Although transfers between crypto wallets can be simple, online casinos need tools to handle incoming and outgoing payments. Many casinos offer CoinsPaid as a more efficient way to manage those transactions.
CoinsPaid is described as a cryptocurrency wallet with additional functions. It can hold assets such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple, and can be used for casino payments or to exchange crypto for other digital assets or fiat money. In that way, it brings portfolio management and casino transactions together.
How Does CoinsPaid Work?
Developed in association with SoftSwiss, CoinsPaid provides a central place to hold, buy, send, and convert cryptocurrency for casino deposits and withdrawals. The review says users need not already own crypto: they can add fiat funds such as USD, GBP, or EUR, purchase or convert them into cryptocurrency, then send the selected asset to a casino to play.
The review characterizes CoinsPaid as an intermediary between a user and their bank. A bank transfer goes to an eWallet, after which the funds may 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 get started, download the CoinsPaid app and open an account. Add a chosen fiat currency, buy cryptocurrency if needed, and use the wallet to deposit at an online casino that accepts CoinsPaid.
CoinsPaid's Security
Crypto transfers call for care: the review notes that a completed payment may be difficult to recover, while digital assets can attract hackers. It also says cryptocurrency transactions are anonymous and cannot be traced.
For casino-side holdings, the review says CoinsPaid uses both hot and cold wallets to help guard against theft. Users can also enable two-factor authentication as an added account security measure.
Availability and Currencies
The source lists support for over 20 fiat currencies, including EUR, CAD, USD, and GBP. It also states that the eWallet can store and convert 13 cryptocurrencies, among them Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP). Its expectation that support would expand over time is the review's forecast.
Making a Deposit Using EFT
The review outlines a simple deposit route for someone who already has cryptocurrency, such as Bitcoin, in their wallet: choose CoinsPaid at casino checkout, select the crypto asset, and enter the amount to deposit. The funds are then sent from the user's wallet to the casino's wallet.
Withdrawals Using EFT
For a withdrawal, select CoinsPaid as the payment option and the casino sends the funds to the CoinsPaid eWallet. The review claims that, once the casino has processed a transaction, it will complete in no more than 10 minutes; this is a statement, not a newly verified timing.
Fees and Limits
According to the review, CoinsPaid charges no transaction fee for purchases or services, or for transfers between wallets. It says the wallet earns revenue by buying and converting cryptocurrencies.
Pros and Cons of Using CoinsPaid
Cryptocurrency has attracted users for a range of reasons. The review sees CoinsPaid's advantages as outweighing its drawbacks, citing a single wallet for storing, buying, and converting crypto alongside a payment gateway for online casinos.
Pros
- Low fees, according to the review
- Supports conversion across multiple fiat currencies and cryptocurrencies
- Transfers described as fast
- Transactions described as secure and anonymous
- Two-factor authentication is available
Cons
- Account verification is required to raise the withdrawal limit,
- The review says relatively few online casinos use CoinsPaid
- Cryptocurrency prices are volatile and can change substantially
