UK player done with regulated casinos. How to move to unregulated play?

[DreamRJ]

Thanks all

All the info I got via the PM regarding it has helped a lot I will probably take @slot_zombie advice and create a crypto wallet account in the coming days. I might even invest a little in Dogecoin as I feel that might give me a chance of gaining some money as well.

Wallet of choice I am thinking about is Kraken I heard and read a lot about that wallet and heard it is a pretty secure wallet etc.

I will probably only invest a little so I do not risk losing a lot. Then I will look at which crypto casinos to use after that.

Still waiting for a few extra questions I asked slot zombie as well before I create my Kraken etc

 

[KasinoKing]

Obviously I would never wanna risk using my card in an unregulated casino anyway I would never trust giving them my bank details ever.

To my knowledge, casinos that are not regulated in the UK but are accepting card deposits will ONLY pay out using Cryptos anyway.
So you may as well bite the bullet and learn how to use them.

Be careful which wallet you choose though, as some don't allow gambling transactions.

KK

 

[DreamRJ]

To my knowledge, casinos that are not regulated in the UK but are accepting card deposits will ONLY pay out using Cryptos anyway.
So you may as well bite the bullet and learn how to use them.

Be careful which wallet you choose though, as some don't allow gambling transactions.

KK

Yeah I was told that to use Kraken as main wallet and then make a second account as a middle man. So I send from Kraken to Second wallet then send to casino and then just reverse that on withdrawing.

I was recommended Exodus, I never even heard of that wallet though. I hope they allow UK people to create an Exodus account though. But one thing I am gonna get sick of fast is the fees I think, I mean sending twice Kraken>Exodus>Casino means I will be hit by fees twice right?

So if I keep balance in Kraken as GBP and Say in Exodus I keep it as Euro? I will get hit with transaction and currency conversion fees correct?

 

[DreamRJ]

Well I took the leap made my Kraken - Just uploaded my ID to verify the account etc.

So at least first step is now done just have to wait 24 hours until I can trade once my ID has been verified.

I am not gonna lie I am kinda nervous but lets see how it goes

 

[KasinoKing]

Yeah I was told that to use Kraken as main wallet and then make a second account as a middle man. So I send from Kraken to Second wallet then send to casino and then just reverse that on withdrawing.

I was recommended Exodus, I never even heard of that wallet though. I hope they allow UK people to create an Exodus account though. But one thing I am gonna get sick of fast is the fees I think, I mean sending twice Kraken>Exodus>Casino means I will be hit by fees twice right?

So if I keep balance in Kraken as GBP and Say in Exodus I keep it as Euro? I will get hit with transaction and currency conversion fees correct?

I've used both those wallets. I don't think you need to use 2. You would be hit by double fees.
Also, unless something has changed in the last several years, I'm pretty sure you can't withdraw fiat currency directly from Exodus.
So I would just use Kraken.
Another good regulated one is Crypto.com. With them you can apply for a Visa card which you can load very easily using your Btc, and then you can just spend or do cash withdrawals, the same as any normal bank debit card.

Of course, the trouble (or good thing) with Bitcoin is the way its value jumps up and down very dramatically - can often be more than +/- 10% in 24 hours!
e.g. In late January 1 Btc was £30K... earlier today it hit £56K!
Fine if you're on the right side of that curve, but painful when you're not!

KK

 

[slot_zombie]

Sorry but that is incredibly bad advice KK, the centralised exchanges all ban for making casino transactions to and from their wallets if they catch you.

 

[Guntis]

Here is some info about the fees, because if you're planning to play often, they'll add up quickly.

I also opened Kraken a few days ago, but haven't used it. It seems like they're even more expensive than Coinbase.

Image 1: Buying BTC for £100 on Kraken.





Image 2: Buying BTC for £100 on Coinbase.



Image 3: Buying BTC for £100 on Revolut.



The cheapest of these is Revolut, and if you're going to play a lot is best to set up their premium plan for £7.99. Here they charge even lower fees, and they give you a Nord VPN subscription for 12 months.

Also, if you want, you can send your casino winnings to Revolut and withdraw real money from a cashpoint without selling your cryptocurrency.




The downside of using Revolut is that deposits to a crypto casino can take longer than using Coinbase, and they often get rejected. It's not that Revolut is shit; i believe they have more advanced security measures plus more detailed databases of suspicious crypto addresses than those popular crypto exchanges.

 

[Guntis]

Sorry but that is incredibly bad advice KK, the centralised exchanges all ban for making casino transactions to and from their wallets if they catch you.

Previously i thought that as well, but i have 1000s in deposits and cashouts using Coinbase and never had any probs. I could be wrong, but now i think that Coinbase prohibits gambling transactions only when using their plastic Coinbase Card, not the actual exchange.

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[DreamRJ]

Here is some info about the fees, because if you're planning to play often, they'll add up quickly.

I also opened Kraken a few days ago, but haven't used it. It seems like they're even more expensive than Coinbase.

Image 1: Buying BTC for £100 on Kraken.

View attachment 195592



Image 2: Buying BTC for £100 on Coinbase.

View attachment 195593

Image 3: Buying BTC for £100 on Revolut.

View attachment 195594

The cheapest of these is Revolut, and if you're going to play a lot is best to set up their premium plan for £7.99. Here they charge even lower fees, and they give you a Nord VPN subscription for 12 months.

Also, if you want, you can send your casino winnings to Revolut and withdraw real money from a cashpoint without selling your cryptocurrency.


View attachment 195595

The downside of using Revolut is that deposits to a crypto casino can take longer than using Coinbase, and they often get rejected. It's not that Revolut is shit; i believe they have more advanced security measures plus more detailed databases of suspicious crypto addresses than those popular crypto exchanges.

Thanks for this - Noted but I will not be doing unregulated regularly anyway it will just to get a bit of fun now and again being able to turbo spin and also do some elk with the bonus hunt extra bets. I might even buy a few bonuses from time to time if I get lucky to grow a balance.

But I will still be mostly using regulated casinos that I currently use now 90% of the time. Then of course I am considering risking a small amount on some Dogecoin in the hopes it goes up in value.

 

[DreamRJ]

Previously i thought that as well, but i have 1000s in deposits and cashouts using Coinbase and never had any probs. I could be wrong, but now i think that Coinbase prohibits gambling transactions only when using their plastic Coinbase Card, not the actual exchange.

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So you think I do not need to use Exodus at all then? I mean I would love to just use Kraken directly but I do not want to get my Kraken banned for depositing directly from my Kraken account to the unregulated casino?

I mean obviously I will listen to many others experiences as well but obviously I do not want to risk getting my Kraken banned?

 

[slot_zombie]

Previously i thought that as well, but i have 1000s in deposits and cashouts using Coinbase and never had any probs. I could be wrong, but now i think that Coinbase prohibits gambling transactions only when using their plastic Coinbase Card, not the actual exchange.

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It's in Kraken's TOS and likely coinbase too you can't use it for illegal gambling. Individuals' risk appetites may vary with these things I guess..

 

[DreamRJ]

It's in Kraken's TOS you can't use it for illegal gambling. Individuals' risk appetites may vary....

So you think I should use Coinbase then? Maybe it is just Kraken that has it in their ToS?

 

[slot_zombie]

So you think I should use Coinbase then? Maybe it is just Kraken that has it in their ToS?

I don't use coinbase but the general rule of thumb is don't do anything illegal with a centralised exchange.

 

[DreamRJ]

I don't use coinbase but the general rule of thumb is don't do anything illegal with a centralised exchange.

Yeah I understand that, but if others are stating that they are using other wallets directly without issues then of course I would prefer that, it would mean less fees and will mean much quicker and easier.

 

[slot_zombie]

This is from the prohibited activities list in Coinbase TOS:

• Unlawful Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; or games of chance that are not sanctioned by a governmental body or regulatory authority.

You can of course take the chance that they will not pick up on it or enforce it.

 

[unhappycustomer]

We can’t even gamble in peace in UK anymore

 

[Guntis]

So you think I do not need to use Exodus at all then? I mean I would love to just use Kraken directly but I do not want to get my Kraken banned for depositing directly from my Kraken account to the unregulated casino?

I mean obviously I will listen to many others experiences as well but obviously I do not want to risk getting my Kraken banned?

Speaking of my personal experience with exchanges, i don't think you need to use any intermediary wallets. As I've mentioned i have 1000s in transactions to and from casinos using Coinbase.

However i don't know about Kraken, and i think i won't be using it. I thought that Coinbase is expensive, but Kraken's fees are nuts compared to it! Look, they charge £5.42 for a £100 BTC purchase.

Just imagine if you make 50 of such transactions a year.

Plus, once you get your coins there will also be network fees for transferring them to a casino. Of course, these will differ based on the cryptocurrency you're going to send.

And once you receive your winnings, you'll need to sell this crypto and then transfer it to your GBP bank account. This will also result in costs.

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Unregulated casinos.

Exchanges don't care whether a casino is regulated or not, essentially it's not their business. And they don't know whom you're sending your cryptocurrency to.

From what i heard, exchanges are more likely to care about deposits coming from known suspicious/blacklisted addresses rather than where you send your coin.

 

[slot_zombie]

Thing is theres no one right answer here, we are forced to operate in a seedy underbelly of unlicensed gambling due to the UKGC's draconian rules spoiling everything.

Folks will find what works for them.

You posted the fees for card deposits at Kraken, but I never use a card and it costs me nothing to fund Kraken from my bank

 

[DreamRJ]

Ok yeah the eye opener for me now is these fees I am not going to lie. It is why I never wanted to do coinbase when I used to play at 3dice casino because everyone complained at how high the fees was.

Flexepin I used at 3dice had fees as well but was lower than coinbase. But I then just tried to use a broker via PayPal.

I know there is also that method in bitcoin casinos too right? I could broker? Because for example Metawin has a make it rain feature where you can send to other people.

But not even sure if Metawin would allow brokering? I only know about Metawin because I watch CasinoDaddy and they recently started using it on their streams.



These are the only options I get. So I do not get how you said you can use manual - When I click that button Fund Manual is that the screen I need to use? Will that then mean it will store my bank account? So I provide the sort code and account number correct? and not my debit card details? That way it is not going to do fees like you said? @slot_zombie

Wait hang on so I clicked it typed in £20 to test and it then shown these options.......



So which option would I use?

 

[Guntis]

This is from the prohibited activities list in Coinbase TOS:

• Unlawful Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; or games of chance that are not sanctioned by a governmental body or regulatory authority.

You can of course take the chance that they will not pick up on it or enforce it.

Yes, i've also seen it a while ago. Still, i don't understand how they could determine without me telling that i'm transacting with an online casino...

The only way i can think of is if Coinbase has a database of known online gambling site crypto addresses and their blockchain analysis tool clusters them together and associates them with a particular type of business.

But again, casinos can easily generate new ones.

 

[slot_zombie]

Use either of the FPS options @DreamRJ

 

[Guntis]

Thing is theres no one right answer here, we are forced to operate in a seedy underbelly of unlicensed gambling due to the UKGC's draconian rules spoiling everything.

Folks will find what works for them.

You posted the fees for card deposits at Kraken, but I never use a card and it costs me nothing to fund Kraken from my bank

You mean just by doing a regular transfer using the Kraken sort code and account number?

 

[slot_zombie]

You mean just by doing a regular transfer using the Kraken sort code and account number?

Yeah and a unique reference number that they provide.

 

[DreamRJ]

Ok but that would again require me to add a new Payee to my bank app and as I stated in the PM my card reader battery is dead lmao. I did though a hour ago order a new card reader. So I will then be able to just use Plaid. I currently use Pay By Bank with Pokerstars sometimes but when you have done like 3 or 5 deposits with it it then asks to add it as a new payee to be able to continue......

Luckily my card reader had a tiny amount of power left when I used it a few months ago but the screen was very faint and said low power error and turned of a few times but was able to get the code to add the payee for pokerstars in my account at least.

So once I get the new card reader in about 5-7 days I should be able to use plaid.

I take it the manual transfers would take a day or 2 to get processed and credited to my Kraken account then?

I just thought as well. If I am just depositing funds without actually buying any coins that would be zero fees with Plaid/PayPal? It is when you then use those funds you deposited to buy the bitcoin when you then pay the fees?

 

[DreamRJ]

What about "kucoin wallet?"

Just googled zero fees wallets and this was one of the most recommended wallets?