How to Buy Terra Luna – Beginner’s Guide

Update – A hard fork was implemented after Luna dropped by 99% as a result of a black swan event. The following buying guide is still relevant even though the old coin is now called Terra Classic (LUNC). Terra (LUNA), the second coin, is currently available for purchase on Crypto.com.

For cryptocurrency investors, Terra Luna ticks a lot of boxes as a blockchain and cryptocurrency. It makes it simple to produce new stablecoins, allows you to stake your cryptocurrency to earn interest, and has attracted interest from the DeFi community. Can Terra’s USD stablecoin, however, still be regarded as a viable investment opportunity in light of the recent de-pegging?

In light of this, we’ll go into great detail about how to purchase Terra Luna right now and examine the best cryptocurrency exchanges that deal in Luna. We’ll also go over Terra Luna’s most recent price changes and assist you in determining whether it’s a wise investment.

How to Buy Terra (LUNA)

1. Establish an online account. Open an account with a crypto brokerage that supports Luna in order to begin investing. The two most well-known cryptocurrency exchanges in the United States that support Terra are Voyager and Gemini.
   
   For tax purposes, you’ll need to provide personal identification information, just like with a stock brokerage account. You’ll need to provide your name, Social Security number, address, email, and birthdate in order to create an account with these exchanges.
2. Purchase or down load a cryptocurrency wallet. You must keep your assets in a cryptocurrency wallet in order to hold them securely. When you store your cryptocurrencies on exchanges, you put them at risk of hacking because many ostensibly secure exchanges have been compromised in the past.
   
   Software wallets and hardware wallets both work with cryptocurrencies. Hardware wallets are actual objects that physically store your cryptocurrency offline, whereas software wallets are digital programs or apps that you can use on your smartphone or computer. The most secure way to store your cryptocurrency is in a hardware wallet, as it is impossible to access your money without the actual hardware.
   
   Maintaining your funds on the exchange is necessary if you intend to regularly trade cryptocurrency. Because Binance has a reserve account to protect your assets from security breaches, it is the most secure exchange to use for trading.
3. Make your purchase. You’re ready to make your purchase after selecting a cryptocurrency wallet to keep your money in. You have the option of placing a limit or market order when placing your buy order for Luna.
   
   Market orders will buy Luna at the current market price, whereas limit orders will go into effect at the price you specify. Your limit order won’t be filled if the market price of Luna never reaches the price you specified in it.

Where to Buy Terra Luna

You will require a cryptocurrency exchange that deals in this new cryptocurrency in order to purchase Luna coin. The majority of significant exchanges now provide Terra Luna due to its popularity. Therefore, you can choose the best exchange based on factors such as cost, investing tools, usability, and more. We’ll go over our top 4 cryptocurrency exchanges that you can use right now to buy Terra Luna.

1. Crypto.com – Lowest Fees to Buy Terra Luna Token

One more excellent location to purchase LUNA coin is Crypto.com. With incredibly low transaction fees, you can buy and sell more than 250 well-known cryptocurrencies at Crypto.com. When you make crypto-to-crypto swaps and deposit cryptocurrency at Crypto.com, you won’t be charged anything.

Terra Luna can be purchased with a credit card for 2.99% in transaction costs.

When you own coins, there are a ton of different ways to interact with Terra Luna, which makes Crypto.com stand out. They can be kept in the free Crypto.com mobile wallet for iOS and Android devices. Additionally, lending out Terra stablecoins will earn you up to 3% APY. Depending on which tier you belong to, Crypto.com’s Visa rewards cryptocurrency credit card offers up to 8% cash back on purchases if you want to increase your earnings.

Pros:

• Trade 250+ popular cryptos
• Relatively low transaction fees
• Integrated lending platform with 3% APY
• Visa rewards credit card with 8% crypto back

Cons:

• Doesn’t accept PayPal or e-wallets for payment

Cryptoassets are an unregulated investment product that is very volatile.

2. BitDD — Secure Exchange for Blue-chip Crypto

The secret to keeping a healthy cryptocurrency portfolio is diversification. With highly volatile tokens like Terra Luna, you should never invest in blue-chip cryptocurrencies like Bitcoin and Ethereum. It goes a long way toward reducing the risks. If you want to buy blue-chip securities, we advise BitDD.

BitDD is a cryptocurrency exchange that offers sophisticated currency and derivatives transaction services for virtual currencies like BTC, ETH, and USDT. With high compliance and security standards, BitDD stands out in a crowded market where more than 80% of cryptocurrency trading platforms operate without certification. The US Treasury Department has granted the platform a financial license known as a Money Service Business (MSB) or Money Service Provider (MSB).

BitDD has amassed a sizable user base of over 500,000 clients from all over the world thanks to its emphasis on security. To reach two million users by 2023, the platform recently underwent an upgrade. The user experience, simple onboarding, and incentive systems are the key components in achieving this.

The welcome reward program, which offers daily prizes of 8888 USDT, is the most alluring of these. A deposit of just 150 USDT is required to be eligible for the lucky draw contest.

Free trading for 90 days is another noteworthy feature of BitDD. You read that right: for the first 90 days, new traders on BitDD are exempt from transaction fees. It enables you to fully benefit from the distinctive features and incentive programs of the platform when used in conjunction with the VIP Account Manager service.

However, our favorite feature of the platform is “Fast Trade”. Even if you are inexperienced in the market or have a limited amount of time, the collection of state-of-the-art data analytics tools enables you to keep your portfolio profitable.

Directors who have worked in the blockchain-crypto industry for more than 20 years serve as the executive team at BitDD. To increase its presence in the market, the team is actively establishing connections with established regulators and bank partners.

Pros:

• Financial license from the US Treasury Dept
• Impressive user experience
• Fast trades
• VIP account managers
• 8888 USDT up for grabs daily
• The more you deposit, the more you earn

Cons:

• Limited trading pairs

The unregulated investment product known as cryptocurrencies is very volatile.

3. Coinbase – Most Beginner-friendly Exchange to Buy Luna

For those new to the world of digital currency, Coinbase is one of the most user-friendly crypto exchanges. All you need to do to purchase cryptocurrencies at Coinbase is choose which one(s) you want to buy, how much you want to buy, and provide your payment information. It is incredibly easy to do and speeds up the installation process for Terra Luna.

The drawback is that, compared to other major exchanges, Coinbase has some of the highest instant buy fees. When you purchase Terra Luna using a credit card or debit card, you will be charged a processing fee of 3.49%, and when you use your bank account, you will be charged a fee of 1.49%. While Coinbase does offer spot trading, which is significantly less expensive, its 0.50% transaction fees are still higher than most rival services.

The exchange has many other advantages if you’re willing to overlook Coinbase’s costs. To help you get the most out of your cryptocurrency, Coinbase has one of the safest and most reliable software wallets available. It also has a built-in app store with decentralized programs. Additionally, lending, borrowing, and staking in cryptocurrency are all available through Coinbase. Neither Terra nor Luna are currently lendable, but you can stake Luna to the Terra blockchain to gain rewards.

Pros:

• Very easy to use
• Accepts credit and debit cards
• Supports staking Luna
• Integrated crypto wallet

Cons:

• Very high processing fees
• Higher than average spot trading fees

The unregulated investment product known as cryptocurrencies is very volatile.

4. Binance – Best Exchange for Trading Terra Luna

In order to actively trade Terra Luna for a profit, Binance is our recommended exchange. This is due to the fact that Binance has some of the lowest spot trading fees for cryptocurrencies and also provides a very sophisticated crypto trading platform.

Technical charts can be customized on the Binance trading platform, and there are numerous built-in indicators available. To stay on top of shifts in trading momentum, you can set price alerts, keep an eye on crypto market news, and even follow the Terra Luna order book.

Furthermore, Binance only charges 0.10% for each buy and sell order. Even though those transaction fees are already among the lowest we’ve seen, you may be eligible for discounts based on your trading volume or if you hold BNB, Binance’s native cryptocurrency.

Numerous decentralized finance features are available on Binance. Inside the Binance Trust wallet, you can stake Luna, lend out your Terra stablecoins, and run decentralized applications.

Pros:

• Comprehensive crypto trading platform
• Access the order book for Terra Luna
• Fees from 0.10% per spot trade
• Supports staking Luna

Cons:

• Not always straightforward for beginners

Cryptoassets are an unregulated, highly volatile investment product.

What is Terra Luna?

Terra is a blockchain platform created to produce stablecoin currencies. These are currencies that are price-stable and thus suitable for payments as well as a variety of decentralized financial applications.

Two distinct cryptocurrencies, Terra and Luna, are present on the Terra blockchain.

A stablecoin called Terra tracks a specific fiat currency. In actuality, there are various variations of Terra. For a large number of fiat currencies, TerraUSD tracks the US dollar, TerraGBP tracks the British pound, and so on.

The coin that is mined when transactions are successfully validated on the Terra blockchain is called Luna, which is also the governance token for the Terra blockchain. Importantly, Luna contributes to the stability of Terra stablecoin prices.

As a result of this system’s flawless design, Terra is referred to as an “algorithmic stablecoin.” Despite the success of the Terra network, many market analysts had voiced their reservations about the stability of these stablecoins because they aren’t backed by FIAT money or tangible assets like gold.

Instead, algorithmic stablecoins are maintained through a sophisticated computer program that automatically mints and burns LUNA to keep Terra’s stablecoins anchored to their partner currency. For instance, since TerraUSD should theoretically be valued at $1, if the price dropped to $0.95, the program would burn a predetermined number of tokens to make the remaining tokens scarcer, bringing the price back up to $1.

The supply of LUNA spiked in May 2022, causing TerraUSD to “de-peg,” and the entire system collapsed. Investors panicked as a result of the stablecoin’s algorithm’s failure to address this problem. LUNA lost an astounding 99% of its value as a result of the massive sell-off that followed this panic.

Thus, LUNA has changed from being one of the best altcoins to one of the worst performers in the annals of the crypto market. Investor trust in the Terra ecosystem has likely been permanently tarnished as a result of this situation, so even if TerraUSD were to re-peg, the trust would no longer be present. This fact has led many market analysts to predict that the Terra network may soon be extinct.

Is Terra Luna a Good Investment?

Over the past few years, Terra Luna has drawn the attention of cryptocurrency investors. However, is it a good idea for you to invest in Terra Luna at this time? Here are some of the main reasons this digital asset stands out and why many investors are looking to purchase this cryptocurrency at this time.

Volatile Price Effects

In 2021, Terra Luna was among the most popular cryptocurrencies available. Even by the standards of quickly expanding cryptocurrencies, its annual gain of approximately 14,000% is astounding.

That sharp increase in value demonstrates how enthusiastic investors are about Terra Luna. Investors still hold the view that LUNA could recoup its value if TerraUSD were to re-peg, despite the fact that the cryptocurrency has fallen by 99% over the past few weeks. Although it’s likely that Terra’s reputation will suffer irreparable harm, only time will tell if this occurs.

Excellent Interoperability

A fundamental tenet of Terra Luna’s platform is interoperability across blockchains and payment systems. With the recent high-profile agreement between Terra the platform and Chainlink, smart contract developers on Terra now have easier access to trustworthy price feeds and other important data.

The more of these types of transactions Terra is able to complete, the more valuable the Luna token will be recognized as one of the best decentralized finance coins globally. In turn, this might assist Terra in regaining the trust of investors.

Growth of Decentralized Finance

Speaking of decentralized financial systems, Terra Luna had a lot to offer in this area. Since Terra stablecoins were created to be price stable, they can be used for a variety of conventional financial transactions, such as lending and borrowing. Recent events have caused people to lose faith in Terra’s capacity to function within the DeFi sector. The value of the token might increase again if Terra can win back investors’ trust.

Earn Interest from Staking

One benefit of Terra Luna is that investors can still profit even if the price of the Luna token declines. Due to the Proof of Stake (PoS) transaction verification algorithm used by the Terra blockchain, transactions cannot be processed until Luna has been staked to the network.

With cryptocurrency staking, you can receive rewards each time a transaction is accepted. By simply holding Luna, you effectively earn interest on your tokens.

Opportunities for Arbitrage

You can also find arbitrage opportunities by utilizing Terra Luna’s organizational structure. For instance, you can burn Luna to mine TerraUSD and then sell it for more than its face value if the price of TerraUSD increases above the price of USD.

It’s now clear that this system wasn’t as “foolproof” as was thought. However, given that TerraUSD is still trading significantly below $1, there is certainly room for it to re-peg and return to $1, suggesting that there may be an arbitrage opportunity right now.

Terra Luna Price

Over the past year, Terra Luna’s price has fluctuated wildly. The value of the Luna token was less than one dollar at the start of 2021. It had almost reached $100 per token by year’s end.

After that, Terra Luna had a rough start to 2022, with the price of a Luna coin falling to a low of about $47 by the end of January. Following the de-pegging of TerraUSD, the price of LUNA fell by 99% after increasing into early April. LUNA is currently trading at $0.0119 as of this writing in May 2022.

Due to this, LUNA now has a market cap of just $328 million, ranking it as the 215th largest cryptocurrency globally.

Terra Luna Price Prediction

There are many different price forecasts for Terra Luna, though the bull thesis is very dangerous given the current situation. It’s challenging to draw conclusions based solely on technical analysis when Terra is currently 99% below its April 2022 highs. There is undoubtedly a chance that LUNA could reach its lowest point of $0, wiping out the Terra ecosystem in the process. But if TerraUSD were to re-peg, we might also witness a swift recovery, proving that the adage “anything could happen” is unquestionably true.

Different Ways to Buy Terra

Terra can be purchased in a variety of ways; some people prefer to hold onto it for the long haul, while others prefer to trade it for a much shorter period of time. Your decision will be based on your personal experience, investment objectives, and strategy.

Buy and Hold Terra

LUNA may become a well-liked long-term investment if Terra can once again establish itself as a thriving ecosystem of dApps. The fact that LUNA can be staked, meaning your tokens won’t just be sitting around while you’re investing, may be helpful in this regard. You could, alternatively, assign your tokens to a validator and continue to receive regular staking rewards.

Additionally, investors need to be aware of circumstances that, at least temporarily, could cause LUNA’s price to decline. These circumstances include migration uncertainty, market-wide crashes, and activity on rival blockchains, particularly Ethereum if it is successful in launching Ethereum 2.0.

Trade Terra

LUNA is much more erratic than conventional financial assets, like the majority of cryptocurrencies. Investors may feel uneasy, but traders may also see an opportunity. They can profit more frequently by utilizing the regular price swings to buy and sell cryptocurrency more quickly.

Instead of having to deal with the hassle of actually owning and maintaining custody of LUNA, traders can trade derivatives to profit from price fluctuations. Contracts for Difference (CFDs), futures, and options are some derivatives products that are readily available. Leverage is another tool traders can use to boost profits, but traders should be aware that it can also boost losses.

Do I Need a Wallet?

If you purchase LUNA, you will need a place to store it. A variety of wallets are offered. When you purchase it, your trading platform may automatically store it somewhere for you, but if you prefer, you can always create your own secure wallet.

It should be noted that since they don’t actually hold any LUNA tokens, those who trade LUNA CFDs and other derivatives don’t need wallets.

Setting Up a Wallet

The amount of LUNA you own and what you intend to do with it will probably influence whether you decide to set up your own wallet and which type you choose. Different wallets offer different features and levels of security.

• Web wallets — Although usually free, these wallets are frequently the least secure. Web wallets are frequently offered by exchanges and brokerages, and they are very useful for users who have little LUNA or plan to make a lot of trades.
• Desktop wallets — Free desktop software wallets that can be downloaded have a tendency to be a little bit more secure than web wallets and are almost as convenient. They are thus suitable for casual LUNA owners and moderately frequent traders as well.
• Mobile wallets — These are a different kind of free software wallet that function similarly to desktop wallets but are downloaded onto mobile devices. Similar to desktop wallets in terms of features and advantages, they also offer the added benefit of mobile fund access.
• Hardware wallets — These physical storage devices are available from Ledger, Trezor, and KeepKey. Although they can be pricey, users are paying for the best security available. For long-term investors with lots of LUNA, hardware wallets are the best option.

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