Terra ($LUNA) is a confusing cryptocurrency to buy. There’s no good guide out there explaining everything you need to know. That’s why we created this beginner’s guide. In this article, I’m going to walk you through how to buy Terra so that you can start trading/investing in it.
What is Terra ($LUNA)?
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
How to buy Terra ($LUNA)?
No matter what people say, it’s easy to buy Terra with a credit card. Your first step will always be to buy BTC/ETH/USDT with your credit card. They can then be converted to Terra. Transfer BTC/ETH/USDT to an exchange that supports Terra. Finally, exchange it for Terra. Please follow our step-by-step guide below on how to buy Terra ($LUNA).
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how to buy Terra ($LUNA)!
NOTE: Due to the de-pegging of UST, LUNA is experiencing extreme volatility. Please proceed with caution.
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC).
In this case, we need to buy USDT (USDT) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, and email address, create a password, and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy USDT with fiat money
Select USDT and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some USDT. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer USDT to an Altcoin Exchange
You can use USDT to buy most coins and tokens in the market. The quickest way to buy Terra is to transfer your USDT to Binance (or the exchanges listed above for US traders), convert USDT into BNB, then send it to your own wallet via Binance Smart Chain and swap your BNB for LUNA on PancakeSwap.
Now you will need to find an exchange that allows you to deposit USDT and trade it for LUNA. As Terra is currently listed on PancakeSwap we will guide you through how to convert your USDT on the platform.
Step 4: Convert your USDT into BUSD on Binance
Now head over to Binance.com and create an account there. It’s a super easy process that shouldn’t take more than five minutes. (Traders from the United States can also use the exchanges listed above)
Once you’re set up on Binance, it’s time to convert some USDT into BUSD. You can do this by going to “Funds” and then “Deposits & Withdrawals,” where you’ll see a list of different coins supported by Binance. Scroll down until you find USDT in the list and click the Deposit button for it.
Binance will give you a unique address to send your coins to copy this address and paste it into your Coinbase wallet (it will look something like this: bbq3dgjm…).
Once you’ve transferred your USDT to Binance, it will take about 10-15 minutes for your funds to become available for trading. Once they’re available, trade your USDT to Binance USD (BUSD).
Step 7: Trade BUSD for LUNA
Now head over to Market on Binance and search for LUNA, you’ll see the LUNA/BUSD trading pair. Click on the trading pair and click on Buy LUNA. On the top field enter the amount of BUSD you would like to exchange for $LUNA. You can go back and change this number anytime before proceeding with “Trade”.
You can see your Terra in your Binance Wallet. Congratulations! You have finally bought Terra ($LUNA)!
Frequently Asked Questions
Can I buy Terra on Coinbase?
No, Not all cryptocurrencies are as easy to get as others. Terra is one of them. It’s not listed on Coinbase’s app or the Coinbase Wallet, but it’s available on Binance and Gate.io
Where can I buy Terra crypto?
You can buy Terra from Binance and Gate.io.
What exchanges sell Terra?
You can sell Terra from Binance and Gate.io.
Is Terra crypto?
No, Terra is a digital token.
How do I buy Terra with PayPal?
No, you cannot buy Terra with PayPal directly. However, you can use Binance to exchange your fiat currency in PayPal for $LUNA.
Can I buy Terra through Cash?
No, you cannot buy Terra with your cash directly. However, you can use Binance to exchange your cash for $LUNA.
Can I mine Terra instead of buying?
No, you cannot mine Terra as it has a different network structure than Bitcoin. You can only buy Terra from an exchange.