Do you want to know if you can use Coinbase to gamble online? Want to know if it’s safe to send funds from your Coinbase account to your Bitcoin wallet at a casino or online sportsbook? Then make sure you check out this guide in full - and see why we don't recommend Coinbase for online gambling transactions.
An Introduction To Coinbase
Coinbase is a US-based crypto exchange that’s become well-known for being the world’s largest and most user-friendly crypto exchange around. In fact, one the things that really helps to set Coinbase apart from the competition is the easy-to-navigate and user-friendly user-interface that greets you when you load up the website - and it’s designed to be used by complete newbies, so you don’t need any experience to get your Bitcoin address and begin trading digital currency.Founded in 2012, Coinbase was created by two entrepreneurs called Brian Armstrong and Fred Ehrsam. Today, they serve more than 100 different countries, and their workforce is made up of some 1,249 employees as of 2020. They’re also one of the only crypto exchanges to be a public company - and in 2021 they listed on the Nasdaq exchange via something called a direct listing.
Coinbase allows users to trade a wide variety of different cryptocurrencies including Bitcoin, Litecoin, Ethereum, Bitcoin Cash and, more recently, Dogecoin. There’s also a separate version of their site called Coinbase Pro which is designed for use by more experienced traders. We’ll look more at Coinbase’s history later on in this guide.
Creating a Coinbase Account
If you want to create a Coinbase account for online gambling (but keep reading this guide before doing so) then we’re going to show you the steps of how to do so below: however, as you’ll soon see, you shouldn’t really use Coinbase for online gambling or sports betting - and we’ll show you why in just a moment. However, in the interests of impartiality, we will show you how to create a Coinbase account, below.Step 1 - Open A Coinbase Account
The first step to setting up a Coinbase account is to head to their website and click the “Sign Up” button. Be warned that Coinbase typically requests a lot more information than most other sites where you’d be buying and selling Bitcoin and other cryptos - so it’s not a great place to buy digital currency if you don’t want to have to submit lots of information. In order to get started you’ll need to enter your email address, phone number and name.It’s important to take great care with your password; while you don’t get access to your private keys when using Coinbase - so you can technically recover your password - you don’t want to find yourself locked out of your account with lots of crypto locked up!
Once you’ve entered your phone number and email address you’ll be prompted to enter information about you; this includes your date of birth, address and some quick financial questions. You’ll then have your account opened.
Step 2 - Complete the KYC Check
As Coinbase is regulated in the strictest financial markets in the world, you will need to pass a know your customer (kyc) check before you’re able to purchase any crypto currency or access your Bitcoin wallet. In order to pass this check you’ll typically need to upload a copy of your passport and prove your address.Like most crypto exchanges, Coinbase has a number of different verification levels; for example, once you complete the easy verification step you’ll see your Coinbase limits increased - but if you want to deposit or withdraw large sums of digital currency or fiat currency you will need to provide additional documentation.
Once you submit your know your customer (kyc) documents the Coinbase customer support team aims to process them within 3 working days. This is quite a long time - especially when some crypto exchanges are able to instantly verify accounts today - so it’s yet another reason why we don’t recommend using Coinbase if you want to send money to your sportsbook account or online casino account.
Step 3 - Link Your Bank Account
Once your account is open and you’ve passed the know your customer (kyc) check it’s time to add a payment method to your account; if you’re using the Coinbase app we’d recommend heading to the desktop version of the website as it’s much easier to use for adding payment methods.Depending on where you live you can make deposits and withdrawals in a variety of ways at Coinbase. The easiest way is to use a bank account - but in some countries this can take a while, so using debit and credit cards to buy crypto may be more suitable.
When it comes to withdrawing, you can withdraw to your bank account - or, in certain markets, Coinbase also allows you to use PayPal for withdrawals. However, due to the high rates of fraud it’s not currently possible to fund your Bitcoin Blockchain wallet using PayPal, although this may change in the future.
Step 4 - Purchase Your Crypto
Once you’ve funded your account - or the Coinbase app - then it’s time to purchase crypto. It’s super easy to buy cryptocurrencies at Coinbase, and you simply need to select which coin you’d like to buy, choose how much you’d like to spend and in a few seconds the order will be complete.Thankfully, Coinbase automatically handles the purchases, so you don’t need to worry about having to deal with any sellers. Once your transaction is complete the digital currency will be in your wallet right away - and you can then send your funds to an external wallet, although verification may be required for your first withdrawal to prove that it’s you using the account.
Coinbase & Gambling: The Unfortunate Reality
Here’s the reality of using a Coinbase account for online gambling; while Coinbase probably isn’t actively going out shutting down accounts of users who are sending funds to a gambling site, their terms and conditions do state a long list of prohibitions - and online gambling is one of them. Let’s take a look:“Unlawful Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; or games of chance that are not sanctioned by a governmental body or regulatory authority.”
On the fact of it, that doesn’t sound too bad, does it? But then they have this clause:
“Express written consent and approval from Coinbase must be obtained prior to using Coinbase Services for the following categories of business and/or use ("Conditional Uses"). Consent may be requested by contacting us at coinbase.com. Coinbase may also require you to agree to additional conditions, make supplemental representations and warranties, complete enhanced on-boarding procedures, and operate subject to restrictions if you use Coinbase Services in connection with any of following businesses, activities, or practices:
Money Services: Money transmitters, Digital Currency transmitters; currency or Digital Currency exchanges or dealers; gift cards; prepaid cards; sale of in-game currency unless the merchant is the operator of the virtual world; act as a payment intermediary or aggregator or otherwise resell any of the Coinbase Services
Games of Skill: Games which are not defined as gambling under this Agreement or by law, but which require an entry fee and award a prize.”
So, Coinbase are saying that you cannot use their platform to send digital currency to illegal online gambling sites - fair enough - but then they say you need prior written approval to send crypto to skill-based gambling sites. This means that legal online casinos aren’t really covered - and we have heard stories of Coinbase shutting the accounts of users who’ve been found to send crypto to online casinos.
For this reason, we simply cannot recommend you use Coinbase if you want to send coins to online gambling sites. If you do, at the very least you should send the coins to another crypto wallet first - but even still it’s a risk, and Coinbase could shut your account at a moment’s notice, if they so choose.
Top 10 Crypto Exchanges For Online Gambling
With so many different crypto exchanges out there today it can be difficult to know which to choose and which to avoid. Add in the fact that you can’t use a Coinbase account if you want to deposit to an online sportsbook or casino, and things become even more complicated.Below, we’re going to take a look at the top crypto exchanges for online gambling - and all of these are a great alternative to setting up a Coinbase account, so let’s dig in and see what crypto exchanges are online gambling-friendly!
Binance
When it comes to crypto exchanges few names are as recognizable as Binance - and aside from Coinbase they’re probably the best-known crypto exchange in the world. However, where Binance trumps Coinbase is the selection of digital currencies they offer - and their offering is insanely big - they offer pretty much every coin and token on the planet, and this allows you to trade and invest pretty much any crypto you want.Binance allows you to fund your account in a number of different ways, and they support a huge range of fiat currency options. Some of the popular fiat currency options you’ll find includes GBP, EUR, USD and NZD. It’s easy to make deposits and withdrawals into and out of your Binance account, and we actually find the process to be much smoother than that you’d experience if you had a Coinbase account.
It’s important to point out that Binance and Binance US are actually two completely different sites; this is due to regulatory differences, so if you’re located in the USA you’ll need to use the US-based version of the site. What’s more, recently, UK financial regulators ordered Binance to stop new UK users from signing up - whether this will change in the future remains to be seen.
Binance is also one of the few crypto exchanges to offer a debit card like we’ve seen Coinbase doing. This means you can actually spend your digital currency using a regular debit card - and this can be a really useful payment method for those who’re planning on using crypto on a long-term basis. What’s more, it’s super easy to send money between Binance accounts.
Naturally, Binance offers a mobile app which is available on all iOS and Android devices, and whether you’re buying Bitcoin, want to overcome the Coinbase limits or want a safe place to buy a huge range of digital currencies, Binance is a fantastic option; signing up takes just a couple of minutes and know your customer (kyc) checks aren’t required unless you want to buy crypto using a fiat-based payment method.
Kraken
Kraken, after Binance and Coinbase is probably the world’s best-known crypto exchange, and this US-based company is a global giant in the crypto sphere; they offer a huge selection of digital currencies, let you buy Bitcoin with your debit card and bank account, and their Bitcoin wallet is incredibly secure.They also allow you to send coins to an online sportsbook or online casino, and this means you don’t have to worry like you would if you were using Coinbase. What’s more, Kraken allows you to keep just one Bitcoin address so you don’t have to worry about the addresses changing.
Unfortunately, Kraken does require users to undergo a know your customer (kyc) check before they’re able to use their bank account or debit and credit cards to buy Bitcoin into their Blockcahin wallet. However, the process is pretty fast and once you submit your documents Kraken’s customer support team aims to process them within just a few hours.
Whether you’re buying or selling Bitcoins or other forms of a digital currency, Kraken is a great choice regardless of whether you’re new or old to the crypto world - and their ever-expanding range of digital currencies ensures that there’s always new investment opportunities for avid crypto traders to take advantage of.
Crypto.com
Crypto.com is one of the best-known names in the crypto exchange world, and they’ve been around since pretty much the beginning of digital currency - making them an excellent choice for those looking to buy and sell crypto. This Hong Kong-based crypto exchange only allows you to make trades through their mobile app however, so you won’t find yourself able to trade on a desktop version of their website.Signing up to Crypto.com is pretty easy, and it took us just two minutes to successfully open an account. Email verification and SMS confirmations are mandatory - and identity verification is mandatory for most people - especially when you start adding funds to your Blockchain wallet.
Like most online wallets and crypto exchanges today, Crypto.com supports a wide variety of different digital currencies, and you’ll find yourself able to trade BTC, ETH, LTC, BCH and a few others. You can also find a lot of payment method options to choose from, so you can buy your digital currency using popular payment methods like debit and credit cards and EWallets.
Unlike Coinbase support - which, in all honesty, sucks - Crypto.com has a customer support team that’s really on the ball, and they’re available 24 hours a day, 7 days a week to help out with any questions or problems you may have. Their mobile app is also really fast and responsive - and we don’t have any complaints in this department at all.
What’s more, Crypto.com processes withdrawals really quickly, and their security protocols are also state-of-the-art - so whether you want to send Bitcoin, store your crypto or convert your holdings into a fiat currency - your digital currencies will be safe and secure at all times.
CoinMetro
CoinMetro is one of the smaller crypto exchanges, but don’t let its small size put you off; from what we’ve seen, this Estonian-based crypto exchange has a really solid reputation, and it’s a great alternative to opening a Coinbase account, directly rivalling some of the biggest names in the industry. Focusing mainly on the UK and European markets, CoinMetro provides a smooth and seamless sign-up process, and their platform is user-friendly, easy-to-navigate and reliable.The user-interface is clean and responsive, and they also have a downloadable mobile casino app which is available to iOS and Android users. Signing up takes just a couple of minutes, although when you add a payment method you’ll likely be asked to complete a know your customer (kyc) check. You can add funds to your CoinMetro account in a number of ways - including using debit and credit cards (provided you’re the account holder), by making a direct bank transfer and by wire transfer.
The fees are pretty cheap when compared against other names on this list, and when it comes to crypto withdrawal fees CoinMetro charges just 0.15% - a rate that’s much lower than most crypto exchanges around today.
Perhaps most importantly, however, is that CoinMetro are friendly when it comes to online gambling; they don’t mind you withdrawing your coins to betting sites, whether it’s sports betting or online casinos - and you’ll find yourself able to deposit Bitcoin at a sports betting site easily and quickly thanks to their super-fast withdrawals.
KuCoin
KuCoin is a relatively popular crypto exchange that’s based in the Seychelles, and one of the reasons why their crypto wallet has become so popular with players is the fact that KYC checks aren’t required in order for you to open up an account. They’re also friendly when it comes to Bitcoin deposits, and they’re happy for you to use your funds to play casino games. Their online wallets allow you to trade a number of different cryptocurrencies, although they do advertise themselves usually as being a Bitcoin exchange.When it comes to the ID checks, KuCoin actually has a really high daily withdrawal limit; users can send BTC to their preferred Bitcoin addresses - and you’re able to make Bitcoin transactions worth up to 2 BTC per day without needing to undergo identity verification. Like all Bitcoin exchanges, however, once you surpass this limit you will need to undergo additional verification checks.
One of the main downsides to using KuCoin is the fees; you can expect to pay around 5% for Bitcoin deposits and other transactions made using a digital currency, and also worth noting is the fact that fiat currency withdrawals aren’t possible - so this is something to bear in mind.
You also don’t have access to your private keys as KuCoin is a hot wallet - and this means security is slightly reduced. However, KuCoin is definitely one of the better crypto wallets you can hold - and if you’re planning to hold crypto assets, send money to a casino or other gambling site or want to transfer money to friends around the world - KuCoin is a great option.
Their withdrawals are also really fast - when compared to a Coinbase wallet, anyway - and the high withdrawal limits, their friendly nature towards you playing at a sport betting site or casino means KuCoin is a great choice for you.
Luno
Luno is one of the newest crypto exchanges - and while they don’t offer a huge selection of coins, yet, they’re doing pretty well compared against many of the bigger crypto exchanges, and they’re proving pretty popular with players from what we can see.Luno is built entirely around simplicity - and everything from the way in which the user-interface is presented to the way in which you purchase your crypto is designed to be as hassle-free and easy as possible. At the time of writing, Luno allows you to buy, sell and trade Bitcoin, Litecoin, Ethereum and XRP; they state that they’re working hard to add compatibility for more cryptos in the future.
One of the reasons why we really like Luno is because it’s really well-suited for those who are new to buying and selling cryptocurrencies. For example, when you first open your account you’re not actually able to send your coins; this may sound counterproductive, but it’s designed to ensure new customers don’t accidentally send their crypto to a scammer - so you have to manually choose to opt-in to being able to send crypto.
It’s also worth pointing out that Luno is designed, mostly, for users with mobile devices. Their state-of-the-art mobile app is available for iOS and Android users and it’s insanely user-friendly; you simply log in and you can immediately see your portfolio and how much crypto you’re currently holding.
What’s more, if you do want access to more state-of-the-art high-level tools then Luno also has a professional-level crypto exchange that offers the same kind of features you’d find were you to hold a Coinbase account, for example.
LocalBitcoins
LocalBitcoins is one of the most well-known ways to buy and sell Bitcoin - although it’s only Bitcoin they currently support, so if you’re looking to trade other cryptocurrencies you’ll need to find another site.LocalBitcoins isn’t a crypto exchange either; instead it’s a peer-to-peer marketplace where you buy and sell crypto with other users. LocalBitcoins is based in Helsinki, Finland, and is regulated by a number of different financial regulators - so your funds are in pretty safe hands when you play there.
LocalBitcoins is easy to join, although you do need to upload some verification documents before you’ll be able to trade; there’s different levels of verification required, although you’ll only need to verify your email address and phone number to begin trading.
Once you’ve registered an account at LocalBitcoins you simply need to find a trade you like the look of and open up a trade request. The seller will then message you with any further information they need from you - and once they’ve accepted the trade you’ll be able to agree on the payment terms and conditions.
Unlike many other crypto exchanges you pay the vendor directly; for example, if you choose to pay from your bank account you’ll pay the seller directly into their bank account. While you do so the crypto is placed into escrow, so you don’t have to worry about the seller simply running off with your cash.
Once the trade has completed then the coins will be available in your LocalBitcoins account wallet - and you can then send them to the Bitcoin address you want. LocalBitcoins is a good alternative to some of the bigger crypto exchanges, and they’ve been around for a long time - so they have a very strong reputation behind them.
Ramp
Ramp is one of the newest ways for you to purchase crypto - and while it’s not particularly well-known, yet, it’s one of our personal favourites as it offers one of the fastest methods for you to buy crypto and send it to the Bitcoin address at the online casino of your choice. At the time of writing, Ramp allows users to buy a number of different cryptos including Bitcoin, Ethereum and Litecoin - and it offers huge coverage, accepting users from all of Europe, North & South America and much of Asia.The beauty of Ramp is that you don’t need to create an account; instead, you simply choose how much crypto you’d like to buy, enter your Bitcoin address you’d like the coins sent to and you then fill in a bit of personal information.
Ramp then uses powerful state-of-the-art ID verification technology to verify your ID - and this usually takes just a couple of minutes, so, unlike with many other crypto exchanges you don’t have to wait hours or days for your ID to be fully verified.
Ramp also allows you to use a wide variety of different payment methods to buy Bitcoin; for example, you’ll find yourself able to use all major debit and credit cards like VISA and MasterCard, but they also let you transfer directly from your bank account and they’ve recently added support for Google Pay and Apple Pay.
Like you’d find with players’ Coinbase accounts, Ramp has really high limits too - and you can buy up to $20,000 worth of crypto each month; any amount higher than this and you’ll need to provide further ID copies and possibly copies of your bank statements too.
Gemini
Gemini is one of the most secure crypto exchanges to buy and sell crypto - and the company is licensed in New York making them a very safe bet for those who want to use an exchange that’s held to very high standards. Notably, Gemini only allows users to buy and sell Bitcoin and Ethereum; at the time of writing they don’t yet offer any other cryptocurrencies.One of the things that we really like about Gemini - especially when compared to players who, for example, have a Coinbase account - is the fact that Gemini provides you with a ton of tools. These tools are designed to be used by beginners and active traders, and they help you do everything from understand crypto jargon to managing your trading strategies.
Coupled with their very user-friendly interface, Gemini is an excellent choice for those looking to start buying crypto - and it’s very secure. In fact, we also noticed while writing this guide that Gemini offers users the chance to secure their account with a hardware security key - and this allows you to add even more security measures to your account!
Bitstamp
Bitstamp is another of the world’s longest-running crypto exchanges, and it was first established way back in 2011. This Luxembourg-based company offers a wide variety of services and coins/tokens to its users, and you’ll find yourself also able to trade and move fiat currencies including GBP, USD and EUR.In terms of cryptocurrencies, Bitstamp offers all of the major coins like ETH, BTC, BCH, XLM, LTC and XRP, and they’re regularly adding new coins to their website so there’s plenty of choice for you to invest and purchase the coins you want.
Unlike the Coinbase platform which actively restricts online gambling transactions from being made, Bitstamp appears to have a fairly neutral view when it comes to online gambling. While they don’t specify that they support it, they don’t say anything about restricting user accounts who participate in it - and this has led to them becomming a good choice for those who’re looking to buy and sell cryptocurrencies on online gambling platforms.
Bitstamp is really easy-to-use, and their website is user-friendly; it takes just a couple of minutes to set up an account and get started, and the major benefit of their location is that unless you’re from the UK you don’t necessarily have to undergo lengthy know your customer (kyc) checks and ID verifications.
Bitstamp also has a free mobile app which can be downloaded by those on iOS and Android devices; this allows you to buy and sell your favourite cryptos from your mobile devices without having to manually log onto the desktop version of the website!
What To Look For When Choosing a Crypto Exchange
While many people think that all crypto exchanges are the same, there’s actually a lot of differences between them all - and that’s why, below, we’re going to be taking a look at some of the key factors to look at when choosing a crypto exchange - starting off with a view on security.Security
Of course, one of the first things that you need to take into account before settling on a crypto exchange is the security of the site; this is one of the reasons why we so strongly recommend you to use a major crypto exchange as opposed to a small, new one; the larger sites have a lot more money that they can use to invest in their state-of-the-art security systems and this means that your coins are a lot less likely to be stolen or hacked.Rest assured that if you choose to use one of the crypto exchanges listed here on this page you’ll be dealing with a site that’s reputable, secure and safe - and you won’t have to worry about your crypto.
Exchange & Transaction Fees
This is something that the vast majority of those who are new to crypto online gambling don’t really need to worry too much about - but if you’re planning to sell Bitcoin or trade large quantities, then it’s something you might want to take into account - and it can be quite an important factor when choosing on a new exchange to try out.For example, some crypto exchanges will charge you a fee every time you make a transaction; after all they are businesses that have to make money. Some crypto exchanges will also charge you a fee each time you convert crypto; for example, if you sell Bitcoin and buy Ethereum you may pay a fee to do so.
When you’re making a lot of transactions - especially if they’re high-value transactions - these fees can add up quite quickly so it’s worth being mindful of this. You should always ensure that you’re aware of the fees before settling on a specific crypto exchange as they can have a large impact on your profits over the long-run.
Fiat Deposit & Withdrawal Methods
While it’s all well and good having an exchange that offers a wide variety of cryptocurrencies and allows you to initiate transactions with a customizable fee, you have to fund your account in the first place to actually buy crypto - and this is why it’s important to see which fiat currencies they accept and how you can make deposits and withdrawals into and out of your crypto exchange account.For example, almost all crypto exchanges allow you to link your bank account; in the UK, for example, you can even link your bank account through Faster Payments which means deposits and withdrawals are processed instantly.
However, there’s also many players who like to use a credit or debit card to buy crypto - and if that’s you then it’s important to find a crypto exchange that allows you to use your credit or debit card. Please note that if you find crypto exchanges offering you the chance to buy using your credit or debit card you’ll almost always have to undergo additional verification checks.
This is to help prevent fraud and ensure that you are who you say you are. All of the major crypto exchanges we’ve listed here on this page allow you to buy Bitcoin and other cryptos using your credit or debit card - and many offer a number of other payment methods too, like PayPal, Skrill and even cash!
Supported Cryptocurrencies
Today you’ll find yourself able to play with more cryptocurrencies than ever before - and with more online poker gambling sites and casinos opening up to an even wider array of cryptos, this demand is unlikely to change in the near future.That’s why, when considering a new crypto crypto exchange it’s important to look at the different types of coins and tokens on offer. For example, all major crypto exchanges offer the mainstream cryptos like Bitcoin, Bitcoin Cash, Litecoin and Etherum - but it can be harder to find some of the smaller coins like Monero, Ripple (XRP) and Dogecoin.
Thankfully, crypto exchanges are usually very vocal about which cryptos they offer long before you sign-up - and a quick glance at their homepage should show you all you need to know. As always, if in doubt be sure to check out the FAQ pages or reach out to the customer support team if you have questions or queries about specific coins or tokens that you don’t see listed on the site.
Customer Support
Regardless of whether you’re looking to purchase crypto to use at a gambling site once a month or every day, there’s a chance you will, in future, run into problems or have questions - and if that’s the case then it’s always refreshing to have a customer support team on hand to help you our and ensure that any issues you do have are taken care of quickly and promptly.Just like were you looking for an online casino to try out and you review the customer support facilities on offer, checking that there’s a good customer support team on-hand at a crypto exchange is really important - and ideally you want this customer support team to be working 24 hours a day, 7 days a week so you can get help and support no matter what time of day or night you’re purchasing.
Of course, with today’s state-of-the-art technology it’s pretty rare for things to go wrong when buying and selling crypto, but it’s still nice to know that the option to get help is there - and if the exchange offers live chat support that’s even better in our eyes.
Advantages of Crypto Gambling Sites
In the last few years it’s become evident that online gambling sites and crypto go hand in hand - and today, more players than ever before are choosing to play at crypto casinos for a number of reasons.Arguably the biggest benefit of using an exchange to buy crypto to send to gambling sites is the fact that you don’t need to rely on regular banks and debit and credit cards. For example, many debit and credit cards block online gambling transactions - and if you’re doing things like applying for a mortgage, it can actually be pretty tough if your bank account is spread with tons of online gambling transactions.
It also offers a lot more privacy and security when compared to conventional payment methods. For example, when you’re using crypto exchange - while you do need to provide documentation to the exchanges themselves - you don’t then need to go ahead and enter your debit and credit card details in order to make your deposits and withdrawals, and this means you’re a lot more protected financially.
Crypto exchanges also offer a huge variety of cryptocurrency options - especially when compared to many P2P marketplaces and other sites that sell crypto. For example, when you join an exchange you’ll find yourself able to buy and sell many other cryptos like Litecoin, Bitcoin Cash, Ethereum, Dogecoin and Ripple - and this means you can use the cryptocurrency of your choice.
Disadvantages of Crypto Online Casino Sites
While most crypto exchanges are far less restrictive - and intrusive - then typical highstreet banks and other financial institutions, things are a lot different than they were a few years ago - and today there’s a lot more regulation than in the past. In order to continue offering financial services to customers, exchanges now need to follow a number of rules and regulations, all of which are designed to ensure there’s no money laundering and to prevent fraud.In fact, regulators are continually coming up with new rules for exchanges - and like an online casino or online poker site, these regulations mean the exchanges don’t actually have too much say over the rules they are now forced to impose.
Alongside this, there’s a few other disadvantages to using exchanges - and the first is the fact that they’re simply not decentralized. For example, while crypto transactions themselves to and from a gambling site are decentralized, if you choose to purchase your coins on an exchange your coins will be kept on a centralized platform; this means the site holds full control over your coins, and this is something that’s fundamentally against the principles of Bitcoin and other cryptos.
Another major disadvantage - especially for those located in the UK, Europe and the USA - is that you’re likely going to have to undergo quite a few know your customer (kyc) checks and provide proof of your ID. Unfortunately, there’s nothing you or the exchanges can do about this; it’s a part of their licensing terms, and you may well find that you need to supply quite a few documents when you first sign-up and join a crypto exchange. You may also find that you’re asked to further verify your transactions in cases where the exchange deems you to be sending coins to a ‘risky’ wallet address - and if you want to buy Bitcoin and other digital currencies using debit and credit cards you’re likely going to need to undergo further ID checks.
There’s also quite a few restrictions on online gambling when it comes to exchange - and, as we’ve seen in this article, some of the main crypto exchanges will suspend or close your account if they find that you’ve been making deposits and withdrawals to an online gambling site.
However, on the whole crypto exchanges are generally still the easiest way of purchasing your crypto - it’s just important that you choose the right sites and don’t skip any corners.
Coinbase - a Brief History
While we strongly recommend that you don’t use Coinbase if you want to send money to sports betting sites or casinos, we will take you through a brief history of the casino - and it’s quite an interesting story.The crypto exchange was first founded back in June 2012 by a former AirBnb engineer called Brian Armstrong. After showing strong promise, Coinbase received $150,000 in initial funding - and Fred Ehrasm joined a while later as a co-founder. A small team was then created who helped to develop and code the site as well as determine how crypto should be traded on their website.
Coinbase was quick to see success, and in 2013 they secured $5 million in funding from Union Square Ventures; later on they received another $25 million in funding, and just one year later the site had over one million active users.
Things continued to move in the right direction for Coinbase, and in 2015 they received a whopping $75 million investment - and soon after Coinbase launched their Coinbase Exchange, a more professional tool designed for advanced traders. The same year Coinbase started to offer their services to Canadian users, and they started to acquire licenses to offer other cryptos like Ethereum, too.
Since then, Coinbase has gone from strength to strength, and they now operate in more than 100 counties around the world; India, for example, is one of their largest emerging markets, and they’ve also started to target Southeast Asian countries.
FAQs
How do you get a Bitcoin wallet?
Whenever you open an account with a crypto exchange you’ll automatically be generated a Bitcoin wallet. Usually, this wallet address stays the same, so your wallet address is unique to you and you only.You can also download software that generates Bitcoin wallet addresses for you - but these generally aren’t needed for those simply wanting to purchase crypto for use at online gambling sites.
How can I add funds to a crypto exchange?
Adding funds to crypto exchanges is usually pretty easy and straightforward - and most of the major crypto exchanges offer you a wide variety of payment methods to use. For example, almost all sites let you buy crypto using debit and credit cards, and most will also let you fund your account using a bank transfer.Some sites may also choose to offer other payment methods like PayPal or Skrill - but these are harder to come across as they’re seen as being associated with fraud more commonly.
Why shouldn’t I use Coinbase for online gambling?
The main reason why we don’t recommend that you use Coinbase for online gambling transactions is the fact that their terms and conditions are quite ambiguous when it comes to stating whether or not it’s allowed. If you head up to the top of this page you’ll see that it’s a bit of a grey area - but we have heard of player’s accounts getting shut for online gambling transactions, so for this reason alone we simply can’t recommend our readers use Coinbase.Is Coinbase good for non-gambling transactions?
Yes! In fact, Coinbase is probably our top pick when it comes to crypto exchanges - provided you’re not planning on using the site for online gambling transactions. Coinbase is incredibly easy-to-use, user-friendly and easy-to-navigate - and their state-of-the-art software is designed to make buying, selling and trading crypto as easy as possible.We also really like the Coinbase mobile app which is incredibly easy-to-use and user-friendly too - and it’s literally possible to buy your favourite cryptos at the press of a button, opening the crypto world up to everyone!
How can I withdraw money from a crypto exchange?
Withdrawing money from crypto exchanges is pretty easy - although the exact methods available depends largely on which site you’re using. For example, almost all crypto exchanges allow you to make withdrawals directly to your bank account via bank wire - but some also process withdrawals to debit and credit cards too. Some even allow you to withdraw to EWallets like PayPal and Skrill - but these payment methods are harder to come across due to higher levels of fraud.What different cryptocurrencies are there?
Today there are more cryptocurrencies than ever before - and long gone are the days when it was just Bitcoin, Litecoin and Etherem dominating the marketplace. In fact, there’s now thousands of coins - with everything from meme coins like Dogecoin to coins based on TV shows like Squid Game!However, you should be aware that a wide variety of small, new coins are worthless pump and dump schemes - and generally speaking, unless you have reputable information, you should stay away from new coins - especially if you see things that seem too good to be true.
What is the best crypto exchange?
As with any question like this, the best crypto exchange is quite a subjective question - and what may be suitable for you may not be suitable for other players. However, if you read this guide in full you’ll see that we’ve listed ten of our top picks - all of which are gambling-friendly sites.Unfortunately, while Coinbase is an excellent site for buying and selling crypto, we don’t recommend you use them for online gambling transactions. This is because their terms and conditions state that they may user accounts if they suspect that they’re being used to send crypto to online gambling sites - so check out the recommendations earlier on in this guide and join one of those sites instead.
Do I need to do a know your customer (kyc) check to use a crypto exchange?
This depends entirely on the crypto exchange you chose to join - and what you actually do at the crypto exchange. For example, some crypto exchanges like BInance will let you create an account and sign-up without needing to complete a know your customer (kyc) check - but this only applies to when you’re sending crypto from other wallets. If you want to buy crypto using debit and credit cards or other payment methods then you will need to undergo a know your customer (kyc) check.Other crypto exchanges will require new users to undergo a know your customer (kyc) check regardless of what they plan to do at the site. On this page you’ll find a few sites - such as Binance - that don’t require you to complete a know your customer (kyc) check to get started, but generally speaking it’s better to upload your documents anyway as it will help to prevent problems later down the line.
Can I make money with crypto?
As with any type of investment - and yes, that’s what crypto really is, after all - you should never go into it expecting to make money. Cryptocurrencies can be incredibly volatile - and we’ve seen certain coins and tokens lose as much as 30% of their value in a single day! However, it is possible to make money with Bitcoin and other cryptocurrencies, yes - and that’s thanks to the growing popularity of cryptocurrencies in general.Over the past few years, crypto has gone from being something that only tech-savvy people could really understand into a mainstream thing - and as a result of this the price of many coins has been steadily increasing.
Some are using this growth as a chance to invest - and it’s true that many people have made very large sums of money by ‘buying the dips’ - but you should always exercise caution when trading crypto as it really is volatile and you never know what’s going to happen next in the markets.
Is Bitcoin anonymous?
Bitcoin was initially created for a number of reasons - and one of these reasons was to allow users all around the world to make financial transactions in a more anonymous manner. While it’s true that Bitcoin and other cryptos do offer users a high degree of privacy, it’s not quite as anonymous as many people think - and if you want to keep your privacy while using cryptos, you should take a few additional steps.For example, it’s all well and good sending crypto on the Blockchain which can’t really be tracked to you - provided you don’t have a digital footprint of where the coins came from. However, if you join crypto exchanges to buy the coins and sumit ID documents - then it is possible to trace transactions back to you - so if you’re really serious about keeping your financial transactions completely private you should acquire your crypto using sites that don’t complete know your customer (kyc) checks or by buying in person.
What happens if I send Bitcoins to the wrong address?
Unfortunately, one of the main disadvantages of Bitcoin and other cryptocurrencies is the fact that if you send coins to the wrong wallet or address there’s virtually no chance of you being able to receive the coins back. Any coins you send to a wrong address continue to remain in the Blockchain - but there’s no way for anyone to recover them, unless they hold the private keys.This is one of the key reasons why it’s so important for you to double check all your Bitcoin addresses when you’re sending coins to sports betting sites or casinos. We advise you to send a small amount first to check you’ve got the correct address before sending your main deposit.
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