Crypto Wallets Guide & Reviews
In 2023, gambling in crypto is the right way to do it, or at least that’s what the majority of online gambling enthusiasts think. However, there are certain drawbacks that could drag you down if you don’t play it smart, and having a decent crypto wallet is the key line of defense.
Of course, it’s also important to choose the right site to play at, but picking the best possible crypto wallet is the best move you can make which allows you to make secure deposits to decentralized casinos. If you are new to this concept, our team of seasoned gambling experts is there to help you out through this guide on the best Crypto wallets to use for online gambling, so let’s get right into it.
What You’ll Learn In This Guide
- How crypto wallets work for online casinos in 2023
- Explanation of crypto gambling and best wallets to use
- Step-by-step guide on making your first deposit
- Our take on the best crypto gambling wallets
Crypto Gambling And Wallets Explained
Before we get into an in-depth overview of the best wallets to use for online casinos in 2023, it’s essential to first consider the benefits of crypto gambling. Using a wallet comes in pretty handy as it protects you from any potential identity theft attempts or hackers stealing your banking information.
However, it’s crypto gambling itself that keeps you safe thanks to blockchain technology and decentralization. Think about it for a second – you can play on the best gambling DApps without having to provide your payment info, or personal details, or even fill out bothersome KYC forms.
This makes it much easier for players to enjoy a round of their favorite gambling game, and all that with the convenience of having provably fair crypto games with higher RTP and fairness.
Sounds almost like a dream come true, doesn’t it? Well, it still doesn’t guarantee that you’ll hop onto a winning streak every time you log in, but it surely makes the overall experience a whole lot better.
Here are some of the main benefits of crypto gambling that you can enjoy as a frequent player in 2023:
- Access to no-KYC casinos
- Lower geo-restrictions
- Higher RTP and fairer casino games software
- Better crypto bonuses for new and existing players
- Complete anonymity and privacy while playing
So, having a crypto wallet opens the doors for players toward all these benefits and allows you to store crypto coins for making fast and safe crypto deposits. Not to mention that the transaction fees for using a crypto wallet are significantly lower than using traditional means of payment like credit cards or e-wallets.
Verifiable Cryptocurrency Games
Have you ever heard the term provably fair casinos before? If not, we’ll explain it briefly so you are aware of yet another benefit of using crypto wallets for online gambling deposits. In short, provably fair games operate on a blockchain mechanism that generates a public hash key and a client key, so you can combine the two to verify the game’s fairness.
In simpler terms, this means that you can play a round of your favorite crypto game check the outcome for fairness, and verify that the game’s stated RTP is actually the return you are getting.
This is not the case with regular RNG-operated slots and live casino games like game shows from Evolution Gaming. Instead, the RTP goes way higher than that and you get to optimize your winning chances.
Playing provably fair casino games is one of the biggest benefits that you get by making transactions through your crypto wallet, so let’s finally see how it’s done.
How Crypto Wallets Work
Unlike traditional online transactions, crypto payments operate through a secure blockchain network and you can often find decentralized crypto wallets like MetaMask. This means you can manage transactions freely without worrying about the governing bodies or any sort of online regulations that could be in place with other payment methods.
This also means lower transaction fees and more efficient processing times, which are two essential factors when it comes to gambling online, right? Well, there are quite a few important things to note regarding the way in which crypto wallets work.
First, you should know that blockchain transactions are processed via smart contracts and this basically means that the transaction has to meet certain pre-determined conditions. It’s a bit of a software-related issue, so we’ll cut straight to the point – making crypto wallet payments is safe, anonymous, and untraceable.
Sure, someone could obtain your wallet address if you aren’t careful enough with it, but unlike with card numbers or other fiat payment details, these can’t be used for your harm. By using a crypto wallet, you’ll be storing your crypto coins at a safe address on the blockchain.
On the other hand, casino sites have their own addresses and you can simply send crypto from your address to the casino’s address and receive the funds in your casino balance within mere seconds.
Depositing To Crypto Casinos Through A Wallet
To show you how it all works with crypto wallets, our team wanted to give you a complete overview of how we make online casino deposits using a wallet. For our convenience, we use a decentralized wallet called MetaMask which is trusted by millions of users all over the world and makes one of the safest options for crypto deposits and withdrawals.
Here’s the list of steps you should take to deposit to an online casino with MetaMask or any other wallet for that matter in 2023:
- Create a wallet account – This usually takes as little as a few minutes and you don’t have to provide your personal information or identity details. All you have to do is create a strong password and get a 12-word code for using the wallet. You should write this code down since you only get it shown one time by the service provider and you may need to use it to recover your account in case of emergencies afterward.
- Obtain crypto – Naturally, the next step is to get crypto coins and you can do this by visiting one of the large exchanges like Kraken or Binance. There, you’ll be able to buy crypto for fiat or simply swap one crypto coin for another and store it securely in your wallet for casino deposits. You can also use the wallet functions of the mentioned exchanges to manage online casino deposits.
- Click on the “Send crypto” option – The next step would be to send crypto from your wallet to the casino’s address and this can be done by simply entering the amount you wish to send so you can get a field where you’ll be required to input the receiver’s address.
- Get the casino’s address and start playing – Finally, you need to find the site’s deposit address so you can use it to send crypto to your casino account, and all crypto transactions should be processed within minutes tops.
Are Crypto Wallets Safe To Use?
There are different kinds of crypto wallets you can use but hardware wallets and wallet apps are among the most frequent ones. One question that we constantly get is whether these wallets are safe from theft or fraud or not. To give you a straight-up answer – yes, crypto wallets are safe to use for online casino deposits and withdrawals.
Still, let’s take a look at some of the main security features that these wallet apps come with:
The first security protocol that these wallets use is cryptographic encryption which ensures that the information can’t be obtained by any sort of external software or breach. Furthermore, prominent wallet apps allow you to set up a strong password and keep up with security by using those 12-word codes that are generated randomly, so only you can know the right combination.
There’s also the option to store your coins offline to prevent any sort of online hacks, so you get the point. Perhaps the biggest security factor here is that these wallets have been in the industry for so long that it’s easy to spot a low-value option. So, we recommend you go with “bigger” wallets like Coinbase, Kraken, Binance, MetaMask, Trezor, and Ledger Nano.
Types Of Crypto Wallets
To help you narrow down your options when choosing the best crypto wallet for gambling, we’ve decided to give you an overview of the different wallet types, so let’s take a closer look:
👉Hot & Cold Wallets
If the wallet is connected to the internet, it is considered to be a hot wallet. Hot wallets are somewhat less secure as internet connectivity can leave it prone to hack attempts. Cold wallets are the opposite and are not connected to the internet. They are considerably low risk.
Lots of online platforms offering wallets use a mix of cold and hot wallets where they keep running funds in the hot wallet and store most of the substantial sums in a cold wallet. Cold wallets are hack-resistant and more suitable for Hodlers, people who want to hold onto their cryptocurrency. Hot wallets though are easier to access and set up.
Hardware wallets are hardware devices that individually handle public addresses and keys. It looks like a USB with an OLED screen and side buttons. It is a battery-less device and can be connected to a PC and accessed by native desktop apps. It may be a bit more expensive option, but it’s definitely worth the drag due to their increased safety.
These devices handle public addresses and keys on their own. They generally look like a USB stick with a screen and operate through their original apps once you connect them to a PC.
Desktop wallets are software that can be installed on a clean system. You must have an anti-virus in place to make sure there are no security threats. The good thing about desktop wallets is that they are easy to use and you don’t need to involve a third party to store your funds somewhere.
It’s a neat way to store cryptocurrency and also gives you privacy and anonymity. Always remember to frequently back up your computer to avoid any problems.
Mobile wallets are pretty handy as they can be used on the go easily. They are essentially just like desktop wallets but tailored for your smartphones. Mobile wallets use the QR code protocol for cryptocurrency transactions.
These wallets are more suitable for day-to-day transactions and for someone who is more frequently receiving and sending money. To use mobile wallets on your device you need to encrypt your device first and make sure it has no viruses or malware as a mobile device is more prone to such attacks.
Web Wallets are wallets that you can access from internet browsers. These are the least secure types of wallets and are most susceptible to DDOS attacks. They are either hosted or non-hosted.
If you have to use this kind go for the non-hosted type so you are always in control of your funds. Web wallets are not to be confused with hot wallets. Web wallets are only applicable for small funds and quick transactions.
Best Crypto Wallets For Gambling
We know all this may come as confusing if you aren’t that familiar with the current crypto scene, but you’ll need a decent wallet to start your online gambling journey.
So, our team brings you an updated list of the best crypto wallets to use for accessing online casino sites in 2023 and staying safe with all your coins being secured while you do so:
Ledger Nano S
Ledger Nano S is one of the current best crypto wallet options available for a great price tag bargain. It is a hardware wallet that supports a lot of different kinds of coins. Its shape and size are durable and come with a user-friendly interface.
⦁ USB shape and look with a sizeable screen
⦁ Supports more than 2 dozen companion apps
⦁ Import & export of recovery sheets
⦁ Malware Proof
⦁ Compatible with Windows (7+ versions), Mac (10.9+ versions), Linux or Chrome
Ledger Nano X
The Ledger Nano X has more memory and is a tad bigger than Nano S. It comes with very handy Bluetooth connectivity and is a great product for handling your coin. It’s not very user-friendly though. Step and configuration could do with a better user experience.
⦁ Bigger than Nano S and has more memory
⦁ Easy to setup and configure
⦁ Compatible user-friendly mobile app
⦁ Bluetooth connectivity
⦁ Compatible with Windows (7+ versions), Mac (10.9+ versions), Linux or Chrome
Trezor Model T
The TREZOR Model T makes for a great hard wallet option. It comes with a great touchscreen display making it easier to see what operations you are performing. This is an added measure of security where you use the device to enter the key instead of connecting it to the computer to enter the key. It has a USB-C connector that connects smoothly with mobile devices and computers. Easy Backup Capability
⦁ Intuitive touchscreen
⦁ Supports more than a thousand coins
⦁ Trusted password manager
⦁ Windows (version 10 or newer), MacOS (version 10.11 and higher), Linux. For smartphones, Android is supported only.
With Exodus, you can manage more than 100 types of different coin portfolios right from your desktop. Exodus is a desktop wallet that offers a lot of various features such as being free, user-friendly, great customer service, and lots of visual data analysis options.
⦁ Desktop wallet
⦁ Live chat and portfolio
⦁ Built-in exchange
⦁ 100+ cryptocurrency supported
⦁ Advanced security measure
It is a one-of-a-kind hard wallet. KeepKey takes the security of your funds very seriously. The wallet supports 40+ cryptocurrencies and also offers a web-based dashboard to keep track of all your wallet information through easy tools.
⦁ Sleek modern look and display
⦁ Easy backup and recovery
⦁ Effortless exchanges through Shapeshift integration
⦁ Super secure pin-protection
⦁ Customizable transaction speed
Coinbase Wallet is an online wallet very popular as a daily digital currency crypto wallet. The wallet is easy to use and adds more to just the concept of sending and receiving cryptos, you can use decentralized apps through which you can buy actual products of crypto. Coinbase wallet is makes keeping cryptocurrency more of a norm.
⦁ Easy storage of all tokens in one place
⦁ Decentralized apps compatibility
⦁ Multi-coin support, though still limited
⦁ Enhanced security measures
⦁ Smooth user experience
Trust Wallet is the official mobile crypto wallet offered by Binance. It is a great smooth app that is secure and easy to use. The app offers a lot of features that are unique like interest earning, credit card purchases, and more.
⦁ Interest earning
⦁ Crypto exchanges on the wallet
⦁ Trend, charts, and data tracking
⦁ Secure wallet protocols
⦁ Purchases through credit cards
Moving on, the Scatter wallet is perfect for altcoin users. If you are looking for a safe and easy way to transact some coins using the Decentralized app on your mobile devices then this is the way to go. Scatter is recommended if you are more likely to transact in EOS, Ethereum, and Tron. You can find out more about scatter in-depth review, here.
⦁ Stablecoins collection
⦁ High volume liquidity
⦁ Freedom of asset management
⦁ Secure wallet protocols
⦁ Buy or swap tokens on tokens exchange from the app
TronLink is an ideal wallet for Tron users. It supports all Tron-based tokens and connects seamlessly to the Tron Decentralized App’s ecosystem. The wallet is custom-built for the TRON blockchain and offers options that no other similar wallet does. Wondering if TronLink is the right choice for you? Read our review here.
⦁ Supports TRC20 Tokens
⦁ Exclusively tailored to the TRON network
⦁ Secure Asset Management
⦁ Supports multi-wallet accounts
⦁ Ensures data security
TokenPocket is another good wallet option if you are looking for something suitable to keep your gambling funds secure. This wallet is non-custodial which means it gives you complete privacy, anonymity, and control over your funds.
⦁ Open-source decentralized wallet
⦁ Offers observation mode to access hard wallets
⦁ Staking rewards through mining pools
⦁ Multi-chain wallet for multi coins
⦁ Easy interaction with DApps
WalletConnect is an open-source protocol that helps connect your mobile devices to DApps through an interactive desktop experience. This is a much safer way to connect to decentralized apps by simply scanning a QR code.
⦁ Inherently not a wallet, but a connectivity protocol
⦁ Offers better security than browser wallets
⦁ No fees or token
⦁ Opens up a secure way to interact with DApps
⦁ Supported by Android and iOs
Metamask wallet is a simple and minimalistic wallet that makes the whole process of transacting coins super easy. The screen shows whatever you own along with buttons for sending, receiving of swapping your funds. MetaMask allows a secure connection to decentralized apps.
⦁ Fuss-free and minimalistic
⦁ Utterly to the point
⦁ Available as browser extensive and mobile app
⦁ Easy way to connect with blockchain apps
⦁ Privacy is priority
Anchor Wallet is another great option for a web-based digital wallet. Users can buy native Anchor tokens(ANCT) and swap it for popular cryptos. You can buy Anchor tokens with fiat currency through credit card or bank transfers linked with Anchor Wallet. You can also transfer Anchor tokens to other Ethereum-based wallets.
⦁ Supports EOSIO-based blockchain
⦁ Locally encrypted key storage
⦁ Integration with Ledger Wallets
⦁ Integration with Greymass
⦁ Wallet owners can buy Anchor tokens
Crypto Wallets FAQs
What are crypto wallets and how do they work?
Crypto wallets are blockchain apps that are used to safely store crypto coins and are often decentralized and open-source. They are perfect for making fast and secure payments within seconds and at low transaction costs.
Can I use crypto wallets to deposit to online casinos?
Yes, you can use crypto wallets to send crypto from your wallet address to the casino’s address and play your favorite casino games in the fastest and most secure way.
Are crypto wallets safe?
Yes, crypto wallets are safe as long as you use a trusted wallet that uses cryptographic encryption and two-step authentication along with passwords and secret codes.
What's the best crypto wallet for gambling?
Some of the best crypto wallets for gambling include Coinbase, MetaMask, Binance, Ledger Nano, and Exodus.