The rate of cryptocurrency adoption in Ireland is gradually increasing, currently standing at 13%, as the country strives to become a crypto hub.
As crypto investments continue to evolve in the country, Irish investors need to choose the right and reliable digital currency exchange to buy, sell, trade, and secure their cryptocurrencies.
However, with many exchanges operating in Ireland, it may become a bit difficult to make the right choice.
To guide you in making the right choice, this article presents the best crypto exchanges in Ireland based on essential factors, which include regulatory compliance, security, user experience, and trading fees.
Before we delve into the best exchange for cryptocurrencies in Ireland, let us consider Ireland’s stance on cryptocurrency.
Cryptocurrency And Ireland
Cryptocurrencies are becoming popular in Ireland, a country well-known for its advancement in technology.
According to the Irish Times, about 13% of Irish adults hold some form of cryptocurrencies or NFT assets in May 2024. This figure places Ireland ahead of the UK, which has an estimated 10% of the population owning cryptocurrencies.
The increasing rate of crypto adoption among the Irish population is connected to the fact that cryptocurrency is not banned but legal in the country, and there are no special tax rules for digital assets yet in Ireland.
Also, although the Central Bank of Ireland, which is the primary regulatory authority overseeing cryptocurrency activities, describes cryptocurrency as being a more high-risk speculative asset than the fiat currency, there are not very many regulations about digital assets in the country except those introduced by the EU, so cryptocurrency can be said to be largely unregulated in Ireland.
With a growing number of Irish crypto enthusiasts and investors comes an increasing number of crypto exchanges to cater to the needs of these investors. However, it is important to choose the right cryptocurrency exchange to secure your cryptocurrencies and optimize your crypto trading and investment.
Hence, there is a need for this comprehensive and detailed article.
5 Best Crypto Exchanges In Ireland
This section offers a detailed analysis of the five best cryptocurrency exchanges operating in Ireland, presenting their unique features and benefits to users.
Kraken
The first exchange on our list is none other than Kraken. This exchange touts itself as one of the top crypto exchanges Ireland investors can trust.
This exchange is registered with Ireland’s Central Bank (CBI) under the reg. No. C468360, and is serving over 10M users across 160 nations. What makes this exchange stand out is its robust security features, which include 2FA and advanced encryption.
Kraken beefed up its security after suffering a massive hacking exploit in June, where it lost about $3M to hackers.
This exchange is also transparent enough with users’ assets, regularly undergoing external audits of its proof-of-reserves.
Kraken offers deep liquidity and supports over 250 digital currencies on its platform, where users can engage in both spot and futures trading with 5x leverage. This trading platform also supports the following Euro deposit methods – credit/debit cards, bank transfers, SEPA transfers, and PayPal.
What more?
This platform offers the Kraken Pro platform, staking options, NFT trading, a mobile app, and a dedicated OTC desk for large crypto transactions.
In terms of trading fees, this exchange charges a 0.16% trading fee for makers and a 0.26% trading fee for takers. This can be lower depending on your 30-day trading volume. The ‘Instant Buy’ feature incurs a flat fee of 1.5%.
All these make this exchange an excellent option for day traders who want to execute large orders efficiently.
Uphold
Uphold is another top cryptocurrency exchange in Ireland. It is registered with the Financial Conduct Authority (FCA) with reference number 938277.
The exchange proves to be more trustworthy and transparent than Kraken in that it publishes its proof-of-reserves live every 30 seconds. This act alone assures users that their cryptocurrencies are always accessible.
Uphold supports over 300 virtual currencies, 27 fiat currencies, and four precious metals. One thing that sets Uphold apart is its one-way trading experience, which enables crypto traders to trade between any asset without converting it to fiat first.
This exchange does not offer a fixed trading fee but variable spread fees according to the user’s region. However, in the US, UK, and Europe, Uphold’s trading fees are typically 0.25% for most stablecoins and major market FX, 1.4% – 1.6% for Bitcoin and Ethereum, 1.9% – 2.95% for altcoins, and 1.9% – 2.95% for precious metals.
This exchange offers additional features, which include staking with up to 25% APY, an over-the-counter (OTC) desk with dedicated account managers.
Uphold offers multiple local payment methods, which include credit/debit cards, bank transfers, SEPA transfers, Apple Pay, and Google Pay. The exchange also has its native debit card, which allows users to spend their crypto holdings in real-time and also earn cashback rewards in fiat.
Bybit
In terms of derivatives trading, Bybit is the best exchange in Ireland. The exchange, which is registered with the Cyprus Securities and Exchange Commission (CySEC), offers futures and perpetual contracts with leverage of up to 200x, which makes it suitable for advanced crypto traders.
The platform also offers AI bot tools to optimize trading strategies. These trading bots include copy trading services (which allow users to mirror top-performing trades), TradeGPT, Grid Bot, DCA Bot, and Futures Combo Bot.
Like Uphold, the exchange also has the Bybit Card, which gives users up to 10% cashback and other benefits. Other fantastic features from Bybit include staking services, borrowing and lending services, NFT trading, and demo trading.
This platform supports more than 1,500 crypto assets and has an active community of over 54M global users.
Bybit charges a 0.005 to 0.1% trading fee for makers and a 0.02 to 0.1% trading fee for takers, depending on users’ account level. Supported deposit methods include credit/debit cards, bank transfers, SEPA transfers, Easybank, Zen, Apple Pay, and Google Pay.
Bybit is a preferred choice platform for those looking to trade with flexibility.
Gate.io
Gate.io offers a good avenue for those who want to diversify their portfolios, offering access to more than 2,600 cryptocurrencies for trading and investment.
This exchange allows users to trade on spot markets, margins, and perpetual futures with leverage of up to 100x. The trading fee is affordable and starts at 0.1% for makers and 0.2% for takers.
Although Gate.io is not directly licensed in Ireland, it serves over 16M registered users in 180 countries, including Irish crypto traders. This platform boasts a significant daily trading volume of $8B+.
It also offers innovative features like copy trading for beginners in the crypto space, and a range of trading bots, such as Grid Bot and DCA Bot, for more advanced traders.
What more?
This exchange supports Web3 features like decentralized wallets, NFT trading, and cross-chain swaps. Supported deposit methods include credit/debit cards, bank transfers, SEPA transfers, and PayPal.
Bitpanda
The last crypto exchange on our list is Bitpanda. This exchange complies with all EU regulations and is available to Irish crypto investors.
Like Uphold, Bitpanda offers more than just crypto trading and investments. This platform offers over 3,000 stocks, exchange-traded funds (ETFs), commodities, fiat currencies, and precious metals, in addition to 250+ cryptocurrencies.
Bitpanda offers a feature similar to an ETF. It is called the Bitpanda Crypto Index. This feature allows interested investors to auto-invest in a basket of crypto assets. Other features include staking options and savings plans, where users can set up recurring investments.
This platform has a Bitpanda Card powered by Visa. The card allows users to spend their crypto tokens anywhere and receive cashback on purchases.
Bitpanda charges a 0.2% trading fee on transactions. Bitpanda also features Limit Orders to help traders who prefer automation to invest on autopilot without constant monitoring.
Supported Euro deposit options on Bitpanda include credit/debit cards, bank transfers, iDEAL, Sofort, and PayPal.
Other crypto exchanges that are worth considering are Coinbase and Binance.
Conclusion
Choosing the top crypto exchange in Ireland is essential for an effective trading experience, but it also depends on your specific requirements.
Make sure that you choose a crypto platform that complies with the CBI’s regulations, such as those exchanges listed above, for a safe and compliant trading experience.
Frequently Asked Questions (FAQs)
-
Is crypto legal in Ireland?
Yes, crypto is legal in Ireland. Currently, there are a few regulations about cryptocurrency in Ireland, and there is no specific rule banning the use of digital currencies in the country. Nevertheless, nobody knows what will happen tomorrow, and the crypto regulatory framework is continuously evolving. Ireland may set new regulations in place in the near future to ensure consumer protection and financial stability, which may declare crypto illegal or restrict its use.
-
Are there Bitcoin ATMs in Ireland?
Although there were records that Bitcoin ATMs operated in Ireland in 2021, a recent report by Coin ATM Radar revealed that there is no Bitcoin ATM in Ireland.
-
Are crypto transactions taxed in Ireland?
Yes, crypto transactions are taxed in Ireland. Cryptocurrencies are considered property, and any gains from their disposal – buy and sell – are subject to capital gains tax (CGT). That means, when you buy Bitcoin in Ireland, you would have to pay tax, same thing if you sell Bitcoin, the leading cryptocurrency.
-
What is the best wallet for cryptocurrencies in Ireland?
There is no overall top crypto wallet in Ireland but the best for you depends on your specific needs. However, mobile wallets like Coinbase Wallet and Trust Wallet are user-friendly and convenient, hard wallets like Trezor and Ledger Nano S offer strong security, while desktop wallets like Electrum and Exodus are recommended for their balance of accessibility and security.
