Best Crypto Wallets for August: Secure & Easy to Use Crypto Wallets

What is a crypto wallet?

Many betting sites have been embracing the concept of making deposits with crypto currencies which is fantastic news for users who prefer this payment method when crypto gambling. Typically, when we talk about using cryptocurrencies to deposit betting funds, we mean depositing funds from your crypto wallet. A crypto wallet is a type of tool that you can use to send and receive crypto currencies. If you’re thinking about depositing funds using crypto currencies, then you’ll usually need a crypto wallet to do this.

There are a variety of crypto wallets available and the one you choose will depend on a number of factors. One of the key things we always consider is which crypto currency we’re looking to get with the wallet. These days most wallets are very versatile, but you may still find some that don’t support some popular crypto currencies.

Pros and cons crypto wallet

Pros and Cons

• Plenty of good options to choose from
• Secure cryptocurrency transactions
• Available to download on mobile

• Many don’t have desktop apps

How to deposit betting funds using a crypto wallet

Now that we’ve covered what a crypto wallet is, let’s have a chat about how you can use it to deposit betting funds. One thing that to keep in mind is that it’s a little bit trickier and involves more steps than traditional card payments. So to help you out, we’ve put together this handy step-by-step guide.

1. Choose a crypto wallet

   This probably goes without saying but just in case it doesn’t, the first step is to choose a crypto wallet and download it. These are separate from traditional e-wallets like PayPal but they’re not a bad comparison. Another thing that some people forget to consider - you’ll need to have crypto currencies already in your wallet before you try to deposit betting funds. But the good news is that crypto wallets are pretty easy to set up and for the most part, can be downloaded onto your mobile phone and accessed on the go. These crypto wallets can then be used at most trusted crypto casino sites and sportsbooks. If you want to learn more about how wallets fit into the broader betting process, check out our crypto gambling guide to learn more.

2. Purchase cryptocurrency of choice

   The next thing to do is choose which crypto currency you’d like to use, purchase the amount you’d like and then store it in your crypto wallet. As we discussed in our crypto gambling for beginners guide, cryptocurrencies are typically purchased in exchanges like Coinbase or Binance. It’s super important that you make sure your cryptocurrency is inside your wallet before trying to deposit funds - don’t worry, we’ve all been there! If you’re new to crypto currencies then you may want to stick to one of the more common choices like Bitcoin or Ethereum.

3. Choose a betting site that accepts crypto wallets

   Once you’ve got your cryptocurrencies safely inside their crypto wallet, you’ll then want to choose a betting site that accepts this way of depositing funds. Unfortunately, not every platform will, however, we’ve popped a list of our recommended sites in banners on this page.

4. Sign up to your favorite site

   Whether you’re looking to spin slots in online casinos or back your favorite team at an online sportsbook, you’ll need to sign up to your chosen crypto betting site. All of our recommended sites offer transparency through provably fair gaming, with all the safety features that you’d expect. To get started at one of them, just follow these steps:

   • Click on the link to your chosen crypto betting site - you’ll find lots of options for sites available in your location in our page banners.
   • Open up the registration form and fill in the requested details.
   • Read through the T&Cs, accept and then tap submit.
   • Verify your email address (and potentially phone number if required) to unlock full access to your account.
     

5. Make your first deposit

   After signing up, you can now go ahead and make your first deposit - yay! In your account you should see a ‘Deposit’ or ‘Buy’ button which you can click to open up to add funds. When you get to the bit where it asks you to choose your payment method, this is where you’ll want to choose cryptocurrency and then specify which type you’ll be using. Your betting site of choice will then generate a unique wallet address for you.

6. Transfer your crypto currencies

   Open your wallet and enter the wallet address that you’ve been given. Confirm the amount that you’d like to deposit - there will be a minimum so just double check that you’re depositing more than this. Triple check that you’ve entered the site address correctly - this sounds a bit unnecessary but trust us with this one. Crypto transactions aren’t reversible so we’d always recommended just coping and pasting to ensure it’s correct.

And that’s it! Usually transactions are processed in just a few minutes and the funds will be ready to start betting. Though there is one additional step you may want to take before you get started. And that is to check the available responsible gambling tools, so you can set up deposit and loss limits for your account. This is a great way to make sure you don’t experience gambling problems at crypto casinos.

Conclusion - Use your crypto wallet for betting site deposits

Hopefully you now feel much more confident using your crypto wallet to deposit betting funds. It works the same way as traditional payment methods but there are a few more steps involved. The most important thing to remember is check and double check that you’ve copied your wallet address correctly.

If you’d like to sign up to any of our recommended sites that offer betting with cryptocurrencies, simply check out our page banners and sign up to your chosen platform.

Get off to a great start with these crypto casino bonuses

Crypto wallet FAQs