How to Buy Bitcoin in Ireland – Beginner's Guide
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Loading... - Nicole Kappas
- 27 May 2022
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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.
How to Buy Bitcoin Ireland – Quick Guide
Many first-time investors in Ireland will use a beginner-friendly Bitcoin broker like eToro. This platform is regulated by multiple licensing bodies and supports low-fee deposits via debit/credit cards, bank wires, and even Paypal. Follow these steps:
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Step 1: Open an eToro Account
Open a free account at eToro.com in order to safely buy Bitcoin in Ireland. After entering your personal details, choose a username for your newly created trading account. -
Step 2: Deposit Funds
The minimum deposit at eToro is just $50 – which is about €45. Choose from Visa/MasterCard or an e-wallet like Paypal to have your deposit processed instantly. Bank wires are also an option, but this payment type can take a few business days to process. -
Step 3: Search for Bitcoin
To go straight to the relevant investment page, type ‘Bitcoin’ into the search bar and click on ‘Trade’ when the correct result appears. -
Step 4: Buy Bitcoin
Now you will need to let eToro know how much money you want to allocate to your Bitcoin purchase. The minimum at eToro is just $10 – or about €9. Finally, to complete your Bitcoin purchase – click ‘Open Trade’.
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. eToro – Overall Best Platform to Buy Bitcoin in Ireland
eToro ticks all of the right boxes in terms of buying Bitcoin in Ireland in a safe, simple, and low-cost way. First and foremost, this top-rated exchange only requires a minimum deposit of $50 to get started. We also like how it rarely takes more than a couple of minutes to open an account.
You can add funds to your eToro account with Visa or MasterCard, as well as Paypal, Skrill, and Neteller. Traditional bank wires are also supported and available payment methods come with a very attractive transaction fee of just 0.5%. Once you have made a deposit, the only thing to do is search for Bitcoin and decide how much you wish to invest.
Fortunately, eToro caters to Irish investors of all budgets, not least because the minimum Bitcoin purchase requirement stands at just $10. This is because you can buy just a small fraction of a Bitcoin token – which ordinarily, trades for thousands of dollars. In completing your Bitcoin purchase, the tokens will automatically be transferred to your secure eToro wallet.
This is a custodial wallet, which means that eToro will look after both your Bitcoin tokens and private keys. At any given time, you can sell your Bitcoin back to cash. In the meantime, you might also consider adding some alternative digital assets to your eToro portfolio. You can buy cryptocurrency in Ireland here across 60+ different tokens – so diversifying is a breeze.
To offer some insight into the most traded cryptocurrency assets at eToro – this includes everything from BNB, Ethereum, and Dogecoin to AAVE, Shiba Inu, and Ripple. Not only that – but eToro even allows you to actively trade Bitcoin and other digital assets in a passive nature. In fact, this can be achieved in two different ways.
First, the eToro Copy Trading feature allows you to tap into the experience of a seasoned crypto investor. After selecting an investor you like the look of, you can copy their future trades automatically. This means that you can make investment decisions without needing to do any of the required research.
Second, the eToro Smart Portfolio tool allows you to invest in a pre-made basket of cryptocurrencies. Just like an ETF, eToro will determine which cryptocurrencies to add to your Smart Portfolio and when to rebalance or reweight it. The Copy Trading and Smart Portfolio tools at eToro require a minimum capital investment of $200 (about €180) and $500 (about €450), respectively.
When it comes to the security of your personal data and investment funds – eToro is regulated by multiple licensing bodies. This covers the SEC (US), FCA (UK), and ASIC (Australia). As an Irish trader, you will fall under the remit of CySEC (Cyprus). Finally, eToro also offers a demo trading facility – which is great for learning how to buy Bitcoin in Ireland in a risk-free manner.
2. Crypto.com – Top Exchange App to Buy and Earn Interest on Bitcoin
Not far behind eToro is Crypto.com – which is also 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.
Therefore, if you are the type of individual that prefers to trade while on the move – Crypto.com will likely be of interest. Plus, the Crypto.com app is very user-friendly and you can easily open an account in less than a few minutes. When you are set up with a Crypto.com account, you can then buy Bitcoin in Ireland instantly.
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. Read More...
