Most cryptocurrency casinos boast of not charging fees on deposits and withdrawals whenever you wager with them, but how much of this is true? Will you never be charged for the deposits and withdrawals you make at your cryptocurrency casino?
Find out everything you need to know as we explore the world of cryptocurrency casino transaction charges in this guide.
No Different Than Bank Fees
Cryptocurrency casinos come out to say you won’t be charged any fees on their end, and that is so true. However, does this mean you won’t be charged at all? Unfortunately, no!
So if the crypto casino is not charging you and you’re being charged, who is making these changes? Well, it’s a simple one: Third-party institutions like cryptocurrency providers might be the ones to charge you the fees.
It’s just like how FIAT deposits work. The FIAT currency will not charge you on your transactions, but the bank will charge for their services. Hence, the next time you’re charged on a transaction, know that it is most likely coming from third-party providers.
So, There Is a Fee?
Not that much of a fee. Here’s the thing, someone needs to pay the miner or payment processor. If it so happens that your cryptocurrency casino is responsible for processing its cryptocurrency transactions, then you could end up paying a transaction fee between 1% and 3% of your deposit. For the most part, this charge applies more to withdrawals than deposit amounts.
To find out more, read your casino’s terms and conditions. You could also contact the casino’s support to speak with a representative to find out how the charges operate.
A Word on Ethereum
One would think that transactions with all cryptocurrencies would work the same way, right? Sadly, it’s not always the case. While most work the same way, some few cryptocurrencies like Ethereum have their peculiarities. For example, while you have to deal with a flat rate on Bitcoin transactions, the same cap does not exist with Ethereum. In the same way, Ethereum fees(aka gases) are progressive. The more Ethereum you wish to buy or withdraw, the more gas fee you will be charged. You might want to think about this before selecting an option for your deposits and withdrawals.
Currency Conversion Fees
If your crypto casino converts cryptocurrencies into FIAT, then get ready to deal with some major transaction fees. This could happen if the casino does not allow you to wager with crypto on some games. The best thing is finding a casino that will enable you to wager with crypto without converting to FIAT currency options.
Top Crypto Casinos Which Fit the Bill
We advise that you play at a casino that charges next to nothing. www.bitcoincasino.io is one of such casinos out there with very few charges. Sure, there are a few others, but we would suggest you head down to BitcoinCasino.io to have a fair idea of how things are run before you make your selection.