About Binance Pay

After dominating the cryptocurrency exchange world for a few years, Binance expanded its operations in 2021 by introducing a sleek and convenient way for users to complete everyday payments with crypto. It's called Binance Pay and has since attracted over 12 million users and $77 billion in annual transactions.

Seeing as the crypto and online gaming scenes have become close in recent times, it's no surprise that Binance Pay has also emerged as a popular deposit and withdrawal option in various online casinos. Its ease of use, reputation, and heightened security features have made it a top choice for players who are familiar with crypto.

Why Use Binance Pay for Online Casino Payments

In simple terms, Binance Pay is like an e-wallet for crypto tokens. This doesn't mean you can't use it for fiat transactions, as the platform allows you to deposit in fiat or even exchange your tokens. However, it's primarily a crypto transfer platform that supports over 300 tokens and is available in over 150 countries.

Here's why players are choosing it over traditional payment options and why you should consider making the switch.

• Instant transactions: As you'd expect from a crypto-based platform, Binance Pay transactions, particularly the deposits, are completed instantly. You also enjoy quick withdrawals, but they are generally not as fast as the deposits due to the casinos' processing times.
• Enhanced security: Binance Pay has several security features, including encryption, top user verification, and two-factor authentication. You also have the option to store your crypto assets in a hard wallet, making sure no one but you has access to your funds.
• Wide crypto support: Binance Pay allows you to make deposits using popular tokens like Bitcoin (BTC), Ethereum (ETH), USDT, and BNB. However, if you prefer altcoins, there are 250 options available on the platform, and you can switch between them easily.
• Trusted and regulated: The platform is backed by Binance, one of the world's largest and most secure crypto exchanges. So, you get a reputable, audited payment system with strong compliance measures.

How Do Binance Pay Online Casino Deposits Work?

You can fund your online casino gameplay in minutes using Binance Pay, but you need an account first. To create a Binance Pay account, you must have a fully registered and verified Binance profile. On Binance, find the Pay option on your wallet page, and you'll be given a unique PayID and password. Once that's all set, follow these simple steps to deposit at any online casino.

1. Register a casino account: First, you must find a site that accepts Binance Pay as a payment option. We've reviewed a few on this page, but you can always check the payment page or ask customer support before signing up.
2. Choose Binance Pay in the cashier: After setting up your account, click on the deposit icon, likely on the homepage, and select Binance Pay from the list of payment options.
3. Fill in the details: Enter the amount you want to deposit and the casino's wallet address and/or QR code will be displayed. Scan the code using your Binance Pay app or copy and paste the wallet address.
4. Complete the payment: On your Binance Pay app, make sure the details are all correct and then follow the steps to complete the process. This will typically involve setting up 2FA. Once that's done, the funds should reflect in your balance shortly.

How Do Binance Pay Casino Withdrawals Work?

Certain casinos do not support Binance Pay as a traditional withdrawal option. However, you can still withdraw directly to your Binance Pay account using your preferred crypto token. Here's how you'd go about it.

1. Access your casino account: Log in to your casino account and navigate to the cashier page. Click on the withdrawal option there.
2. Choose a crypto token: Since Binance Pay supports over 300 cryptocurrencies, you should have no trouble finding a supported token at the casino. Simply choose and click on one.
3. Get your address: After settling on the token you want to withdraw, head back to your Binance Pay account, locate that token, and copy the wallet address. Double-check the network to avoid lost tokens.
4. Enter the address: Return to the casino withdrawal page and paste your wallet address in the provided box. Now, enter the amount you want to withdraw and submit the payout request. Wait for the casino to process the payment, after which your funds will be sent.

Binance Pay Limits and Fees

There's no limit to how much crypto you can receive daily through your Binance Pay account. However, the amount you can send out is based on your VIP level.

For Regular users, $8,000,000 is the daily max, which exceeds the limit at pretty much any online casino. So, you don't even need to climb the ladder to enjoy large deposits with Binance Pay, but for what it's worth, users in VIP 9, the highest level, can send out up to $96,000,000 daily. These limits apply to off-chain transactions, that is, payments between Binance Pay accounts.

For on-chain transactions completed on the blockchain, the daily limit when transferring to any DeFi wallet is $100,000.

As for fees, transferring between Binance Pay accounts is free up to a certain amount. Once the $140,000 threshold is crossed, a $1 fee per transaction is added. Binance Pay charges a variable service fee for on-chain crypto transfers based on the blockchain network you use.

For BNB Smart Chain (BEP-20) & OPBNB, it's 50% of Binance's normal withdrawal fee, which is $0.5. For all other networks (e.g., Ethereum, Bitcoin, Polygon), it is 80% of Binance's withdrawal fee. The standard fee for ETH is $2, while that of Bitcoin is $1.5, but the exact amount will be calculated based on your real-time transaction details.

The platform fees using any network cannot exceed $10.

Pros and Cons of Binance Pay Casino Payments

Here are some benefits and drawbacks of using Binance Pay to complete payments at online casinos.

Pros:

• Reputable platform backed by Binance
• Over 300 cryptocurrencies supported
• Flexible transaction limits
• Low payment fees, particularly on the BNB Smart Chain

Cons:

• Only available to Binance exchange wallet owners
• Centralized nature means less privacy

Binance Pay Performance Compared to Alternatives

Binance Pay is one of the best payment options for crypto casino players who enjoy flexible transaction limits with low fees. You can deposit up to $100,000 on-chain and up to $8,000,000 off-chain, which is higher than what you'd get with popular casino payment methods like Payz or Neteller with its $50,000 daily cap.

Payz fees can go as high as 10% for users in Classic, while Neteller charges a flat $10 fee for bank transfers. Binance Pay comes with network and platform fees for on-chain transactions, but they rarely exceed $10. Even better? You can transfer over $150,000 to another Binance Pay account for just $1.

Neteller, Payz, and other e-wallet options might be convenient, especially for those unfamiliar with cryptocurrency. Traditional crypto transfers also offer more privacy, and there are no platform fees for on-chain transfers. However, Binance Pay provides added security, higher transaction limits, and support for more crypto tokens.