Cryptocurrencies have revolutionized online gambling, forcing traditional gambling sites to offer more crypto-friendly banking options. Most of these methods support the most popular cryptocurrencies, but some online casinos accept payments in a wide range of crypto and convert them into traditional fiat currencies.
CoinsPaid is one such solution. According to the information provided by its website, it’s a Bitcoin payment processing gateway and business crypto wallet. These words sound fancy, but what does it mean for online gamblers? Can they use CoinsPaid to make real money bets? That’s why we’re here for. Continue reading to learn more about this payment method and its advantages.
These Casinos Offer the Best Live Casino Games
CoinsPaid is owned by Dream Finance OU, a company headquartered in Tallinn, Estonia. Established in 2014, this service includes a crypto wallet, a payment gateway, and an OTC desk, while businesses can use its hot wallet system. CoinsPaid enables its users to make online casino deposits and withdrawals in cryptocurrencies and store and exchange them.
The company claims its goal is to offer crypto-friendly payment solutions that work together with the traditional economy. When it comes to online gambling, CoisPad has joined forces with SoftSwiss, with two sides working on a cryptocurrency payment processing system. Back in 2013, SoftSwiss launched the first-ever crypto online casino, backed by the same team that created CoinsPaid.
CoinsPaid launched its personal crypto wallet in mid-2019. The goal was to allow users to make transactions between themselves without any fees. You can use this wallet to send and receive crypto payments instantly.
The number of processed transactions increased both on a yearly and monthly basis. At the same time, the number of employees also goes up, as the company needs to keep up with the growing demand.
Before using CoinsPaid to gamble online, you’ll need to open an account first. Go to the CoinsPaid website and click the Sign Up button to start the registration process. Choose a personal account to make the most of this service. Next, download the wallet app for your device, and set up your personal CoinsPaid wallet account. Confirm you’re human to complete the security check, choose your country of residence, and enter a valid email address and password.
After confirming your identity, complete the two-step authentication. Enter your personal information and submit an official document and a photo to verify your identity. Also, you’ll need a document to verify your physical address (preferably a utility bill). That’s it; you’re good to go. All you need to do next is top up your wallet.
How to Deposit with CoinsPaid?
Pick an online casino that supports this payment method, open a new account and log into it. Visit the Cashier page and pick CoinsPaid as your preferred means of payment. You can also choose one of the cryptocurrencies accepted by CoinsPaid. Copy the crypto address (or scan the QR code), and select the sum you wish to deposit. The payment will be completed after you confirm the transaction, and you can start placing bets in no time.
How to Withdraw with CoinsPaid?
Cashing out with CoinsPaid works more or less the same. Choose this banking method as your preferred payment option, and follow the on-screen instructions to complete the process.
Transfer Times, Fees, and Security
All payments made with CoinsPaid are processed instantly. The same applies to withdrawals unless your online casino imposes a pending period. In that case, you’ll receive your winnings within 48 hours. You’ll also wait longer if your account still needs to be verified. You’ll be able to cash out as soon as the online casino confirms your account.
No fees are involved when using CoinsPaid to deposit or withdraw money at online casinos. Businesses pay processing fees, although they don’t exceed 1% of the transaction. However, processing crypto payments may come with additional costs charged by the network.
CoinsPaid functions as a payment gateway and as a crypto wallet. CoinsPaid enables players to make secure online casino deposits when functioning as a payment gateway. The crypto wallet function utilises two-factor authentication, while players can also use QR codes to carry out transactions without revealing any personal or financial information.
In 2020, Kaspersky Labs conducted an advanced audit, with the CoinsPaid crypto gateway passing it with flying colours. According to Kaspersky Lab, its audit team didn’t detect any vulnerability, confirming that CoinsPaid is one of the safest systems.