC, or bookies. Bets are recorded on the blockchain in a transparent manner with complete privacy. Deposits and withdrawals also require zero fees other than the mandatory gas fee.
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Benefits Of Cryptocurrencies In Online Gambling
It is clearly evident that cryptocurrency gambling is much superior to regular betting. Gambling with blockchain technology has numerous benefits and these include:
Decentralization
You have complete control of your assets. No one can deny or take your crypto away due to the absence of a central authority.
Privacy & Anonymity
Besides your exchange and crypto casino, no one else has your personal information. Compare that to something like your credit card where your name and sensitive information is plastered all over it.
Faster Transactions
No matter where you are or where you’re from, blockchain transactions are almost instantaneous.
Lower Fees
Due to the fact that bitcoin transactions require no middlemen, fees tend to be much lower. You can actually adjust the fee yourself in most Bitcoin wallets. Lower the price in cost of speed and visa versa.
Not Always Taxed
Bitcoin remains largely unregulated in most countries. Although not recommended, the potential to write off casino winnings is there. Make sure to research your local tax laws if you’re planning on gambling with crypto.
FAQ
Is storing cryptocurrency at a crypto exchange safe?
The exchange is not a bank. Don’t keep your money there as things could potentially go horribly wrong. There is a risk of hacking attacks and other unforeseen events, such as bankruptcy, as was the case with FTX. Your crypto should go into an actual crypto wallet where you own the keys. You should move your funds to an exchange account only when you’re ready to cash out.
What gambling cryptocurrency should I buy at a crypto exchange?
This usually depends entirely on your personal preference or on what casino site you’re gambling on. If you’re a beginner the safest option is always Bitcoin or Ethereum as they are the two largest and most accepted currencies in crypto casinos. However, Bitcoin has a slight edge, as Ethereum network fees tend to be higher.
What’s the best way to avoid fees on cryptocurrency exchanges?
Cryptocurrency exchanges are notorious for adding flat or hidden fees on transactions. Combined with network fees, these amounts can add up to a significant sum. You can avoid many of them by using P2P. Although they’re technically riskier, your exchange will act as an escrow service to protect you from scammers. However, this is why you need to choose a reputable site in the first place.
