Cryptocurrencies, also known as digital currencies or virtual currencies, are a form of digital money.
Bitcoin, which launched in 2008, was the first cryptocurrency, and it remains the biggest and best-known. There are now several other cryptocurrencies in existence – some of the most popular include Ethereum, Litecoin, Ripple and Stellar.
This article gives some information about some platforms where you can buy Cryptocurrencies in Ireland.
There are hundreds of different crypto-currencies and the numbers are growing all the time. At the end of Feb 2021, the estimated total value of all cryptocurrencies was $1.4 trillion USD . ( according to CoinMarketCap) .
Most cryptocurrencies work using a technology called blockchain. Blockchain is a ledger, spread across many computers, that manages and records transactions. Because the blockchain is publicly shared and its contents are validated by many different people it is virtually impossible for anyone to include a fraudulent transaction.
Where to Buy Cryptocurrency in Ireland
There are plenty of websites that offer the ability to trade cryptocurrencies. However – the cryptocurrency industry has been full of stories about fraudulent coins and dubious exchanges. Because of this, we think it is better to choose a crypto exchange that has been around for a while , is registered with a financial regulator and has links to other established companies.
- It is important to note that bank guarantees do not cover any cryptocurrency investments.
- Cryptoassets are highly volatile unregulated investment products with no EU investor protection.
Etoro is an online trading platform where you can buy Cryptocurrencies in Ireland.
eToro (Europe) Ltd. is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC).
Cryptocurrencies available to buy on Etoro include :
- Bitcoin Cash
- Ripple (XRP)
When buying cryptocurrencies on eToro, the only trading fees charged are the spreads – eg. 0.75% on Bitcoin and 1.9% on Ethereum.
Etoro also allows traders who want to speculate on the price of a cryptocurrency to use CFDs. These are instruments that allow traders to speculate on crypto price movements rather than owning the cryptocurrency itself.
You can deposit money on Etoro by debit card as well as bank transfer and Paypal.
Etoro only trades in US dollars. They charge a 0.5% conversion fee from Euro to dollars on deposit and again on withdrawal from US Dollars to Euro.
To avoid the Etoro conversion fees you could deposit US Dollars using a fee-free debit card from N26 or Wise. (Etoro say they do not accept USD payments from Revolut ).
Etoro normally requires a minimum deposit of $200 in Europe – but they sometimes raise this during periods of heavy demand.
Try Etoro Here
Note : Cryptoassets are highly volatile unregulated investment products with no EU investor protection.
67% of retail investor accounts lose money when trading CFDs with Etoro. You should consider whether you can afford to take the high risk of losing your money.
Coinbase was set up in San Francisco in 2012 and now has more than 30 million users. Coinbase can be used in Ireland to buy and sell cryptocurrencies such as Bitcoin, Ethereum . Litecoin , Ripple and others.
Coinbase is backed financially by the Spanish bank BBVA and also by the New York Stock Exchange. Coinbase was also the first crypto company to become a principal member of Visa. The company, which has been valued privately at around $68billion, is due to float on the NASDAQ stock exchange on 14 April.
The EU HQ of Coinbase is in Ireland and Coinbase Ireland Limited is authorised and regulated by the Central Bank of Ireland as an electronic money institution (fiat currencies).
Money can be deposited on Coinbase using bank transfers, credit card or debit card, as well as PayPal.
Bank transfers are charged a 1.49% fee but debit and credit card purchases are charged a 3.99% fee.
Coinbase charges a spread of about 0.50% for cryptocurrency purchases and cryptocurrency sales.
Important – Cryptotoassets are highly volatile unregulated investment products. There is no EU investor protection.
Gemini is a large cryptocurrency exchange based in New York. It was founded in 2015 by the Winklevoss twins, best-known for their legal dispute with Facebook founder Mark Zuckerberg.
Gemini is regulated by the New York State Department of Financial Services.
In the UK, Gemini is Licenced as Electronic Money Institution license by the FCA
Some of the cryptocurrencies available to buy on Gemini include
- Bitcoin Cash
Irish customers of Gemini can use bank transfers in Euro or GBP to deposit money with Gemini for free.
Debit cards can also be used to buy cryptocurrencies on Gemini but there is a 3.49% fee.
Withdrawals are free as long as you do less than 10 a month.
Transaction fees at Gemini for crypto purchases depend on the size of the transaction.
The fee is 1.49% on transactions of €200 or more, but on smaller transactions, there is a flat rate charge.
(€1 for orders under 10 euro; €2 on orders between €10 and €50 , €3 for order between 50 and 200.)
Gemini also adds a 0.5% ” convenience fee” to the prevailing price when buying crypto.
It is possible to earn interest on crypto you hold with Gemini (Currently 3.05% on Ethereum) . This is not automatic, you have to opt in to “Gemini Earn”.
Fees example at Gemini:
If the prevailing Gemini market price of Ethereum is $2000 USD. You will be quoted a price of $2010 USD to buy 1 Ethereum. (Includes the 0.5% convenience fee)
If you were to buy €500 of Ethereum the transaction fee would be 1.49% or €7.45 EUR
Revolut customers can now buy, hold and sell several different cryptocurrencies.
You can buy Bitcoin, Ethereum, Stellar, Ripple and Bitcoin Cash on Revolut.
In April 2021 – Revolut added the following cryptocurremcies for EU customers:
Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.
However, you cannot transfer cryptocurrencies in or out of Revolut. (So you don’t really “own” the crypto on Revolut).
Find out more about buying crypto on the Revolut Website
The exchange rate on Revolut for cryptocurrencies is 2.5% for Standard users and 1.5% for Premium and Metal users.
Revolut keeps any cryptocurrency they buy for you in a ‘virtual account’ which also holds cryptocurrencies for other Revolut customers. You will not have a separate cryptocurrency account.
In the EU , Revolut Payments UAB, is licensed and regulated by the Bank of Lithuania as an e-money institution
It is free to join Revolut.
Investing in Cryptocurrencies involves a high risk of loss of capital.
More about other Investment Options in Ireland