These days more and more poker sites offer cryptocurrency as a deposit method. With this simple guide you can include crypto in your tactical toolbox and deposit into your favorite poker site in a few steps.
If you’re completely new to cryptocurrency it’s recommended to first watch this short video on how to get started with Bitcoin.
Step 1: Create A Wallet
Although you can hold crypto on the exchange account we recommend that you use a separate wallet for extra security. Multiple wallets exist to store your crypto coins.
An online wallet is recommended as it’s the most convenient way to fund your poker account. In case you’re holding large sums of crypto you might prefer to store them ‘psychically’.
The easiest way to manage your crypto portfolio is via a wallet on your desktop or smartphone and therefore we recommend the wallet: Exodus. It’s very easy to start with if you’re new to crypto and offers various security tools.
Your private key is stored on your computer so make sure to keep an offline backup somewhere in case your computer crashes, for example.
If you’re holding a large sum of crypto or prefer to securely store them offline, a hardware wallet like Trezor is a great alternative. The device can easily be plugged into your computer or smartphone. Desktop wallet Exodus integrates with Trezor wallets.
Step 2: Create An Exchange Account
Currently the leading exchange is Binance. Create an account to trade large sums of crypto at the lowest fees and fund your poker account directly via Binance.
In case you want to be able to trade your bitcoin for your preferred currency like Euro or US Dollar, Coinbase is the best exchange for you to start out with. Coinbase can be used on both desktop and mobile.
Don’t use Coinbase to fund your online poker account directly but always transfer via your crypto wallet.
Step 3: Purchase Bitcoin
Purchase Bitcoin on your exchange account via multiple options like credit card or bank transfer.
Step 4: Transfer Crypto To Wallet
- Select ‘Receive’ or ‘Request’ in your digital wallet and copy the wallet address
- Click ‘Withdraw’ or ‘Send’ inside your exchange account
- Paste your wallet receiving address and continue.
Step 5: Deposit Into Your Online Poker Account
Follow the instructions of the poker site. It’s a similar process as explained in Step 4. Copy the receiving address from the poker site. Click ‘Send’ in your wallet and paste the address.
Step 6: Cash Out From Poker Account
Copy the receiving address from your wallet or exchange (Binance, don’t use Coinbase) and paste it as withdrawal information in the cashier of the poker client.
In case you like to convert the crypto into Euro or USD, first withdraw to your wallet and then to the Coinbase receiving address and you’ll be able to convert it back into your preferred currency.
Good luck!
