BingX vs. Kraken in Ireland: A 2025 Fee Comparison for Buying Your First Bitcoin with Euros

Welcome to the definitive 2025 guide for Irish residents looking to purchase their first cryptocurrency, specifically Bitcoin (BTC), using Euros (EUR). The Irish crypto landscape is maturing rapidly, driven by increasing regulatory clarity and a demand for competitive fees. This comparison pits two global giants—Kraken, known for its security and long tenure, against BingX, a rising star popular for its social trading features and competitive maker fees—to determine who offers the best value for the novice Irish investor.

The 2025 Irish Crypto Market Snapshot

By 2025, buying crypto in Ireland is simpler than ever, with high street banks generally being more accommodating to regulated exchanges. However, the key differentiator remains transaction costs. Whether you are using SEPA transfers or instant bank deposits, understanding the fee structure—maker vs. taker fees, deposit fees, and withdrawal costs—is crucial for maximizing your investment returns.

Quick Answer: BingX vs. Kraken Fee Summary (2025)

For most new users making standard EUR deposits via SEPA, the initial cost difference might be minimal, but the long-term trading costs diverge significantly. Here is a high-level comparison:

Detailed Step-by-Step Guide: Buying Your First Crypto with Euros

The process is similar on both platforms, focusing on EUR deposits followed by a market or limit order. We will use Bitcoin (BTC) as the primary example.

Step 1: Account Setup and KYC (Know Your Customer)

Both platforms require full verification (KYC) for EUR payments, adhering to EU AML directives. This typically involves ID verification (passport/driving licence) and proof of address (utility bill). Kraken is known for rigorous verification, while BingX is generally faster, though equally compliant.

Step 2: Depositing Euros (EUR)

For Irish users, the preferred method is SEPA transfer (Single Euro Payments Area).

• Kraken: Navigate to 'Deposit' -> Select EUR -> SEPA. You will receive specific IBAN details. Deposits usually clear within 1-3 business days and are often free of charge from Irish banks like AIB or BOI.
• BingX: Similar process. Check their fiat gateway for the current preferred EUR deposit partner, as this can change based on banking relationships. Ensure your bank transfer reference number is included, or the deposit may be delayed.

Step 3: Executing the Trade (Buying BTC)

This is where fees matter most. You will trade your deposited EUR for BTC.

1. Kraken Pro (Recommended for lower fees): Switch from the basic interface to Kraken Pro. Select the BTC/EUR pair. Enter the amount you wish to buy. If you set the price slightly lower than the current market price, you place a Maker Order (0.16% fee). If you buy instantly at the best available price, you place a Taker Order (0.26% fee).
2. BingX Spot Trading: Navigate to the Spot market and select BTC/USDT or BTC/EUR (if available directly). BingX’s Maker Fee of 0.02% is extremely attractive for users who are willing to wait a few moments for an order to be filled, making it a potential winner for cost-conscious traders.

Key Takeaways for Irish Buyers:

• For Security & Staking: Choose Kraken. Their reputation in highly regulated markets is unmatched.
• For Lowest Trading Costs: BingX offers significantly lower maker fees (0.02% vs 0.16%), ideal if you plan to trade frequently or use limit orders.
• SEPA Deposits: Both are generally low-cost or free for EUR deposits.

In-Depth Exchange Review for the Irish Market (2025)

Kraken: The Trusted Veteran

Kraken has been a staple in Europe for years. Its strength lies in robust security protocols, cold storage solutions, and strong regulatory compliance. For Irish users looking to HODL (Hold On for Dear Life) their first purchase, Kraken provides peace of mind. Their staking options are also highly developed for earning passive income on assets like ETH or SOL directly within the platform.

BingX: The Modern Challenger

BingX has gained significant traction in Europe by offering extremely aggressive fee structures, particularly their market-leading Maker Fee. While perhaps less established in the traditional finance sector than Kraken, BingX excels in user experience, especially for those interested in perpetual futures or copy trading (though beginners should stick to Spot Trading first). For Irish investors focused purely on minimizing the cost of entry and subsequent trades, BingX is hard to beat on the fee front.

Taxes and Regulations in Ireland (2025 Update)

Regardless of where you trade (Kraken or BingX), Irish tax obligations remain the same. The Irish Revenue Commissioners view cryptocurrency as an asset, not a currency. This means:

• Capital Gains Tax (CGT): Profits made from selling crypto (or exchanging it for another crypto) are generally subject to CGT at a rate of 33% (as of 2025).
• Income Tax: If you are mining, staking rewards, or earning fees through trading, this is typically treated as income and subject to standard Income Tax and USC rates.
• Record Keeping: It is vital to keep detailed records of the date, cost basis (in EUR), and disposal value of every transaction. Both Kraken and BingX provide comprehensive transaction history reports, which are essential for filing your annual return.

Frequently Asked Questions (FAQ) for Irish Crypto Investors

Q1: Can I use my Irish bank account (e.g., Revolut, BOI) to deposit EUR on both platforms?

A: Yes. Both Kraken and BingX fully support SEPA transfers from virtually all Irish banks and reputable digital banks like Revolut, provided the account name matches your verified exchange account name.

Q2: Which exchange is safer for a beginner buying Bitcoin in Ireland?

A: Kraken generally has the edge in perceived security due to its long operational history and rigorous compliance standards required in older Western jurisdictions. However, BingX is secure for spot trading if you employ Two-Factor Authentication (2FA).

Q3: Are there any hidden withdrawal fees I should watch out for?

A: Always check the fiat withdrawal section before trading. While EUR deposits are often free, fiat withdrawals may incur a small processing fee depending on the method chosen. Crypto withdrawals are subject to network fees (gas fees), which are standard across all exchanges.

Conclusion: Making the Right Choice for Your First BTC Purchase

The battle between BingX and Kraken in Ireland for 2025 comes down to your investment style. If you are a passive investor prioritizing long-term security and regulatory familiarity, Kraken is the benchmark choice. If your primary goal is to minimize trading friction and secure the absolute lowest Maker Fees possible for future trades, BingX presents a compelling, cost-effective alternative for Irish residents buying their first Bitcoin with Euros.