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How to buy Terra online
This page talks you through the key things you need to know about Terra including its purpose, the project’s investment prospects for the future, and whether or not you should invest right now.
Compare where to buy Terra, and open an account
For those of you who believe Terra is a strong project and want to know where to buy LUNA crypto online, we can point you in the right direction. The below options are some of the best brokers around as tested by our team of financial experts. Simply click one of the links to sign up now. Otherwise, keep reading to discover more about Terra and LUNA.
What is Terra?
Terra is a digital currency that allows users to avoid paying hidden fees in online transactions. The platform’s native LUNA token is issued to Terra miners who power the platform, and it regulates its own supply to provide stability by minting or burning tokens based on market conditions.
The long-term goal of Terra is to make blockchain technology become globally adopted. By producing a family of stablecoins that are pegged to the value of various major global currencies, users will always get the correct exchange rate for fiat currencies when making online payments.
How does Terra work?
Terra uses an elastic money policy and its own treasury with multiple stimulus programmes to increase adoption and stability. When new proposals from community participants are made, the entire network reviews them, and then it finances them automatically with the objective of expanding usage.
The entire system is underpinned by a range of stablecoins that are pegged to the value of various fiat currencies, which stops users from paying unnecessary fees. This means that Terra is in part a digital central bank. However, by replacing the current status quo payment chain of banks, payment gateways, and credit card networks, Terra has created efficiencies for merchants and consumers.
As for LUNA tokens, they provide holders with platform voting rights, and they are also users for staking and securing the entire network. This is because they are store as collateral to create the price stability of the stablecoins.
How to buy LUNA online – a step-by-step guide
Step 1. Find an exchange
We recommend a reliable and reputable crypto exchange as the best place to buy LUNA coin. Feel free to check out our reviews for some of the options, and to save you time, we have listed two of the best platforms you can use below.
- Bittrex: We like the intuitive interface and reliable framework that Bittrex offers its users. It is a good choice for beginners and experienced users alike. Sign up to Bittrex today >
- Binance: As the largest crypto exchange by trade volume, you can’t really go wrong with Binance, and it is a good place to get LUNA tokens. Join Binance now >
Step 2. Sign up and fund your account
With every exchange, you need to create an account before making transactions, and this involves entering some contact details and providing a copy of your photo ID.
Step 3. Purchase
Once you have the funds in your account, search for the relevant pair on the exchange of your choice. For example, if you want to use GBP, find the LUNA/GBP pair, enter the amount of money you want to spend, and execute your purchase.
Step 4. (Optional) Get a suitable wallet
If you plan on holding your LUNA tokens for an extended period of time – be that to vote on platform governance or speculate on their future price – opening a crypto wallet is definitely something you should consider. They can add a layer of security to your tokens to protect them from online attacks and theft. Check out two of the best LUNA wallets below:
- CoolWallet: If you want a hardware wallet with excellent security at a reasonable price, CoolWallet is a good choice. Get a CoolWallet and store LUNA >
- Guarda Wallet: If you want to open a wallet with an online interface that comes with a connected app, Guarda Wallet could be the choice for you. Open a Guarda Wallet today >
How to trade LUNA – a step-by-step guide
Step 1. Find a broker
If you want to trade quickly and frequently, you need an online broker to open and close trades instantly. We have already provided you with a strong selection in the table above, but not all of them support LUNA tokens. Your best bet is to check out one of the major crypto exchanges like eToro or Plus500 because they support the most coins.
Step 2. Deposit money
Just fund your account with fiat currency and you are good to go. Expect to see varying fees for different platforms, which include – but are not limited to – deposit fees, withdrawal fees, trading fees and commissions. The lower the fees you pay, the more money you can earn from trades.
Step 3. Decide how you’d like to trade
Most people who trade LUNA do so with a CFD, which means they own a representation of the token rather than the token itself. This is a good way of gaining exposure to the price of LUNA and it is often cheaper than owning the tokens outright.
When creating a trading strategy, focus on technical analysis and indicators to give you the best chance of spotting trends and patterns as they unfold so you know when the right time to offload your coins is.
Step 4. Start trading
Before you execute your first real trade, consider trying a demo account, which will allow you to learn the ropes before putting your own capital at risk. Most brokers offer this service, and you can find out which ones do in our reviews section.
When trading Terra, you will take up a position that will either be long – believing it will rise in value – or short – believing it will fall in value. Make sure you keep a close eye on market conditions and behaviour so you know which position to adopt at any given time.
If you want to trade LUNA using leverage, you should exercise caution, because whilst it increases to exposure to the potential upside, it does the same for the downside.
If you aren’t quite ready to invest, don’t rush into anything; take your time. To help you make up your mind, here are the pros and cons of Terra as a platform.
- Stops users paying hidden fees
- Brings crypto to the mainstream
- Less volatile than Bitcoin because LUNA creates stability
- Good rewards for miners and those who stake LUNA
- Long-term goal of a transparent payments system for all is exciting and offers growth
If you still aren’t sure if you want to invest in Terra, here are some final questions for you to ponder:
1. Is now a good time to buy Terra?
This is dependent on your financial circumstances and goals. If you believe Terra has the potential to become a major online payments solution for individuals and enterprises, making an entry while LUNA is priced low could lead to significant rewards in the long run.
For short-term traders, this vision is much less important. Instead, keep an eye on the current price of LUNA and try to purchase it for a lower price than you end up selling it for. By conducting technical analysis and making accurate predictions, you can accelerate your profits thanks to market volatility.
Whichever strategy you choose to deploy, keep up to date with Terra by reading one of our latest pieces of analysis:
Here’s why Terra (LUNA) price exploded today
2. What problem does Terra solve, and what are the coin’s investment prospects?
Terra disrupts the payment chain status quo of banks, payment gateways, and credit card network. Instead, it offers a more efficient transactions with no hidden fees. In addition, the project has a built-in mechanism for increasing adoption and creating an ecosystem of stablecoins that are collateralised by LUNA for easy online use.
The project faces an uphill battle to secure mainstream adoption, especially because payment portals like PayPal hold such a monopoly over the space, but if it can market itself successfully and appeal to enough individuals, it could become a significant player in the space.
Now you know about the future outlook for Terra, it is a good idea to check the latest news concerning the platform:
Terra (LUNA) price skyrockets to a new all-time high
3. Do you want to hold LUNA for the long term?
Think about how exactly you want to invest. Are you after long-term growth, or is short-term profitability an area of focus? Below are the main considerations you should make when investing in LUNA.
Considerations for a long term investment strategy
If you expect Terra to continue its rapid growth, it is likely that LUNA will rise in value. Therefore, consider choosing an exchange and signing up. You should also think about storing your coins in a wallet for long-term security.
Considerations for a short term trading strategy
If you are after immediate returns, trading LUNA could prove to be profitable as moments of volatility create opportunities. For individuals who aim to trade LUNA effectively, sign up to a broker with low fees and get started.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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