Home > News > 3 Things to Look For Before Your Next Crypto Deposit
If you haven’t figured it out yet, we are officially in the middle of a bear period for crypto. Prices are down by more than 50% from recent all-time highs and many fair-weather crypto holders have sold off. If you’re using Bitcoin for online casino deposits, this can be a good time to gamble and try to increase your crypto holdings.
However, there are a few things you should consider before making your next deposit with crypto at online casinos. Today, we will give you 3 things you need to look for before making your next crypto deposit.
Check the Minimum Deposit Levels
The main thing that prompted us to write this article is the minimum deposit levels. Online casinos fall into one of two categories. Either they never updated their minimum deposit levels or their levels are set for when crypto was at an all-time high.
This can either benefit your make it super expensive to deposit. For example, if the minimum deposits are set when Bitcoin was close to $60,000, then it will be a lot cheaper to deposit at the casino. If you deposit .001 BTC now, you’re depositing about $33. That would have been closer to $70 back during the peak of the boom.
However, the opposite can hold true. We’ve noticed a lot of Dogecoin casinos still have deposit limits set for when the coin was around .002 instead of the current level of .20 per coin. For example, we saw one casino requiring a minimum deposit of 3500 Doge, which is around $700.
Pay close attention to the minimum deposits and contact customer support if they are insanely high. If they confirm that those levels are correct, don’t deposit there.
Some Casinos Are Slipping in Fees for Crypto Deposits
One main advantage to depositing with crypto at Australian online casinos is that there are no fees. You can save a lot of money with this option. However, some casinos are beginning to charge processing fees for crypto.
Why is this happening? Odds are they are trying to make up for some of the lost value in their crypto holdings due to the bull market. A service that is using a third-party system may also be forced to start charging fees.
If a casino is starting to charge fees for crypto deposits, consider playing elsewhere. We can proudly report that our online casino partners are still offering crypto deposits with no fees.
Some Crypto Options May Not Longer Be Offered
During the peak of the recent crypto boom, we started seeing online casinos expand their deposit options for crypto. Sites that only took the Big 3 started to take deposits in Dogecoin, Ethereum Classic, and other coins that were seeing increased popularity and growth. Dogecoin was the #1 addition to online casinos since the coin had jumped from .002 all the way to .60 per coin at one point.
Now that many coins have lost 50% of their value or more, online casinos are starting to scale back on the cryptos they accept. It doesn’t make sense to take ETC or Doge if the mania behind them has died down. You probably won’t see this happen at casinos that started accepting altcoins like Ethereum and Litecoin as they will retain enough of a market share to continue to be viable.
If you see casinos remove certain crypto types, don’t become alarmed. This is not indicative of anything underhanded. Instead, the casino is catering to its current client base. If Doge or other coins are not as popular, there’s no reason to continue accepting them. This is especially true if they are having to do so through a third-party processor.
James is an Australian writer for SunVegas Casino. Starting out as a semi-professional poker player, he transitioned to media side. He’s been in the industry for years, and knows the best places to find pokies.