Given that exchanging cryptos for fiat money can be time-consuming, some clever guys in Malta came up with MoonPay. This effortless fiat-to-crypto conversion service has since found its way into online casino sites. Stay with us as we take you through some of the best casinos that use MoonPay.
MoonPay Overview
In the past several years, cryptocurrencies have had a tremendous impact on iGaming, spawning specialised crypto casinos and games and attracting hordes of players seeking anonymity and security online.
MoonPay recognised the opportunity to circumvent the regular and sometimes drawn-out process of buying cryptos. It has successfully tackled this issue since 2019, through a user-friendly app built on crypto payment infrastructure that allows casino players to purchase more than 90 crypto coins with more than 160 fiat currencies.
Comprehensive in every aspect, MoonPay allows users to pick virtually any casino payment method for their crypto purchases, including credit and debit cards, bank wire transfers, and even newer banking service solutions, such as Google Pay and Apple Pay. As a result, users can buy most digital currencies using fiat money in the most hassle-free and straightforward process.
Is MoonPay at Casinos a Good Choice?
MoonPay's user-friendly interface and quick processing times make it a popular choice for casino enthusiasts. Here are some of the primary advantages of MoonPay:
- Ease of use. MoonPay simplifies the process of buying cryptocurrency, making it accessible to those who might not be familiar with the intricacies of blockchain technology.
- Broad selection of payment options and crypto coins. MoonPay accepts a variety of payment methods, allowing you to use your preferred casino banking option, and it lets you choose among practically all crypto coins.
- Speedy transactions. The transactions facilitated by MoonPay are typically processed quickly, so you can start playing your favourite casino games almost immediately.
- Security. MoonPay prioritises security, implementing robust measures to shield your financial information from casino sites and ensure a reliable payment experience.
- Global accessibility. MoonPay is available to customers around the world, making it a suitable solution for international players eliminating the need for currency conversions.
- Anonymity. Privacy is one of the main concerns of crypto players, and MoonPay provides a satisfactory level of anonymity without making you share your banking details with the gambling platform.
- User-friendly. MoonPay's intuitive interface and straightforward steps make it accessible to experienced cryptocurrency users and newcomers.
How to Make a Deposit With MoonPay at Online Casinos?
Trouble-free is the word that best describes MoonPay casino deposits. Once you have registered at a MoonPay online casino of your choice, here are the steps you must take to fund your casino account:
- Go to the deposit section. Go to the casino's deposit or cashier section. This is where you'll select your preferred deposit method, in this case, MoonPay.
- Select MoonPay as the payment method. In the deposit options, choose MoonPay as your payment method. The casino's interface will guide you through the process.
- Choose the deposit amount. Specify the amount you want to deposit. Make sure you don’t go above or below the deposit limits imposed by the casino or MoonPay app.
- Enter payment information. You'll be redirected to MoonPay's website or integrated payment portal. Here, you'll need to enter your payment information, such as your bank account details.
- Choose a digital coin. After entering your payment information, you must choose the cryptocurrency you want to purchase, such as Bitcoin (BTC) or Ethereum (ETH).
- Complete the transaction. Review your transaction details, including the amount and any associated fees. If everything looks correct, confirm the transaction. MoonPay will process the payment and transfer the purchased cryptocurrency to your casino account.
How to Withdraw Funds With MoonPay at Casinos?
If you had no trouble depositing money with MoonPay, you would hardly have to worry about withdrawals. Here's a generalised procedure for cashing out with MoonPay:
- Select a withdrawal method. Bank wire, an e-wallet, or a direct crypto withdrawal to your crypto wallet; it’s entirely up to you.
- Verify your identity. The majority of reputable online casinos employ the Know Your Customer (KYC) procedure. You may need to provide identification documents to verify your identity before initiating a withdrawal.
- Start the withdrawal. Enter the cashout amount and select the withdrawal method. If you're choosing to withdraw in cryptocurrency, you'll need to provide your cryptocurrency wallet address.
- Review and confirm. Double-check the details, including the withdrawal amount and your wallet address, to ensure accuracy.
- Wait for the money. The withdrawal processing times vary from one casino operator to another, and the withdrawal method of your choosing.
Note: MoonPay doesn’t offer an option to store customers’ funds. That said, you will also need an active crypto wallet to and from which you will transfer your digital coinage.
Disadvantages of MoonPay at Online Casinos
Like any casino banking option, MoonPay does come with a few downsides.
- Fees. MoonPay charges fees for its service, including processing fees and currency conversion fees, ranging from 1% for bank transfers up to 4.5% for payments carried out with debit/credit cards.
- Cryptocurrency volatility. Cryptocurrencies can be highly volatile, so you could potentially experience value fluctuations that impact your gaming budget.
- Privacy concerns. While MoonPay provides a level of anonymity, cryptocurrency transactions can still be traced on the blockchain.
- Transaction pending times. Cryptocurrency transactions can sometimes take longer to confirm compared to traditional payment methods.
- Limited casino options. The number of casinos accepting MoonPay payment method is limited, and you're likely to have trouble finding it even at new online casinos.
- No chargebacks. Cryptocurrency transactions are irreversible, so you can't request a chargeback as you might with credit card payments. This lack of recourse could be a disadvantage if you encounter issues with the casino.
Should You Use MoonPay at Online Casinos?
MoonPay is one of the most hassle-free and reliable casino money-handling services, offering a high level of anonymity and security on top of a mind-blowing selection of fiat and cryptocurrencies. Also, the app is easy to use, and transactions are usually done relatively fast.
However, the comfort and numerous options offered by MoonPay come with a price: you will be charged for each transaction, and fees will increase proportionally with your deposits, so keep it in mind when entering the deposit amount. Another downside of casinos with MoonPay is privacy: although you're shielded from the casino, your identity is not entirely hidden as each transfer can be successfully traced in blockchain technology.
If you’re unsure whether to sign up for an online casino that uses MoonPay, learn as much as you can about cryptos so you can make an informed choice.
