Ethereum Casinos: Our Beginners Guide to Depositing & Withdrawing Using Ethereum

Cryptocurrencies are now widely used by players at online casinos, with Ethereum casino sites being one of the most popular thanks to its low coin count, speed and confidentiality. 

Established in 2014, the cryptocurrency is predicted to go from strength to strength, with the Swiss-based company having unsurprisingly attracted the attention of those operating in the iGaming industry. 

So, if you are looking for an alternative to Bitcoin or other payment methods, this guide will outline exactly how Ethereum works, including our recommended Ethereum casinos that accept it. Let’s start by taking a closer look at its history. 

What is Ethereum?

Invented in 2013 and made available a year later, Ethereum was created by Vitalik Buterin, who had previously been a major player in the world of Bitcoin. It was designed in order to provide a quicker and more functional cryptocurrency, with Ethereum being based on blockchain technology. The main currency is known as Ether, while other products can be developed by users, meaning that there are almost an infinite number of possibilities when it comes to processing payments. Meanwhile, there are a variety of dedicated Ethereum casinos available to players today, which include Ethereum dice, slot and table games. 

How to Use Ethereum?

With Ethereum casino sites having already developed a reputation as being one of the most technologically advanced cryptocurrencies, it should come as little surprise that an increasing number of online casinos now accept payment in this way. So, just how does it work? The following is a step-by-step guide explaining how to make payments, including our five best Ethereum casino sites.

Step 1: Download a Wallet

Before payments can be made at an Ethereum casino, players must first download one of the available wallet programs associated with it, which effectively act as a gateway into the decentralised block chain. Once this is complete, users will be in a position to create their own products, however it is likely to be the Ether system in which they utilise at online casinos.

Step 2: Purchase Currency

Purchasing this cryptocurrency requires either an exchange or a broker, which are digital platforms catering for those looking to buy, sell or trade Ether. It is likely that new users will have to register and provide a form of identification before they are able to deposit funds, with popular platforms including CoinMama, CEX.io, CoinBase and Bitpanda. Be sure to check out the different options available, with exchanges sometimes varying in their ease of use. 

Step 3: Select Your Ethereum Casino

Now that you have a digital wallet and have purchased Ether, it is time to make your first deposit. However, the number of online casinos accepting Ethereum is still relatively small, so we have put together a list of our current favourites to help you out. Players should not only take into account payment methods when signing up online however, with factors including games, no deposit bonuses, security, usability and customer support also being key. The following sites perform well in all areas, so let’s take a closer look at our recommended Ethereum casinos:

Top 5 Ethereum Casinos

Step 3: Fund Your Casino Account

Having signed up and registered at an Ethereum casino, it is time to deposit funds for the first time. Using Fortunejack Casino as an example, players must enter their account page, before selecting the “BALANCE” option. Having done so, locate the list of available currencies at the bottom of the page, before clicking on Ethereum. Generate your Ethereum casino address and confirm the payment, with deposits generally taking under 20 seconds to process. 

Step 4: How to Withdraw Winnings Using Ethereum

Unlike some other gambling cryptocurrency, withdrawals can also be made using at Ethereum casino sites, with the process once again being simple. Again, access the cashier page of your casino, before clicking on withdrawal. Next, add Ethereum as your preferred method of banking, before entering the amount you wish to transfer. Withdrawals using Ethereum are likely to take anywhere up to two days, however they will sometimes be instant. 

Ethereum Fees & Other Expenses

Ethereum trades at roughly 1% of the price of Bitcoin, while the majority of payments at online casinos are processed without additional charges. The fact that no third parties are involved means that fees are often non-existent, however be sure to check this out at your chosen Ethereum casino beforehand. 

Ethereum Pros & Cons

Pros:

Payments processed faster than Bitcoin at Ethereum casino sites.

Minimal fees.

100% secure and anonymous.

Increasing number of online Ethereum casino sites.

Cons:

Can be difficult to understand for beginners.

Purchases only available through certain brokers.

Bottom Line

It is now difficult to imagine a time as to when cryptocurrencies were not in operation. They are still new to many, including those operating at online casinos. The simplicity, speed and security surrounding Ethereum, however, makes it a viable payment method, with our guide having explained exactly how it can be used to both deposit and withdraw funds on such platforms. Taking advantage of an Ethereum Casino could well give players the advantage they are looking for, with this cryptocurrency set to go from strength to strength.

FAQ

What is Ethereum?

Ethereum is a platform that uses blockchain technology in order for users to process payments online without the use of third parties. Ethereum is now believed to be the second most popular cryptocurrency, behind Bitcoin, with the number of Ethereum casinos increasing quickly.

How does it work?

Ethereum operates on a peer-to-peer network, with payments being processed over a shared ledger. As such, records of all transactions are kept and organised into blocks, with payments being processed in real time.

Is this a safe method of payment at online casinos?

Yes. The fact that all payments have to be verified by users means that it is safe, with the blockchain having never been hacked to date.

Is it free to use?

The vast majority of payments made at Ethereum casino sites will be processed for free, however players may incur a small fee when looking to withdraw winnings in this way

Can I withdraw winnings in this way?

Yes. Unlike some other gambling cryptocurrency options, withdrawals are accepted by many casinos when using Ethereum.