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 2022 for your portfolio.

How to Buy Cryptocurrency in Ireland – Quick Guide

If you are learning how to buy cryptocurrency in Ireland for the first time, the prospect of investing might seem confusing at first glance.

However, the process can be simple when using the right platform.

You can invest in cryptocurrency in Ireland by following the four steps outlined below:

  • Step 1: Open an eToro Account
    Your first port of call is to open an account with a reputable and regulated broker – such as eToro. You can get started with this platform by navigating to the eToro website and clicking on the ‘Join Now’ button. You can then fill in some personal information and verify your identity to create an account.
  • 💳 Step 2: Deposit Funds
    Next, you need to fund your brokerage account. eToro accepts payments via bank transfer, credit/debit cards, and e-wallets like PayPal.
  • 🔎 Step 3: Search for Cryptocurrency
    You can now search for the cryptocurrency you want to buy on eToro. To do this, enter the name of the digital asset in the eToro search bar. When the result comes up, click on the ‘Trade’ button.
  • 🛒 Step 4: Buy Cryptocurrency 
    The order box will now load up, so you can enter the amount you want to allocate to buy your chosen cryptocurrency. When you are ready to make the purchase, use the ‘Open Trade’ button to finalize the order.

Once your order is placed, eToro will proceed to execute the trade on your behalf. When the transaction is complete, you will see the cryptocurrency you purchased in the portfolio tab of your eToro account.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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. eToro – Overall Best Place to Buy Cryptocurrency in Ireland

etoro logoeToro is the best online broker to invest in cryptocurrency in Ireland. It gives you access to over 60 digital assets and lists more than 80 crypto trading pairs. eToro Europe has its registered office in Cyprus and is regulated by the CySEC, FCA, SEC, and ASIC.

When investing in cryptocurrencies via eToro, you can choose to fund your purchases via different payment methods. It is possible to buy cryptocurrencies with a debit/credit card, e-wallet, or bank transfer. For those based in Ireland, the minimum deposit is only $50 (about €48).

However, if you are making a deposit via bank transfer, you should fund your account with at least $500. And the only deposit fee applicable is a 0.5% conversion charge since the platform has to convert euros to US dollars. Other than this, you only have to pay a flat 1% fee to buy cryptocurrencies in Ireland through this platform.

etoro review

The eToro platform integrates a wide selection of research features, such as price alerts, news feeds, market updates, and customized charts. You can also control your cryptocurrency trades using advanced order types such as take-profit and stop-loss. In case you are a beginner, eToro also offers educational resources such as guides and webinars that will bring you up to speed.

Moreover, as a social trading platform, eToro offers an engaging communal experience. You can share your investment ideas and even get paid when others copy your trading strategies. On the other hand, it is also possible to automate your trades by copying experienced traders, which lets you take a passive approach to cryptocurrency investing.

eToro also offers the best app to buy cryptocurrency since its mobile version packs all of the features found on the web platform. You can use the app to purchase and sell cryptocurrencies, manages your open positions, and set up copy trading investments. It is also possible to access a demo account from the online platform as well as the mobile app.

eToro app

eToro also permits you to store your cryptocurrencies for free on its platform. This means that once you buy cryptocurrencies in Ireland, you do not have to worry about storing your tokens in a private wallet. On the other hand, if you wish to transfer your digital assets to another wallet, you can also do so via the eToro Money app.

Cryptocurrencies are not the only assets supported by eToro. On the contrary, it also gives you access to stocks and ETFs on a commission-free basis. You can also diversify your portfolio by engaging in commodity and forex trading on a spread-only basis. Lastly, if you want to hold your cryptocurrencies for the long term, you can also consider staking them on eToro.

At the time of writing, this feature is supported only for Ethereum, but Cardano and Tron too. Crucially, eToro lets you earn rewards on these tokens without having to lock them up for any fixed time.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Crypto.com – Top Cryptocurrency Exchange to Earn Interest on Digital Assets

crypto.com logoFounded 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.

Crypto.com

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.

3. Capital.com – Best Platform to Trade Cryptocurrencies in Ireland

Capital.com review 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

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.

etoro smartportfolio

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.

For instance, eToro offers a series of crypto-related smart portfolios that you can use to invest in multiple digital assets at once. Each of these portfolios offer different allocations of cryptocurrencies and is regularly balanced by eToro professionals.

You can choose the right crypto Smart Portfolio for you based on its risk and historical returns. To start investing, the minimum stake amount required is $500.

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.

Diversification 

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.

Increasing Adoption

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.

eToro

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 2022.

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

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

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%.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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.

Bitcoin

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%.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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.

Binance Coin

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%.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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.

Solana price chart

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.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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. If you wish to buy cryptocurrency with PayPal, eToro is a great option.

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. 

Crypto.com

However, on some brokers – such as eToro and 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. For instance, on eToro, you will only have to pay a 0.5% conversion fee if funding your account in euros.

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, eToro is 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.

In other words, you can be assured that eToro is transparent with its fees and offers a professional service to all its users.

Nevertheless, as with any investment, ensure you take into account your investment goals and financial standing before risking your money on cryptocurrency.

How to Buy Cryptocurrency in Ireland – Tutorial

To conclude our guide, we offer you a detailed step-by-step breakdown of how to buy crypto in Ireland.

To demonstrate how easy the process can be, we have used the beginner0-friendly broker eToro for this walkthrough.

Step 1: Open an eToro Account

Head over to the eToro homepage and find the ‘Join Now’ button to sign up. To create an account, you have to provide a username and password, on top of your email address.

etoro review

Next, eToro will require some personal information in order to verify your identity. This includes your full name, address, and phone number.

You will also have to verify the details you have provided by attaching a copy of your government-issued ID card. eToro also requires proof of your address and accepts documents such as a utility bill or bank statement for this purpose.

Step 2: Add Funds

To buy cryptocurrency in Ireland at eToro, you will need to ensure that you have money in your brokerage account.

You can deposit funds into your eToro account by authorizing a bank transfer or by making a payment with a debit or credit card.

eToro also lets you buy cryptocurrency in Ireland using e-wallets like PayPal. Depending on the funding method you choose, you may have to wait a few days before you can buy cryptocurrency.

how to buy crypto on eToro

For instance, credit/debit cards and e-wallets process transactions instantly, whereas bank transfers will take a couple of days to complete.

Step 3: Search for Cryptocurrency 

Once your account is funded, you can look for the cryptocurrency you want to purchase on eToro. If you already know which crypto to buy, you can use the search bar to locate it.

Alternatively, you can click on the ‘Discover’ tab and explore the different cryptocurrencies available on eToro. As noted earlier, this platform supports over 60 different digital coins.

eToro

When you click on a cryptocurrency, eToro will display its price chart and some basic market information. Once you are ready to make the purchase, you can tap on the ‘Trade’ button to go to the next step.

Step 4: Buy Cryptocurrency

In the next stage, you will see an order box appear – just like in the image below. Here, you can enter the amount you wish to stake on your chosen cryptocurrency.

how to buy crypto eToro

It is also possible to enter the number of digital coins you want to buy. To do that, simply click on the ‘Units’ button and then specify the number.

Finally, to confirm your order, click on the ‘Open Trade’ button.

eToro will execute your order right away. When the transaction is completed, you will see the digital assets you purchased in your portfolio.

Cryptoassets are a highly volatile unregulated investment product.

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.

For example, if you are using eToro, you can sell cryptocurrency in the following steps:

  • Sign in to your eToro 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.
  • eToro 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.

Conclusion

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 eToro.

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.

etoro logo

Cryptoassets are a highly volatile unregulated investment product.

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