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Are All Casino Payment Methods Secure in Canada?
When playing at a Canadian online casino, you need to deposit money in your account to pay for your games.
But is it safe to deposit funds with a casino? And how do I know if a casino is safe to play with?
Licensed casinos follow strict regulations and are monitored closely to ensure players’ funds are secure and stored separately from the casino’s own finances.
Furthermore, licensed online casinos have rules to assist them in making sure your financial transactions, and data, are secured.
We highly recommend that you use only safe and licensed casinos that use reputable payment methods online!
What is an online casino payment method?
Payment methods can be anything from credit or debit cards, e-wallets, electronic transfers, prepaid cards, bank transfers and sometimes even cryptocurrencies.
Licensed online casinos support various options of payment methods to enable players to deposit funds and withdraw any winnings.
Globally trusted solutions like Visa, Mastercard, PaySafeCard, Interac and EcoPayz, amongst many others, enable Canadians to participate in online gaming while enjoying the safest standards possible.
Using any of these payment methods is not that different from purchasing something online. The only difference is that instead of buying an object, you are purchasing rounds on a virtual game.
2 reasons why casino payment methods are safe online
- Safe as a service
The most trustworthy online casinos support only globally trusted solutions, that are familiar to players and can be used in all manner of online and even retail purchases. Such payment methods often include Visa, Mastercard, Interac, iDebit, Citadel, InstaDebit, Trustly, PaySafeCard and Cryptocurrencies.
2. Safety net for players
- Better bankroll management – A variety of payment solutions enables players to keep funds allocated for gambling separate from their income or other finances. It also enables them to keep an eye on their losses and segregate any accumulated winnings.
- A payment method for different operations – Although most casinos require you to use the same payment solution for both deposits and withdrawals, you can still switch from one solution to the other, depending on the transaction type or occasion.
Check Out the Best Payment Methods in Canada
| Payment Method Name | Type | Average Deposit Time | Average Withdrawal Time | Provider’s Transaction fees | Pros | Cons |
|---|---|---|---|---|---|---|
Visa | Credit / Prepaid / Debit Card | Instant | 1-5 Days | 2% | Available | Fees, Not secure |
| MasterCard | Credit / Prepaid / Debit Card | Instant | 1-5 Days | 1.5% | Available | Fees, Not secure |
| Maestro | Debit Card | Instant | 1-5 Days | 1.5% | Available | Fees, Not secure |
| American Express | Credit / Debit Card | Instant | 1-5 Days | None | Speed | Fees, Not secure |
| Instadebit | eWallet | Instant | Up to 10 days | $1.95 for depositing, $2 for withdrawal | Secure, Fast | Fees, Limited casinos |
| PayPal | eWallet | Instant | Up to a day | Free | Secure, Fast, Free | Limited casinos |
| EcoPayz | eWallet | Up to a day | Instant | 1.69-2.9% for deposits | Secure, Fast | Fees |
| Interac | Instant Banking | Instant | Instant | Free | Secure, Fast, Free | Your bank has to be a partner |
| iDebit | Instant Banking | Instant | Instant | $2 | Secure, Fast | Limited casinos |
| eCheck | Instant Banking | Instant | 1-7 Days | $0.30 – $1.50 | Secure, Simple | Fees, Limited casinos |
| Revolut | Mobile App | Instant | N/A | Free | Secure, Fast, Free | Limited casinos, unable to withdraw $ |
| Flexepin | Mobile App | Instant | N/A | Free | Secure, Fast, Free | Limited casinos, unable to withdraw $ |
| Neosurf | Mobile App | Instant | N/A | Free | Secure, Fast, Free | Limited casinos, unable to withdraw $ |
| Pay by phone | Mobile App | Instant | N/A | 0%-10% | Secure, Fast | Limited casinos, unable to withdraw $ |
| PaySafeCard | Prepaid Card | Instant | N/A | Free | Secure, Fast, Free | Unable to withdraw $ |
| Entropay | Prepaid Card | Instant | Instant | Free | Secure, Fast, Free | Limited casinos |
| Bitcoin | Cryptocurrency | Instant | Instant | Free | Secure, Fast, Free | Limited casinos |
| Ethereum | Cryptocurrency | Instant | Instant | Free | Secure, Fast, Free | Limited casinos |
| Litecoin | Cryptocurrency | Instant | Instant | Free | Secure, Fast, Free | Limited casinos |
| Ripple | Cryptocurrency | Instant | Instant | Free | Secure, Fast, Free | Limited casinos |
| Stellar | Cryptocurrency | Instant | Instant | Free | Secure, Fast, Free | Limited casinos |
Discover the Different Types of Payment Methods in Canada
Here are some of the most popular online casino payment methods used in Canada, starting with some of the most universally accepted payment methods.
Debit & Credit Cards
- Visa – Visa is available as credit, debit, or prepaid cards and is almost universally accepted as a payment method; it’s fast, simple, and accessible.
- MasterCard – Like Visa, Mastercard is typically available in three different forms: credit, debit, or prepaid cards. However, while accepted at most casinos, it’s not as secure as an eWallet.
- Maestro – Maestro cards are a subdivision of MasterCard, and are only available as debit cards. Using a debit card is an excellent way to ensure that you spend only what you have.
- American Express – American Express is widely accepted as a payment method at most CA casinos.
e-Wallets
- PayPal – PayPal is a popular payment method, acting as an intermediary between your bank account and the internet. It keeps your financial data secure. It’s widely accepted and safe.
Instant Banking
- Interac – Interac is an instant banking option that’s widely accepted and safe.
- iDebit – iDebit is fast, secure, and relatively inexpensive if not as widely accepted as Interac.
Mobile Apps
- Revolut – The convenience of this method is one of the driving forces behind its popularity. However, the disadvantage is that you will need a different way of withdrawing your winnings.
- Pay by Phone – Payment by phone using SMS is sometimes an accepted payment method online. The fees are impacted by your telecom provider fees, though.
Cryptocurrency
- Bitcoin – Bitcoin is one of the most popular cryptocurrencies accepted at online casinos. Though it’s slower than other cryptocurrencies, it’s very secure.
- Ethereum – This is the second most acceptable payment method online with crypto casinos. Like all cryptocurrencies, it’s fast, free, and secure.
If protecting your financial data is essential, cryptocurrencies are the way to go forward. Not only is it secure, but it’s also fast and relatively inexpensive.
Conclusion
With the online casino industry booming in Canada, operators are adding more payment methods to their sites. There has been an increase in the popularity of cryptocurrencies, however, you can’t beat local payment methods like Interac.