While transfers between crypto wallets can be simple, online casinos need systems for handling incoming and outgoing payments. Many casinos offer CoinsPaid as a more efficient way to process these transactions.
CoinsPaid is described as a cryptocurrency wallet with additional features. It can hold assets such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple. Users can pay casinos with it or exchange crypto for other digital assets or fiat currency. This combines portfolio management with casino payments.
How Does CoinsPaid Work?
Developed in partnership with SoftSwiss, CoinsPaid offers a central place to hold, buy, send, and convert cryptocurrency for casino deposits and withdrawals. The review says users do not need to own crypto already: they can add fiat currencies such as USD, GBP, or EUR, buy or convert them into cryptocurrency, then send the chosen asset to a casino to play.
The review describes CoinsPaid as an intermediary between users and their banks. A bank transfer goes to an eWallet, and the funds can then be sent to an online casino or exchanged for cryptocurrency for a deposit. For a withdrawal from a Bitcoin casino, the review says funds arrive in the wallet and can then be transferred to a bank.
To begin, download the CoinsPaid app and create an account. Add your preferred fiat currency, buy cryptocurrency if needed, and use the wallet to deposit at an online casino that accepts CoinsPaid.
CoinsPaid Security
Crypto transfers require care. The review notes that a completed payment may be hard to recover and that digital assets can attract hackers. It also states that cryptocurrency transactions are anonymous and cannot be traced.
For funds held on the casino side, CoinsPaid reportedly uses hot and cold wallets to help protect against theft. Users can also turn on two-factor authentication as an extra account security measure.
Availability and Currencies
The source lists support for more than 20 fiat currencies, including EUR, CAD, USD, and GBP. It also says the eWallet can hold and convert 13 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP). The review forecasts that support would grow over time.
Making a Deposit Using EFT
For someone who already has cryptocurrency, such as Bitcoin, in a wallet, the review describes a simple deposit process: choose CoinsPaid at casino checkout, select the crypto asset, and enter the deposit amount. The funds are then transferred from the user’s wallet to the casino’s wallet.
Making a Withdrawal Using EFT
To withdraw, choose CoinsPaid as the payment option and the casino sends the funds to the CoinsPaid eWallet. The review claims that a transaction will finish within 10 minutes once the casino has processed it. This is a reported claim, not a newly verified timeframe.
Fees and Limits
The review says CoinsPaid charges no transaction fees for purchases or services, or for transfers between wallets. It states that the wallet earns revenue from buying and converting cryptocurrencies.
Pros and Cons of CoinsPaid
People use cryptocurrency for various reasons. The review considers CoinsPaid’s benefits greater than its drawbacks, pointing to a single wallet for storing, buying, and converting crypto, plus a payment gateway for online casinos.
Advantages
- Low fees, according to the review
- Converts between multiple fiat currencies and cryptocurrencies
- Transfers described as fast
- Transactions described as secure and anonymous
- Two-factor authentication available
Disadvantages
- Verification is required to increase the withdrawal limit
- The review reports that relatively few online casinos use CoinsPaid
- Cryptocurrency prices are volatile and may change significantly
