We all know about trading crypto but not many know that you can even play poker in the crypto space. A new concept but with similar risks as the already known volatile crypto market. It is like gambling on your already risky assets. However, if you want to experiment with this new kind of engagement with crypto then you should try CoinPoker, one of the crypto gambling sites available. To aid this, we have provided you with a CoinPoker review so you can decide whether to risk the riskier assets or stick with the older methods.
CoinPoker is a digital poker playing site that enables its users to use cryptocurrency deposits to fund their poker accounts. It promises higher security and privacy to the user. Moreover, there is no compulsion of KYC and this appeals to most crypto enthusiasts. Further, the occasional promotion campaigns and huge prize pools also lure investors to risk their volatile assets.
This blockchain poker site was launched in 2017 with play money and later upgraded to real money in 2018. The poker platform also has its own in-house cryptocurrency called CHP. Moreover, it uses blockchain technology for providing its users with transparency, security, and randomness, to aid in tackling any underlying issues of unfair play.
CoinPoker Review: Merits & Demerits
Crypto betting is a risky choice to make. Therefore, here is a list of advantages and shortcomings of the poker site in order to help you with the decision-making of whether to choose this platform or not.
The seven merits of CoinPoker are mentioned below:
- Decentralized shuffle: This online crypto casino ensures fair play by integrating a random number generator on their blockchain network for shuffling the cards by utilizing the feedback from each player on the table.
- Rakeback: The platform rakes back some amount of money to its users every Monday.
- Prize pools: All players, including both new entrants and experts, can compete against one another for a generous prize pool of over USDT 3,000 every week.
- Decent referral program: After meeting all the necessary requirements, one is entitled to 30% of their referrals’ Community Contributions for the period of time they use this platform.
- No fees on deposit or withdrawal: CoinPoker does not charge any fee on deposit or withdrawal. The only fees you need to pay will be the ones to the blockchain networks for processing your transactions.
- Sportsbook: Recently, the poker site has added in a sportsbook that lets one bet on 15 different sports. Therefore, one can explore crypto sports betting on this site
- Low rates for Community Contributions: The platform charges 2% to 7% for Community Contributions and these funds are reverted back to the players through promotional events.
The online poker site just has two demerits that are mentioned below:
- Limited community: CoinPoker currently doesn’t have a large community engaged on its site, which means lesser chances of experiencing newer strategies. Also, as a newcomer you might also be exploited by the experts since the number of people on the site is limited.
- Supports only Bitcoin Legacy Address: The site currently only supports the transfer of funds in Bitcoin (BTC) through the old version of the blockchain that starts with 1. This is a small issue to overcome if you are determined.
How To Begin Playing?
Now, if you are satisfied with the benefits that the site provides and are ready to tackle the cons then this section of the CoinPoker review will aid you in starting your journey with the crypto poker site. The various steps for the same are discussed below:
- Create an account: Download and install the poker app through this link and create an account. Choose a username and enter the relevant details they ask for. If you are someone with an existing account, then log in straight away after installation.
- Verification: After entering the basic information, you will be sent an email with a verification code that you need to enter on the space they ask it on. Additionally, you need to complete a phone number verification for the activation of the account. You will receive a code by SMS or Civic, a third-party KYC app, which you need to install for acquiring the code.
- Prove you are not a bot: Unlike the traditional KYC method where you have to provide personal details, you just have to follow a simple process and prove that you are not a bot.
- Deposit funds and start playing: You need to deposit funds through the blockchain network you trust and start playing. This section will be further discussed in detail later in the article.
Community Contributions at CoinPoker
The CoinPoker Review has already mentioned the Community Contributions concept a couple of times in the article. However, a vivid explanation will be provided now for a better understanding. Community Contribution (CC) is an essential feature of CoinPoker and it also makes it unique from other online poker sites. The portal doesn’t charge any deposit or withdrawal fees this is why these contributions come into existence, to power the organization. However, the rates are pretty low.
These contributions also act as a pool for reverting funds to users through promotional activities. As mentioned earlier, the CC rates range from 2% up to 7%. The cash game contribution rate is 3% and tournaments require a contribution of 7%. These rates and figures are stern in nature as the platform considers user opinions and feedback on the same. They can be paid using any currency but it is preferred to use CHP for the benefits it provides that will be discussed later.
Deposits And Withdrawals
Prior to playing on the site, you need to fund your account. To deposit funds you need to transfer the required amount of BTC, ETH, CHP, or even USDT from your personal crypto-wallet to the CoinPoker account. However, the site warns you from making any transactions directly from crypto exchanges as the platform doesn’t support it and can lead to loss of funds. There are no fee deductions from the site’s side. Moreover, almost all deposits are instantly processed except for BTC, which might require a few hours for the required number of approvals.
The first time you deposit CoinPoker will ask for your wallet number. This information will be saved as permanent and you will not be able to deposit funds from any other wallet. However, you can reset the feature if you want to change the wallet address you would prefer. This will require you to complete the steps asked by their support team.
When it comes to withdrawing, it is even easier. For withdrawals in the form of USDT, ETH, and CHP, CoinPoker recommends the usage of a MEW wallet where you will be charged a swap fee of less than 1%. Thereafter, the funds will be transferred to the same wallet that was used for depositing.
BTC withdrawals are a little different, complex, and time taking. The minimum withdrawal limit is set at CHP 1,000. Then a transaction fee for the conversion of CHP to BTC will have to be paid. Thereafter, you have to provide an old BTC Legacy address that starts with 1 as the new formats are not supported by this platform. Moreover, the processing of withdrawal takes time as well due to Bitcoin’s own policies and CoinPoker can’t interfere there.
When reading the CoinPoker review, one might want to know in detail what all incentives they will be getting on the site and how to achieve these. Therefore, this section will discuss the same in a vivid manner. The site does provide a number of rewards and earning opportunities to its users, which is one of the reasons to try it out at least once. Gambling crypto takes a strong will and therefore one should be entitled to such rewards or incentives.
The referral program provides a generous incentive to all who participate. One can simply share a referral link from the cashier menu with their friends, family, or known ones. The rewards will be awarded to you once at least two people join the platform using your link. You will be entitled to a 30% commission of the total Community Contribution amount that they make. You will receive these rewards till the time they use the platform. However, both of your referrals should have added at least USDT 2 in Community Contributions.
Once these earnings are eligible for acquisition, you have to transfer them to your account by yourself. You need to press the ‘Transfer to balance’ button and it is not a one-time process. Thereafter, you will receive rewards till the time your referrals pay and play at CoinPoker.
There are prize pools of more than USDT 3,000 every week that are distributed over three distinct leaderboards: Multi-Table Tournament (MTT), Omaha poker (PLO), and No-Limit Hold ‘Em (NLHE). The prize pool is shared by a total of 150 people every week. The MTT leaderboard distributes USDT 860 among the associated players each week. However, the Cash leaderboard that includes both PLO and NHLE gets the highest share of USDT 2,300 every week.
The calculations made for the prize are kept simple. For MTT, the points will depend on the total number of buy-ins, the count of participants, and one’s place taken. However, the Cash leaderboard calculates points on the count of big blinds that make their way into the Community Contribution, which is done to reward activity rather than the stake undertaken. Moreover, if you use CHP for paying Community Contributions, then you will be entitled to 50% bonus points as an incentive to promote the use of the site’s native crypto.
Rakeback and Bad Beat Jackpot
CoinPoker offers a Rakeback every Monday. The platform deducts a small percentage of the pot, known as a rake, after every hand finishes. The platform gives proper attention to this and reverts back 20% of the rake that was paid through CHP to the user each Monday.
Now let’s discuss the intimidating Bad Beat Jackpot, the most important point of the CoinPoker review. since nothing is worse than getting a bad beat on poker. The crypto poker site eliminates this dissatisfaction by providing an option to trigger when a good hand is beaten by another better hand. Once you trigger, all the players on the table get rewards due to that. This is the most unique feature that any poker site would ever provide you. So, now say no to fear of bad beats if you are on CoinPoker. This feature often leads users to consider CoinPoker as the best crypto casino.
The CoinPoker review would have been incomplete without the mention of security provisions and policies undertaken by the poker site. The site gives utmost importance to the security concerns of its users. The most common problem that arises with online poker games is the possibility of cheating. CoinPoker aims to solve it by integrating a Random Number Generator through its blockchain network. Each player at the table is required to give an anonymous input which will then be considered by the generator for the final shuffle, this ensures a fair distribution of cards.
The blockchain casino platform also has included a fair play and anti-fraud system so no one can make use of any third-party software and any efforts of automated play would become futile. In the case of your personal account, the security protection is achieved through the permit of using only one wallet address until there is a change required. However, the online poker site has yet not revealed whether they make use of offline wallets to store funds or do they rely on other security measures.
In addition, the CoinPoker customer support team is also committed to its users. One can directly contact them through an email address provided on the site and share their problems if any. Further, the platform enables users to interact with other players on their Telegram channel. However, things like live interaction with the support team or their phone numbers are still missing. This implies that the user might have to wait for long hours to get a reply on the concerned issue.
Winding It Up
The CoinPoker review provided in this article covers all the important aspects necessary to ascertain whether to try it or not. If you are a poker and crypto enthusiast then this is one of the best crypto betting sites for you due to its security facilities, several incentives, and unique approach. However, if you are someone who does not wish to gamble on their already risky crypto assets then it is recommended to avoid this poker site and any other crypto casino games.