Buying, selling, and transferring digital currency is a complex process requiring literacy and technical expertise, and knowledge of the crypto wallets.
Online forums and social media are great places to find answers to your questions, but doing so can lead to misleading information and scams.
Primarily divided into Custodial and Non-custodial wallet types, you’ll have the option to either secure your private keys with the service provider or save them with you. Besides, the best bitcoin wallet in Ireland provides you with the most options for security, privacy, and convenience. It should also be compatible with your needs and should have the best customer service in case you need any help or help with your crypto wallet.
Therefore, to help you select better, this blog walks you through all the necessary steps to find out the best Bitcoin wallet in the country. In the following sections, we will explore the different aspects to look at, some suggestions, and learn more about the regulations concerning digital assets in Ireland. So, let’s get started!
Table of Contents
What To Look For In The Best Crypto Exchanges In Ireland
Before you’re set on the quest to find the best wallet in Ireland, here are a few essential factors that you’d want to consider. Some of them are:
- Supported coins: Today, thanks to their popularity, we have thousands of crypto tokens to get started with our investment journey. However, only a small percentage of these tokes are supported by crypto exchanges. With that in mind, you’d always want to settle with cryptos that support several big and small projects, with the possibility of including future projects too.
2. User interface: Being a fresher investor, we’re sure you won’t want to be caught up in exchanges that are complex and confusing to operate! This is where you might want to make an exception and sign-up with an exchange with a straightforward interface.
3. Fees: Fees charged by a platform are one of the most pressing matters for beginners and advanced traders alike. Since these commissions and other charges will be a part of your everyday transactions, you might want to settle in with an exchange that charges a lot less than the other exchanges in Ireland.
4. Regulation: While cryptos are mainly unregulated, their exchanges are not! Therefore, when looking for the best crypto exchange in Ireland, you should register with the service providers who regulators back.
Another reason you might want to check on the regulation of your crypto exchange is that these exchanges often back their users in case of a successful hack attempt. If your exchange is hacked, you’ll be entitled to receive some part of your funds as compensation; choose wisely!
5. Deposit & withdrawal options: Examine each of the exchange’s payment options to ensure that they are suited for your needs. Keep aware that all payment options may have costs connected with them, lowering your earnings.
6. Account security: Here’s another factor that you should always emphasize. Therefore, always look out for exchanges that enable you to perform ideal operations, i.e., move your funds out of the exchange into personal wallets. You might also want to check on their security provisions by visiting the service providers’ websites.
Sounds interesting, right?
However, what if we told you that even after all the factors are corrected, you might have difficulty choosing the best crypto wallet in Ireland?
Given the numerous service providers that market themselves as the best, you might need a list like the one we’ve mentioned below. Continue reading to explore the top crypto wallets under Ireland’s ‘software’ and ‘hardware’ segment.
Top Crypto Wallets In Ireland
Software Crypto Wallets
eToro
Living in Ireland, you will surely want to get your hands on the Irish-based eToro! A popular name in the crypto space, this multi-billion dollar company ranks among the most prominent cryptocurrency platforms in the world. Found in 2007, eToro’s headquarters in Israel provides clients access to a wide range of cryptos and other digital assets.
One of the most popular cryptocurrency exchanges in Ireland, eToro, is one of many digital asset trading platforms that have emerged in recent years. Fast forward to 2022, the platform has over four million users and a market cap of over $4 billion.
It is an easy-to-use platform that does not require a sound knowledge of technical analysis, making it suitable for beginners. Besides, the track record of over five and the Cyprus Securities and Exchange Commission (CySEC) regulations make it one of the best Bitcoin wallets in Ireland to get started with.
In addition, beginners in the platform also have access to its copy trade functionality. This feature allows you to copy the trades of other traders, learn from them and make money with the help of their experience and knowledge.
Users signing up for the platform have over 120 different crypto assets. The pool includes the likes of several big and small projects like XRP, BTC, and ETH, among others. At a nominal trading fee of 1%, the platform allows users to start their crypto journey at a minimum deposit of $50.
In addition, the options to fund your account are huge. Ireland citizens can choose from debit, credit card transfer, wire transfer, Skrill, Neteller, and PayPal.
Talking of the crypto wallet, the one provided by eToro is intuitive and easy to use. Moreover, users get access to a multi-crypto that can be accessible in real-time via the eToro mobile application.
On the flip side, the platform has high non-trading fees, making it an option limited to active traders and investors.
Binance
When thinking of your different options for a Bitcoin wallet in Ireland, you cannot miss Binance. The platform is renowned for its high trading volumes and easy liquidity. A subsidiary of the Chinese company Binance Group, the platform comes with many features suitable for traders of every type.
Besides, it has the largest growing user base that continues to grow and see record trading volumes, with over 50,000 BTC traded daily at writing. It is best known for its trading platform and its development of the Binance Coin (BNB), an ERC20 token. It trades under the ticker symbol Binance coin.
Once signed up, users have access to over 600 different crypto assets to diversify their folios. In addition, you can easily buy, sell, or trade these cryptos using several technical features and margin trading.
Moving to the wallet section, Binance provides its users with both custodial and non-custodial options. They either continue to trade with the wallet’s platform or choose a different alternative as per their convenience. Once chosen, the platform then integrates the user’s account, and they continue with their everyday trade over both mobile and website applications.
In terms of the funding options, you have the option to fund your account instantly by using a debit or credit card by attracting 1.8% of the amount as fees. However, users also can avoid the overall fees and receive the funds at a delay by opting for bank transfers.
On the flip side, it should be noted that any financial body doesn’t back the platform in Ireland or any other part of the world. Therefore, once you sign-up, you’re at the risk of trading with an unregulated platform.
KuCoin
KuCoin has one of the best reputations among crypto wallets in Ireland and has been quite successful since its inception. So if you are from Ireland and looking to store your crypto assets, KuCoin might be the best option.
KuCoin is a cross-border crypto-to-fiat exchange that operates through its digital wallet and supports some of the most important cryptocurrencies in existence. The platform and its partner exchanges, like Kyber Network, allow you to buy, and sell a variety of digital assets, including BTC, ETH, and DASH, much more easily than other exchanges.
In terms of its technology, KuCoin uses the same smart contracts as the blockchain network, meaning that it’s extremely secure and there’s no third party in the middle handling your money. As a result, the exchange boasts quick transaction times and high levels of security while enabling you to trade in a broader range of cryptocurrencies than your local exchange.
Users signing up for the platform can access over 600+ altcoins and over 40 different fiat currencies, including the likes of the platform’s KCS coin, to ease everyday trade and lower the transaction fees. Besides, advanced traders have the option to access features like Spot trading, Futures trading, Margin trading, Crypto lending, and a P2P marketplace.
Regarding the fee structure, KuCoin is relatively low for users (at 0.1% trading fees), making it an ideal option for both beginners and advanced users. Interestingly, even this fee can be further discounted using the KuCoin token.
The different wallet options make KuCoin one of the most reliable exchanges in Ireland. Users signing up for the platform can access both custodial and non-custodial exchange, backed by reliable security measures.
On the flip side, the platform limits users from withdrawing fiat currency from the exchange to their bank accounts.
CoinBase
When hunting for the best Bitcoin wallet in Ireland, you might want to watch out for Coinbase, one of the most well-known crypto wallets in the country, and millions of people worldwide use it. The popular cryptocurrency exchange is a significant player in the industry, currently providing services to over 35 million customers worldwide.
Since launching in Ireland in 2017, the platform has become one of Ireland’s most trusted crypto wallets. Unlike traditional cryptocurrency exchanges, which require users to register with personal information, Coinbase is a simple platform where users can buy, sell, and store their cryptocurrencies with just a few clicks. This will enable you to use your bank account to buy cryptocurrencies without opening an account with a crypto exchange.
Users signing up for the platform can get started with their crypto journey at a minimum funding amount of $50. Besides, with the multiple selections of big and small crypto projects, they have various options to diversify their folios to balance their crypto journey.
While Coinbase doesn’t offer a physical location in Ireland, you can use the online platform to buy cryptocurrencies using an Irish bank account. The platform provides one of the most accessible ways to buy a range of cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, with a credit or debit card.
In terms of its fee structure, transactions can cost you anywhere between 0.5% – 4.5%, depending on the chosen medium. To give you a brief idea, the platform charges a 3.99% fee on all regular debit and credit card deposits, besides a 1.49% standard commission fee. However, users can avoid the funding fee by opting for a SEPA transfer.
Talking of the wallet provided by the platform, users get access to a self-custody wallet, giving them complete control of their tokens. Here, the private keys are stored directly in your mobile application.
On the flip side, the high transaction fee might be a concern for many users.
CoinMama
CoinMama is a well-known and trusted crypto wallet in Ireland. CoinMama is backed by several high-profile investors who have put substantial amounts of money into its funds.
Touted as one of Ireland’s most popular crypto platforms, CoinMama is home to over 1M active crypto traders and investors. Its focus is to connect people to the best coin deals and cryptocurrency wallets.
Known to offer one of the best Bitcoin wallet in Ireland, CoinMama provides its users with a non-custodial crypto wallet. However, the biggest benefit of CoinMama is its ease of use, allowing anyone with little to no experience to buy, sell, or trade cryptocurrency, in one click, in any time zone, and on any device.
CoinMama enables anyone to buy, sell, or trade cryptocurrencies instantly, in one of the safest and easiest ways possible, with no ID verification, using their easy-to-use exchange.
Besides, users also have access to many features, such as instant cryptocurrency exchange, anonymous cryptocurrency wallets, crypto-to-fiat exchange, and even some additional peer-to-peer services.
Talking of the fee structure at CoinMama is fluctuating as it charges you a fee of TradeBlock’s XBX Index plus’ market rate plus 2%. In addition, there’s a commission fee of up to 3.81% on crypto purchases and 0.9% for sell of Bitcoin.
CoinJar
CoinJar might be called Ireland’s most trusted crypto wallet and provides a platform for individuals and businesses to store, manage, and access their crypto assets simply and with a secure UI.
It is a simple and intuitive application, which allows you to store, send, receive and exchange digital assets, including Bitcoin, instantly, securely, and in an easy-to-use interface.
CoinJar offers secure storage for your crypto assets, with features to help you keep track of your funds and make the most of your portfolio. You can also set up a crypto portfolio to track the performance of a selection of cryptocurrencies and coins, with notifications when your portfolio is updated.
You can also manage your digital wallet on the go, with a mobile app available for both Android and iOS. The in-app chat feature also provides 24/7 help, so you can always get in touch with a team member if you have a question or need help.
You can also buy crypto with cash using PayBlok, the platform’s physical debit card. In addition, users signing up for the platform are provided with a web-based wallet, supporting over 17 different countries.
Talking of the fee structure, the platform charges a 1.5% fee on Blueshyft cash deposits and Instant Buy. There’s a 2% fee on Visa and Mastercard and a 1% conversion fee between digital currency and cash accounts.
On the flip side, the platform is limited in its crypto offering, limiting the users who want to make the most of their diversified folios.
To help you better grasp better, here’s a thorough chart comparison:
[table “50” not found /]Hardware Crypto Wallets
There’s no chance you can complete a review around the best Bitcoin wallet in Ireland unless you look at a few hardware wallets. However, given the significance of having cold storage for your crypto funds, we’ve listed the top Bitcoin wallet you could try in Ireland.
Ledger Nano S
Topping our list is Ledger’s Nano S, one of the best Bitcoin wallets you can currently find in the country. Priced at around €59, this wallet comes with a minimal appeal. Talking of its design, users get access to a built-in OLED display with relevant buttons on the device. Users can connect the wallet to their computers via USB and manually access the buttons to verify their transactions.
The wallet is encrypted using a PIN and is simple in its operation. Thanks to the multi-crypto support feature, users can store a wide range of cryptos, including Bitcoin Cash, Ether, Ethereum Classic, Bitcoin, Litecoin, ERC20, and Ripple tokens.
Ledger Nano X
Next, we have the Ledger Nano X, an updated version of the former Ledger Nano S. Available at the cost of €119; the latter comes with better features and an updated infotainment system. For example, users can access the large screen of this device to execute operations. Besides, the Bluetooth connectivity functionality over this wallet allows you to use the wallet with a mobile phone.
In terms of its crypto support, the Nano X hosts over 1,000 cryptos and is considered a safe and reliable investment for your tokens.
TREZOR
TREZOR is among the oldest and the most reputable hardware wallets currently accessible for €89 in the market. The wallet has earned its name by offering unique features with multiple security layers for your digital assets.
The wallet comes with simple functionality, featuring PIN protection and a 24-word recovery seed (if you forget your password). Besides, the seamless design also hosts physical buttons and an in-built screen to ease transactions.
Exchange Vs. Wallet: Where Should You Store Your Crypto Tokens?
Let’s face it; nobody wants to go through the troubles of creating a crypto wallet! However, given how things are, the chances are that you may keep your cryptos in the wallet associated with the exchange where you purchased them from. This easy-to-use solution gives you instant access to your cryptocurrency anytime you need it.
However, it’s not recommended for a few reasons:
- Once you settle with a crypto exchange, you don’t need access to your wallet’s private key. Instead, it’s under the exchange’s jurisdiction, implying that you don’t truly own your crypto tokens.
2. Hackers and criminals frequently target exchanges. There have been several widely-publicized cases of exchange clients being hacked, and incidents of exchange operators defrauding consumers.
With this in mind, it’s evident that you should settle with a wallet rather than go for a crypto exchange.
Are Crypto Exchanges Legal in Ireland?
Yes, cryptos are legal in Ireland! However, on the contrary, the Central Bank of Ireland has issued several cautions about the dangers of investing in highly speculative assets.
Besides, many of Ireland’s finest crypto exchanges are governed by European rules. However, because there is no EU protection for digital currency investments, it is always a wise move to do your work around the industry accordingly when kicking off your journey.
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FAQs
Q1. What are the different crypto exchanges available in Ireland?
While Ireland has a plethora of crypto exchanges, each offers a unique set of services. Given the different exchanges available, some are pricy; some are less in terms of assets and tools required by the traders.
Q2. Can I invest in crypto Exchange-Traded Funds (ETFs)?
Given the hundreds of cryptos available (and the significant volatility connected with the majority of them), it’s logical that you’d want to diversify your crypto investments to reduce the chance of losing money.
Several businesses, including Fidelity, have suggested crypto ETFs, but regulatory constraints have hindered the development of any consumer products.
Q3. Do I need to pay taxes on cryptos?
It’s critical to follow crypto tax guidelines to purchase and sell coins. Rather than being considered cash, crypto is considered a capital asset, similar to stocks. This implies that you’ll have to pay taxes in the form of capital gains on selling cryptos for profit. This is true even if you pay for anything with your cryptocurrency!
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.