Playing online casino games with real money in Canada is a fun, rewarding and mostly legal activity. Canadians love their pokies to the extent that more than 50% of the gambling adult population spins those reels at least once a year.
As we all know, this does come with a series of risks. On top of the regular dangers that are valid for all types of gambling, such as addiction and losses, online gambling exposes us to a series of other threats.
Among these threats, the most notable ones are related to our online security. And considering that no casino games can be played without making an online payment, it’s easy to understand how things can get pretty bad, fast. Not only do you risk having your funds stolen if you use unencrypted connections for example, there are some other aspects you need to consider as well.
For example, certain banks refuse to process payments to gambling websites, meaning you will always receive an error code when trying to make a deposit. Other banks could even consider those transactions as risky and can temporarily freeze your accounts.
There is actually a quite wide variety of payment options available to Canadians who want to deposit and withdraw funds to and from online casinos. Some are safer, some are quicker, others are less expensive. Here are the most popular deposit and withdrawal methods in Canada.
While the number of options for moving your funds to and from online casinos in Canada is rather overwhelming, we chose just a couple of the best payment methods so you don’t have to go through an endless list. So, let’s start with the most popular one.
By far the most common payment method still remains the good old credit card. They are an easy to use deposit and withdrawal method, they are relatively secure and definitely cheap and convenient.
Almost everyone has a credit or debit card these days and we use them on a daily basis. There are no fees for deposits (unless you deposit funds in a currency different than the one in your bank account, in which case you will probably lose a little something due to the automatic currency exchange).
Deposits are processed instantly and withdrawals usually take less than a week. Here are some of the most commonly accepted credit and debit cards in Canadian online casinos:
- Visa Electron
- American Express
The disadvantage when using credit and debit cards for casino transactions is that they are tied to your bank account. This means that all your gaming activity will be visible on your bank statement, so you have little to no privacy. On top of this, in the unhappy event of having your card details stolen, the hacker will have access to the entire amount available in your bank account. Yes, I get shivers down my spine too.
An alternative to credit cards for those who worry about privacy and security comes in the form of e-wallets. These act as an intermediary between your bank account and the casino account. They are basically online financial institutions where you can upload funds and use them through the e-wallet rather than directly from your bank account.
They are relatively more secure than using your credit card directly and their popularity has increased considerably in the past decade. Here are some of the most used ones in Canada:
They are a great alternative, with instant deposit and withdrawals, but they do come with some additional costs.
Prepaid cards or vouchers are some of the safest deposit methods available in online casinos in Canada. They are pretty much available for a single use, meaning that they can’t really be stolen.
The disadvantage of using these is that more often than not you will need to go out and buy them physically from a shop or order them online (exposing yourself to the risks of online payments as well). On top of this, they can only be used for deposits and not for withdrawals.
In terms of privacy, they are bulletproof though. As soon as you leave the shop with them, nobody will know what you use them for. Here are some of the most commonly used prepaid vouchers in Canada:
Crypto deposits and withdrawals are quick, extremely safe and rather cheap. More and more Canadians have started using them for casino transactions and the adoption of crypto currencies seems to be on the rise all over the world.
There are a couple of drawbacks though. Chargebacks are not possible and any mistake can cost you the entire amount you are trying to deposit.
The most commonly accepted crypto currencies in Canadian casinos are:
Choosing the right payment method for your casino transactions plays a big role in how your gaming experience will turn out. Do your research and choose whatever seems safest, most convenient and cheap for you.