A cryptocurrency transaction goes through neither a bank nor a customer service team able to reverse it. Once sent and confirmed, it is irreversible in practice. That is what makes crypto payments fast, and it is also what makes every mistake costly. This guide sets out the checks to carry out, in order, before every deposit and every withdrawal.
One cryptocurrency, several networks
The same asset can circulate on several different blockchains. This is the case with Tether (USDT), which is issued on networks including:
- Ethereum, in ERC-20 format;
- Tron, in TRC-20 format;
- BNB Smart Chain, in BEP-20 format.
These networks do not communicate with each other. USDT sent on Tron to an address intended for Ethereum does not reach its destination; recovering it, where possible, depends entirely on the goodwill of the recipient and takes time. Some addresses look alike from one network to another: an ERC-20 address and a BEP-20 address, for example, have the same format, which makes the mistake easy to make.
The rule is simple: the network chosen when sending must be exactly the one specified by the recipient. On the deposit page of the casino, first select the cryptocurrency, then the network, and only then copy the generated address.
Address, memo and tag
Checking the address
Always copy the address using the copy function or the QR code, never by hand. Then compare at least the first and last characters between the source and the destination field. Some malware replaces the address copied to the clipboard with that of a fraudster; this visual check is the only simple safeguard.
For a withdrawal, also check the address saved in your casino account. If it has been changed without your involvement, contact support before making any request.
Remembering the memo or tag
Several cryptocurrencies, such as XRP, Stellar or, on some platforms, Toncoin, use an address shared by several customers plus an additional identifier called a memo, tag or comment. Without it, the platform does not know which account to credit the funds to. If the casino displays a memo, it is mandatory.
The first transfer
For a first deposit to an address or on a network you have never used, sending a small amount first lets you confirm that everything works. You pay network fees twice, but the risk is limited.
Network fees and confirmations
Every transaction pays fees to the network. They vary depending on the blockchain and how congested it is at the time of sending: they can be modest on some networks and much higher on others during periods of heavy activity. For a withdrawal, also check whether the casino adds its own fees or sets a minimum withdrawal per cryptocurrency.
A transaction is not credited as soon as it is sent. It must first be included in a block, then receive a certain number of confirmations, that is, blocks added after it. Each casino sets the number of confirmations required per network, which explains why a deposit can be visible in a block explorer before it appears in your balance.
Volatility between deposit and withdrawal
Most casinos convert deposits into an account currency, often the dollar or the euro, or keep a balance in the cryptocurrency deposited. Either way, the value of your funds in euros can change between the time of the deposit and the time you receive the withdrawal.
Fictional example: you deposit an amount of Bitcoin worth €500 at the time of the deposit, and your balance is held in Bitcoin. If the price falls by 10% before your withdrawal, the same quantity of Bitcoin is only worth €450; if it rises by 10%, it is worth €550. This change has nothing to do with gambling.
Stablecoins, such as USDT or USDC, aim to track the value of a currency, usually the US dollar. They greatly reduce this volatility, without eliminating it entirely, and converting from euros to dollars is still subject to the exchange rate. Also check the conversion rate the casino applies when it converts your funds.
Keeping a record of every transaction
Every transaction has a unique identifier, called a TXID or transaction hash. It serves as evidence that a transfer took place, to which address, on which network, for what amount and on what date.
For every deposit and every withdrawal, keep:
- the TXID;
- the network used and the destination address;
- the amount sent and the fees paid;
- a screenshot of the casino page at the time of the transaction.
If a deposit is not credited, or a withdrawal is reported as sent but never received, these are the details customer support will ask you for.
The casino’s rules still apply
Paying in cryptocurrency does not exempt you from the terms of the casino: possible identity verification, withdrawal limits, the same payment method rule. The KYC and withdrawals guides, in the guides section, cover these points in detail. The cryptocurrencies and networks accepted by each casino we track are listed in its review and in the comparison.