Buy and Deposit with Ethereum at an Online Casino: the Easiest Way (Without a Wallet)

Using any cryptocurrency as a payment method on the internet implies that you have to have a separate wallet for each cryptocurrency you possess. Setting up the wallet properly is a crucial thing because otherwise, you could lose all your crypto funds sending them to the wrong destination or doing it in a wrong way.

Fortunately, there is a method of how to send/receive Ethereum payments without any wallets being involved. This approach will allow you to pay with Ethereum on the internet without limitations and with super low fees.

For whom this article may be helpful?

• You don’t possess any Ethereum so far

• You don’t know how to buy Ethereum with low fees (0.55% for bank transfer and 5.5% for bank cards). For bank cards, you’d better follow this tutorial, because fees will be 3.5% instead of 5.5% (everything is the same, but just buy Ethereum instead of Bitcoin)

• You are afraid of using crypto wallets since they never forgive missteps

In order to successfully complete this tutorial you're going to need:

• a bank account (preferably in EUR or USD) or debit/credit card

• an email address

Jumping forward, the whole process consists of three phases:

• open an account with Bitstamp crypto exchange

• deposit fiat currency to Bitstamp and trade it to Ethereum

• transfer Ethereum from Bitstamp to any online casino that accepts Ethereum

Check out no verification Ethereum casinos

Why Ethereum is super cool for online casino players?

• Privacy. Until you decide to reveal your Ethereum account address there is no way to tell who owns a particular Ethereum account, because no KYC (know your customer) is needed to open an Ethereum account.

• Fast payouts. It takes less than a few minutes to process an Ethereum transaction so that your balance will be credited into your account faster than with e-wallets, not to mention bank accounts.

• Super low fees. Bitstamp will charge you only 0.001 ETH per transaction (around 0.2 EUR). Does not matter if even you decide to transfer Ethereum worth of millions of euro, the fee stays the same.

• Better bonuses and promotions. Online casinos struggle with ridiculously high fees at e-wallets. Hence they have to suffer unnecessary losses which they could have spent on bonuses for their players instead. Ethereum is rather free for online casinos, and you will find far more generous bonuses if you use it as a deposit method at an online casino.

• Higher withdrawal limits. For the same reason, online casinos set far more liberal policy regarding withdrawal limits.

How does Ethereum work?

I believe it is going to be very beneficial for you to learn at least a little how Ethereum works in general.

Think of Ethereum as an e-wallet or internet bank account, since it also has:

• account number or username (Ethereum public key)

• password (Ethereum private key)

• an ability to send/receive money (Ethereum transactions)

But the huge difference between e-wallet and Ethereum is that in Ethereum network there is no third-party which is in control of your account and transactions. You don’t need any permission to open an account with Ethereum and nobody can repeal your transactions or anyhow control them.

Why crypto wallet is not necessary for the majority of casino players?

The individual who controls Ethereum private key (password analogue) controls all funds in this Ethereum account. It is the beauty of Ethereum and the only disadvantage at the same time.

It is great because:

• nobody (including any government) can confiscate or freeze your balance

• nobody can access your transactions history until you share your Ethereum account number (public key)

But it could cause huge problems as well:

• If you lose your Ethereum password (private key), your account cannot be restored and all balance is forever gone. You cannot ask support to reset the password, because nobody have access to this data except you.

• If you send Ethereum to the wrong recipient, then such transactions cannot be reversed, and all funds are gone as well.

• If a hacker somehow steals your Ethereum password (private key), then, as you may guess, all funds is going to be stolen. You cannot visit an office and ask to reverse stolen money as you would do in case with a bank account or e-wallets.

All that has been said above is true only if you are using a full-fledged Ethereum wallet. Being a crypto enthusiast, I have found much more beginner-friendly way to pay with Ethereum online, which I offer to my less experienced in crypto field friends all the time.

Thus, I encourage all crypto beginners to store their assets at crypto exchanges until they get comfortable with Ethereum network.

Using a reliable crypto exchange as third-party allows to avoid all above-mentioned downsides of Ethereum, but at the same time, it preserves all advantages of Ethereum as a payment method.

Open an account with Bitstamp crypto exchange

I have used tens of crypto exchanges so far and can tell that there are few reliable exchanges on the market that allow buying crypto with fiat money: Binance, Coinbase, Bitstamp, Kraken.

In this tutorial, I will stick with Bitstamp. However, I have a tutorial on how to buy Bitcoin with Binance. You can use it to buy Ethereum as well.

Step 1. Open an account with Bitstamp as you would do with any other service on the internet. You are supposed to confirm an email address which you used during the registration (check the spam box if the confirmation email has not been received).

Step 2. Enable 2FA (two-factor authentication). You are going to be asked to do so after your email address has been confirmed. Just follow the instructions and enable 2FA either through SMS or mobile App.

Step 3. Pass KYC (know your customer) procedure. After the previous step, you will be prompted to document download section. Here you need to download (or take a lifetime photo) one of those documents: ID, passport or driving license.

Normally, you will be navigated through all of these three phases automatically.

Buy Ethereum on Bitstamp with bank transfer or bank card

Here we are going to transfer fiat money to our Bitstamp account, and then, exchange them to Ethereum.

There are three methods of how to transfer fiat money to your Bitstamp account:

• SEPA bank transfer (deposit is free, 3 EUR for withdrawal plus commissions from your bank’s side) takes 1-3 days

• international bank transfer (0.05% for deposit, 0.1% for withdrawal plus commissions from your bank’s side) takes 3-5 days

• bank cards (VISA, Mastercard, Maestro) payment (5% fee) is close to being instant

Needless to emphasize, that SEPA or international bank transfer is far cheaper than bank cards. However, if bank transfers are not available for you than you’d better buy Ethereum with bank cards on Binance, because commission is 3.5% there (the lowest rate for bank cards on the market).

Step 1. Get bank transfer details. Click on “deposit” section on the top of the Bitstamp website and choose “bank transfer” on the left side. Here you are supposed to notify Bitstamp that you are going to deposit fiat money. Bitstamp will provide you with all necessary bank details for your bank transfer.