Best Crypto Exchange for Sports Betting

From humble start-ups to key players in the fintech industry, these exchanges are now essential components of the rising crypto economy. They are the main bridge between FIAT and crypto trading and the intermediaries between altcoin trades. Bettors who seek to dip their toes in crypto sports betting should carefully choose a suitable exchange.

Transactions with crypto exchanges are the first and the last steps of crypto gambling. They are the gateway to trade your FIAT with a cryptocurrency and convert your crypto winnings to FIAT to cash them out.

There are hundreds of available options, so choosing the right one will not be easy. The best crypto exchanges pose a valid alternative to traditional banking methods. They are usually the best way for players to keep their gambling activity under the radar. However, looming regulations from governments and central banks are making their job more and more difficult. Most of these exchanges hover over a grey area, which holds advantages and disadvantages.

What Makes the Best Exchanges for Crypto Betting

There are several variables to take into account. The top-rated crypto exchanges offer a variety of altcoins, reasonable crypto exchange fees, and convenient deposit methods. Nevertheless, bettors who are interested in how to gamble with cryptocurrency have different priorities than the average crypto investor. KYC policies and available withdrawal methods are some of the most important ones.

A player should carefully choose which characteristics are more valuable for his betting activity. For example, is complete anonymity the major point? Would you rather have lower fees or faster bank transfers to your account? The betting sites underneath combine all the best characteristics. 

What to look for

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  Security: Ensure your chosen platform is legitimate and uses a provably fair predictor. You do not want to go through the hassle of buying crypto on an exchange website and sending it to a scam bookmaker. This is especially true for smaller, less established crypto-betting sites offering their own exchange rather than an on-ramp. 
• 2
  Crypto Conversion Fees: This is especially important if you conduct many transactions. Fees may apply to coin conversions and withdrawals from your crypto wallet. High fees can subtly eat up your bankroll, so be mindful.
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  FIAT Deposit & Withdrawal methods: These are the essential ways to onboard or offboard traditional currencies. The usual methods are debit cards and bank transfers. However, the key factor is the fees applied. Beware of high crypto exchange withdrawal fees, as many may charge an unreasonable percentage or fixed fee.
• 4
  Supported Cryptocurrencies: A wide assortment of digital currencies gives you flexibility. Some cryptos have lower transaction fees than others. The betting site of your choice may not accept some, so you must find an alternative. Moreover, the crypto exchange liquidity level is a significant point, as buying or selling different coins will be simpler. This is even more important if you are not only a crypto gambler but an investor looking to speculate on the price.
• 5
  Customer Support: If you deal with a high volume of transactions and trades, an issue will always arise. It would be good to have efficient assistance. A strong customer support team is usually a sign of a healthy and legitimate company.

Also Read: How to bet online abroad

Advantages of a Crypto Betting Exchange

Gambling and cryptocurrencies are a perfect match. Who knows, perhaps the iGaming industry's future will entirely depend on blockchain gambling technology and cryptocurrencies. For now, using one of the best crypto exchanges guarantees you can get your hands on cryptocurrencies. They bring several advantages compared to traditional financial services.

Circumvent Regular Banks: Despite the rise of the FinTech industry, brick-and-mortar banks are still the cornerstones of financial transactions. They are heavily regulated and have a say in every transaction you make. Everything is recorded and handed to the fiscal authorities. Many of them are also hostile to gambling transactions, so it would be better for players to stay away from them.

Increased Privacy: Most exchanges, as they are based offshore, do not cooperate as closely with local governments as other financial services. Even in exchanges requiring KYC documents, you are better off than regular banks.

Variety of Cryptocurrency Options: Each type of coin holds different characteristics. For example, XRP and DASH offer fast transaction speed and low fees. XMR and ZEC secure your complete privacy. The top crypto exchanges give you multiple trading pairs, so you will quickly get the coin best suited for your gambling needs.

Spreading Risk: You are not limited to a single exchange. You can sign up with many good ones, allowing you to diversify your crypto bankroll for safer management. You can transfer your funds to another service if you are dissatisfied with one. The heavy competition between them also benefits the users with lower fees and a better overall product.

Risks behind the top crypto exchanges

Crypto exchanges may be less restrictive than most banks, but that does not mean they are an unregulated wild frontier like in the mid-2010s. They must comply with common anti-money laundering directives to stay afloat in regulated markets. On top of that, in recent years, the crypto world has become too big to ignore. Regulators are squeezing the noose on most exchanges, so many advantages they now hold may soon be gone. Of course, that does not apply to decentralized exchanges, a topic that will be analyzed later.

Centralization: On one hand, big centralized exchanges are against Satoshi Nakamoto’s (Bitcoin’s creator) vision: an independent transaction system with no central authority. When your funds are in the hands of the exchange, they have the final word on them. Payments may be declined, and withdrawals may be unauthorized. If your crypto funds are not in your wallet, they are not truly yours.

KYC/AML Requirements: A crypto exchange may always request personal documents. That usually happens if your transaction volume exceeds safety thresholds or your payments appear to get directed to risky addresses. That is also true for websites that advertise themselves as non-KYC crypto exchanges. Keep this in mind so you do not get caught with your pants down.

Gambling Restrictions: Perhaps the most negative point. Gambling sites are characterized as risky addresses. Almost all exchanges state in their terms & conditions that they do not allow transactions with them. That is why you should never directly deposit money into your exchange account from crypto bookmakers. Always use your personal wallet for deposits and withdrawals, then transfer the funds to a crypto exchange.

Also Read: Does betting affect credit score?

Decentralized exchanges (DEX)

Established decentralized exchanges are also the safest. They are built upon a blockchain network, and their operation is facilitated by the algorithms programmed in the same blockchain. Two of the most popular ones are Uniswap and PancakeSwap. They are not under the control of any third party, and they do not store any personal data. You can not keep funds in them as they merely execute exchanges between two independent parties. They are the solution for all players that seek to maximize their privacy. Additionally, they charge only a very low fee for maintenance, as most are non-profit.

On the other hand, their nature means you are responsible for securing your assets and transactions. A certain level of tech-savviness is also required to use them safely. Moreover, decentralized exchanges have a limited selection of coins, as their native blockchain limits them.

On top of that, they have lower liquidity compared to their centralized counterparts. Most importantly, you can not trade FIAT currencies within them, so you can not completely avoid using a centralized exchange or an escrow service. In simple words, you trade liquidity, ease of use and the ability to exchange FIAT funds for complete privacy and independence.

Which is the best crypto exchange for gambling

Sadly a single top crypto exchange does not exist. Each exchange has its own pros and cons. You will have to compromise on some aspects in favour of the factors most important to you. Each player has its own set of priorities. Below, we will include a list of the most reliable exchanges.

Many other respectable ones exist, but our selections are tested and offer a good product. Their main characteristics are undisputed security and good liquidity. After that, we considered fees and withdrawal methods. It is essential to remember that all characteristics we describe can change, so we suggest doing your research when you decide to open an account and keep our tips as pointers to things to look out for.

What to keep in mind

First, it would be better to talk about something that applies to most services: crypto exchange fees, crypto withdrawal fees, and FIAT conversion. Remember that crypto is extremely volatile, and changes may happen overnight. We recommend visiting each exchange's help page before beginning your trading. However, some characteristics are identical to most exchanges and can be grouped below.

Exchange fees usually work on a market maker-taker fee model: That means that orders that take liquidity from the exchange are charged a higher fee, the taker’s fee. For example, instant buys and market orders that get filled immediately.

On the other hand, maker orders (limit orders) provide liquidity for the exchange. So they are usually charged lower fees. Those orders do not get filled immediately and stay in the order book. Additionally, users with high trading volume are rewarded with lower fees, but that depends on each business model.

The second point is crypto network charges: Crypto exchanges charge extra or have a minimum fixed fee for each withdrawal. Those are totally different for coins and may vary from a few cents to a few dollars.

For example, XRP withdrawal fees are around 0,25 XRP, which went from €0.1 in 2023 to €1.07 in 2024. For Ether withdrawals, the average remained around 0,0036 ETH between exchanges, but this value went from €6 to €11 in a similar amount of time. Sometimes, converting your funds to another cryptocurrency or using a different network that supports your coin, such as TRC or BSC, is better.

Lastly, FIAT conversion rates: Most crypto exchanges offer credit/debit card deposits, bank transfer deposits, and withdrawals. The fees depend on your country of residence, the bank networks, and the currency, and you must make some comparisons to find the one that suits you best. However, there is something else to look out for.

Whether using a CEX, an on-ramp, or even in P2P trades where available, you must always check the conversion rate. Let's say you want to use dollars to buy $100 of ETH. You enter an amount in FIAT, and the platform will give you the equal amount you will receive in Ethereum.  Always look up the price online to see if they are skimming on you from the price. The difference between the real price and the one they give you is considered a hidden fee.

Binance

Binance is undoubtedly the biggest name in the crypto space. They are the largest cryptocurrency exchange by trading volume. However, their US branch, Binance US, is a different entity, and we do not recommend it as it offers a subpar service compared to Binance.com, their international brand. They offer a wide variety of altcoins and also have margin and future trading options for more advanced users. KYC is required if you want to access its regular features.

You can deposit or withdraw Euros with SEPA bank transfers. Deposits are free, and withdrawals via SEPA cost 0,8 EUR. If you are KYC verified and have a government ID, a selfie, and proof of address, you may also deposit via debit card. Deposit fees range from 1% to 3%. The crypto exchange fees are just 0,1% for market makers and takers both. We recommend completing the KYC process, as you can order the Binance VISA card, one of the best Bitcoin cards—a convenient way to spend your winnings without moving your funds to a bank.

Kraken

Kraken is one of the most popular and safest crypto exchanges. They are US-based and available in most countries. They offer a stable platform and pride themselves on quality customer service. You will need to get KYC verified to withdraw cash. Deposits and withdrawals are possible via bank transfer in USD, EUR, GBP, CAD, AUD, CHF and JPY. The fees vary depending on the selected bank transfer method and country. They range from free to 20 USD or equivalent. Crypto exchange fees are 0,16% for market makers and 0,26% for market takers. Cryptocurrency withdrawals depend on each coin, but most are between 0,5 and 2 EUR.

Crypto.com

Another established crypto exchange that is mostly famous for its convenient VISA crypto card. The Hong Kong-based exchange is available in most countries and offers a competitive product. Again, KYC documents are necessary to use their service. You can deposit FIAT funds via credit/debit card with a 2,99% fee, which is waived for the first 30 days of your sign-up. Bank transfers are also available; fees vary by country and bank network. Crypto exchange fees are 0,10% for makers and 0,16% for takers.

CoinMetro

The smallest exchange on our list but quite the hidden gem. Coinmetro is based in Estonia and focuses mainly on the EU and UK markets, but you can also use it in the US and Australia. They offer a stable platform and excellent customer support. KYC is mandatory to use their services. You can deposit funds with credit/debit cards or bank transfers. Fees are 2,99% for EU-issued cards, and 4,99% for non-EU ones. Bank transfer charges start from €1 for SEPA transfers and up to $50 for international USD transfers. The same is valid for withdrawals via bank transfer. Crypto exchange fees are free for market makers and 0,1% for takers. Crypto withdrawal fees are just 0,15% (+Network fees for Ethereum-based tokens).

KuCoin

An offshore Seychelles-based crypto exchange. Like Binance, KYC verification is optional, and the daily withdrawal limit for unverified users is 2 BTC. Third-party services facilitate fiat deposits with credit/debit cards or bank transfers. Fees are around 5%. FIAT Withdrawals are not possible, so in that case, you have to transfer your crypto to other exchanges. Market maker and taker fees are the same for most trading pairs, priced at 0,1%. Crypto withdrawals depend on each coin, but they are on the low end of the market prices.

Coinbase

Coinbase is the most popular US-based exchange. They are also listed on the NASDAQ stock exchange. They are the first crypto exchange to go public. Coinbase is a staple for security and regulatory compliance. As you may guess, the KYC process is mandatory. Coinbase is quite hostile with accounts directly dealing with gambling sites, so be extra careful and only proceed to minimal gambling-related transactions. Keep in mind that there are two versions.

The simple Coinbase and Coinbase Pro. They are the same company, but the simple Coinbase offers a more user-friendly interface at the cost of higher fees. We recommend going directly to Coinbase Pro and familiarizing yourself with it, as it holds a higher value. You can top up your account with credit/debit cards and SWIFT/SEPA/Wire bank transfers. The same methods can be used for withdrawals. US citizens can also use PayPal. Fees vary per location. Crypto exchange fees are 0,5% for market makers and takers.

Uniswap

Uniswap is the most used decentralized crypto exchange, and it started as an Ethereum layer-2 blockchain dealing with ERC-20 tokens. Now, it supports over 7 chains, allowing seamless crypto swapping. Anyone is free to join, and you need to connect a compatible wallet with them to trade. You can do so entirely anonymously without any verification requirement.

Apart from the standard transaction fees, as you can check in our article for Ethereum Bookmakers, Uniswap charges a 0,3% fee to maintain their service. We do not recommend this exchange for first-time users, as there is no support if anything goes wrong. Additionally, you can not deposit or withdraw FIAT currencies. You may trade tokens like USDT and USDC if you like gambling with stablecoins and later transfer them to a centralized exchange that allows FIAT withdrawals.

Which Crypto Exchange to Use for Sports Betting

The top crypto exchanges are a useful arrow in the quiver that enhances financial flexibility. They perfectly supplement traditional banking methods and help you circumvent the ever-increasing regulations. I encourage serious players to get involved, and finding the best crypto exchange is the first step.

One of the most convenient features of centralized exchanges is issuing crypto debit cards, the optimal way to cash out crypto gambling winnings. Companies like Binance and Crypto.com are the leaders in this. However, if you truly want to stay off the grid and maximise crypto anonymity, decentralized exchanges like Uniswap are your friends. As always, in crypto, do your research and beware of scams.

Best Sportsbooks for Crypto Exchanges

After carefully evaluating the pros and cons of each company, you will undoubtedly find the best crypto exchange for you. The second step is to find a reputable crypto-friendly bookmaker to kickstart your activity with the best Bitcoin sports betting bonus. Here is a list of our top-rated ones. You can also check their dedicated reviews for further information.