Are you based in Ireland and looking for the best way to enter the cryptocurrency market? If so, then this beginner’s guide is for you.
Here, we describe how to buy cryptocurrency in Ireland with low fees and what to keep in mind when investing in this asset class.
We have also included an overview of the best cryptocurrencies you can consider buying in 2024 for your portfolio.
Where to Buy Cryptocurrency in Ireland
When learning how to buy crypto in Ireland, one of the first things to figure out is which platform you are going to use.
Based on the number of cryptocurrencies available, fees, security features, and research tools, these are the most popular sites:
1. Crypto.com – Top Cryptocurrency Exchange to Earn Interest on Digital Assets
Founded in 2016, Crypto.com stands out as a one-stop-shop for all your crypto transaction needs. It comes with an advanced trading platform, a crypto exchange, and other services such as interest accounts and loans. You can also order a Crypto.com Visa card to make online payments using your digital assets.
For those who do not want to use a card, this platform also has a dedicated app that lets you pay via your crypto balance. You can send crypto to friends, purchase items online, settle bills, and buy NFTs via this app. You can even earn cashback rewards in the form of CRO tokens, the utility coin of the Crypto.com network.
If you are looking to buy digital coins instantly via Crypto.com, the easiest option would be to make the purchase using your credit or debit card. However, this will incur a 2.99% fee. The second option is to fund your Crypto.com wallet with a euro bank transfer via the SEPA network.
Alternatively, you can also use the Crypto.com exchange to swap one digital asset for another. The maximum fee you will pay for exchanging tokens is 0.4% – and this varies depending on whether you are adding to the liquidity of the platform or not. On top of this, you can also hold CRO tokens in your account to reduce fees by up to 60%.
We also like this platform to buy cryptocurrencies in Ireland because it lets you generate interest on your digital assets. You can lock in your crypto tokens for up to three months to earn up to 14.5% on your deposit. This feature is available for all popular cryptocurrencies, as well as stablecoins such as USDC and DAI.
Finally, Crypto.com has a DeFi wallet that you can use as a non-custodial storage option for your digital coins. This comes in the form of an app, which means that the private keys of the wallet are accessible only to you. The Crypto.com DeFi app also makes it possible for you to send and receive cryptocurrencies and to stake digital tokens directly from your phone.
Cryptoassets are a highly volatile unregulated investment product.
2. Capital.com – Best Platform to Trade Cryptocurrencies in Ireland
If you are looking to profit from the short-term volatility of cryptocurrencies, then you might want to consider CFDs. These instruments allow you to trade crypto without having to take ownership of any digital coins. More specifically, Capital.com is a cryptocurrency platform that gives you access to CFDs.
For those unaware, there are a number of benefits when trading CFDs. After all, derivative products only track the price of an asset. Therefore, if you purchase a crypto CFD, you do not have to withdraw the digital coins or think of a long-term storage solution.
Furthermore, this also lets you speculate on the value of cryptocurrencies in either direction – that is, you can go long or short. However, CFDs can be risky, and therefore, you need a platform that is regulated. Capital.com is licensed by CySEC, FCA, ASIC, and NBRB.
Capital.com supports over 470 crypto markets for CFD trading. It also features an advanced trading platform and offers integration with MetaTrader4 for experienced users. You can also access Capital.com in the form of a mobile app, which gives you the flexibility to manage your trading positions on the go.
When it comes to funding your account, Capital.com accepts payment via credit/debit cards and e-wallets. Payments will be processed instantly, and moreover, you only need to fulfill a minimum deposit requirement of $20. For bank transfers, you will need to deposit at least $250 or more.
In addition to this, you do not have to pay any deposit fees in order to fund your Capital.com account. The platform is also commission-free, facilitating a low-cost way to trade cryptocurrencies. You only have to cover the cost of the spread, which is the gap between the bid and the ask price of your chosen cryptocurrency.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.
Should I Buy Cryptocurrency?
If you believe that digital assets have the potential to be widely used over time, then it might make sense for you to buy cryptocurrencies in Ireland as a long-term investment.
Moreover, many investors also invest in cryptocurrencies to increase their portfolio’s diversification. That said, for every cryptocurrency you purchase, you should have an investment thesis as to why you think the digital coin will stand the test of time.
This requires you to do thorough research and learn as much as you can about how to buy and sell cryptocurrency in Ireland. You can also reduce the overall risk by diversifying into multiple cryptocurrencies.
Benefits of Buying Cryptocurrency
When you buy cryptocurrency in Ireland, the returns you get will depend on your chosen digital asset and the market sentiment.
Regardless, there are some benefits that are applicable to investing in cryptocurrencies in general.
Read on to find out more about these advantages.
Protection Against Inflation
Many investors look at cryptocurrencies as a means to protect their portfolios against inflation.
Fiat currencies like euros decrease in value over time – due to factors such as changing interest rates and increased money supply. However, this isn’t the case with cryptocurrencies.
Many digital assets, such as Bitcoin, have a cap on the number of tokens that can be minted. This allows them to resist the devaluation issue over time. This way, investing in cryptocurrencies with limited supply can act as a hedge against inflation.
Low Transaction Costs
Cryptocurrency transactions cost significantly less when compared to conventional financial networks. This can be particularly handy if you wish to spend the digital assets you purchased or send them internationally.
For example, domestic wire transfers can average around €25, and international fiat currency transactions even more.
On the other hand, blockchain transactions are usually less expensive. You can lower these costs by choosing a less congested blockchain or a lower processing speed.
Cryptocurrencies can also be used as a way to diversify away from traditional assets such as stocks, commodities, and bonds. So far, the price of cryptocurrencies appears to be unrelated to these conventional markets.
Therefore, by investing your money into multiple asset classes, you can reduce the overall risk of your portfolio. That being said, crypto is very volatile.
Thus, when you buy cryptocurrency in Ireland, it is best to make sure that your asset allocation is not too overweighted on digital coins.
Blockchain technology is still advancing, and developers continue to come up with more and more utilities for different cryptocurrencies.
- For instance, Ethereum is widely used as a smart contract that automatically activates when agreed conditions are fulfilled.
- Experts are using this technology to build platforms with real-world applications.
- Similarly, crypto-related industries such as NFT markets and dApps are already flourishing.
- Video gaming is another sector that is being revolutionized by crypto.
- In addition to this, an increasing number of merchants have also started accepting cryptocurrencies as payment options.
- To offer you an example, the Crypto.com Visa card lets you spend your crypto online easily and effortlessly.
Put otherwise, if this trend is to continue, you might be able to capitalize more on your cryptocurrency investments and reap more benefits in the future.
Possibly Earn Huge Rewards
As with any industry, the first people who invest in a new project will make the most returns if it becomes a success.
In the case of crypto, many argue that the industry is just getting started. According to some market commentators, the global value of cryptocurrencies could rise to nearly $5 trillion by 2030.
If this projection is met, there is every chance that you can generate attractive returns from your investment, especially if you decide to hold your crypto for the long term.
When to Buy Cryptocurrency
Cryptocurrencies are notoriously famous for their volatility. With prices fluctuating every second, it can be a challenge to figure out when to buy cryptocurrency in Ireland to make the most profit.
The best way to decide this is to get educated about the crypto market and arrive at a decision that best fits your financial situation and risk appetite.
There are many strategies you can adopt to reach an investment thesis. One of the most popular methods is to use ‘dollar-cost averaging’, a long-term strategy suitable for beginners and experienced investors alike.
- With DCA, an investor will regularly buy small amounts of a cryptocurrency over a period of time.
- More importantly, the investment will be carried out no matter the price.
- For example, suppose you have set aside $1,000 to invest in Bitcoin.
- Instead of putting the entire $1,200 in Bitcoin at once, you can spread out your investments.
- In other words, you will invest $100 every month for one year.
This strategy can help to weather the volatility of cryptocurrencies.
Moreover, since you follow a strict rule for investing, your buying decisions won’t be dictated by psychological factors such as FOMO or panic selling.
Which Are the Best Cryptocurrencies to Buy?
When you are entering the blockchain market for the first time, you might be confused about which cryptocurrency to buy.
From Bitcoin to Dogecoin, there are thousands of different digital assets, which can make the selection process even more overwhelming.
To help point you in the right direction, we have picked the top five digital assets that you can buy in 2024.
1. Lucky Block – Overall Best Cryptocurrency to Buy Right Now
If you are wondering which crypto to buy now, you might want to look into Lucky Block, one of the most anticipated projects of 2022. This Lucky Block platform lets you take part in daily prize draws by purchasing tickets using the LBLOCK token.
Moreover, no matter whether you win or not, you will be able to claim rewards in proportion to the number of LBLOCK tokens you hold.
The Lucky Block jackpot pool is funded by the ticket money and the transaction fees collected by the platform. Based on blockchain data, the main pool draw is valued at around $2.3 million as of writing. Winners get 70%, whereas 10% is set aside for LBLOCK token holders and 10% for charity.
Lucky Block has also launched a collection of NFTs with token numbers. Those who invest in a Lucky Block non-fungible token will earn additional rewards – such as lifetime access to the daily NFT prize draw. This gives you a chance to earn 2% of the daily jackpot, which is estimated to average $10,000.
Tickets for the Lucky Block prize draw costs $5, and you will have to pay using LBLOCK tokens. If you wish to buy LBLOCK tokens now, you can do so via PancakeSwap.
Cryptoassets are a highly volatile unregulated investment product.
2. Ethereum – Best Cryptocurrency for Long Term Investments
Ethereum is a cryptocurrency second only to Bitcoin in terms of market capitalization. However, it is a favorite among developers due to its real-world applications. Thanks to smart contracts, Ethereum plays a key role in the development of NFTs and other decentralized projects.
Ethereum has already taken steps to shift to the PoS mechanism and will complete this transition in the second quarter of 2022. With this upgrade, Ethereum is expected to be faster and less expensive – which can further increase its capabilities.
The cryptocurrency has also experienced tremendous growth – between 2016 and early 2022, the price of Ethereum increased by over 25,000%.
3. Bitcoin – De-Facto Cryptocurrency of Choice
Bitcoin continues to maintain its position as the most popular cryptocurrency in Ireland and across the world. It was launched in 2009 and has seen exponential growth over the years. During this time, the utility of Bitcoin has also increased.
Today, if you buy Bitcoin in Ireland you can use it to shop online or even buy real estate. More importantly, since it has a limited supply, the price of this cryptocurrency is projected to climb even higher in the coming years.
In the five years between 2017 and 2022, the value of Bitcoin increased by over 30,000%.
4. Binance Coin – Native Token of the Binance Smart Chain
BNB was first introduced as a means to pay fees on Binance, a popular cryptocurrency exchange. However, the platform has expanded over the years and so has the utility of the Binance coin.
Today, you can use it not only for trading but also to make online payments.
To expand the utilities of BNB, you can convert these coins to WBNB. You can then use this token to buy assets such as the Lucky Block NFT. BNB was launched in 2017 for just $0.10 for a single token. By May 2022, the price of this coin has climbed to over $270 per token – translating to gains of 260,000%.
5. Solana – Top DeFi Crypto Token
Solana was launched in 2020, as a network to power DeFi platforms. It utilizes a unique hybrid of proof-of-stake and proof-of-history mechanisms, which allows the blockchain to process transactions swiftly and securely.
Moreover, when compared to Ethereum, Solana charges super-low fees.
For this reason, Solana is becoming increasingly popular as a blockchain suitable for DeFi apps and NFT projects. This network is powered by SOL, its native utility token. Since its launch, the price of SOL has increased by over 5,000% in the crypto market.
Ways of Buying Cryptocurrency
Cryptocurrency providers are constantly adding more features to their platforms in order to make digital assets more accessible.
Below are the two best methods that you can use to buy cryptocurrency in Ireland today.
Buy Cryptocurrency With PayPal
PayPal is already a popular choice for buying items online. Recently, this payment platform expanded by offering integration with a selection of leading cryptocurrency exchanges.
Moreover, PayPal processes transactions instantly, so there is no waiting period involved when you purchase cryptocurrency using this method.
Buy Cryptocurrency With Credit Card or Debit Card
If you are thinking about how to buy cryptocurrency with a credit card, the process works more or less like any other online purchase.
On most platforms, you can choose the cryptocurrency you want to buy, enter the number of tokens, and simply enter your card details to carry out the transaction.
However, on some brokers – such as Capital.com, you will first have to fund your account using a credit/debit card and then make your crypto purchase. Regardless, you will be able to buy crypto instantly using this payment method.
That being said, you should also check whether there are any additional fees involved when choosing this option.
How to Buy Cryptocurrency Safely
As we noted earlier, there are hundreds of platforms that give you access to cryptocurrencies. However, finding a credible provider is no easy feat, even for the most experienced investor.
If you are wondering about where to buy cryptocurrency in Ireland, it is always best to go for a regulated broker.
- For instance, choose a platform regulated by numerous financial authorities on multiple fronts. This includes the FCA, the SEC, CySEC, and ASIC.
- This means that the platform abides by all the guidelines set forth by these governing bodies to present you with a safe investing environment.
As with any investment, ensure you take into account your investment goals and financial standing before risking your money on cryptocurrency.
How to Sell Cryptocurrency
To cash out your cryptocurrency, you can simply head back to the broker you purchased your digital coins from, and place a sell order.
You can sell cryptocurrency in the following steps:
- Sign in to your account.
- Navigate to the ‘Portfolio’ section in your account.
- Find the cryptocurrency you want to sell.
- Click on the ‘Settings’ icon followed by ‘Close’ from the drop-down menu.
- The platform will close your trade and add the proceeds to your account.
The process of selling your cryptocurrency is more or less similar on all platforms.
However, if you have your digital assets in a private wallet, you will have to transfer them to an exchange in order to sell them.
Is Cryptocurrency Taxed in Ireland?
In simple terms, yes, cryptocurrency is taxed in Ireland.
Despite its decentralized nature, profits from the sale of cryptocurrencies are liable for capital gains tax in Ireland. This rule also extends to the profits you make from exchanging cryptocurrencies.
However, you will have to pay tax only when you generate profit from a sale. In other words, for as long as you hold cryptocurrencies in your wallet, you will not be liable to pay any tax.
Buying cryptocurrency in Ireland has never been easier. Today, there are several online platforms that give you easy access to this marketplace with low fees.
The challenge is to figure out where to buy crypto in Ireland, based on your experience level and requirements. If you are confused about where to start, we suggest that you head straight to Crypto.com
As our guide pointed out, this platform is heavily regulated and offers a secure environment to invest in cryptocurrencies. Moreover, it is also feature-rich and allows you to buy cryptocurrencies in Ireland instantly with a debit/credit card or e-wallet.