General information about the Canadian Dollar
The Canadian Dollar, CAD for short, is the main currency of Canada, and it is denoted as C$ to distinguish it from other currencies denominated in dollars, such as the U.S. dollar. It is divided into 100 cents (¢), meaning that one Canadian Dollar contains 100 cents. As a result of the image of a loon on the back of the coin, it is nicknamed loonie by English-speaking Canadians and foreign exchange traders and analysts.
The Canadian Dollar has been in use in Canada since 1858 when the Province of Canada replaced the Canadian pound with its first official Canadian coins. It is considered to be a benchmark currency. Hence, many central banks across the globe keep Canadian dollars as a reserve currency — the Dollar accounts for about 2% of all global reserves.
The increasing popularity of the Canadian Dollar is due to Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems.
Using Canadian dollars in online casinos
Playing in casinos that accept Canadian Dollars is a smart decision, especially for players who live in Canada. Using Canadian dollars in online casinos provides Canadian players with great value for their money. Players do not need to worry about incurring high fees and commissions during the currency conversion process, thus maximizing the value of their money. Interestingly, various secure payment methods allow Canadian players to deposit and withdraw CAD to and from their gaming accounts with ease.
Advantages of playing at CAD casino
As we mentioned earlier, one of the key benefits that Canadian players enjoy at CAD gambling sites is zero fees and commissions for cross-currency conversion procedures. These casinos offer a good selection of payment methods that accept the Canadian Dollar directly.
In addition, these game houses provide Canadian players with a plethora of other exciting advantages, including:
- Swift payment processing times
- Absence of extra charges
- Access to deposit and withdraw in their national currency
- A stable exchange rate
- A vast selection of CAD bonuses
Types of bonuses in CAD Casinos
Bonuses are one of the most exciting features that players love to see in their online gambling site of choice. Luckily, Canadian dollar game houses offer various amazing casino bonuses to enhance players' overall gaming experience. These gambling sites also use these bonuses to attract new players to sign up with them.
Some of the most common gambling bonuses available at CAD game houses include the following:
Welcome Bonus
This is one of the most common bonuses in Canadian gambling sites. This bonus is available to new players upon creating a new account at a CAD gaming site. It is intended to provide new players with extra money to wager on when they sign up.
Match Bonus
The match is offered as a percentage of the players' deposits on their accounts. For instance, if a Canadian dollar gaming house offers a 50% match bonus up to $10,000, a deposit of $5,000 will receive $2,500 in bonus cash.
Deposit Casino Bonuses
The deposit casino bonus is the type of bonus that is credited to your account when you deposit some money into your account. The CAD casinos credit players' accounts with the deposit bonus when they sign up and make their first deposit. Hence, the deposit bonus is only available to players who deposit real money into their gaming accounts.
No Deposit Bonuses
Canadian gambling sites offer the no deposit bonus to give players the chance to try exciting casino games risk-free — without making any deposit to their gaming account. A no deposit bonus can come in the form of a free casino chip or free spins.
Free Spins Bonus
At Canadian dollar game houses, you will find a range of free spin bonuses on various slot games. This type of casino bonus allows players to spin the reel of their favourite slot game for free. However, it is essential to note that the free spins bonus cannot be converted to cash or bonus cash, but the winnings from the free spins bonus can be credited to the players' accounts.
Cashback Bonuses
The cashback bonus is available in most gambling sites that accept the Canadian Dollar. It credits players' accounts with a certain percentage of the losses they incur. Generally, you are only eligible for a cashback bonus after spending a significant amount of money playing on the online casino. However, in some gambling sites in Canada, the remittance of cashback bonuses is automatic, while in others, you are expected to request them.
CAD Casinos Wagering Requirements
Wagering requirements are the amount of all bets that have to be placed before you can withdraw your bonus or winnings. Every casino bonus has a wagering requirement that you need to meet to cash out the winnings from it, and the CAD gambling sites are no exception to this rule. In Canadian game houses, the wagering requirement is a multiplier representing the number of times you have to play through a bonus before you can withdraw any winnings.
Therefore, any winnings made while working towards your wagering requirements will be stored in a pending balance until you meet the wagering requirement. For instance, a 30X wagering requirement entails that you must bet the amount of your bonus 30 times before you can withdraw your bonus and subsequent winnings. In this case, if your bonus amount is $10, you have to wager $300 ($10 X 20) to meet the wagering requirements.
Payment Methods in CAD Casinos
Online gambling sites that accept the Canadian Dollar require players to fund their gaming accounts to start playing their preferred gambling games. And to ensure the ease of depositing and withdrawing funds to and from their gaming accounts, these casinos offer a wide selection of payment methods that accepts the Canadian Dollar. Players are advised to choose the payment method that is the most convenient for them. To do that, several essential factors are considered, including the cost and transaction processing duration.
Overall, the entire process of funding your account is usually very straightforward, but it can differ from one online casino to the other, depending on their payment policies. Some of the popular payment providers in CAD gambling sites include the following:
Visa and MasterCard
Visa and MasterCard are among the most popular electronic payment providers in the world. While Visa and Mastercard do not issue cards directly to the public, as Discover and American Express do, they partner through member financial institutions to offer a wide selection of payment services, including credit, debit, and prepaid card options.
PaySafeCard
PaysafeCard is another popular prepaid online payment processor that most CAD gaming centers use. It is not dependent on a bank account, credit card, or other personal information since it is based on vouchers with a 16-digit PIN code. Casino players can easily buy these vouchers with a prepaid value of $10, $20, or $50 from local sales outlets and pay online by entering the code at the checkout of the respective casino.
Skrill
Founded in 2001, Skrill is a common online payment gateway that offers various online payment and money transfer services. It is widely used across several countries, including Canada. Various CAD gaming sites offer Skrill as one of their top payment options. It requires casino players to link their bank accounts to the Skrill account. This means that players can link multiple accounts to their Skrill account.
Neteller
This is a secure payment provider that has been operating since 1999 in Canada. It is common in most CAD casinos for real money, offering economical ways to safely deposit and withdraw funds to and from clients' casino account without incurring any deposit fees. One of the perks offered by Neteller is access to withdraw money directly to clients' Neteller accounts and bank accounts.
iDebit
This is a secure payment method that is available in over 120 Canadian casinos, allowing players to deposit and withdraw funds to and from their gaming accounts safely without a credit card. iDebit is relatively very easy to use as it does not require the player to create an account in the system. All you have to do is select iDebit from the payment options and make your deposit right away.
ecoPayz
EcoPayz is an international payment provider that is also available to players in CAD casinos. It is designed with users' security in mind. Hence, it has various security features, allowing clients to move money to and from their gaming accounts securely.
Interac
Interac is a popular payment gateway in CAD gambling sites. It operates as an interbank network that links financial institutions and other enterprises to exchange electronic financial transactions in Canada. It is a common payment method in many gaming centers that accept the Canadian Dollar.
InstaDebit
As the name suggests, Instadebit offers a secure way to make instant directly from your bank accounts without sharing your banking details with merchants. There is no need to fund your instadebit account with this payment option, as transactions are carried out directly from your linked bank account.
CAD Live Casinos
The CAD live casinos are gambling sites that replicate the land-based casinos' gaming styles by offering the real-live feeling of human interaction. They accept the Canadian Dollar, and their games are streamed through a video link from a casino table in real-time. The CAD live casinos allow players to bet live casino games on their computers and communicate with the dealer using the chat function.
How to avoid being scammed in casinos accepting Canadian dollars
To avoid being scammed, always ensure that your online gambling platform of choice is properly registered and licensed by the appropriate casino licensing authority, such as the MGA, UKGC, Kahnawake Gambling Commission, Government of Curacao or Government of Gibraltar.
