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 best-known.
There are now several other cryptocurrencies in existence.
A recent survey on behalf of the BPFI (Banking and Payments Federation Ireland) found that 8% of the population aged 18+ owned some sort of cryptocurrency. (May 2023).
For 18 to 34-year-olds – the percentage owning cryptocurrencies in Ireland was 16%.
This article gives some information about where to buy Cryptocurrencies in Ireland such as Shiba , Dogecoin Ethereum, Solana, Cardano , Bitcoin , Ripple and others.
There are now hundreds of different crypto-currencies and the numbers are growing all the time. In early November 2021, the total value of all crypto reached a high of $2.96 trillion USD. It has since fallen to around $1.14 trillion USD (May 2023). ( according to CoinMarketCap) .
Some of the more popular coins include Ethereum, Tether , Solana, Cardano Ripple, Stellar ,Dogecoin and Shiba INU.
Dogecoin is one of the cryptocurrencies that grew in value significantly in 2021 – helped by support from Tesla’s Elon Musk and other celebrities. Dogecoin started as a joke , but by May 2021 it had risen in value by more than 13,000 % since the start of 2021 .
It has since dropped from that high of $0.7376 to around $0.073 (May 2023)
How to Buy Cryptocurrency in Ireland
There are plenty of brokers and exchanges that offer the ability to trade cryptocurrencies in Ireland. 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 broker or exchange that has been around for a while, that is registered with a financial regulator and has links to other established companies.
Below – we have listed a few places where people living in Ireland can trade cryptocurrencies.
- It is important to note that bank guarantees do not cover any cryptocurrency investments.
- Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection.
- Tax on profits may apply.
eToro provides an online trading platform where you can buy and sell over 60 Cryptocurrencies in Ireland.
eToro (Europe) Ltd. is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC).
Some of the Cryptocurrencies available to trade on Etoro include :
Ethereum, Bitcoin Cash ,Shiba INU ,Ripple (XRP), Dash ,Bitcoin ,Uniswap ,MANALUNA ,TerraCompound ,Cronos Fetch.ai (FET) ,Dogecoin ,Litecoin, Cardano ,Stellar ,Binance ,Chainlink, Yearn ,Kyber Network ,AAVE ,Ethereum Name Service, REN Protocol, (REN) , Synthetix (SNX),
Etoro is one of the few exchanges where it is possible to trade Dogecoin in Ireland.
The latest “popular” coin – Shiba INU is also available to buy in Ireland on eToro. It is represented on eToro as “Shiba (in millions)”, which is a “lot” of one million Shiba Inu units. The price of one Shiba INU coin is very small – so by providing Shiba Inu as “Shiba (in millions)”, eToro say they offer users a clearer understanding of the pricing in a regular, two-decimal-point format.
Etoro also allows traders who want to speculate on the price of a cryptocurrency to use CFDs. These instruments that allow traders to speculate on crypto price movements rather than owning the cryptocurrency itself.
More on CFDs here.
Note: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Etoro charges a 1% fee on all crypto trades .
Of course, like all the other platforms , they also make some money from the spreads – eg. 0.75% on Bitcoin and 1.9% on Ethereum, 2.9% on Dogecoin (DOGE).
A spread is the difference between the selling price and the buying price. All exchanges and brokers have a spread – it’s one of the ways they make money. For example , a spread of 0.75% means that if you bought Bitcoin and sold it instantly – you would lose 0.75% of the value.
Etoro only trades in US dollars and they charge a 0.5% fee for conversion from Euro to dollars on deposits by bank transfer and 1.5% on card or PayPal deposits . There is also a 0.5% conversion fee if you withdraw in Euros.
However – you won’t pay any conversion fees if you use the Etoro Money App to deposit or withdraw Euros.
You can also avoid the Etoro currency conversion fees by depositing US Dollars using a debit card from N26 or Revolut.
If you have a standard Revolut account (a free one) – you will be charged 0.5% by Revolut once your currency exchange exceeds €1000 in a month. N26 have no such limits.
Withdrawal Fee: There is a flat-rate fee of $5 on each withdrawal from Etoro.
Etoro currently requires a minimum deposit of just $50 in Ireland – but they sometimes raise this during periods of heavy demand.
All deposits via Bank Transfer must be at least $500.
Cryptoassets are volatile instruments which can fluctuate widely in a very short time frame and, therefore, are not appropriate for all investors. . Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Coinbase can be used in Ireland to buy and sell around 60 different cryptocurrencies including Bitcoin, Dogecoin, Shiba INU , Ethereum , Litecoin , Ripple , Tether , Cardano Uniswap , Polygon Chainlink and many others.
Shiba Inu (SHIB) is available on Coinbase. Apparently – Shiba is a token that “aspires to be an Ethereum-based alternative to Dogecoin (DOGE)”. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion.
Money can be deposited on Coinbase using bank transfers, credit cards or debit cards, as well as PayPal.
Deposits by bank transfer are free.
Crypto trading fees on Coinbase are higher than Etoro.
Crypto trades on Coinbase are charged a 1.49% fee. (sell or buy)
Instant crypto purchases using a debit or credit card are charged a 3.99% fee.
Withdrawals to a card are charged a 2% fee. (Min 0.55c)
Coinbase also charges a spread of 0.50% for cryptocurrency purchases and cryptocurrency sales. (Might be lower on trades over $10k)
Fees may be less on Coinbase-Pro – so that might be worth investigating after you join Coinbase.
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 floated on the NASDAQ stock exchange on 14 April 2021.
Important – Cryptotoassets are highly volatile unregulated investment products. There is no EU investor protection.
Disclosure: We may receive compensation for promoting Coinbase
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 trade on Gemini include
- Dogecoin (added May 5th 2021)
- 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; €1.50 on orders between €10 and €25 , €3 for orders between 50 and 200.)
Gemini also adds a 0.5% ” convenience fee” to the prevailing price when buying crypto.
Etoro works out cheaper than Gemini.
It is also possible to earn interest on certain crypto you hold with Gemini (eg. 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 worth of Ethereum the transaction fee would be 1.49% or €7.45 EUR plus the 0.5% convenience fee of €2.50 comes to €9.95.
Buying $500 USD worth of Ethereum on Etoro would have no fees.
If you deposited in Euro – there would be a 0.5% fee ($2.50)
Revolut customers in Ireland can buy, hold and sell several different cryptocurrencies.
EU customers can buy Bitcoin, Ethereum, Shiba Inu, Stellar, Ripple and Bitcoin Cash , Cardano, Uniswap, Synthetix, Yearn Finance, UMA, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.
Shiba Inu was made available on Revolut in mid-February 2022.
Revolut Metal members are allowed to transfer Bitcoin out of Revolut. However – standard account holders cannot move crypto out of their Revolut account.
The exchange rate on Revolut for cryptocurrencies is 2.5% for Standard users and 1.5% for Premium and Metal users.
So – a $500 Ethereum purchase would cost Premium or Metal users $7.50 in fees. Standard users would be charged $12.50. This is significantly more than Etoro.
But – if Standard users exchange more than €1000 in a month they will also be charged an extra 0.5% (so a total of 3%)
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 . Bank guarantees do not cover crypto assests.
Another way of investing in crypto is to buy crypto trackers. Instead of directly buying cryptocurrencies, you can invest indirectly through trackers, such as exchange-traded funds (ETFs) and Exchange-Traded Notes (ETNs).
You can do this on Degiro
Degiro offers a few crypto trackers, the majority of which are ETNs. They also offer crypto ETFs; however, they track blockchain-related indices but not cryptocurrencies directly.
Some examples include:
CoinShares Physical Bitcoin
21Shares Bitcoin ETP
The fees when trading these crypto trackers on Degiro are the same as buying any other ETF.
The fee is €2 per trade plus a €1 handling fee.
Read more here about Degiro Fees in Ireland
Using crypto trackers means you don’t actually own any cryptocurrency – but it also means you don’t have to worry about wallets and security etc.
Please note: Investing in crypto trackers comes with high risk and we advise you to only invest in financial products that match your knowledge and experience.
Investing in Cryptocurrencies involves a high risk of loss of capital.
Cryptoassets are volatile instruments which can fluctuate widely in a very short time frame and, therefore, are not
appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and, therefore, is not supervised by any EU regulatory framework. Your capital is at risk
More about other Investment Options in Ireland
You may also be interested in our page about the Taxation of Cryptocurrency in Ireland