Unlicensed Crypto Loko Casino Tested: Are Fees on BTC Withdrawals Mandatory?

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May 3rd, 2023
Back Unlicensed Crypto Loko Casino Tested: Are Fees on BTC Withdrawals Mandatory?

Are Cryptocurrencies Indeed Something Players Should Be “Loko” About?

Ensuring smooth and rapid payments, cryptocurrencies seem like the best banking method an online casino player can opt for. In most cases, no identity verification is needed, and no fees are applied to transactions. We say “in most”, as there are always some exceptions.

To see how things stand with Crypto Loko Casino, our team gathered in the “From the Players for the Players” project tasked a tester to visit this platform. He went through the standard procedure, which includes registration (except in cases when a tester has joined the selected casino before), deposit, gameplay, and withdrawal.

These are the crucial moments of his investigation:

  • Tester of the day: Juggaloroscoe
  • Registration date: April 6, 2023
  • Deposit of USD 200 in Bitcoin made on April 6, 2023
  • KYC was not requested on this occasion
  • Withdrawal of USD 100 in Bitcoin requested on April 17, 2023.
  • Withdrawal received: USD 94.63 on April 17

Comparing the amount a player requested to cash out with the one which eventually received, you will notice a slight difference. The latter is a bit smaller. Was the fee applied or some mistake happened? To find out, read our insightful Crypto Loko Casino test report!

Crypto Loko Casino Overview

Being a platform that accepts cryptocurrencies (quite obvious from its name, isn’t it?), Crypto Loko Casino allows players to deposit and withdraw using Bitcoin, Litecoin, Ethereum, Doge, and other popular options. Teamed up with Realtime Gaming, also known as Spinlogic Gaming, the operator accommodates a fine selection of slot releases, table games, and video poker adventures.

Yet, continuing to explore, players shall encounter one major red flag- the absence of a license. Taking a look at the Terms, one will notice that some important bits of info are missing, such as the minimum withdrawal amount.

Registration

On April 6, 2023, our tester visited Crypto Loko Casino aiming to join this platform and investigate it. He filled in a simple form, after which he was prompted to verify the e-mail address and phone number via a confirmation code.

The entire process was finalized within less than two minutes, without a single issue along the way. It’s important to note that players must be at least 21 years or older to register and use the services of this iGaming site.

Deposit

Following this, the tester went on to fund the account. He pressed the “Deposit Now” button to head straight to the cashier. There was an option to select a predetermined amount ($30, $50, or $100), or enter the sum, which is what our tester did. He decided to deposit $200, which, expressed in Bitcoin was 0.00709721 BTC. A bit more than 5 minutes later, the amount was visible on his balance.

When it comes to deposit options, players have Bitcoin, Litecoin, Dogecoin, Ethereum, Bitcoin Cash, and a couple more. The minimum amount to replenish the account is $10.

As far as the instructions in the cashier state, the processing time is 15 minutes and no fees are charged. Also, for amounts below $200, no verification is required.

Gameplay

As soon as the casino account was replenished, the tester ventured into the well-equipped portfolio to explore some games. Sweet 16 Blast! was his first choice, followed by the Fortunes of Olympus and Achilles.

After these, he tried luck with Megasaur, and Tarot Destiny which brought him a win of $78.50 during FS. While playing this game, he also triggered Hold & Spin feature and had a couple of smaller wins. The next choice was Warrior Conquest.

A day later, the tester explored Cash Bandits Museum Heist, and then returned to Sweet 16 Blast!. Count Cashtacular was the next adventure he launched, followed by Thai Emerald, where he won $37 during free rounds.

Vegas Lux was the next port of call, after which the tester tried luck with Merlin’s Riches and Cash Bandits 3. He also checked out T-Rex II and Ghost Ship.

Curious to explore some other genre, he switched to Keno, but shortly after decided to return to slot games. Spring Wilds and Frog Fortunes were the last releases he launched.

Withdrawal

Ten days later, on April 17, the tester made a request to withdraw $100 via BTC. He typed in the desired amount in the designated field, after which the cashier notified him of the mandatory processing fee of 5%.

He received USD 94.63 on the same day - April 17.

Furthermore, it was noted that the transaction takes approximately 24 hours, except in specific situations where the waiting period can extend between 3 to 7 days.

Before being sent for payment, all withdrawal requests must be first reviewed and approved by the operator. The company strives to process all requests within 1 business day, after which the withdrawal may be credited either instantly or within 72 hours.

A fee of 5% is applied to all cashouts. In case a player requests multiple withdrawals, the operator may combine them into a single one, up to the max amount allowed per specific period. The minimum withdrawal amount is $50.

“4. A maximum of $2,500 will be approved per 24-hour period. A maximum of $10,000 will be approved per 168-hour period. Ineligible requests will be denied within that time frame. Exceptions may apply based on the customer’s standing and activities with Crypto Loko.”

Although our tester wasn’t required to go through the ID verification procedure, the Terms say that:

“18. Before a withdrawal can be processed, the player may be required to provide a government-issued photo ID and a clear selfie of themselves. We might also ask the player to verify their BTC crypto wallet address by making a small BTC deposit before any payout can be sent to said crypto wallet address. Crypto Loko reserves the right to request additional information to validate any of its user's accounts.”

Conclusion

‌Though charging fees on transactions is something players are not happy about, when indicated in the Terms or cashier, there’s nothing to complain about. The tester was presented with this info while making a request, so we can say that everything went by the book, despite the fact that the tester was visiting an unlicensed casino.

Speaking of, this is not the first time our “From the Players for the Players” team has investigated operators without a license. If interested in more details on these projects, take a look at the following articles:

Have you had the chance to visit Crypto Loko Casino yourself? If the answer is positive, we’d appreciate a couple of details from your personal experience. Leave a comment below and let us know how it went. Gamble responsibly!

“Was the fee applied or some mistake happened?”

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