Crypto deposit fees

[Mosse]

I recently deposited with Bitcoin to a casino. I used transfer from my Skrill (Eur account) transfer option. There you can transfer from euros to crypto to casino. I transferred 50€ but only got about 30€ to casino.20€ was taken to crypto network fee- thats AWFUL!

So Im asking that is crypto fees always that big? Or is there ways to deposit cheaper and what is the cheapest crypto-service to use atm ?


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[satchnz]

Bitcoin is not suitable for gambling unless you are moving significant amounts. Use something like Litecoin where the fees are considerably lower (almost insignificant) and transactions are much faster.

 

[Mosse]

Bitcoin is not suitable for gambling unless you are moving significant amounts. Use something like Litecoin where the fees are considerably lower (almost insignificant) and transactions are much faster.

Thanks! Didnt have a clue about this. Ive just started to use cryptos for depositing

 

[lnspin]

Litecoin is like 1 or 2 cents

 

[satchnz]

Also be aware of just how volatile crypto is. Your balance one day could be very different the next day without even wagering a cent. You just have to look at crypto charts over the last few days to learn this lesson!

 

[justdoit]

best option is bitpanda wallet, free to deposit and low transfer on USDT or Litecoin
I pay like $8 per transfer on £900

 

[DappCasino]

If you're new to cryptos, I would recommend deposits with stablecoins USDT and USDC. Low fees, and knowing 1 USDT/USDC = 1$ makes things easier

 

[satchnz]

If you're new to cryptos, I would recommend deposits with stablecoins USDT and USDC. Low fees, and knowing 1 USDT/USDC = 1$ makes things easier

I have no idea what I am doing wrong then. I have $50 in USDT in my Ledger wallet, and if I go to transfer it to a crypto casino of my choice, I’m currently looking at $35 in fees…

 

[Ant1975]

USDT on the ethereum network is more expensive than on the Tron network.
I'd never use ethereum for transferring small amounts.

 

[satchnz]

USDT on the ethereum network is more expensive than on the Tron network.
I'd never use ethereum for transferring small amounts.

Hmm, a gap in my crypto knowledge (which isn’t great to be honest). If I have USDT on the eth network then I’d have to transfer them to the tron network in order to experience lower fees? But would that transfer wipe most of my $50 balance in fees?

 

[Guntis]

To me looks like LTC is an optimal choice, it's cheap enough to buy, it has fast transfer speeds, and wallet-to-wallet transfer fees are tiny minimal.

 

[satchnz]

To me looks like LTC is an optimal choice, it's cheap enough to buy, it has fast transfer speeds, and wallet-to-wallet transfer fees are tiny minimal.

Yep LTC is my choice for gambling too. I did try USDT at one stage because I liked the idea of a stable balance, but it’s fees are just too damn high for the small amounts I gamble with.

 

[justdoit]

USDT on the ethereum network is more expensive than on the Tron network.
I'd never use ethereum for transferring small amounts.

don't use Etherum network, use TRC20 network is very cheap

 

[satchnz]

don't use Etherum network, use TRC20 network is very cheap

What would be the fees on a $50 USD equivalent transfer?

 

[justdoit]

What would be the fees on a $50 USD equivalent transfer?

bitpanda wallet charger me free to make deposit from bank it take like 10mins and etherum network 2% TRC20 is way more cheaper, like 1% , if you buy crypto from casino they will overcharger you like 10 usdt fee plus transfer, even skrill is 2% to transfer usdt

 

[Guntis]

Yep LTC is my choice for gambling too. I did try USDT at one stage because I liked the idea of a stable balance, but it’s fees are just too damn high for the small amounts I gamble with.

In case you didn't know we get different fees charged based on the bank used when buying on Coinbase. For other exchanges, i guess is the same.

Below, the USDT price for both £100 purchases is the same, but the fees are different:

This is Nationwide


This is HSBC, and it's for £0.85 more than with Nationwide.

 

[justdoit]

In case you didn't know we get different fees charged based on the bank used when buying on Coinbase. For other exchanges, i guess is the same.

Below, the USDT price for both £100 purchases is the same, but the fees are different:

This is Nationwide

View attachment 193521
This is HSBC, and it's for £0.85 more than with Nationwide.

View attachment 193522

£3.84 for £100 is a lot i thing coinbase also charger for deposit not sure, Bitpanda I pay like $8 (£6.36) for £900 Skrill aslo charger 2% still cheaper than coinbase

 

[satchnz]

Sorry for not being clear, but I’m talking about the total fees for transferring crypto from my local wallet to a casino. For USDT using the ERC20 network, I’m seeing $30+ fees on a total transfer of $50 from my wallet to an online casino. What would the fees on the same transaction be if my USDT was on the TRC20 network?

 

[justdoit]

Sorry for not being clear, but I’m talking about the total fees for transferring crypto from my local wallet to a casino. For USDT using the ERC20 network, I’m seeing $30+ fees on a total transfer of $50 from my wallet to an online casino. What would the fees on the same transaction be if my USDT was on the TRC20 network?

some wallet they have min deposit £100-£200 lower deposit fees will jump very high

 

[incrediblestuff]

Definitely not an expert but i do use it from time to time, and when, then only either BTC or BCH.
Both are usually similarly priced, in terms of fees. All i know is there are several factors that can come into play, such as indeed your bank, country and last but not least, the casino itself: did you see that fee on each casino, or did you just try one?

Well possible i'm not understanding the exact issue here, but from past experiences everytime you make use of some inbetween money merchant, fees are to be expected. I saw @justdoit say 3-ish on a 100 is quite expensive, but in my own experience/opinion that's quite acceptable. At least compared to your 20,-

I usually pay the same, 2,- to 5,- on deposits ranging between 25,-/100,- and if i get lucky and cashout, i have to pay an additional conversion fee back to euros, after it hits my wallet. And then a withdraw to bank fee - usually negligible, like standard 0.15 cents.

I hope (and assume) you'll figure it out because 20 on 50 is ofc preposterous and definitely not worth it!

 

[justdoit]

Definitely not an expert but i do use it from time to time, and when, then only either BTC or BCH.
Both are usually similarly priced, in terms of fees. All i know is there are several factors that can come into play, such as indeed your bank, country and last but not least, the casino itself: did you see that fee on each casino, or did you just try one?

Well possible i'm not understanding the exact issue here, but from past experiences everytime you make use of some inbetween money merchant, fees are to be expected. I saw @justdoit say 3-ish on a 100 is quite expensive, but in my own experience/opinion that's quite acceptable. At least compared to your 20,-

I usually pay the same, 2,- to 5,- on deposits ranging between 25,-/100,- and if i get lucky and cashout, i have to pay an additional conversion fee back to euros, after it hits my wallet. And then a withdraw to bank fee - usually negligible, like standard 0.15 cents.

I hope (and assume) you'll figure it out because 20 on 50 is ofc preposterous and definitely not worth it!

I use Revolut bank transfer direct to wallet (Bitpanda) 0 fee, then from Wallet to casino about 1%, some wallet charger a lot, like coinbase for £1000 withdraw they charger £40, Bitpanda charger £20 for £1000 withdraw to skrill instead transfer or bank transfer is free charger so 50% difference on fee for fast withdrawal, also many wallet they just use other wallet to do transfer then fee go up to 5% coz you paying 2 wallets for same transfer , Transfer average price should be 1% max 2% but other wallet they charger more

 

[justdoit]

In case you didn't know we get different fees charged based on the bank used when buying on Coinbase. For other exchanges, i guess is the same.

Below, the USDT price for both £100 purchases is the same, but the fees are different:

This is Nationwide

View attachment 193521
This is HSBC, and it's for £0.85 more than with Nationwide.

View attachment 193522

do you know Coinbase they dont like gambling transfer is on their T/C

 

[Guntis]

do you know Coinbase they dont like gambling transfer is on their T/C

Yes I do, no problems here so far, have made around 80 deposits to crypto casinos during the last 2 years. I guess all is going fine because i play only around 2 or 3 times a month.

 

[satchnz]

I just tried to transfer the $49 of USDT from my Ledger wallet (on the erc20 network as that’s where my USDT sat) to a casino in order to put a screenshot up here for illustration. Fees were “only” $6 at this moment so I decided to just complete the transaction to get rid of this high fee crypto.

Hopefully I can turn it into 1000s so the fees aren’t so significant /s

 

[justdoit]

I had close to 400usdt on Kraken wallet here is the chargers on Tron