The Best Online Casino Deposit Methods in Canada
While there are plenty of secure online casino deposit methods in Canada, choosing the right one can be a little tricky. It is important to choose a method that works for your pocket, fits in with your lifestyle and can be used safely, securely and speedily on desktop and mobile. With all that in mind, we have listed the 5 most popular payment methods with their pros and cons, so you can pick an option that works perfectly for you!
Credit Cards – Visa and MasterCard
Credit cards are undoubtedly the most popular online deposit methods in the industry. They were one of the first secure online deposit methods Canada had to offer, and card security has been increased in the last few years with 3D secure technology, ensuring only the cardholder can complete a transaction.
Pros: Being able to pay instantly without transferring funds between accounts, and being able to track your spending.
Cons: Having to wait up to 5 days for a withdrawal.
Web-wallets like Skrill, PayPal, Trustly and Neteller are incredibly popular in the iGaming industry. These online casino deposit methods are regarded as the safest around, since your financial information is not exposed to the casino. Also known as ewallets, web-wallets offer a fully online alternative for making payments.
Pros: Fast, secure deposits and instant withdrawals. Fees are also often kept very low and you may well be awarded a bonus for using a popular web-wallet payment method.
Cons: Having to continually top up your web-account and transfer funds back out when you make a withdrawal.
Prepaid Cards are physical or virtual cards that are linked to your web-wallet account. They have the purchasing power of a standard Visa or MasterCard, without having a credit feature. They can be used for purchases in store and online, exactly like a regular credit card.
Pros: You don’t have to worry about over spending. Money management is easy, as you can only spend what you load. Plus, these cards can be used exactly like any other credit card without having to get financial approval first.
Cons: Deposits and cashouts can take a few days and you’ll always need to ensure that you have enough funds loaded before you complete a transaction.
Instant Banking is the one of the most secure online deposit methods in Canada. The instant banking service is processed through a third-party payment provider using your own Internet banking. The idea is that instead of doing a standard bank transfer, the payment provider will process the transaction instantly for a small fee. Not only does this speed up the entire process, it also makes it a lot safer. Interac is one of the most popular options here, as it is a home grown online deposit method.
Pros: No sign up for any external web-wallet or cards is required.
Cons: Not always able to use the system for withdrawals, and each transaction is subject to fees.
Cryptocurrency is slowly becoming one of the more prevalent online casino deposit methods in Canada. While not all sites accept cryptocurrency, many are starting to introduce Bitcoin payments. Since the system uses blockchain technology, the transactions are 100% secure and payments can be made from your Bitcoin wallet to the casino. There is no middleman and you can make fully anonymous payments at multiple sites.
Pros: Cryptocurrency facilitates instant transactions with zeros fees. Since there is no financial institution involved, the transactions are faster and more secure.
Cons: Lack of regulation may mean there is little to no recourse if something goes wrong. Additionally, not that many casinos accept cryptocurrency as yet.