Cryptocurrency Trading
A basic how to guide, May 9, 2018
The steps below show how you can purchase Crypto currency in Ireland from an Irish bank account. In this case I have used an exchange called Kraken. There are hundreds of exchanges available to choose from.
1) Sign up for an account using your email address at https://www.kraken.com/en-gb/signup
2) Once you have completed the sign up you will be emailed an activation key. With this you can then login.
3) The next step to complete is to get verified so that you can deposit your euros into your Kraken account. To do this you click the 'Get Verified' link tab. There are different 'Tiers' of verification with limits based on the amount you can deposit or withdraw from the account. In my case Tier 2 was more than sufficient. The process involved just filling out a form with details that can be seen in the Requirements column below. One thing to note is that the 'Post Code' text field will not accept eircode so will have to be left blank. Verification happened quite quickly for me I think half an hour or so.
4) The next thing you will want to go is to deposit money from your back account to your exchange account. To do this click on the 'Funding' tab. You select the currency you want to transfer, in my case Euro, and select the method; Single Euro Payments Area (SEPA) or Wire Transfer. I choose SEPA as my payment choice, there were no fees either by the bank (BOI) or the exchange for this transfer.
Once you select this option you will see the bank account details to transfer the money to your exchange account.
5) Transfer money to your online exchange account. In my case I use BOI which has an option for Money Transfer and then select SEPA Transfer. You may have to 'Add payee' with the details above, once done BOI will then send a text message to verify. Once you have verified the payee you can make the payment. The minimum payment for transfer is �50.00. The first payment I made took about 2 days, the second payment arrived the next day. Once the payment has gone through you will see the balance in euros on your account.
6) The last thing you need to do is to transfer the euros you have in your account to bitcoin. To do this you click on the 'New Order' tab. Here you just select the amount of bitcoins you want to buy, once you click the green button the order goes out. If buying at the Market rate the order should go through pretty quickly.
You can see a list of all the trades made. In the screenshot blow I deposited two payments. I used both payments to purchase Ether a cryptocurrency like bitcoin. The charges by Kraken for the trades amount to 42 cents.
