How to buy cryptocurrency to play casino?
7 min left

How to buy cryptocurrency to play casino?

In the last two years, 2 sectors have seen phenomenal growth: crypto-currency and online casino. It's no surprise then to see these two worlds linking up as more and more online casinos start accepting cryptocurrency deposits and withdrawals in addition to those that are solely geared towards this new economy.

For the more novice, this world can seem very abstract, Lucky7Bonus today tries to guide you to be able to buy and use cryptos to be able to play safely at your favorite online casinos.

Buying cryptocurrency at Binance

In order to deposit at most online casinos in cryptocurrency, you will need to buy some first. Note that some casinos offer to handle the transaction for you, but this service is not free and the fees can add up very quickly. Let's see how to buy cryptocurrency ourselves on a very well known platform: Binance.

What is Binance?

Binance is an online exchange and trading platform whose offer is entirely about cryptocurrencies. Founded in 2017, this platform has quickly become the market leader, especially in terms of volume, thanks to low fees and a comprehensive offering.

On Binance you can send fiat money (euros, dollars, pounds sterling..ect), in order to buy cryptocurrency. You can also deposit cryptos in order to exchange them for other currencies. You will also be able to trade or sell your cryptocurrency and even withdraw your money in euros for example, directly to your bank account.

Create an account on Binance

To use Binance, you have several options:

  • A Binance mobile application is available on iPhone, Android and most other mobile operating systems;

  • The website is perfectly adapted to most internet browsers;

  • A desktop version of Binance is available for Windows, Mac and Linux.

On the Binance website, go to the "register" tab, in yellow, in the upper right corner.

You will then have the choice to enter your email address or your mobile phone number in order to verify it with a code. After this simple step, your account is directly created. The next step is to validate your identity so that you are not restricted.

This step is called KYC (Know Your Customer). Click on "Identification" in your profile and let yourself be guided.

You will be asked to enter your personal details, your place of residence and your ID. The latter must be complete and up to date, and you will also be asked to provide a photo or video of yourself in real time.

If you follow these steps carefully, the identity verification process should be completed very quickly.

Depositing money on Binance (in euros)

Before you can buy a cryptocurrency on Binance, if you don't already have another crypto wallet, you will need to deposit money into your account.

For this, 2 payment methods are available to you: credit card and bank transfer.

Deposit money with a Visa/Mastercard on Binance

In the "buy cryptos" tab in the upper left corner of the homepage, click on "deposit by card" and simply enter the desired amount and your credit card information. Fees may apply to card payments and can be as high as 2% of the transaction.

SEPA Transfer

The most economical way to deposit money on Binance is by bank transfer or SEPA transfer. Always in the tab "buy cryptos", click on the option "bank transfer (SEPA)". You will then be given information, you just have to use it with your bank to make the transfer. The name of the bank account holder must be the same as the one used in the KYC of your Binance account.

SEPA transfers are free of charge and instantaneous at many banks.

Note that this deposit option is sometimes temporarily suspended. In most cases where this happens, Binance will then waive the fees associated with credit card deposits, allowing you to deposit euros without charge at any time.

How to buy cryptos on Binance

Once you have made your deposit, you will get a balance in euros that you can use to buy cryptocurrency directly. Again in the "buy cryptos" tab, select "cash balance" and choose the desired cryptocurrency from the list provided. Decide on an amount to spend and validate the transaction: you are a cryptocurrency owner!

Other more advanced methods are available to buy and trade cryptos, we present them below.

Place a buy order

The most efficient way to trade cryptocurrencies is to use the order book. This is because you will have much more control over the price at which you wish to trade.

In this order book are listed in real time the sell orders (in red), and the buy orders (in green). By selecting a pair of cryptos or by going to the "trader" tab, you can then place your own buy or sell orders on a pair of 2 cryptos.

A "LIMIT" order is an order to buy or sell at a set price while a "MARKET" order is an order to buy or sell instantly by accepting the current market price.

Below the technical chart is the section we are interested in, select "spot portfolio" and choose between a LIMIT and MARKET order. Select the price if you wish to place a LIMIT order and the quantity you wish to buy or spend in the buy or sell box.

Use the convert tab

A slightly simpler method of exchanging two cryptocurrencies is to use the "convert" function, located at the very top of the "trader" tab. This function is very similar to a MARKET buy order.

Choose the cryptocurrency you wish to convert, enter the desired amount and choose below the cryptocurrency you wish to obtain in exchange.

Binance will make the exchange instantly. In return, although no real fees are charged by Binance, in the case of a purchase, the price used to make the exchange will be slightly higher than the market price and in the case of a sale this price will be slightly below the market price.

Send your cryptocurrency to Stake

Once your cryptocurrency has been purchased, exchanged or converted and is ready to be played at an online casino, all you have to do is send it to the casino platform. For this we have chosen the Stake crypto casino as an example.

Go to your Stake wallet, located at the top of the platform. In the deposit box, first choose the cryptocurrency you wish to use. This step is very important, make sure you select the right crypto and therefore the right network, because a different deposit address is displayed for each network, if you send BTC to an ETH address for example, the funds will be lost.

If you own and wish to send Bitcoin on Stake, select the BTC network, a deposit address and barcode will be displayed. The Binance application can allow you to scan this barcode to enter the deposit address automatically. Alternatively, you can simply copy the deposit address.

In Binance, go to your wallet, click on "withdrawal" and select "Your cryptos". In our example, choose BTC and enter the deposit address provided by Stake. The network should be selected automatically and match the chosen cryptocurrency. Check that the address entered matches the one displayed in your Stake wallet, choose the amount you want and click on "withdraw".

You will be asked for verification:

  • A code is sent to your email address;

  • A code is sent to your mobile phone number;

  • A 2FA code may be requested if you have activated the double authentication.

The fees and the duration of the transaction depend on the selected network. Stake will first receive information of a completed transfer and will display your funds as soon as the transfer is confirmed. At this point, the funds are in your Stake wallet, ready to be played. Select your chosen cryptocurrency in the tab to the left of your wallet at the top of the page to play.

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