Bitcoin started off as an obscure technology, but in recent years it has become increasingly popular as an investment. In Ireland, there are many crypto investors who have invested in Bitcoin, and you may be wondering how you can also buy some. There are several methods available, but the easiest way is to use a crypto exchange.
In this article, we will show you how to buy Bitcoin with our step-by-step guide, complete with plenty of screenshots.
How to buy Bitcoin in Ireland?
It only takes five simple steps to buy Bitcoin on eToro. Here is a summary, followed by the full guide below, accompanied by screenshots.
Step 1: Choose a crypto exchange
Step 2: Sign up to crypto exchange
Step 4: Search for 'Bitcoin'
Step 5: Buy Bitcoin
Step 1 - Choose a crypto exchange
To get started, you will first need to choose a cryptocurrency exchange to buy your Bitcoin. There are plenty to choose from, but you must select one that is legitimate, secure, and easy to use. We have done the research for you to make it easier, and come up with our top 3 recommendations of where to buy Bitcoin.
We will be using screenshots from our eToro account, so to follow along easily you can also sign up to eToro. They are a well-established crypto broker, with an intuitive interface, perfect for newcomers to cryptocurrency.
Top 3 Recommendations
Largest crypto exchange
Step 2 - Sign up to crypto exchange
When you have selected your crypto exchange, the next step is to sign up for an account. If you decide to use eToro, you can simply click here to go to the official website, and sign up.
When you have signed up to your crypto exchange, verify your account to ensure that you can use all the services. This includes being able to deposit fiat currency and using it to purchase Bitcoin.
Step 3 - Deposit money into your crypto exchange
Once your account is verified and ready to go, you can deposit money into your crypto exchange in preparation to buy Bitcoin. If you have signed up to eToro, simply click 'Deposit Funds' in the menu on the left (see red arrow in screenshot).
You will notice a pop-up, which will allow you to choose how much money you want to deposit. In this guide, we chose to deposit €1,000. You will notice that there is an exchange rate on the rate. This is because all fiat deposits on eToro will be converted to USD.
If you click on the dropdown arrow (see red arrow in screenshot), you will see the various payment methods. Popular options include credit/debit card, bank transfer, Skrill, and Neteller.
Enter your payment details and then click 'Deposit'.
Step 4 - Search for 'Bitcoin'
Once you have deposited money into your crypto exchange, we can begin the Bitcoin purchase. In eToro, you will find the search field at the top of the site. Type in 'Bitcoin' there, and a dropdown will appear with several variants of Bitcoin. We want to buy BTC, which is the original Bitcoin. Click the 'Trade' button (see green outline below).
Step 5 - Buy Bitcoin
You will see a screen similar to the screenshot below. It will have the price of BTC at the top (in USD). Select the amount of Bitcoin you wish to buy, noting that the currency is in US Dollars, not Euros.
From our example, since we want to buy 1,000 Euros of Bitcoin, that is the equivalent of $1,083 in USD. We have typed in $1,083 as the amount to buy. After you have typed in the amount of BTC to buy, click 'Open Trade'. Your purchase will happen instantly, without having to wait for another crypto trader to fill your order. eToro is a broker, and will immediately give you Bitcoin in exchange for your fiat currency.
Step 6 - Check that you have received your Bitcoin
After making the purchase of Bitcoin, it is important to confirm that you have received it. In your eToro account, simply click 'Portfolio' in the menu (left side of the site). This will show you your portfolio of all your assets. If you followed the steps above correctly, you will see Bitcoin in the list, with the number of units, and the dollar amount. Congratulations on buying and investing in Bitcoin!
From our example (see screenshot), you will notice that we have BTC in our portfolio. It shows the amount invested, which is $1,083, and the current value ($1,060.87). You will notice that this number is lower than the purchase price of $1,083, and this is because eToro charges a fee of 1% for the trade. Also, the price of BTC is constantly changing, which will cause the value to rise and fall continuously.
Frequently Asked Questions
Yes, there is no legislation prohibiting or banning Bitcoin or other cryptocurrencies in Ireland.