How to Buy Bitcoin in Ireland – Beginner’s Guide

Irish residents have never had it easier when it comes to buying crypto assets like Bitcoin. Now it’s just a case of opening an account with a suitable Bitcoin broker and buying BTC with a debit/credit card or bank wire.

If you’re new to the world of cryptocurrencies – this beginner’s guide will walk you through the step-by-step process of how to buy Bitcoin in Ireland in a safe, fast, and cost-effective way.

Cryptoassets are a highly volatile unregulated investment product.

Where to Buy Bitcoin in Ireland – Top Platforms

You will need to choose and open an account with a crypto exchange before buying Bitcoin in Ireland. While Irish investors have access to dozens of platforms, it’s best to focus on exchanges that are regulated.

You should also explore what fees your chosen exchange charges and what payment methods you will be able to use to pay for your Bitcoin tokens. The best places to invest in Bitcoin in Ireland are:

1. Crypto.com – Top Exchange App to Buy and Earn Interest on Bitcoin

Crypto.com is one of the best places to buy BTC in Ireland. First, we should note that in order to buy Bitcoin with euros, you will need to download the Crypto.com app. This is free to download and is compatible with both Android and iOS smartphones.

If you like to trade on the go, Crypto.com might be just what you need. The Crypto.com app is easy to use, and you can set up an account in just a few minutes. Once your Crypto.com account is ready, you can buy Bitcoin in Ireland right away.

This is because the exchange supports Visa and MasterCard payments. This stands at a fee of 2.99%, so that’s €2.99 for every €100 that you trade. Nonetheless, the Bitcoin tokens that you buy will automatically be stored in your Crypto.com custodial wallet. If you wish, you can download the Crypto.com DeFi wallet – should you want to retain control over your private keys.

With that said, the DeFi wallet option is perhaps best suited for those of you with some prior experience in cryptocurrencies. On the other hand, many Irish cryptocurrency investors will use Crypto.com for the app’s interest accounts. As the name suggests, this allows you to earn on your Bitcoin tokens.

The APY available to you will vary depending on your chosen term and whether you stake CRO – which is the Crypto.com token. For instance, if you want to opt for a flexible Bitcoin interest account with no limitations on withdrawals, and without staking CRO, you will earn just 1% per year. But, by staking CRO on a 3-month term, you’ll earn an APY of 6% on your BTC tokens.

Now on to trading commissions – Crypto.com is very competitive. The most you will pay here to swap one digital asset into another is just 0.40%. Another product you might like on the Crypto.com app is its Visa debit card. This connects to your Crypto.com account – which means you can spend your Bitcoin tokens anywhere that Visa is accepted – including ATMs.

Cryptoassets are a highly volatile unregulated investment product.

2. Capital.com – Best Platform to Trade Bitcoin in Ireland With Leverage

While Crypto.com allows you to buy Bitcoin in Ireland in the traditional sense, Capital.com allows you to gain exposure to this digital currency via CFDs (Contracts-For-Differences). This means that you can attempt to make gains from the rise or fall of Bitcoin without owning any tokens.

For instance, let’s suppose that Bitcoin is trading at $30,000 and you stake €100 on its value rising. If Bitcoin increases by 10% and you close the position, you would make a profit of €10 (10% of €100 stake). Moreover, as you are trading CFDs, you can also speculate on the value of Bitcoin going down.

Irrespective of whether you go long or short on Bitcoin, Capital.com offers 0% commission and competitive spreads on all of its supported markets. In addition to Bitcoin, Capital.com offers more than 470 cryptocurrency pairs. You might also like Capital.com for its offering of leverage.

If you’re an Irish retail client (non-professional trader), you can apply leverage of up to 1:2 on crypto markets. This means that, for example, a €200 stake can be amplified to €400. Capital.com is also ideal for advanced traders that seek access to charting tools. You can even connect your Capital.com account to the third-party platform MetaTrader 4 (MT4).

To start trading Bitcoin CFDs at Capital.com, you can deposit funds with a debit/credit card or e-wallet from just €20. Bank wires are also supported. However, Capital.com requires a minimum deposit of €250 on this payment method. Nonetheless, you can deposit funds for free at Capital.com across all supported payment types.

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.

3. Coinbase – Great Bitcoin Broker for Beginners – But High Fees

The final exchange to consider when thinking about where to buy Bitcoin in Ireland is Coinbase. This crypto exchange has a superb reputation and is now used by nearly 100 million registered users. Although Coinbase charges high fees, the platform makes it really easy to buy and sell Bitcoin online.

In fact, you can complete your purchase instantly by using a debit card issued by either Visa or MasterCard. In doing so, Coinbase requires a hefty fee of 3.99%. We do like that Coinbase offers an extensive library of digital currencies that covers over 150 tokens.

This means that in addition to buying Bitcoin for your portfolio, you can diversify into other markets. You will need to pay a standard commission of 1.49% at Coinbase on each buy and sell position that you enter. When it comes to safety, Coinbase keeps 98% of client funds in cold wallets that are never connected to the internet.

You will also need to set up two-factor authentication when you register an account. This means that when you attempt to log into your account, Coinbase will send a unique code to your linked mobile phone. Finally, many Irish traders will elect to download the free Coinbase app – which gives you access to most features as found on the desktop website.

Cryptoassets are a highly volatile unregulated investment product.

Should I Buy Bitcoin?

If you are buying Bitcoin for the first time, then you should know that this asset class offers both a high upside potential as well as the risk of significant losses. That is to say, Bitcoin – like most cryptocurrencies, is volatile and speculative.

To offer some insight into this sentiment, the sections below will discuss some important considerations to make before you buy Bitcoin in Ireland.

Benefits of Buying Bitcoin

Before we explore the risks, let’s start by discussing some of the core benefits of adding Bitcoin to your portfolio today.

Innovative Technology 

The first benefit of investing in Bitcoin is that you are allocating funds to highly innovative and emerging technology. Launched as recently as 2009, Bitcoin has gone from a developer’s pipedream to a multi-trillion dollar asset class.

• The overarching concept of Bitcoin it is a digital currency that can be sent and received without going through a third party.
• This is because Bitcoin and its underlying blockchain protocol are decentralized.
• Crucially, this means that unlike fiat currencies such as the euro or pound, no central bank controls the supply of Bitcoin.
• Instead, transactions are verified and confirmed by miners – who are rewarded in Bitcoin for keeping the network secure and functional.

Ultimately, Bitcoin can be viewed as a new form of money. Just like the internet in the 1990s, Bitcoin is only at the very start of its journey. And therefore, never before has there been a better time to enter this marketplace.

No Threat of Inflation or Manipulation of Supply 

One of the biggest issues that society faces with fiat currency is that its supply is constantly being manipulated by central banks in the name of ‘fiscal and monetary policy’.

Not only does this include the adjustment of interest rates, but quantitive easing. The latter is a term used to describe ‘money printing’.

However, it is important to recognize that the supply of Bitcoin cannot in any way, shape, or form be manipulated by any single person or entity. Instead, the supply of Bitcoin – which is based on immutable code, increases by just 6.25 BTC every 10 minutes.

This is down from 12.5, 25, and 50 BTC. The reason for this is that every few years, the Bitcoin reward paid to miners is halved. As such, when the next halving event takes place – which is expected in 2024, the new block reward will stand at 3.125 BTC.

Financial Returns  

Perhaps the main reason why you are wondering how to buy Bitcoin in Ireland is that you wish to make a speculative investment. That is to say, your overarching objective is to buy Bitcoin and sell it later down the line for a profit.

• To give you an idea of the sort of returns available, in 2017, Bitcoin broke the $1,000 market for the first time.
• By the end of the year, Bitcoin hit highs of $20,000 before going on an extended downfall.
• Nonetheless, in just one year of trading, this would have resulted in gains of 2,000%.
• In comparison, the stock markets – at least in the case of the S&P 500 and Dow Jones, grow at an average of 10% per year.

Another example:

• In April 2020, Bitcoin was priced at just $5,000.
• By the end of November 2021, Bitcoin hit new all-time highs of nearly $69,000.
• This represents gains of over 1,200% in just 18 months of trading.

Ultimately, while Bitcoin is super-volatile, since it was launched in 2009 – it has generated some highly impressive gains for long-term holders.

Fractionized Units   

We mentioned above that Bitcoin hit highs of $69,000 in late 2021 – which amounts to approximately €64,000. However, you won’t need to risk this much to buy Bitcoin in Ireland. Fortunately, Bitcoin – due to its digital nature, can be split into very small units.

As noted in our earlier reviews, beginner-friendly brokers like Crypto.com will enable you to risk just $20 when you invest in Bitcoin. In doing so, you will own a small fraction of a BTC token. Then, as you begin to learn more about this innovative technology, you might consider slowly but surely increasing the size of your portfolio.

Passive Income

It goes without saying that if you buy BTC in Ireland and sell your tokens at a higher price – you will make a profit in the form of capital gains. This is no different from buying and selling stocks.

However, what you can also do with Bitcoin is deposit your tokens into a savings account with the view of earning interest.

Crypto.com, for example, will use your Bitcoin tokens to fund loans, which in turn, are collateralized by digital asset deposits.

Those that borrow funds will pay interest, which is subsequently forwarded to you. This is a great way to hold Bitcoin long-term and earn interest passively.

Risks of Buying Bitcoin

The main risks that you need to consider before you buy Bitcoin in Ireland are summarized below:

• Speculative: The rise of Bitcoin’s value is largely driven by speculative as opposed to anything tangible.
• Volatility: The price of Bitcoin can be extremely volatile. While historically Bitcoin has generated superb gains for long-term holders, you need to be prepared for wild pricing swings.
• Murky Exchanges: You need to be careful when choosing a place to buy Bitcoin in Ireland, as many exchanges in this space have a murky reputation.
• Wallet Hacks: You need to ensure that you keep your Bitcoin wallet safe. A successful hacking attempt from a bad actor will result in you losing your tokens.

In the subsequent sections of this guide, we explain how to buy Bitcoin in a safe and secure way.

Ways of Buying Bitcoin

If you are looking for the easiest and most convenient way to buy Bitcoin in Ireland, consider one of the methods outlined below:

Buy Bitcoin with Paypal

If you have funds in your Paypal account that you wish to allocate to Bitcoin -platforms such as Crypto.com will offer this as a payment option.

Buy Bitcoin With Credit Card or Debit Card

Most Irish investors that are looking to buy Bitcoin for the first time will elect to use a debit or credit card. Be careful when choosing an exchange for this purpose, as fees will average 3-5%.

What is the Best Way to Buy Bitcoin?

Although Bitcoin is a decentralized asset, it’s best to complete your purchase in the safety of a centralized exchange that is regulated. In doing so, you will be able to deposit funds securely with euros, and the exchange will carry out your investment on your behalf.

With that said, Bitcoin is also available to buy on a number of decentralized exchanges. This allows you to trade with other market participants directly, but fiat currency like euros is not accepted. Plus, you will likely find that liquidity levels on decentralized exchanges are often insufficient.

The other option you have is to trade Bitcoin via CFD instruments. This will allow you to avoid the hassle of storing your Bitcoin tokens in a private wallet – as CFDs merely track the value of crypto assets in real-time. You can also avoid paying any trading commissions when using Capital.com for this purpose – and both leverage and short-selling features are on offer.

Bitcoin Price

You might have noticed that throughout this guide on how to buy Bitcoin in Ireland, we have discussed the price of BTC in US dollars as opposed to euros. This is because Bitcoin is typically traded against USD – just like oil, gas, and other commodities.

Nonetheless, the Bitcoin price – irrespective of which currency you are trading it against, will fluctuate as each second passes. These pricing movements are determined by market forces.

For instance, we mentioned earlier that in 2017, Bitcoin went from $1,000 to $20,000 – representing growth of 2,000%. The reason for this was simple – there were significantly more people in the market looking to buy Bitcoin than those wishing to cash out.

At the other end of the spectrum, when Bitcoin went from highs of $20,000 to $5,000 – this was because there was an element of fear and uncertainty in the market. As such, there was more selling pressure in comparison to those looking to invest in Bitcoin.

Bitcoin Price Prediction

We should make it clear that Bitcoin price predictions are subjective and speculative. You will easily find competing opinions and viewpoints in the online domain, so investing on the back of somebody else’s prediction is not a smart move.

We would instead suggest that you view Bitcoin as a long-term asset class rather than a short-term instrument.

And therefore, spend some time understanding the fundamentals of Bitcoin – in terms of its use cases, widespread adoption, and suitability as a store of value.

How to Buy Bitcoin Safely

Below you will find some handy tips on how to buy Bitcoin safely when investing from the comfort of your home.

Tip 1: Only Use a Regulated Broker to Buy Bitcoin

We briefly mentioned earlier that there are many exchanges offering access to Bitcoin that have a murky reputation. And the reason for this is that most crypto exchanges are unregulated. Even those that are licensed are often regulated in shady offshore locations.

As such, the best way that you can stay safe when learning how to buy Bitcoin in Ireland is to stick with brokers that are regulated by reputable financial bodies.

Tip 2: Think Carefully About Your Choice of Bitcoin Wallet

Once you have invested in Bitcoin, you might decide to withdraw the tokens out of the exchange you bought them from and put into a private wallet.

However, just remember that in most cases, you will be personally responsible for keeping your wallet and subsequent Bitcoin tokens safe. As a newbie, this can be extremely intimidating.

Tip 3: Be Sure to Diversify 

Another tip that will ensure you are able to buy Bitcoin safely is to diversify your portfolio as best as possible. First, you might consider diversifying away from Bitcoin by purchasing other cryptocurrencies.

Second, it’s also worth diversifying away from cryptocurrency completely by adding some high-grade stocks and ETFs to your portfolio.

Platforms such as Crypto.com allow investors to trade hundreds of tokens.

Conclusion

That brings us to the end of this guide on the best crypto exchanges in Ireland. The top-performing platforms will ensure you have a smooth experience when placing orders to buy cryptocurrencies.

Not only that, but you should also expect a wide variety of supported markets, useful features, and low fees. We discovered that Crypto.com is the overall best cryptocurrency exchange in Ireland. Investors can create a new account in minutes, access multi-signature authentication, and trade thousands of assets.

Cryptoassets are a highly volatile unregulated investment product.

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