Electronic Wallets: Advantages and Disadvantages for Casino Players in Canada
Electronic wallets, also known as e-wallets, have become a popular payment method for online casino players in Canada. These digital wallets allow players to securely store and transfer funds for online gambling, making transactions quick and easy.
As far as the casino goes, it is the same form of deposit and withdrawal as using a credit card. You will also be entitled to all of the bonuses, benefits, and prizes that other players have.
Take note that, same as with cards, some payment processors will charge you a fee for any transfer you make. Check with your preferred option before you make a deposit.
What Electronic Wallets are Available in Canada
In Canada, there are several electronic wallets available for online casino players, including PayPal, Skrill, Neteller, and Payz. These e-wallets have varying fees, processing times, and deposit/withdrawal limits. PayPal, for example, charges no fees for deposits or withdrawals, while Skrill and Neteller charge fees for both.
In recent months, an increasing number of casinos have also started accepting Apple Pay as an option in Canada. These deposits are just as fast as PayPal, making them virtually instantaneous, and most people find them to be very accessible.
Benefits of Using Electronic Wallets for Casino Players
One of the main benefits of using electronic wallets for online casino payments is the speed and convenience of transactions. Deposits and withdrawals can be processed instantly, allowing players to start playing or withdraw winnings quickly.
But, the accessibility goes way beyond simple transaction speed. For most electronic wallets, your phone will be all that you need to confirm all of your financial information and deposit or withdraw almost instantly whenever you need it.
Secondly, e-wallets offer an extra layer of security as players do not have to disclose their bank or credit card information to the casino. While security breaches for online casinos are rare, not having to think about it will give you peace of mind.
Finally, it is much easier to calculate your winnings and losses when you have instant access to all of your funds. If you use the roulette payout calculator for instance, you can know exactly your chances and develop a strategy when you want to play, and only then deposit any money.
Downsides of Electronic Wallets for Casino Players
Despite the advantages, there are also some downsides to using electronic wallets for online casino payments. One of the biggest disadvantages is the fees charged by some e-wallet providers for transactions.
Additionally, it is much harder to follow your expenses if you are using an e-wallet for your gaming. Unless you have a dedicated account just for entertainment, having money on your PayPal or Neteller account for some people seems like “free money”.
If you have these tendencies, make sure you take precautions against them.
Secure your Financial and Private Information
Another important consideration when using electronic wallets for online casino payments is the security of financial and private information. Players should choose a known e-wallet provider and ensure that they have strong password protection and have enabled two-factor authentication.
All of the cybersecurity rules that apply otherwise, apply to online gambling as well. You will want to keep separate and strong passwords and keep your information sharing to a minimum.
Ideally, if you enjoy gaming and spend time and money in various online casinos, it would be prudent to have a separate email address for that aspect of your life. This will also protect you from frequent online casino email promotions.
Conclusion
In conclusion, electronic wallets offer a fast, convenient, and secure payment method for online casino players in Canada. While there are some downsides to using e-wallets, such as fees and limited oversight, the benefits outweigh the risks for most players.
For players who are already using services like Apple Pay or PayPal, it will be much easier to use them for online casinos. It is much faster than either bank transfers or credit cards, and it is just as safe with just a bit of caution.