Those in the crypto world will be well-familiar with Binance, and as there are plenty of Binance social casinos that accept direct payments in several cryptos, it may seem like a great payment choice. Weâve listed several popular casinos where you can buy coins through this platform, but we also want to give some more information on how to use it effectively, some of the drawbacks, and how to resolve common issues.
Anyone working with crypto has heard of and likely used this platform before, so it seems like a smooth transition to just add it as your payment method in one of the Binance sweepstakes casinos, but is it actually a good choice?
Weâll go over some of the main features and drawbacks of using this option so you can make an informed decision for yourself.
Assuming that youâve decided that there are more benefits than cons for Binance sweepstakes payments, youâll want to know more about the fees, requirements, and how fast these transactions will be processed. Weâll now cover all the important details to get you up to speed.
The process of depositing funds with Binance is fairly simple. Just follow these steps.
You will find a âBuy Cryptoâ section on your Binance account page where you can use your preferred fiat currency method, e.g., a major credit card or bank transfer, to buy BTC, ETH, or any other crypto that is available.
Head over to the deposit page on one of your favorite Binance social casinos, and under âPayment method,â choose âcryptocurrencyâ and the specific one you want to use. The casino will provide a wallet address, which you can copy, and you can see the network they use.
Navigate to your Binance wallet and choose the âWithdrawâ option, click on the desired crypto, and paste the address you copied. Be sure to select the same network, e.g., ERC20 for Ethereum, type in an amount, and click the âWithdrawâ button. You will have to confirm via email or two-factor authentication.
After everything is set and confirmed, it will usually take up to 2 or 3 minutes for the transaction to go through, though sometimes network congestion may prolong the process a few extra minutes or even an hour. The coins youâve purchased should now be waiting for you in your account.
Cashing out is also quite fast and efficient when using crypto casinos. Hereâs what youâll need to do.
You should first make sure that you understand the minimum and maximum withdrawal limits, wagering requirements for any bonuses, the available cryptocurrencies, and the networks the casino uses. If itâs all good, you can proceed to the next step, though you may also need to verify your identity on some sweepstakes sites.
When you go to your account and enter the wallet section, click âFiat and Spotâ and choose the crypto you want to use. After that, go to âDepositâ and choose the network the sweepstakes casino uses. You will get a deposit address that you can copy.
On the withdrawal page of your preferred sweepstakes casino, check crypto as the payment method, paste your wallet address, then type in the amount, double-check whether everything is correct, and submit your request. If the casino asks for proof of identity, youâll have to provide that as well, e.g., your driverâs license.
It will take a few minutes to get the confirmation, although there can be a 24â48 hour delay with some sweepstakes casinos. You can go to your Binance wallet and look at the transaction history to see if everything went over smoothly.
In general, you can encounter several different fees â some related to the Binance platform itself and others that depend on the sweepstakes casino youâre playing at. Here is a quick rundown of all the fees you can encounter.
If you are using a credit or debit card to buy crypto, there will be a 1.8% to 4% fee, depending on your bank and the region. Bank transfers and P2P trading usually have no fees, but there can be a small fee for the former in some countries.
When sending crypto to a casino, you will have a small network fee. These will be different for each cryptocurrency, but you can expect roughly these amounts per withdrawal on the ERC20 network: 0.00005 BTC, 0.0008 ETH, and 3 USDT. However, these are subject to change if there is network congestion or other factors.
When you send crypto to your Binance wallet, there should be no fees imposed by the casino, though itâs always best to double-check the terms and conditions section to be on the safe side. In most sweepstakes casinos, it is a free and fast transaction.
Making a USD or EUR withdrawal from your Binance wallet to a bank account can involve the following â SWIFT network fees of $15 per transaction or SEPA bank transfer fee of âŹ0.50 to âŹ1.50, or 1â2% for card withdrawals. With a P2P fiat sale, some buyers will even offer no fees.
Now that you have a general idea of all the fees and how Binance casino transactions work, we need to look at the most important part â what you can do to make the most out of your crypto funds without wasting any time or money.
Follow these tips, and youâll be set.
Of course, the network you choose will also depend on which ones the sweepstakes casino accepts, but you should have a couple of options. Always check to see what the fees are like for each because there can be a significant difference â USDT fees on the TRC20 network are around $1, while they can be 5â15 times higher on ERC20.
Using Binance Pay comes with zero fees, and the transactions are completed instantly, so check if the casino accepts it as a deposit payment method and use it if available. You wonât be able to use it for withdrawals, and some casinos wonât even have it as a deposit option, but plenty of them will.
Keeping the funds in your Binance wallet in the original crypto youâve bought means that you will have to account for the daily, weekly, and monthly price fluctuations. If you want to make things more stable and predictable, convert to a stablecoin like USDT before buying sweepstakes coins.
As weâve already mentioned, some P2P transactions will have zero fees, and the rest will have minimal fees while also being quick and efficient. Itâs a great way to get the most out of your account â if you regularly exchange crypto for fiat, this could easily save you $100+ each month.
While this all might sound interesting and have you thinking about giving Binance a shot, we understand that a lot of people havenât had any previous experience with the platform. If thatâs the case, youâll be happy to know that setting up an account and buying crypto isnât as difficult as you may have thought.
Here are the basic steps youâll need to follow to get started.
Step 1. Head to the Binance website and download the app.
There is an option to download the Binance app from their website, after which you can create an account, enter your email address, and type in the registration code you received via email to complete the process. It shouldnât take more than 5â10 minutes total.
Step 2. Follow all the prompts and provide all the needed information.
You will also need to provide some form of official identification, such as a driverâs license, ID card, or passport, and perform a facial verification before you can unlock the full functionality and all the perks Binance has to offer (e.g., higher limits and Binance Pay).
Step 3. Deposit your desired USD amount.Â
In your wallet, click on Fiat & Spot, then on Deposit, and pick USD or a cryptocurrency. You can add fiat currencies with credit and debit cards, bank transfers, and using P2P, and youâll get a wallet address that you can use for crypto deposits.
Step 4. Buy your preferred cryptocurrency.
If you donât have any crypto yet, you can use USD to purchase the crypto of your choosing, such as BTC, ETH, USDT, BNB, etc. Just go to âBuy Crypto,â pick out one of the payment methods listed in the previous step, and enter the amount you want.
Step 5. Transfer funds to a sweepstakes casino.
Once your wallet is topped off with your chosen crypto, you can go to a sweepstakes casino and make Binance deposits as outlined in the section on transactions â copy the casinoâs wallet address, choose the right network, and confirm. The whole thing should be over in a few minutes, and youâll be left with a bunch of sweepstakes coins.
Unfortunately, itâs not all sunshine and rainbows with this platform, and youâll have to watch out for a few issues that could derail your plans to have a quiet evening playing sweepstakes game if youâre not careful.
Luckily, we have the solutions to help you get over any hurdles.
đProblem: Some networks will have much larger fees than others, which can be inconvenient.
đ Our Solution: Look for networks like BEP20 for BNB or TRC20 for USDT that have the lowest fees for a specific crypto.
đ Our Solution: If possible, use Binance Pay for deposit as it has no transaction fees.
đProblem: Network congestion is causing long delays in Binance withdrawals.
đ Our Solution: Look at other networks or even other cryptos, as Bitcoin and Ethereum transactions tend to be overloaded more frequently. TRC20 and BEP20 are good options.
đProblem: A sweepstake casino requires manual verification and generally has slow processing times.
đ Our Solution: Go over our list of the best Binance sweepstakes casinos to find another option with faster transactions.
đProblem: You made a mistake and entered the wrong wallet address or chose a network the casino doesnât support and lost your funds.
đ Our Solution: Always make sure you are fully focused when making these payments and check everything two or three times.
đ Our Solution: Use the whitelist feature to prevent withdrawals to any address other than those youâve added to the list.
đ Our Solution: Try to buy the smallest amount of coins or withdraw a minimum amount first to test whether everything is running smoothly.
When things are going well, and all the transactions are lightning fast, itâs easy to spend a little bit more than youâve planned. Thatâs where our responsible gambling strategies come into play. Follow these tips and always prioritize your financial stability over the instant gratification of winning a few extra rounds of casino slots.
There are essentially three main types of people who can play in Binance social casinos and get the most benefits out of it, as we will show you.
If you are already interested in crypto or have some investments, Binance will allow you to use some of your extra funds to play in sweepstakes casinos and, in turn, get a chance to win a bit extra to boost your wallet. Having fast crypto transactions also means less time wasted waiting for casinos to process payments.
There are people who enjoy classic casino games like slots but just donât want to use their credit card or bank details to open an account on several different sites. In this case, linking Binance to a casino is a safe and easy way to play a few games without giving away your personal information.
A lot of sweepstakes casinos will have restrictions on the currency used, and some banks like Chase will block their credit cards from making casino transactions, so they need a reliable alternative. With the added privacy that crypto payments offer, you can play from anywhere in the world as long as the casino accepts Binance.
While itâs gaining popularity, Binance still isnât accepted in many places, so if you want to try out a casino that doesnât support this payment method, there are a few other options you can try.
The granddaddy of cryptocurrencies, it is the most widely supported of them all, though the transactions can take longer than with other options available on Binance, 10â60 minutes. The fees are also higher on average, especially compared to the Binance Pay feature.
This is a big name in the crypto world, providing all the related benefits, but it is available in more casinos than Binance. However, you will encounter network congestion from time to time, at which point the network transaction fees tend to go up substantially, and you can experience some delays.
This is an incredibly popular payment method in the US right now, accepted in many social casinos, and like with Binance, it supports both deposits and withdrawals. You will also find a good level of security and link it to a credit or debit card, though you will have to settle for fiat currencies.
To set up your Binance account, you first need to enter your email address, choose a password, and verify your identity. Once itâs up and running, you just need to buy your preferred crypto, copy your wallet address, choose âcryptocurrencyâ as the payment option in the sweepstakes casino, and copy your wallet address.Â
Making a casino deposit will take a few seconds, while withdrawals typically take a few minutes. However, this can drag out to a couple of hours if the network is quite congested for your chosen crypto. Withdrawing USD from your Binance account will depend on the bank, but itâs usually between 1 and 5 business days.
You are generally looking at zero fees to deposit crypto into your Binance wallet. For withdrawals, itâs a set amount that is a bit different for every supported crypto and based on the network. For example, it is 0.00005 BTC for Bitcoin, 0.0008 ETH for Ethereum, and 3 USDT for Tether on the ERC20 network.
The minimum and maximum amounts for transactions will vary greatly based on the cryptocurrency you use, but in most cases, you can expect a value equal to 0.001 BTC as the minimum withdrawal. The biggest withdrawal is capped at 100+ BTC daily, which also varies depending on your account.
