Top Canadian Casinos That Accept Tether in 2023
Although it lags behind Bitcoin and some altcoins, Tether is still one of the more popular cryptocurrencies for casino players. It is a stablecoin directly tied to a fiat currency, which makes it an ideal option for those that don’t fancy the volatility of typical cryptocurrencies.
While it is based on the US dollar, Tether is widely used outside of the United States, especially in neighbouring Canada, whose casino players appreciate the anonymity and convenience provided by cryptocurrency.
Below is a list of top Canadian online casinos that accept Tether. Apart from supporting Tether deposits and cashouts, these casino sites are completely safe and legit and feature quality games and valuable promotions, guaranteeing loads of fun and winning opportunities.
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Tether Background and History
Tether (USDT) is a crypto stablecoin founded by Craig Sellars and Brock Pierce in 2014. It is owned by iFinex Inc, a Hong-Kong based company with offices in Switzerland. The coin was originally named Realcoin but quickly changed its name to Tether.
The main principle of Tether is to be a stablecoin, meaning it is pegged in a 1-to1 ratio to its reference fiat currency. Tether currently has five distinct tokens, including two on Bitcoin’s Omni layer (US dollar and euro), two as an ERC-20 token (US dollar and euro), and the US dollar as a TRC-20 token.
Tether had a meteoric rise in 2018 when the coin’s trading volume grew from 10% to 80% to that of Bitcoin in only half a year before finally surpassing Bitcoin in 2019.
However, it’s worth pointing out a number of Tether-related controversies. Bitfinex, a cryptocurrency exchange platform launched in 2015 that enabled Tether trading, was in charge of establishing Tether Holdings Limited in the British Virgin Islands, as found in the Paradise Papers leaks. This was despite the representatives of Bitfinex and Tether previously claiming that the two are separate entities.
Meanwhile, Stephen Moore (Tether Holdings co-owner) was caught signing fake sales invoices and contracts in an attempt to circumvent the banking system, as reported by the Wall Street Journal.
Be that as it may, Tether remains one of the world’s safest and most stable cryptocurrencies, characterized by high market cap, huge daily volume, and consistent value.
Tether is a stablecoin cryptocurrency that tries to maintain the value of the fiat currency it is tied to, in this case, the US dollar. As such, its primary goal is to minimize volatility in contrast to traditional cryptos using the 1-for-1 system. In other words, one USDT is almost always worth close to one US dollar. We say “almost” as the collapse in the value of different stablecoins may occasionally cause Tether to plummet below the $1 mark.
While it is not the only stablecoin in use (True USD, Pax Dollar, etc.) Tether is the most famous and the only one commonly accepted on Canadian casino sites.
Like any cryptocurrency, Tether tokens can be purchased at many crypto exchanges, including Bitfinex, Binance, Kraken, and others.
Moving USTD to and from your online casino account usually doesn’t come with any fees, but transactions on a Tether exchange will incur certain charges based on the transaction amount, the type of the blockchain network, and network congestion.
The Ethereum network is usually the costliest when it comes to Tether transactions, while you’ll experience much lower fees on BNB Smart Chain, for instance. To minimize your USTD fees, select the most suitable network and crypto exchange wisely.
However, one of the biggest fees comes before you even start using Tether. Namely, the Tether network charges a 150 USD verification fee during the KYC process. The justification for a fee this high is that Tether wants to ensure “only those who are serious about establishing an account apply.”
Pros and Cons of Using Tether at Online Casinos
Tether is the primary choice for many online casino players from Canada for a good set of reasons. But there are also a few drawbacks to using Tether that you should be aware of.
|Transaction speed||Controversial history|
|Impeccable security||Not as widely accepted as Bitcoin|
|Stability||High verification fee|
|Lower transaction costs|
|Potential for crypto bonuses|
- Transaction speed — Like all cryptos, Tether allows for speedy transactions. The deposits are near-instant, and withdrawals move quickly as well, although you can’t circumvent the withdrawal pending times imposed by the casino.
- Impeccable security — You can rest assured that your personal and banking details will be protected while conducting Tether transactions.
- Stability — Tether’s 1-to-1 connection with a matching fiat currency makes it less prone to volatility, so you don’t have to worry about your big casino winnings deflating unexpectedly.
- Lower transaction costs — Tether’s transaction fees are on the low end of the spectrum.
- Potential for crypto bonuses — Some online casinos offer special bonuses for crypto deposits that are usually higher compared to fiat currency bonuses.
- Controversial history — Tether is not exactly trusted in the crypto community, mainly because of the several controversies its owners were involved in over the years.
- Not as widely accepted as Bitcoin — While a growing number of crypto-friendly companies take Tether, it is still less widespread than Bitcoin and Ethereum.
- High verification fee — Tether network’s $150 non-refundable verification fee is unreasonably high.
How to Start Using Tether (How to Buy USDT)
Before you can make a USDT deposit at a casino site, you have to buy some of it:
Choose a crypto exchange
Find a reputable Tether exchange like Binance or Kraken and create an account there.
Select a purchasing option
Decide how you wish to buy USDT, with the available options usually ranging from credit and debit cards to bank deposits and various third-party payment systems.
Complete the purchase
Enter how much USDT you want and complete the transaction. Of course, be mindful of the service fees.
Pick a Tether wallet
Before you can move Tether coins to and from your casino account, you must transfer them to your crypto wallet. Choose a wallet and copy its address to the exchange to complete the withdrawal.
How to Make a Casino Deposit With Tether
Now that you have a crypto wallet full of USDT, you can move on to the easier part, which is depositing the money into your online casino account:
- Pick a trusted Tether casino from our list. We have hand-picked these casinos to ensure you enjoy maximum safety and high-quality gameplay.
- Register on the casino site by submitting your email, date of birth, telephone number, and other necessary information.
- Go to the deposit page and pick Tether.
- Copy the casino’s wallet address, go to your wallet, and send the desired amount of USDT.
- The deposit should be completed in moments, after which you can claim the casino’s deposit bonus and enjoy its full range of games.
How to Make a Casino Withdrawal With Tether
Getting the winnings back to your Tether wallet is equally simple:
- Log in to your casino account and navigate to the withdrawal section.
- Pick Tether from the list of options.
- Copy your wallet address to the appointed field and enter the withdrawal amount.
- Submit the withdrawal request.
The casino may take time to accept your withdrawal request, which can take anywhere from a few hours to several days, depending on the casino, withdrawal amount, and other factors. Also, if you played with the welcome bonus, make sure you’ve completed the wagering requirements before requesting a cashout.
Alternatives to Tether
Following is a list of some other cryptocurrencies commonly accepted at Canada-facing casinos, as well as a few other popular fiat-based payment methods:
Is it safe to use Tether at online casinos in Canada?
It’s safe to use Tether for online gambling in Canada as long as you stick to safe and trusted online casinos, such as those shared on this page. We’ve spent considerable time picking these casinos for you, ensuring they are the best in class regarding safety, game variety, bonus quality, and other vital metrics.
Yes, nearly all casinos that accept cryptocurrency will allow you to use crypto both ways.
The deposit and withdrawal limits are set at the casinos’ discretion. They can be as low as 5 USDT, while some casinos allow unlimited deposits and withdrawals going up to tens of thousands of dollars.
A casino usually won’t charge you a fee for using Tether, but you will have to pay based on the network and crypto exchange. For instance, if you use the Tether network, you won’t have to pay any fees for deposits and withdrawals, although there are fees for withdrawing fiat. Also, keep in mind that the Tether network imposes a $150 verification fee.
Yes, many Canadian online casinos will give you a welcome bonus when making your first deposit. What’s more, certain crypto-facing casinos will incentivize players to use cryptocurrency and offer higher bonuses compared to the ones unlocked by fiat currencies.
Tether is not tied to the Canadian dollar, but you can use many crypto exchanges to convert USDT to CAD.