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How to make your first crypto deposit

October 7, 2022

Unfortunately, because of bad press, making their first crypto transaction or in our case deposit in a crypto casino can seem dangerous or scary to many people. Since crypto transactions aren't reversible, it can be difficult for one to press that send button. iPlayCrypto has prepared a simple step by step guide to make this journey a smooth and safe experience so you can enjoy carefree crypto gambling.

Why use crypto in the first place

Let’s start with why you would want to make a deposit using a crypto wallet. You are in full control when depositing using a crypto wallet. The fees are substantially lower. And of course, the return has the potential to be higher with the exchange rate being as active as it is. It also helps keeping your deposits anonymous and out of the eyes of those whom you don’t want to know or see your gambling preferences or in general purchasing preferences.

What is a crypto wallet exactly

A crypto wallet is where you can buy, sell, receive and transfer your cryptocurrencies to and from as you require. It holds your funds safely as the good ones are encrypted and have stringent login and registration methods to ensure the security of your funds. Each wallet will have a variety of cryptocurrencies you can purchase, but best to ensure that the cryptocurrency you select is accepted at your favourite online casino.

There are different types of cryptowallets out there and we have done the digging for you. These are the top rated cryptowallets available online. If you are looking to play on your mobile device, we suggest using ZenGo. If you are looking to play on your desktop, Ledger is by far the safest alternative as it's a hardware wallet and it's pretty easy to use. It even gives you a fun notification sound when money comes in and out of your wallet. And if you are just starting out and need a little more simplicity, Coinbase is your best bet. It is incredibly user friendly, sign up does require verification documents so it may take a little longer for your account to be activated.

Based on the number of online casinos accepting cryptocurrencies, the best currencies available to play online with are: Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Tether is an interesting cryptocurrency as it is called a Stablecoin meaning that it very seldom strays from the $1:1USDT ratio, and you have the safeguard that no matter the economy, it will still be steady. If you are looking for that extra layer of anonymity and security Monero (MXR) would be the best choice then.

How do you fund a crypto wallet:

Once your wallet is set up, select which type of cryptocurrency you would like to purchase. In your wallet on log in, you will have the option to “Buy Crypto”. You can fund your cryptowallet using a variety of options, such as bank wire transfers, ACH, Apple Pay, Google Pay, credit card and debit cards. But we suggest you use crypto exchanges like KuCoin or eToro for increased anonymity. Although Bitcoin ATMs allow you to buy Bitcoin and other cryptocurrencies 100% anonymously. You can deposit cash into the ATM and it will return a crypto token for you to use to deposit with. Actually we highly recommend Bitcoin ATMs because unless you wish to withdraw large amounts, no ID verification is required.

How to deposit into the casino using this freshly loaded wallet?

Once your wallet is funded, you will need to click on “Send” in your wallet to send the casino the funds. It will request a crypto address which you will get from your casino account. Click on your casino deposit option and select the cryptocurrency of your choice, this should automatically generate a crypto address, which you will copy and insert in your crypto wallet under the “Send” option mentioned earlier. Confirm the transaction and send the funds over to your casino account. It should reflect almost immediately, but if there are any issues head on over to the casino support for more information.

Remember when using a crypto wallet, your funds are encrypted within the wallet, so there is minimal risk involved. The funds stored in the wallet are also able to grow with the exchange rate, adversely they will also decrease with the exchange rate, so keep an eye on that. You are able to transfer funds in and out of the wallet if you see the value decreasing drastically as a safeguard. There are also minimal fees with using a crypto wallet, the fees are mostly accrued on the blockchain when transferring but again, they are minimal and you are able to reduce the fees for a slower clearance time on your wallet.

How to withdraw from your crypto casino to your crypto wallet:

In your casino account you will select "Crypto wallet" as your withdrawal method. Enter the amount you would like to withdraw and the casino will then ask you to insert a crypto address. You will find this in your crypto wallet, when you select “Receive”. You can copy this address from your wallet and paste it into your casino account. This is the address that links your casino account withdrawal to your crypto wallet. You can then select “Send” in the casino account and your funds will be on their way, as long as all requirements set out by the casino have been met. These requirements are casino specific, it might do you well to check with their support beforehand.

How do I get my money from my crypto wallet to my bank account?

Once the funds have arrived in your wallet, you will then be able to process a transfer, or “Sell” your cryptocurrency. You will then insert the banking details where you would like to transfer the funds into. It is the same process as completing an EFT or bank transfer with your internet banking. It should ask for your bank account details, the SWIFT/Bank code, the account holder’s information. You will also be able to save the information on your wallet for ease of transfer the next time you are ready to withdraw funds from the wallet.

Remember you can always leave the funds to grow in your crypto wallet. We do suggest keeping an eye on the funds in the wallet due to the volatility in the currencies. You can also keep the funds in the wallet to use to deposit into your crypto casino to continue that good streak you are on!

Lastly, don't forget that while our guide can be applied to any country around the world, there might be small differences from one country to another. The legal framework surrounding cryptocurrencies is very different from China to the United States for example. Specifically with regards to American crypto hodlers, there is different crypto legislation from state to state. Something important to remember when you make your first step in the world of cryptos.

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