Best USDT Casinos for July 2024
What is Tether online casino?
While Tether shares many similarities with the other cryptocurrencies, it has been protected against volatility. This is because it maintains $1 of asset reserves for every USDT that is issued. Many online casino players prefer this crypto owing to its ease of use. As a result, the number of crypto casinos accepting Tether has increased over the past few years.
What is USDT?
For many users of Tether, the crypto is more of a digital version of the US dollar. However, it is moving towards a private beta, which supports the Euro and Japanese Yen. This will make the conversion of Tether to popular fiat currencies a lot easier. It also has excellent security features, just like the other cryptocurrencies.
Pros and Cons of Tether online casinos
Just like the other cryptocurrencies, Tether functions outside of the traditional banking system. This gives you certain benefits that you won’t have with the traditional payment methods, such as credit cards and bank transfers. Besides, you’ll have greater convenience in transactions made in USDT online casinos.
Stability is also a key feature of this cryptocurrency, as it is backed by the US dollar. Here are some of its pros and cons, which you can consider before choosing it as your preferred payment method:
Tether Online Casino Pros
- Tether casinos are faster than most traditional payment methods
- You don’t need to provide your sensitive personal or financial details online
- As Tether is a stablecoin, it is far less volatile than the other cryptos
- The fees charged on transactions are extremely low
Tether Online Casino Cons
- Not many casinos accept Tether as a payment method
- It is not completely decentralized as the other cryptos
- The company managing Tether was fined by regulators in the past
How does Tether Casino compare to other payment methods?
Tether would be a good choice as a payment method if you want the stability of a fiat currency, the security features of cryptocurrencies, and lower transaction fees in one cryptocurrency. Popular cryptos like Bitcoin and Ethereum are extremely good and reliable payment methods for online casinos. Despite this, the high volatility of such cryptos can impact your winnings.
The traditional payment methods such as bank transfers and credit or debit cards are accepted in almost all the online casinos. However, they are prone to hacking and ransomware attacks. Besides, you need to provide some of your sensitive data during the transactions. This raises some concerns with regards to online data security.
In case of e-wallets such as PayPal and Skrill, you don’t need to provide any personal or financial data during the transactions, but they charge a certain percentage as transaction fees. The percentage of fees that they charge is usually higher than that of Tether. You can use the prepaid vouchers such as paysafecard instead. However, there’s always a risk of these vouchers getting lost or stolen.
Tether Casino Fees
If you want to send or receive money between Tether wallets, you don’t need to worry about transaction fees. The transactions made between Tether wallets are free. When it comes to other transactions using Tether as a payment method, the standard blockchain fees will apply. However, the amount of fees charged is extremely low.
For deposits using fiat currency, the fee per fiat deposit and withdrawal is 0.1 percent. You’ll be required to pay a verification fee of USDT 150 if you wish to establish an account. This fee is non-refundable, but you can use it as a part of your redemption.
It also offsets a portion of costs that are usually incurred in the execution of robust processes involved in verification.
For complying with the applicable laws, Tether has the sole discretion to approve or reject accounts. If you submit a verification request, you automatically agree that the 150 USDT you’re paying is non-refundable. It would be a good idea, therefore, to read the ‘Knowledge Base’ on Tether website before applying.
Tether Online Casino Deposit
Before signing up on a casino that accepts Tether, you’ll need sufficient USDT tokens or coins in your wallet. If you lack the required number of USDT coins, you can buy them from a reliable cryptocurrency exchange. Your Tether wallet will have a unique ID or code, which you can use to deposit or withdraw funds. You can also use the built-in wallet of the crypto exchange from where you’ve purchased your USDT tokens.
Next, sign up with an Tether online casino. Once you’re logged in on the casino website, navigate to the cashier, payments, or banking section. Select the option for making a deposit and choose ‘Tether’ as your payment method. Enter the amount in USDT that you want to deposit and the address or ID of your Tether wallet.
You’ll then need to confirm the deposit in your wallet to proceed further. Once the transaction is successful, the amount will reflect in your online casino account. It usually takes only a few moments to complete a transaction with Tether as your payment method.
Tether Online Casino Withdrawal
The withdrawals you make using Tether will be just as fast as the deposits you’ve made into your USDT online casino account. If you wish to withdraw your winnings into fiat currency, you’ll first need to check for the fees and withdrawal limits. Usually the online casino’s deposit and withdrawal limits will be mentioned in the ‘terms and conditions’ section.
Once you’re fully aware of the casino’s terms and conditions for making withdrawals using Tether, head to the cashier, payments, or banking section. Select the option for withdrawing your winnings and choose Tether as your withdrawal method. In the appropriate field, enter your wallet ID or address and the amount you want to withdraw.
Once you’ve confirmed the transaction, the process of withdrawal will be completed instantly. The funds you’ve withdrawn will appear in your Tether wallet within a few moments. It might take up to 24 hours on certain occasions for the funds to reflect in your wallet.
How secure is USDT Casino?
Tether uses a secure blockchain technology that’s fully encrypted. As the cryptocurrency is a stablecoin, it is not affected by the volatility of the crypto market. The Omni platform that Tether uses adheres to the stringent government laws and regulations. Your account is fully secured with two-factor authentication during your registration process.
The ERC20 tokens ensure that the USDT transactions are done in a manner that’s secure and legally compliant. Some concerns associated with security still remain, as Tether Limited has been fined in the past by regulators. This was because of Tether Limited’s failure to present audits showing that it had sufficient reserves of US dollars.
Conclusion
The leading European licensing authorities of the United Kingdom and Malta are still in the process of approving Tether online casinos. The licensing authority in Curacao has approved many casinos that include Tether as one of their payment methods. So, you’ll need to make sure that the online casino you’ve chosen has a trustworthy license and uses the latest encryption technologies.