Best Exchanges for Crypto Gambling

According to a recent GOBankingRates survey, around 83% of crypto investors started buying and selling virtual currencies in the past two years. Crypto trading has become super popular due to more people getting familiar with its decentralized nature and the benefits that using digital money carries. Everyone knows that crypto transfers are faster, anonymous, and have small fees. However, another factor that dramatically contributed to their rise is accessibility, the emergence of an ever-growing number of brokers that offer coin trading.

Today, not only do mobile payment apps like Venmo and Cash App offer the option for you to buy and sell digital money, but there is a wide range of crypto exchange platforms that also facilitate this with ease. Some have gotten such fame that they have even managed to conduct public offerings. With crypto prices dramatically fluctuating and online casinos continuously adding and removing coins from their payment arsenals, these sites have become an essential part of the crypto gaming experience.

In the subheadings that follow, we will share information about what are the best crypto exchanges, and what to look for when considering picking one to use to buy, sell, or convert cryptos to fund your online crypto gambling account. The number of options is swelling by the day, so you should get educated on this topic before diving into playing around with coins intended for enjoying games of chance.

What are Crypto Exchanges?

These businesses allow customers to trade assets such as digital currencies or conventional fiat money. They are websites or dedicated apps that let people convert one asset class into another easily. For example, most crypto exchange services permit users to swap fiat money through a credit card transaction into a currency such as Bitcoin sent to their crypto wallet.

Various digital asset exchanges existed before the invention of Bitcoin. Nonetheless, the first modern platform started in March 2010, Bitcoinmarket. Before this service went live, no real consensus or blanket security measures existed for valuating and trading BTC and other cryptos. So, the market was vulnerable to devaluation scandals and lacked piracy and scam prevention protocols that could prevent fraudulent activity and theft.

Nowadays, security is no longer an issue at the top-rated crypto exchanges, and incidents of such swindles are a thing of the past thanks to high-end safety measures and implemented technology. Some even go so far as to provide options like futures trading, margin accounts, crypto staking, and cryptocurrency loans.

Advantages to Using Crypto Exchanges 

Naturally, to start gambling with cryptocurrencies, you first must own some. The process begins with you attaining a crypto wallet and heading to one of the best exchanges for crypto gambling to purchase some digital coins.

Several reasons exist for going down this path on your gambling adventure. They are:

• Anonymity – Some people like to keep their gaming activities secret, avoiding getting judged concerning how they choose to spend their hard-earn money. Names do not get attached to cryptocurrency transfers. The same can apply to accounts at crypto exchanges.
  
  
• Circumventing Bank Monitoring – Until the invention of blockchain tech, banks were the backbone of virtually all financial transactions. They record all money transfers, and if asked, they hand this data over to government-run fiscal authorities who have insight into their citizens' spending. Moreover, many banks looked down on gambling transfers and would limit or outright block them, stopping customers from using their money as they see fit.
  
  
• Variety of Cryptos Available – While Bitcoin holds around a 42% share of the crypto market, other viable options exist. Some analysts estimate that over nineteen thousand cryptocurrencies currently can get used on the Web. Of course, most of these cannot get found on the best crypto exchanges, and many die within the first year of creation. Still, loads of potential is out there for switching things up when choosing to gamble with cryptos, and each option carries unique pros and cons.
  
  
• Risk mitigation Via Using Multiple Exchanges – Various choices can get used to diversify one’s crypto bankroll management. The crypto prices at each site may get set slightly differently, so there are positives to using more than one exchange, as some may be late to adjust the value of specific coins, leaving space for you to profit off their slowness to react.
  
  
• Price Elasticity – You can view this as both a positive and negative of crypto gambling. Imagine buying some Bitcoin at one price, gambling with it, winning big, and then the next day, the value of one BTC unit jumps three-fold! So, your win grows on its own. Such shifts have happened before. Yet, know that they can also occur in the opposite direction.

How to Identify the Best Exchanges?

There are more than six hundred crypto exchanges available online today. The primary cause for this is the industry’s low barrier to entry, with various white-label technology companies around the globe offering entrepreneurs the software solutions needed to launch such businesses.

Unfortunately, various shady sites exist on the internet. Therefore, it can be hard for you to pick a credible crypto exchange if you do not have experience buying and selling virtual assets. Hence, to make life easy for you, here are essential factors you must consider when selecting a hub for crypto trading. 

• Security - In the past, security has been an issue with many top crypto exchanges. Some of them have even gotten hacked, leading to millions getting stolen. Hence, an exchange platform must insure the funds it holds on behalf of users. Moreover, it should be SOC 2-certified and implement robust security protocols.
  
  

• Liquidity - Remember that better liquidity makes crypto transactions happen faster, allowing you to avoid the risks of dealing with sizeable price volatility. Some crypto exchange platforms even supply a locked-in pricing feature that guarantees that your transaction will have the price listed at the time the transfer went through, even though it changed quickly after.  
  
  

• Reputation - Not all sites that allow coin conversion have stellar track records. Some have had security breaches, while others have experienced unexemplary management. The recommended course of action is to stick to the top crypto exchanges in the industry list below.
  
  

• Coins - Not all exchanges allow the buying/selling of a robust number of cryptocurrencies. Some like to stick to the top-performing cryptos options, while others do not mind dealing with niche ones. Figuring out your preferences and needs will affect your crypto exchange selection, as not all such services may carry the coins you eventually want to buy or sell.
  
  

• Regulation - Depending on the location of the company operating the exchange, differing trading rules may apply. So, it is vital to check this before getting started. For example, Japan has announced that entities interested in running a cryptocurrency exchange from the country’s borders will need a license from its Financial Services Authority under specific rules.
  
  

• Support - Inevitably problems will occur with any online service. Live chat support is a must for quick issue resolution, but if an exchange does not have this option, at least look for it to feature a vast FAQ section and swift email replies.
  
  

What to Avoid

Not every crypto exchange is appropriate to utilize when funding your online casino account. There are several red flags to look out for, which we list here:

• KYC/AML Requirements – Identically to most licensed crypto casinos, many exchanges will ask that you supply documentation to confirm your identity and ownership of funds. That process can be tedious and last up to several days. Furthermore, there is no guarantee that you will have all the required documents on hand to complete it in the required timeframe. Consequently, look to avoid exchanges with laborious KYC requirements, which you will likely get asked to fulfill if your transaction volume exceeds a safety threshold.
  
  
• Gambling Restrictions – Some online casino/sportsbook addresses get characterized as risky ones in the digital realm, meaning some exchanges may not allow transfers to them. You can check this information on their general terms and conditions page to see where they stand on the topic of interactive gaming entertainment.
  
  
• Centralization - Centralization does not coincide with the vision of Bitcoin’s creator, Satoshi Nakamoto. If someone has the power to tell you what you can and cannot do with your coins, that does not fall in line with what cryptos are all about. Accordingly, look to use DEXs.
  
  
• User Complaints – Nothing beats quality word of mouth. And believe it or not, peer review sites are a terrific place to learn about other people’s experiences with crypto exchange hubs.
  
  
• High Fees & Restrictive Stipulations – No one wants to pay vast amounts for automated services and get bottled down with strange requests and limitations. While reading reviews is a decent way to learn about the positives and negatives of using exchange sites, going through the terms and conditions of the one you are considering is also a good place to start.
  
  

Alternatives to Exchanges

If you do not fancy the idea of going to a website or opening a dedicated app to convert cryptos, do not fret. There are other options to swap one set of coins for another. The two main choices are:

• Crypto ATMs – These function more-or-less the same as their fiat counterparts. Thousands of such machines are available in dozens of countries around the globe. A terrific method to track down one near you is by using sites like CoinATMRadar or CoinMAP.
  
  
• On-Site Conversion – Many crypto gambling hubs deliver an interface where you can buy or convert cryptos without leaving your chosen casino. These windows usually work through platforms such as MoonPay, working super similarly to any other reliable crypto exchange.
  
  

Recommended Crypto Exchanges

Decentralized Exchanges

DEX, short for decentralized exchange, is a peer-to-peer marketplace with no middle-men, custodians, or intermediaries. These systems utilize self-executing agreements, popularly called smart contracts to conduct transfers from one party to another. They got created to remove the need for an authority to authorize and oversee crypto trades.

On the opposite side of the spectrum are centralized exchanges, where an organization, the aptest example is a bank, gets involved in money transfers and turns a profit by providing its services. In contrast, DEXs let users trade directly from their wallets. Because of this, DEXs are the preferred choice for many gamblers. Most of the famous decentralized exchanges operate on the Ethereum blockchain. There are three main types. These are order-books decentralized exchanges, DEX aggregators, and automated market makers.