Different features determine the quality of each online casino that you can find. Logically, the most important thing is a license. That is the only piece of evidence that confirms the legacy and fairness of a casino. After that, people often check the bonuses they can get, the variety of the games in the gaming catalog, and the software developers behind them.
Payment methods on each gambling website also need to be reliable and safe. Do not neglect the importance of this feature at all. In general, the best online casinos for Canadian players usually offer 4 different types of payment methods. They are:
- Credit and debit cards (they are present on almost every website)
- e-Wallets
- Prepaid cards/Vouchers (available only for deposits)
- Cryptocurrencies (the feature of most modern casinos)
All these types of payment methods come with certain advantages and disadvantages. But, we can’t generalize things. There are, for instance, credit cards that will let you wait to withdraw your winnings for more than 10 days. Because of that, whichever category you pick, you need to be sure the provider you choose is quick, safe, and reliable.
The good news is that you have come to this place. We will highlight the pros and cons of each of the mentioned categories and name a few examples of good providers! Let’s go!
Credit/Debit Cards
As we stated above, they are the most common payment method even in the “not so good” Canadian gambling sites. Some of the most popular credit cards you should use are VISA and MasterCard. Apart from these two, you can also use the Paysafecard (this option exists in the form of a prepaid card as well).
So, what’s good about them? For starters, the level of security you will get is extremely high. Apart from that, most casinos will accept them for both deposits and withdrawals. All the deposits are usually instant in case you decide on this option.
On the other hand, the main disadvantage of credit and debit cards is connected with the withdrawal process. Withdrawal time can be anywhere between 2 and 7 working days. Fortunately, the entire transaction usually ends up for 48 hours, but there are excuses. That especially counts for international transactions!
Another disadvantage is the transaction fee. Banks (credit/debit cards) will charge a certain fee. In most cases, the fee comes in the form of the percentage of the money you transfer. That can be a big problem for people that are transferring bigger amounts.
Pros:
- High level of security
- Widely accepted payment method
- Deposits are usually instant
Cons:
- Withdrawals are not too quick
- Fees can sometimes be high
e-Wallets
The best online casinos for Canadian players offer a wide range of e-Wallets as a transaction method. The three most popular ones among gamblers in Canada are PayPal, Neteller, and Skrill. Apart from these three options, you can also use ecoPayz and Eco Card. Using them for deposits and withdrawals can be quite beneficial, but there are also some cons you need to be aware of.
Just like in the previous case, they use data encryption technology, which makes your data fully safe. Apart from that, the deposits you make are pretty quick, and the same rule counts when we talk about withdrawals. How long it will last depends on which provider you use. For instance, Paypal withdrawal time is around 30 minutes.
So, what’s wrong with them? Let’s say they are a bit riskier compared to other methods. In case you somehow lose your password, it may happen you won’t manage to get back your account. The customer service is not top-notch and you may need to wait a bit more to get answers.
Pros:
- Extremely safe
- Quick deposits and withdraws
- Casinos in Canada usually accept them
- Different options
Cons:
- Losing password may result in the fund losses
- Customer support is not top-notch
Prepaid Cards/Vouchers
Prepaid cards or vouchers (name them however you want) are probably the best option for players that have the problem with self-control. For example, you add 50 CAD to that card, and after you spend them, that’s it. There is nothing you can transfer once again.
There are many reasons why people love them. First and foremost, this option is available only in big markets like Canada. There are different options you can choose from such as Neosurf, Paysafecard, Flexepin, etc. Apart from that, they are extremely safe. You can find them in almost every store that sells different forms of vouchers.
The biggest disadvantage? You can’t use it for withdrawals. That means they can be a good option only as a combination with some other option from our list. Apart from that, they usually come with low limits. The maximum amount of money you can add to a prepaid card is usually up to 200 CAD. But, in many cases, it can be even lower.
Pros:
- Best online casinos for Canadian players accept them
- You can find them in many reliable stores
- They are easy and safe
Cons:
- You can’t withdraw money with them
- The maximum amount you can add to the prepaid card is low
Cryptocurrency
Cryptos are definitely the most modern payment method that has become pretty popular in the online gambling world. The number of casinos that are accepting them is growing on a daily basis. Digital currencies that are commonly accepted by gambling sites are Bitcoin, Ethereum, Dogecoin, Stellar, Litecoin, etc. The list is much longer, but we highlighted only the most popular ones.
The speed and safety of transactions are two main reasons why people use them for this purpose. Transferring money from a casino account to your crypto wallet can sometimes be instant (the same counts in the opposite direction). Apart from that, the fees are relatively low (sometimes, they do not even exist) because there is no middleman (bank).
Thanks to blockchain technology, all the mentioned cryptos are extremely safe. Every transaction comes with a unique code. If someone manages to change that code, a new transaction will appear (the existing one won’t change).
Everything probably looks perfect, but this payment method also has certain cons. First of all, if you once send your winnings to the wrong address, you won’t manage to fix that issue. Another reason is volatility. All crypto prices are changing on a daily basis. The money you earned today may not have the same value tomorrow. But, keep in mind that can sometimes be good.
Pros:
- Extremely safe
- Quick transactions
- Cheap transactions
- Widely accepted
Cons:
- Wrong transactions can’t be fixed
- Volatility may reduce the value of winnings (but it can also improve it)
Conclusion
All the mentioned payment systems are available at the best online casinos for Canadian players. As you could see, all of them come with certain pros and cons. We will let you decide which one suits you the most.
