Buy Cryptocurrency Ireland – How To Buy Cryptocurrency for Beginners in 2021

Fact Checked by Gary McFarlane

The growth of the cryptocurrency market has prompted a considerable number of retail traders to begin investing in digital currencies to maximise returns. However, as this asset class is still relatively new, it can be a little daunting to enter the market for the first time and begin trading.

Not to worry – if you are an Irish trader, this guide will show you How to Buy Cryptocurrency Ireland from the comfort of your own home. We’ll discuss the best places to buy cryptocurrency in Ireland and highlight the steps you need to take to buy crypto right now – with no commissions!

Table of Contents

#1 Broker to Buy Cryptocurrency Ireland – eToro

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$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

How to Buy Cryptocurrency Ireland – Quick Guide

If you’re looking to buy cryptocurrency in Ireland right now, look no further! By following the four quick steps below, you’ll be able to invest in the crypto market in under ten minutes – all without paying any trading fees or commissions!

  • Step 1 – Open an eToro Account: Navigate to eToro’s homepage and click ‘Join Now’. Enter your email address and choose a username and a password to create your account.
  • Step 2 – Verify your Account: Upload proof of ID (copy of passport or driver’s license) and proof of address (copy of bank statement or utility bill) to verify yourself.
  • Step 3 – Make a Deposit: Deposit at least $50 (€43) using a credit/debit card, bank transfer, or e-wallet.
  • Step 4 – Buy Cryptocurrency: Type the name of your chosen crypto in the search bar and click ‘Trade’. Enter your position size in the order box and click ‘Open Trade’.

67% of all retail investor accounts lose money when trading CFDs with this provider.

Where to Buy Cryptocurrency Ireland

When investing in cryptocurrency, the first thing you must do is choose a broker or exchange to facilitate your investment. These days there are plenty of platforms to choose from, each with its own unique features and attributes. However, it can be tricky to narrow it down to just one due to the abundance of options.

We’ve done all the research and testing to streamline this process and narrowed down the selection to our top five crypto platforms in Ireland. Read on to learn more about each platform’s fees, features, and benefits.

1. eToro – Overall Best Broker to Buy Cryptocurrency in Ireland

etoro logo

Our number one recommendation when it comes to buying cryptocurrency in Ireland is eToro. eToro has a fantastic reputation in the crypto-trading industry, boasting over 23 million users worldwide. Moreover, eToro is regulated by the FCA, ASIC, and CySEC, which means that users are offered high levels of protection and security policies.

We recommend using eToro as you’ll be able to purchase cryptocurrencies with 0% commissions. This contrasts with many other platforms that tend to charge a percentage fee whenever you place a trade. Instead, eToro’s fees are included in their spread, which is the difference between the buy and sell prices on an asset. This spread tends to be competitive with other online brokers and is clearly stated on the eToro website.

etoro crypto investing

The minimum deposit at eToro is only $50 (€43), and users can fund their accounts via credit/debit card, bank transfer, or e-wallet – including PayPal, Skrill, and Neteller. Furthermore, you can benefit from eToro’s fractional investing approach when trading, meaning that you can invest from as little as $25 (€21.55) per position. Finally, eToro even offer a free demo account which will allow you to gain experience in the markets before you begin using real money!

Pros

  • 0% commissions
  • Minimum deposit of only $50
  • Trade from as little as $25
  • Regulated by the FCA, ASIC, and CySEC
  • Competitive spreads

Cons

  • Small currency conversion fee unless you deposit in USD

67% of all retail investor accounts lose money when trading CFDs with this provider.

2. Capital.com – Buy Cryptocurrency in Ireland with 0% Commissionscapital.com review

If you’re looking for an alternative to eToro, we’d also recommend checking out Capital.com. Capital.com is super popular with Irish traders due to its commission-free fee structure and vast selection of tradeable assets. Much like eToro, Capital.com is regulated by the FCA, ASIC, and CySEC, with additional regulation from MiFID.

As noted above, Capital.com allow users to invest with 0% commission on a huge range of CFDs, including cryptos. Spreads on Capital.com are very tight, with BTC trading being around 0.5% and ETH trading being 1%. In terms of deposits, Capital.com doesn’t charge a fee when you fund your account and accepts credit/debit cards, bank transfers, and many major e-wallets. Notably, e-wallet and credit/debit card deposits arrive instantly, while bank transfers can take several business days.

capital.com buy crypto

Capital.com also doesn’t charge any withdrawal fees, with withdrawals only taking one business day to arrive in your account on average. In terms of the trading platform, Capital.com offers a variety of features, including charting and analysis capabilities. You can also use Capital.com’s handy mobile app to trade on the go – and even use MT4 through the Capital.com platform if you are also interested in forex trading!

Pros

  • Trade cryptos with 0% commissions
  • No deposit or withdrawal fees
  • MT4 support
  • Regulated by the FCA, ASIC, CySEC, and MiFID
  • Tight spreads

Cons

  • Only offers CFDs
  • Some features are designed for advanced users

at eToro, Ireland’s #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection

3. AvaTrade – Buy Cryptocurrency in Ireland with Leverage

AvaTrade logo

AvaTrade has been around since 2006 and offers trading services to users in over 150 countries. As one of the world’s leading CFD brokers, AvaTrade is regulated by several top authorities and even by the Central Bank of Ireland! The great thing about AvaTrade is that the platform is designed to appeal to users of all experience levels through its ‘all in one’ approach.

AvaTrade offers 17 cryptos to trade, including BTC, ETH, and LTC. Notably, AvaTrade allows users to employ leverage when trading cryptos – up to 2:1 for EU residents and 25:1 for non-EU residents. Furthermore, as AvaTrade offers 0% commission trading, you’ll only have to pay the spread when investing in cryptos.

avatrade buy crypto

In terms of non-trading fees, AvaTrade does not charge any monthly account fees, deposit fees, or withdrawal fees. However, AvaTrade does charge an inactivity fee of $50 after three months of inactivity. Furthermore, after a full year of inactivity, Avatrade will charge $100. Finally, the minimum deposit amount at AvaTrade is $100, with bank transfer, credit/debit card, and various e-wallets all accepted.

Pros

  • Commission-free trading
  • 17 different cryptos to trade
  • Regulated by the Central Bank of Ireland
  • Use leverage when crypto trading
  • No deposit or withdrawal fees

Cons

  • High inactivity fees
  • Minimum deposit amount is $100

at eToro, Ireland’s #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection

4. Coinbase – Best Broker to Buy Cryptocurrency in Ireland for Beginners

coinbase review

Coinbase is one of the best Bitcoin brokers UK and has established itself within the industry over the past decade. We recommend Coinbase so highly when buying cryptocurrency in Ireland because the platform is exceptionally beginner-friendly and offers functionality for advanced traders. Notably, Coinbase has two components, Coinbase and Coinbase Pro, each with its own fee structure.

Trading fees on Coinbase can be pretty high – if you invest between €0 and €200, you’ll pay a flat fee that increases as your position size increases. If you invest over €200, you will pay a commission of 1.49% when you buy and sell. Furthermore, Coinbase offers an ‘Instant Buy’ service that allows you to purchase cryptocurrency using a credit or debit card instantly. If you use this, the fee will increase to 3.99% per trade.

coinbase review

However, Coinbase Pro fees are much better – and this platform offers both crypto-to-crypto pairs and fiat-to-crypto pairs. With Coinbase Pro, you’ll pay a maker or taker fee, which basically means your fee will be a percentage of your trade size. Anything under $10,000 equates to 0.50%, although this reduces as your trade size increases. Finally, Coinbase also offers a free crypto wallet for you to store your holdings – and also provides functionality to store NFTs!

Pros

  • User-friendly interface
  • Massive library of educational material
  • Buy crypto with a credit/debit card
  • One of the largest crypto exchanges in the world
  • Free crypto wallet

Cons

  • Trading fees are pretty high
  • Costs increase as your trading size increases

at eToro, Ireland’s #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection

5. Binance – Best Broker to Buy Crypto in Ireland with Low Fees

binance review

The final broker we’d recommend when considering how to buy cryptocurrency Ireland is Binance. At present, Binance is the world’s largest cryptocurrency exchange and completed over $60bn in trading volume within the last 24hrs according to CoinMarketCap. Due to Binance’s size, users can trade a vast range of coins, tokens, stablecoins, and more!

With Binance, commissions equate to only 0.1% per trade, far less than some other crypto exchanges. However, if you hold Binance’s native cryptocurrency, BNB, you can reduce these fees by up to 75%! In terms of deposits, Binance accepts funding from credit/debit cards, although this will come with a 2% fee. Alternatively, you can deposit crypto into your Binance account free of charge.

binance buy cryptocurrency

Binance users also get access to the super-popular Trust Wallet, which will allow you to keep your holdings safe. This wallet is compatible with over 40 different blockchains, meaning that it can support thousands of coins. Furthermore, as the wallet is decentralised, it means that only you can access your private key. Most crypto traders see this as a good thing, as it means that you are the only person who can access your crypto holdings.

Pros

  • World’s largest crypto exchange
  • Trading fees are only 0.1%
  • Can reduce fees even further by holding BNB
  • Fee Trust Wallet to store holdings
  • Offers a vast selection of tradeable cryptos

Cons

  • 2% fee when depositing via credit/debit card
  • Some features are suited to advanced users

at eToro, Ireland’s #1 Broker

Cryptoassets are highly volatile unregulated investment products. No EU investor protection

 

Why Buy Cryptocurrency in Ireland?

Cryptocurrency is fast becoming one of the best investments UK for risk-seeking investors due to the incredible returns it can offer compared to traditional asset classes. With that in mind, let’s dive into some of the main reasons why you may want to buy cryptocurrency in Ireland today.

New and Exciting Technology

One of the main reasons you might want to invest in crypto is the growth of blockchain technology. This technology has been popularised by Bitcoin over the past decade and now forms the foundation of hundreds of cryptocurrencies. Aside from Bitcoin and Ethereum, some of the most exciting blockchain platforms in the market right now include Solana, Cardano, Algorand, and Ripple.

cryptocurrency technology

By investing in cryptocurrency, you’ll gain exposure to this growing area of innovation. Blockchain technology is here to stay, providing the basis for exciting new areas such as NFTs and decentralised finance (DeFi). So, if you’re bullish on this technology, then investing in cryptocurrency is likely a good idea.

Store of Value

Many people who invest in Bitcoin do so because they see it as a store of value. Traditionally, gold has been the go-to when investors look for a store of value – yet this is now shifting to other assets.

Bitcoin is censorship-resistant and cannot be altered by the government or any other financial institution, making it ideal for hedging purposes. Furthermore, as the amount of BTC is capped, the coin is deflationary in nature. Put simply, this finite supply means that the price of BTC will tend to gravitate upwards over the long term, making it a good investment if you are looking for a store of value.

High Returns

Finally, cryptocurrencies tend to offer much higher returns than you’d get when investing in traditional asset classes. For example, BTC returned an incredible 302.8% in 2020 alone – and even returned 1318 in 2017%! This pattern is followed by other cryptocurrencies in the market, highlighting the gains that can be made from these assets. However, cryptos are much more volatile than other assets, so there’s also a chance that the price could drop rapidly at any moment.

Ways to Buy Cryptocurrency in Ireland

As we’ve detailed earlier, the best way to buy cryptocurrency in Ireland is to use a regulated and licensed broker such as eToro. eToro is one of the best trading platforms for crypto trading in Ireland because you’ll be able to trade from as little as $25 (€21.55) per position. What’s more, as eToro is a commission-free broker, you won’t have to pay any of the hefty transaction fees that other platforms charge.

Buy Cryptocurrency with PayPalpaypal logo

PayPal is one of the most widely-used digital payment methods these days, meaning that many traders will look to see whether their chosen broker or exchange accepts PayPal as a payment method. Luckily, more and more Bitcoin brokers UK are starting to offer PayPal as an option, allowing traders to fund their accounts using their PayPal balance instantly.

eToro is one of these brokers, allowing users to make deposits using PayPal. With eToro, PayPal deposits are entirely free to make and arrive in your account instantly. Notably, if you were to convert your Euros to Dollars within PayPal, you’d be able to fund your eToro account in USD – thereby avoiding any currency conversion fees.

Buy Cryptocurrency with PayPal at eToro From $25 Now >

Buy Cryptocurrency with Credit/Debit Card

Another popular payment option is credit/debit card. Notably, most cryptocurrency exchanges will now accept funding via credit/debit card (such as Visa or Mastercard) – although it will often come accompanied by a hefty fee. Due to this, users of these platforms tend to fund their accounts in cryptocurrency.

However, if you were to use an online broker such as eToro, you’ll be able to fund your account using your credit/debit card free of charge. All that’s required is that you verify yourself on the platform before making your deposit. Again, as noted earlier, non-USD deposits such as EUR or GBP will incur a currency conversion fee, so be aware of this when funding your account using a card.

Buy Cryptocurrency with Credit Card at eToro From $25 Now >

How to Buy Cryptocurrency Anonymously in Ireland

If you’re looking to buy Ethereum, Bitcoin, Cardano, or any other cryptocurrency, you may wish to purchase the coins anonymously. Unfortunately, this cannot be done safely, as all of the regulated and licensed trading platforms will require that users verify themselves before depositing. This is to comply with anti-money laundering regulations and other security policies.

etoro crypto trading

If you do wish to purchase cryptocurrency anonymously, you’d need to use an unlicensed trading platform. We’d strongly advise against this, as these platforms offer no investor protection – meaning that your personal details and capital are both at risk of being stolen.

Risks of Buying Cryptocurrency

Much like when you buy stocks, there are certain risks associated with investing in cryptocurrency. Found below are three of the main things you should be aware of when entering the crypto market.

High Volatility

Broadly speaking, cryptocurrencies are much more volatile than traditional asset classes such as equities, bonds, and currencies. As cryptocurrency is still relatively new, markets can sometimes be erratic and hard to predict. Therefore, when you buy cryptocurrency, you’ll need to have a higher risk appetite than other investments.

BTC price chart

Furthermore, certain coins and tokens will have strong communities behind them, which can cause the price to be volatile. Often, this turns out to be a positive thing, as community backing and ‘hype’ can drive prices higher. However, this often creates a ‘bubble’ that will burst at some point – when price tends to crash.

Not Backed by a Central Bank

Cryptocurrency is inherently decentralised, meaning that it does not rely on a single point of authority. Although this is good for elements such as safety and anonymity, it does mean that cryptos are not backed by any physical assets. For example, the US Dollar used to be backed by gold until 1978 but is now supported by the strength of the US government.

As Bitcoin (and other digital currencies) are not backed by anything, this is theoretically very risky. Nowadays, BTC is so widely used and traded that it is unlikely that price will ever reduce to $0. However, this might not be the case for smaller cryptos – so be aware of this factor when investing in altcoins.

Threat of RegulationSEC logo

A recent article by Forbes touched on the fact that cryptocurrency regulation will soon be coming to increase the level of investor protection in the area. However, this regulation will likely stifle the crypto market somewhat, as up until now, trading has been conducted freely and with no restrictions. Right now, the SEC is rumoured to be considering various levels of regulation aimed at ‘protecting’ investors and making the market more manageable.

Ultimately, this could turn out to be a good thing – although it’s likely that we’d see some price declines across the board as there will undoubtedly be some drawbacks. If you are a crypto investor, this can be particularly problematic regarding your position and potential gains. Overall, there’s no knowing when or if this regulation will come to pass, so it’s wise to just keep an eye out for any significant announcements over the next year.

How to Buy Cryptocurrency in Ireland – Step by Step Guide

Now that you have an idea of the best trading platforms and what to look for when you buy cryptocurrency, let’s discuss the trading process. Before you can begin investing, you’ll need to open an account and verify yourself. As we’ve touched on, choosing an appropriate platform is one of the most important things to do when starting your trading journey.

With that in mind, the five short steps below will walk you through the investment process with eToro. By following these steps, you’ll be able to buy cryptocurrency in Ireland commission-free – all in under ten minutes!

Step 1 – Open an eToro Account

Head over to eToro’s homepage and click ‘Join Now’. You’ll then be asked to enter a valid email address and choose a username and a password to create your account. If you’d like, you can also download eToro’s mobile app on iOS or Android and complete the process using that.

etoro sign up

67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2 – Verify your Account

As one of the safest CFD brokers, eToro requires new users to verify their identities before trading. To do so, head to your account dashboard and enter the personal information necessary to complete the KYC checks. You’ll also have to upload proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill).

Step 3 – Make a Deposit

When you first create your eToro account, the minimum deposit is $50 (€43) and is free to make if you fund your account in USD – if not, you’ll be subject to a 0.5% currency conversion fee. In terms of deposit methods, eToro accepts the following for Irish clients:

  • Credit Card
  • Debit Card
  • Bank Transfer
  • Rapid Transfer
  • PayPal
  • Skrill
  • Neteller
  • Trustly

Step 4 – Search for Cryptocurrency

Once you’ve funded your account, click into the search bar and type in the name of your chosen asset – in this case, we’re looking to invest in Bitcoin. Once your asset appears, click ‘Trade’.

Step 5 – Buy Crypto

An order box will then appear, much like the one below. In this box, enter your desired position size (minimum of $25), double-check everything is correct, and click ‘Open Trade’.

buy BTC etoro

And that’s it! You’ve officially invested in cryptocurrency with eToro – all without paying any commissions!

Types and Features of Cryptocurrencies

Many people look to invest $1000 (or more) in cryptocurrency due to the potentially high returns they could get. However, as the market is so vast now, it’s difficult to know where to start! To help streamline the investment process, found below are some of the best cryptocurrencies to buy in Ireland right now.

Bitcoin (BTC)

You may look to buy Bitcoin Ireland due to its popularity – yet Bitcoin has some exceptional benefits as a speculative asset. As Bitcoin is censorship-free, it offers a viable alternative to investing in traditional financial markets. Moreover, due to its limited supply cap, the economics are ideal for the coin to increase in value over time.

Ethereum (ETH)

Ethereum is the second-largest cryptocurrency according to CoinMarketCap, with many believing that it could overtake Bitcoin one day. Ethereum’s blockchain network supports smart contracts and offers a way for DeFi projects and NFTs to grow. In addition, the upcoming ETH 2.0 looks to improve on many of the platform’s flaws – which will make it an even more attractive asset!

Cardano (ADA)

Cardano has burst onto the scene over the last year and is backed by some of the most skilled developers in the space. Cardano is a blockchain network that offers smart contract functionality and looks to rival Ethereum. Furthermore, as Cardano is rooted in peer-reviewed literature, it’s ideal for large institutions to partner with.

XRP (XRP)

XRP is the native token of the Ripple network, which allows fast monetary transactions between people. Ripple is decentralised and allows peer-to-peer transactions in any currency and with minimal fees. What’s more, Ripple is much quicker than the traditional SWIFT network, making it an exciting crypto for the future.

Dogecoin (DOGE)

Finally, Dogecoin was initially started as a joke but has become one of the top 10 cryptos by market cap. Thanks to the hype from Reddit and other social media platforms, Dogecoin exploded in 2021 – and even caught the attention of Elon Musk! Now that Dogecoin is so popular, it has added other use cases, making it a viable investment opportunity for traders.

Selling Cryptocurrency – A Brief Overview

When you invest in cryptocurrency, you’ll undoubtedly want to sell it at some point in the future. Luckily, with a broker like eToro, the selling process is just as simple as the buying process! Found below is an example of how this would work:

  • You invest €1000 in Bitcoin when it was priced at $60,000
  • One year later, Bitcoin reaches a valuation of $180,000
  • You close out your position on eToro
  • As Bitcoin has tripled in price, so too has your initial investment
  • Thus, you will get €3000 put back into your account

The above presents a brief overview of how the process to sell Bitcoin works and how profits are calculated. When closing your position, all you need to do is head to your open positions section on your trading platform and opt to close the relevant one. The balance of the position will then be put into your account for you to withdraw or reinvest.

How to Buy Cryptocurrency Ireland – Conclusion

In summary, this guide has covered everything you need to know about how to buy cryptocurrency in Ireland. We’ve discussed the best Irish cryptocurrency brokers and their features before showing you how you can purchase cryptocurrency in Ireland commission-free. Overall, now is the perfect time to enter the crypto market due to the wealth of options at your disposal – which is excellent news if you are a beginner trader!

So, if you’d like to buy cryptocurrency in Ireland today, we’d recommend opening an account with eToro. eToro is one of the largest brokers in the world and has over 23 million users globally. What’s more, eToro charges no commissions when trading and offers a vast selection of crypto assets to invest in!

Buy Cryptocurrency with eToro – #1 Broker for Buying Cryptocurrency in Ireland

etoro logo

67% of retail investor accounts lose money when trading CFDs with this provider.

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About Connor Brooke PRO INVESTOR

Connor is a Scottish financial expert, specialising in wealth management and equity investing. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, whilst also providing startup consulting to small businesses. Holding a Bachelor’s degree in Finance, and a Master’s degree in Investment Fund Management, Connor has extensive knowledge in the investing space, and has also written two theses on mutual funds and the UK market.