Unless you’ve been living on the Blasket Islands, you will have heard about Bitcoin. Most will just dismiss all the hype and call it a bubble. However, if you’re reading this I assume you’re at the beginning of going down the Bitcoin and Crypto rabbit hole and wondering how you can buy Bitcoin in Ireland.
Buying Bitcoin in Ireland in 2021 is a breeze compared to when I tried to buy in 2013. Even during the 2017 bull run, my 80-year-old grandad got in on the action and bought some Bitcoin on Coinbase. Unfortunately, bull runs do come to an end and so were his hopes of becoming Tipperary’s first Bitcoin millionaire.
How to Buy Bitcoin in Ireland
I’ve put together a list of trusted cryptocurrency exchanges available in Ireland, where you can buy Bitcoin or alternatives cryptocurrencies, also known as alt-coin (including the likes of Ethereum, Cardano, ChainLink etc).
If you’re interested in a particular exchange and want to find out more, you’ll find lots of articles and tutorials throughout our site everybithelps.co.uk, as well as our YouTube channel Every Bit Helps.
So, don’t let the tech get in the way of you getting started. It can be complicated, but just take one step at a time.
Coinbase is one of the most popular and trusted cryptocurrency platforms in the world. However, being the most popular exchange does come with its downfalls (i.e customer support). If something does go wrong, or if you have a question, you can check out Coinbase FAQs. But if you need to message support, you could be waiting a while for a response. Unfortunately, this isn’t just limited to Coinbase, as crypto platforms are notorious for having bad customer support.
However, you might be in luck, as Coinbase’s EU headquarters are based in Ireland. So if they don’t respond, I’m sure you could pop in and say “Hi!”
Coinbase is a US-based exchange and will be going public on the Nasdaq in March 2021. If you want to buy Bitcoin or the likes of Ethereum you will be fine using Coinbase or their more advanced platform, Coinbase Pro. But if you want to be more speculative and buy a cryptocurrency with a smaller market cap, you will need to look for alternatives such as Binance Exchange.
When signing up to Coinbase, you’ll receive $10 of free Bitcoin when using this link and by depositing $100 (or the equivalent in euros). They also have a feature called Coinbase Earn, where you will earn free crypto just by learning and answering a few, simple questions.
As someone new to crypto, Coinbase is great, just don’t buy with a credit cards (where fees are very high) and don’t leave your crypto on the exchange. An exchange is far more likely to be hacked, so keep your Bitcoin offline and in a wallet. Ideally with access to your private keys. To find out more, check out my tutorials on Ledger, Trezor or Exodus wallet.
Watched the film Social Network? Remember the twins that had the FaceBook concept, before Mark Zuckerberg stole their idea? Well, Tyler & Cameron Winklevoss did okay. After rowing for Team USA at the London 2012 Olympics, they bought some Bitcoin (well more than “some”) and are now billionaires that then went on to create Gemini Exchange.
One of the main advantages of using Gemini over Coinbase is their fees, as compared to Coinbase their fees are lower. Gemini’s trading fees start from 0.35%, compared to Coinbase’s 0.5%. It may only be fractional, but those fees really do add up. Plus to withdraw crypto from Gemini, they give users 10 free withdrawals per month.
So, Bitcoin and Ethereum returns aren’t good enough and you want that Lambo money? Well, Binance Exchange has a huge selection of crypto assets to choose from. Plus their transaction fees are even lower, compared to Coinbase and Gemini. However, withdrawal fees can be high depending on the cryptocurrency you want to withdraw.
Binance is the largest cryptocurrency exchange in the world and was founded in 2017, by Changpeng Zhao. However, Binance is more than just an exchange to trade digital currencies. Binance allows you to stake your crypto assets to earn interest, offers loans against your crypto and mine rewards through their pools. Plus they provide leverage trading, although I recommend staying away from leverage, especially when you’re a beginner.
Although Binance doesn’t offer any sign-up bonuses, you can earn a 20% discount when using this link. If you want more information on how to save up to 40% on Binance trading fees, check out this post.
Crypto.com was founded in 2016 and was formerly known as Monaco, with headquarters in Switzerland and offices in Hong Kong and Singapore. If you think Binance has a lot going on, Crypto.com has more pies than fingers.
They offer spot, margin, and derivatives trading. Plus you can get involved in DeFi with their Earn and Swap features. You also try their other features such as the Syndicate, Supercharger, Crypto Loans and participate in their special events.
Even though Crypto.com has a lot going on, I do like it. One of the biggest benefits is their Crypto.com Visa card. They offer a free Midnight Blue card where you will earn 1% interest on every purchase, paid out in CRO.
To receive more benefits you will need to lock-up their CRO token (also known as staking). However you will receive this back (after the staking period ends) and earn up to 8% cash back for every purchase made. Plus depending on your tiers you can also get Netflix, Spotify and Amazon Prime for free, every month.
If you sign-up to Crypto.com using this link you can get earn up to $50, depending on the amount of CRO you stake.
To use Crypto.com you will first need some crypto to get started. Unfortunately, Crypto.com doesn’t allow you to deposit Euros, so you will have to transfer your digital assets over to their Crypto.com Exchange or wallet. This is one of the downfalls especially if you’re new to the world of crypto.
Revolut is a popular banking App in Ireland and is great for using abroad to save on international transaction fees. I’m sure you have seen the cryptocurrency pop-up asking you to invest, but should you?
I didn’t even want to put Revolut on this list, but had to. Just so I can tell you NOT to use Revolut to buy Bitcoin or cryptocurrency. When you’re buying crypto on Revolut you have no control over your assets and they’re stuck as you can’t withdraw them to an external wallet. So whats the point?
Plus the fees are super high even when compared to the likes of Coinbase. With 2.5% for Standard users and 1.5% for Premium and Metal users. Anyway lets move on…
eToro is a little different compared to the other platforms I have mentioned already. You can trade Bitcoin, as well as stocks, CFDs and commodities, so it’s more of a traditional trading platform. One of the downfalls when trading cryptocurrency on eToro is the spreads, for example you will pay 0.75% on Bitcoin and 1.9% on Ethereum.
Once purchased, you can transfer your crypto assets to their own eToro wallet. However, if you want to do this you will need to send your initial funds via a bank transfer. If you deposit into your eToro account via debit or credit card you will have to wait 180 days until you can transfer your crypto from the platform.
These are only a few options available for residents in Ireland to buy Bitcoin. Some of the other exchanges I would recommend for you to check out are Kraken Exchange, FTX, UniSwap (Only for Ethereum ERC20 based tokens).
Again, as I said don’t let the tech put you off. Get the ball rolling, maybe consider buying a few Euros of Bitcoin or Ethereum to get your feet wet. If you have any questions, please feel free to put them in the comments below.
Please Note: Some of the links in this article are affiliates, they wont cost you anything to use, but will support this website and YouTube channel Every Bit Helps.
Ross is the co founder of Every Bit Helps YouTube channel & website. After hearing about Bitcoin back in 2013, Ross was initially put off thinking that he had missed his opportunity. However, in 2017 made his first purchase & now buys & holds his crypto long term, which make up a large part of his investment portfolio.
While working as an IT project manager, he spent his spare time buying & refurbishing properties, which now runs as an Airbnb business back in the UK. Spending his early years traveling between Ireland and England, Ross continues to travel & lives abroad with his family.