How To Buy Bitcoin & Crypto in Ireland | 2022 Guide |

How To Buy Bitcoin & Crypto in Ireland | 2022 Guide

While the Irish central bank remains wary of cryptocurrencies, the public has no such qualms. Ireland is a hub of blockchain and crypto trading activity, as well as being a more general FinTech hub within the EU.

Crypto is viewed and taxed as property in Ireland, with a somewhat neutral regulatory landscape at the moment. This write-up will focus on crypto for Irish investors, giving tips on the best exchange platforms and crypto regulations in Ireland.

How Does a Cryptocurrency Exchange Work?

Much like a forex platform, a crypto exchange works by allowing the investors to trade one coin for another or fiat. Centralized digital currency exchange platforms require a user to register and follow some KYC. 

A stock exchange allows users to buy and sell assets and enjoy profits based on their changing rates. Contrarily, crypto exchanges allow users to profit on trading pairs and market volatility. Exchange networks accept different payment methods, including credit cards, bank transfers, and Bitcoin ATMs.  

Is it Worth Investing in Cryptocurrency?

The simple answer is yes; investing in cryptocurrency creates a vast array of profit-making options. Cryptocurrency investors have been benefiting vastly since December due to the tripling of Bitcoin and the doubling of Ethereum prices.

The number of passive income-earning opportunities is also increasing fast, with staking, mining, lending, gambling, and many more opportunities rising. All these opportunities make crypto a worthwhile investment. However, before investing you must consider the market risk, licensing requirements, and reporting requirements involved in crypto investment.

Irish Bitcoin Regulations

There are no restrictions against buying Bitcoin in Ireland. This asset class is considered a financial instrument with excellent prospects and is legally viewed as property. Since it’s not legal tender, merchants and Irish banks are not forced into accepting bitcoin.  

The country does not have deep regulatory requirements when it comes to the ownership and use of bitcoin. Until central authorities implant other regulations, Ireland remains a haven for bitcoin & crypto trading.  

Irish Taxation of Crypto

Primarily, the taxation of cryptocurrencies in Ireland follows the basic taxation principles. There are no changes to calculating taxable profits. The treatment of crypto assets is similar to the treatment of a foreign currency in Ireland. 

The nature of crypto trade will determine whether the assets are treated as capital transactions or primary trades, the former of which attracts a 33% tax, and the latter attracts a 12.5% tax. When it comes to VAT, the treatment is normal for the suppliers. For VAT purposes, the guidelines relating to the same are used to determine the business liability.      

Here are the Best Exchanges to Buy Crypto in Ireland

Today, many exchanges are operating in Ireland. When selecting an exchange, consider if they accept card purchases, the service fee charged, and sums of money set as trading limits.

2 eToro

eToro is a famous fiat and crypto exchange platform instituted in the year 2009. This platform is highly reputable because of its great name in the fiat and securities-related exchange platforms. The eToro platform currently supports a wide range of crypto assets, hitting 120.

The eToro network is an excellent platform, and its user interface is highly intuitive and friendly. Etoro currently submits itself to KYC and verification procedures but still promises to protect the privacy and security of its users. The deposit limits in eToro differ depending on the type of deposits; $40k for debit card, online banking $10k, wire transfer is $1 million.

3 Bitpanda

Bitpanda is a cryptocurrency brokerage platform instituted in 2014 to provide the best opportunities for trading virtual assets. The platform has an exemplary user interface, and it currently supports over 50 crypto assets, including Bitcoin, Ethereum, and several other assets.

Since the platform was launched in 2014 as Coinmal and even won an award in 2016, it’s clear that it’s a highly reputable network. The platform has several verifications from the light and verified levels. The limits differ based on the verification and with the most minimum being 1500 EUR for online payments.

4 Coinmama

Coinmama is another one of the most reputable digital currency exchange platforms. Currently, the platform supports only nine crypto assets, including BTC, ETH, BSC, XRP, and many more virtual currencies. Also, Coinmama supports six fiat currencies, including USD.

This platform offers costly exchanges with a very user-friendly dashboard for its users. Coinmama collects your private information during sign-up but protects your privacy by not sharing any of your personal information. For level 1, the limit is $10k, level 2 is $50k, and the final level is no limit.

5 Coinbase

Coinbase is probably the most trusted crypto broker and has several times performed better than Binance. This platform supports about 108 virtual currencies and several other fiat currencies. When it comes to ease of use, Coinbase has proven to be a user-friendly virtual exchange network.

Coinbase is probably the safest crypto asset exchange platform today; although they collect users’ data, they do not sell it. Coinbase minimum order size depends on the crypto assets you deal with. For instance, it’s 0.001 for BTC, 0.01 for ETH, and 0.1 for LTC.

6 is another one of the most trusted crypto exchange platforms today, providing virtual asset exchange services in many countries. The network currently supports around four fiat assets and about 82 crypto assets, including the top ones Bitcoin and Ethereum.

Regarding reputation, the platform is one of the most trusted networks. CEX.IO collects lots of personal information on registration and verification using the KYC and AML procedures. The most minimum transaction values in the platform are $100.

7 Paybis

Paybis is another popular crypto exchange that avails its services to Ireland citizens. Paybis supports around ten virtual assets like BNB, BCH, BTC, ETH, XLM, USDT, TRX, NEO, and LTC. Paybis also has a remarkably user-friendly and highly intuitive network.

Paybis is a crypto exchange that offers excellent services but at top security and privacy. They are compliant with AML and KYC, but they do not sell users’ private data to other parties. The limits differ depending on the mode of payment, with 20k and 50k for visa/MasterCard and credit/debit cards.

Pros (What We Like)

Cons (What We Don’t Like)

8 Kraken

Kraken is another one of the crypto exchanges offering excellent digital asset trading services. This crypto assets exchange supports 41 including bitcoin, Bitcoin cash, Dai, Monero, and many more assets. This platform has an excellent user interface meaning everyone can easily use the platform.

Kraken is also a highly reputable platform. The Kraken network has always worked to protect the security and privacy of its data. Kraken has a maximum withdrawal limit, with the pro version standing at $10 million. 

9 Paymium

Paymium is another one of the best bitcoin exchange platforms which offers comprehensive trading services to users. This platform has only been focusing on the exchange of Bitcoin in the BTC/EUR market. Its user interface is excellent, making it easy for users to trade assets.

When it comes to privacy, the network is working hard to protect the privacy of the user’s data at any time. Similarly, the deposit and withdrawal limits are set at 100k and 500k, respectively.

Ireland Crypto Exchange FAQs

Is Cryptocurrency Legal in Ireland?

Yes, Crypto assets are legal in Ireland. Merchants are allowed to receive payments with crypto assets but are not forced into accepting the payments in the first place. Buyers can choose between the range of payment methods given in exchanges.

We recommend as an option worthy of consideration when purchasing crypto in Ireland.

Does Coinbase work in Ireland?

Coinbase exchange works in Ireland, and it provides its excellent services in 100 other countries. Nonetheless, there are other top-notch, user-friendly, and convenient exchanges one can gain access to in Ireland such as Crypto Wallet

What is the price of Bitcoin in Ireland?

Like all other countries, crypto prices in Ireland depend on the prevailing market values in exchanges globally.

Are cryptocurrencies a gamble?

Although to some it may seem like a gamble, Investing in crypto assets is not a gamble. However, for any success, a user must use time, be ready to invest, and wait for results.