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Cheapest Place to Buy Bitcoin?

  • 16-02-2021 6:28am
    #1
    Registered Users Posts: 159 ✭✭ Szero


    Hi guys,

    Can someone please point me towards a comparison guide of the different places and prices to buy Bitcoin for Irish residents?

    What is the best value place to buy?

    Revolut seems expensive.

    I tried to search for this but I am struggling to find a clear comparison.

    Thanks.


Comments

  • Registered Users Posts: 2,142 ✭✭✭ BKWDR


    Szero wrote: »
    Hi guys,

    Can someone please point me towards a comparison guide of the different places and prices to buy Bitcoin for Irish residents?

    What is the best value place to buy?

    Revolut seems expensive.

    I tried to search for this but I am struggling to find a clear comparison.

    Thanks.

    Completely new to this too.

    I use coinbase but there are fees to purchase, think 99c charge on coinbase, free to trade to another coin. AFAIK


  • Registered Users Posts: 2,227 ✭✭✭ RoboRat


    If you buy through Revolut, you don't actually own it (I am open to correction on this).

    I use Binance, I feel it's better than coinbase as you can set a buy price whereas on the basic coinbase you can only buy at the market price. I haven't used coinbase pro so this may be an option on that platform.

    I think coinbase is a safe option, they seem far stricter than other platforms regarding what they offer (they don't deal in USDT for example). Plus, you can withdraw to your bank account or Paypal on coinbase. Binance lets you withdraw to credit card but I don't have one and I tried the bank withdrawal and it seems only valid for US accounts.

    Kraken seems to have a good rep, but I don't use it so I am not going to speculate.


  • Registered Users Posts: 6,336 ✭✭✭ correct horse battery staple


    Kraken and bitstamp are good, bitcove.ie if you want deal Irish business who been around while

    Don’t forget that bitcoin network transaction fees are 5-15 euro these days, if you need to move to hardware wallet (which everyone in crypto needs)


  • Registered Users Posts: 244 ✭✭ degzs


    Is the best option to move my coins back to coinbase if i want to cash out ? I have different coins in wallets and Binance and want to avoid high fees.

    Looks like coinbase is the best option to transfer back into my bank account?


  • Registered Users Posts: 2,041 ✭✭✭ PCros


    RoboRat wrote: »
    If you buy through Revolut, you don't actually own it (I am open to correction on this).

    What would this mean exactly? Would you still get this same return?

    I have no intrest in using bitcoin, just buying and selling.

    I currently have a few quid on a partial bitcoin on Revolut.

    TIA


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  • Registered Users Posts: 939 ✭✭✭ Badly fukt


    PCros wrote: »
    What would this mean exactly? Would you still get this same return?

    I have no intrest in using bitcoin, just buying and selling.

    I currently have a few quid on a partial bitcoin on Revolut.

    TIA

    It's not a bitcoin, it's an IOU. You cannot withdraw it to a wallet or other exchange. You can only convert it into fiat, which is also a taxable event!


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    PCros wrote: »
    What would this mean exactly? Would you still get this same return?

    I have no intrest in using bitcoin, just buying and selling.

    I currently have a few quid on a partial bitcoin on Revolut.

    TIA

    Yeah its grand. If you wanted to move it about or keep it offline for a few years then revolut isn't the best. If you want to cash out if/when you make a bit of profit revolut is grand.
    Once you convert to euros or any fiat its a taxable event no matter whrre you do it.


  • Registered Users Posts: 5,245 ✭✭✭ myshirt


    seannash wrote: »
    Yeah its grand. If you wanted to move it about or keep it offline for a few years then revolut isn't the best. If you want to cash out if/when you make a bit of profit revolut is grand.
    Once you convert to euros or any fiat its a taxable event no matter whrre you do it.

    It's a taxable event if you swap coins, eg swap Bitcoin for ETH.

    It's a taxable event if you gift Bitcoin to your children.

    For example, I have 1 Bitcoin I bought for 5 grand. It's now worth 20 grand, and I want to get my kids in on it. I can't simply buy another Bitcoin for 20 grand and give it to them. From a tax perspective, that is a deemed disposal of the first Bitcoin I had, which triggers a tax liability on the 15 profit. And leaves me with a problem, unless I shook my child down for the cash.

    Anyway, shouldn't put people off. Just do your research.

    In terms of the question asked by the op, the best price for each coin depends on the liquidity in the market and the spread (or margin or cut) that that exchange operator takes.

    For example, say Bitcoin is 50 grand on the market. If you knew someone selling one, great. If you don't then Kraken will sell a Bitcoin for 50 grand plus a bit for themselves, say 51,200. They'll charge a small fee also, like a quarter percent or something. Nothing onerous.

    The short and small of it is Binance or Kraken are your cheapest if you use bank transfer. You can buy off Wyre, Moonpay, Revolut, Coinify, and others but it's more expensive.

    You also need to consider the withdrawal fee. This is zero on Gemini.

    You can buy at a Bitcoin ATM here in Dublin but mad expensive. Potentially people laundering cash through it.
    All in, I would still go with Binance or Kraken. More than likely Binance.


  • Registered Users Posts: 210 ✭✭ Looptheloop30


    2010


  • Registered Users Posts: 2,041 ✭✭✭ PCros


    seannash wrote: »
    Once you convert to euros or any fiat its a taxable event no matter whrre you do it.

    Thanks. Just to confirm the tax threshold is €1270?


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  • Registered Users Posts: 5,672 ✭✭✭ seannash


    myshirt wrote: »
    It's a taxable event if you swap coins, eg swap Bitcoin for ETH.

    It's a taxable event if you gift Bitcoin to your children.

    For example, I have 1 Bitcoin I bought for 5 grand. It's now worth 20 grand, and I want to get my kids in on it. I can't simply buy another Bitcoin for 20 grand and give it to them. From a tax perspective, that is a deemed disposal of the first Bitcoin I had, which triggers a tax liability on the 15 profit. And leaves me with a problem, unless I shook my child down for the cash.

    Anyway, shouldn't put people off. Just do your research.

    In terms of the question asked by the op, the best price for each coin depends on the liquidity in the market and the spread (or margin or cut) that that exchange operator takes.

    For example, say Bitcoin is 50 grand on the market. If you knew someone selling one, great. If you don't then Kraken will sell a Bitcoin for 50 grand plus a bit for themselves, say 51,200. They'll charge a small fee also, like a quarter percent or something. Nothing onerous.

    The short and small of it is Binance or Kraken are your cheapest if you use bank transfer. You can buy off Wyre, Moonpay, Revolut, Coinify, and others but it's more expensive.

    You also need to consider the withdrawal fee. This is zero on Gemini.

    You can buy at a Bitcoin ATM here in Dublin but mad expensive. Potentially people laundering cash through it.
    All in, I would still go with Binance or Kraken. More than likely Binance.

    I was simply pointing out the taxable event because the poster prior to me was making it sound like its a taxable event on revolut and not on an exchange (and ended with an exclamation point just to emphasise it)
    I'm as clued up as i need to be on taxation and crytpto.


  • Registered Users Posts: 939 ✭✭✭ Badly fukt


    seannash wrote: »
    I was simply pointing out the taxable event because the poster prior to me was making it sound like its a taxable event on revolut and not on an exchange (and ended with an exclamation point just to emphasise it)
    I'm as clued up as i need to be on taxation and crytpto.

    My point is it's always a taxable event to do anything with your bitcoin on Revolut, you can only change it to fiat. On an exchange you can leave it in bitcoin and transfer it to a hardware wallet or to another site that allows you borrow on it instead of cashing it (not taxable)


  • Registered Users Posts: 17,357 ✭✭✭✭ cnocbui


    https://www.belgacoin.com/

    Allows you to buy BTC via SEPA transfer and to sell and be paid via SEPA. It's not an exchange, you have to have your own wallet, and there are weekly restrictions on amounts and you get the prevailing BTC price when they receive the funds, which by all accounts would be pretty quickly if using Revolut.

    I have used them and was happy with the service.


  • Registered Users Posts: 5,245 ✭✭✭ myshirt


    seannash wrote: »
    I was simply pointing out the taxable event because the poster prior to me was making it sound like its a taxable event on revolut and not on an exchange (and ended with an exclamation point just to emphasise it)
    I'm as clued up as i need to be on taxation and crytpto.

    That's great to know.

    I was adding to what you were saying.


  • Registered Users Posts: 169 ✭✭ Daithi40


    used coinbase when I started, quickly moved to Kraken primarily and recently using Binance as well for access to a bigger range of pairs o


  • Registered Users Posts: 1 Peytona


    If you think about findings and using a reliable cryptocurrency exchange, I advise you to try https://eclipcoin.com . It is the most convenient exchange platform I've ever worked with.



  • Registered Users Posts: 4,017 ✭✭✭ FrankGrimes


    Just created an account with Binance. 1.8% fee for buying via card seems high given there's no mainstream/SEPA bank transfer option, is that relatively inline with other providers?

    Got rejected sending funds from my BOI Mastercard, then BOI Visa Debit card worked for my first transaction but then got rejected for the second. Seems to be blocked on Binance side and I have to go and send screenshots of online banking statements, selfie with ID in hand etc. Just seems clunkier than expected so want to check is that just the way it is and once over the initial hump it's grand?

    Or is cutting to the chase and going with Coinbase, Kraken, or even Bitcove.ie (which I saw mentioned here and do like the idea of supporting an Irish company if they are decent?) wortwhile?

    Also bought a Trezor T wallet so I can get into the practice of storing offline from the get-go. So hopefully am on the right track (vs just going with Revolut which was tempting but I'd like to learn how to have full ownership etc.), but appreciate any other pointers on things to take onboard.



  • Registered Users Posts: 1 KimberlyGiles


    The cost to wash cryptocurrencies on different platforms is almost the same.



  • Registered Users Posts: 6 Jessie_520


    thanks for the tips



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