How to Buy Terra (LUNA) [For Beginners]

If you have any interest to buy Terra (LUNA), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.

Step 1: How to create a Binance account:

1.1 Visit Binance’s Website (https://www.binance.com/en)

binance homepage

Sign Up Binance Now

There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.

1.2 Fill in your trading details

You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.

You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.

1.3 Allow 2FA-Two-factor authentication (Optional)

To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!

Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.

Step 2: Buying your first Bitcoin (BTC)

buy bitcoin with credit card

To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.

Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.

I highly recommend buying Bitcoin first and then trading it for the right amount of Terra (LUNA).

It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.

  1. Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
  2. You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
  3. Next, click “Buy BTC. A window that contains all the details of your order will pop up. However, before you confirm your order you need to read the disclaimer and Terms of Use. Once satisfied, confirm your order by ticking the tab and head to “Go to payment’’; click.
  4. Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
  5. You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
  6. Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.

Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.

Step 3: Transferring Your Cryptos to an Altcoin Exchange Gateio

Altcoin Exchange Gateio

Now let me show you how to purchase Terra (LUNA) using your investment from Binance.

But, not every crypto be traded in Binance we need to transfer our coins to an exchange that Terra (LUNA) can be traded.

So, let me guide you to gate.io which is a famous exchange to trade altcoins. Use the link below to register your new account.

Sign Up Gateio Now

If you have completed similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.

Step 4: Depositng BTC to Exchange

After you have created your trading account setup at one of the exchanges that trades Terra (LUNA), you will need to transfer your BTC from Binance to that specific exchange.

You have to do this using a wallet system. Then, deposit BTC to gateio Click “Deposit” from the top right menu. You need to look for the search box, type “BTC” and click deposit button and copy the given “Deposit Address”.

The process may be difficult but don’t worry, it is easier than a bank transfer. Once you copy your unique BTC wallet address go back to Binance.

Then, move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.

Look for BTC in the list and click on “Withdraw” on the right hand side. Then, paste the deposit address you just copied from the other exchange and select BTC as the transfer network.

Next, type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Then, you click on the Submit button to begin with the withdrawal process.

To continue with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.

That is all you need to do, now you should wait for a few seconds so that the blockchain to confirm your transaction.

Step 5: Trading Terra (LUNA)

Now, you need to go back to Bitmax to buy Terra (LUNA) with the Bitcoins you sent.

Then move your mouse over to trading and then click standard under cash trading. Next, in the left column make sure to select “BTC” pair and in the search bar type in “LUNA”.

After you have moved your coin click on it and now you will see a price table of LUNA/BTC in the middle of the page. Select the “Market” tab as that is the easiest way of buying orders.

Or you can either choose to type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.

Once you have confirmed everything, click “Buy LUNA”. Now you own your LUNA!

Other Exchanges to Buy Cryptos

The following are other sites you can buy from these exchanges:

HotBit (Which permits US investors)

MXC (This exchange allows US investors)

Bilaxy

OKEx

Huobi Global

On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Terra gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!

Final Step: How to Store Terra securely in hardware wallets

1. Ledger Nano S

Ledger Nano S Live Crypto Wallet

  • Easy to set up and has a friendly trading interface.
  • Allows use on desktops and laptops
  • Lightweight and Portable too
  • Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
  • Has many trading languages.
  • Designed by a well-established company found in 2014 with great chip security
  • It is not expensive but can be acquired at affordable price

Buy Ledger Nano S Now

2. Ledger Nano X

Ledger Nano x Live Crypto Wallet

  • It made with a more advanced and secure element chip (ST33) than Ledger Nano S
  • Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
  • Also Lightweight and Portable and has a built-in rechargeable battery
  • Has a Larger screen
  • Comes with more storage space compared toLedger Nano S
  • It supports most blockchains and wide range of (ERC-20) tokens
  • Provides several  languages for every customer
  • It was designed by a famous company found in 2014 with great chip security
  • Can be obtained at an affordable price

Buy Ledger Nano X Now

If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Terra for some long time, you need to find ways to ensure it stays safe safe,

However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.

Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced  pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.

Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use.  For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have.  I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.

Frequently Asked Questions

Is it possible to buy Terra with cash?

The answer is No. Because there is no way you can directly buy Terra with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.

How do I Buy Bitcoin from local sellers?

You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.

What are the quickest ways I can buy Terra while living in Europe?

While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.

Can I use alternative platforms to purchase Terra or Bitcoin with credit cards?

Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.

About Terra (LUNA)

What Is Terra 2.0 (LUNA)?

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It’s now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. That devalued LUNA to virtually zero and caused a launch of a new chain — resulting in Terra Classic and Terra. Read a full breakdown of the Terra crash here.

The development of Terra Classic launched in January 2018 and the blockchain launched in April 2019. It attempted to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offer fast and affordable settlements through its UST stablecoin. Terra Classic offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies.

The new Terra blockchain continues the legacy of Terra Classic without the UST stablecoin. It will keep building with the help of the LUNA community dubbed “LUNAtics” and evolve the world-class UX and UI that brought Terra Classic up to second place in total value locked (TVL) at its peak. Many DApps have agreed to migrate to Terra to continue their functionality.

Who Are the Founders of Terra?

Terra was founded in January 2018 by Daniel Shin and Do Kwon. The two conceived of the project as a way to drive the rapid adoption of blockchain technology and cryptocurrency through a focus on price stability and usability. Kwon took on the position of CEO of Terraform Labs, the company behind Terra.

Prior to developing Terra, Shin co-founded and headed Ticket Monster, otherwise known as TMON — a major South Korean e-commerce platform. He later co-founded Fast Track Asia, a startup incubator working with entrepreneurs to build fully functional companies.

Kwon previously founded and served as CEO of Anyfi, a startup providing decentralized wireless mesh networking solutions. He has also worked as a software engineer for Microsoft and Apple.

After the collapse of Terra Classic, Do Kwon issued a revival plan that eventually led to the hard fork of Terra Classic and Terra. He received criticism for his plans from Binance founder Changpeng Zhao and Vitalik Buterin, as well as from disgruntled UST investors. His proposal was voted into effect by the community and Terra Classic hard forked into its new Terra blockchain on May 27, 2022.

What Makes Terra 2.0 Unique?

Terra will continue without its algorithmic stablecoin UST and aims to preserve the Terra ecosystem with hundreds of developers working on different decentralized applications. The LUNA token will be airdropped across Luna Classic stakers, holders, residual UST holders and essential Terra Classic app developers. Terra removed the wallet of Terra Foundation Labs for the airdrop event, making Terra a fully community-owned chain.

The airdrop will be carried out according to two snapshots taken, one before the Terra Classic crash (May 7) and one after it (May 27). The eligibility for the airdrop is as follows:

Holding the following assets on the May 7 snapshot:

  • Luna Classic (LUNC) (including staking derivatives)
  • Less than 500k aUST (UST deposited in Anchor)

Holding the following assets on the May 27 snapshot:

  • Luna Classic (LUNC) (including staking derivatives)
  • UST

At Genesis, 30% of the LUNA airdrop will be immediately available to pre-attack users with wallets that had less than 10k LUNA (including staking derivatives) or deposited UST in Anchor, and post-attack users with any quantity of LUNA (including staking derivatives), UST, or both.

Furthermore, vested LUNA distributed during the airdrop will be automatically staked to Terra validators. Users can change their delegator and will earn staking rewards on their vested LUNA but are subject to a six-month cliff. You can read the full details of the Terra (LUNA) airdrop in this explainer article by Terra.

How Many Terra (LUNA) Coins Are There in Circulation?

Terra (LUNA) has a supply of 1 billion tokens. It will be distributed as follows:

  • Developer mining program: 8%
    • Essential app developers earn a share of the mining program proceeds pro-rata to the amount of TVL every quarter for 4 years.
  • Developer alignment program: 1.5%
    • Protocol teams that were live in Terra Classic divide this allocation weighted by the last 30 day TVL from Pre-attack snapshot – 1 year cliff, 3 year vesting thereafter. Accommodations will be made for apps where TVL is not applicable.
  • Emergency allocation to app developers: 0.5%
    • Immediately after network launch to provide for runway while they build out product. Commit to returning funds if product has not been launched in 1 year.
  • Community pool: 20%
    • Controlled by staked governance
  • Pre-attack LUNA holders: 35%
    • All bonded / unbonding Luna, minus TFL at “Pre-attack” snapshot; staking derivatives included
    • For wallets with < 10k Luna: 30% unlocked at genesis; 70% vested over 2 years with 6mnth cliff
    • For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter
    • For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter
  • Pre-attack aUST holders: 10%
    • 500K whale cap – covers up to 99.7% of all holders but only 26.72% of aUST
    • 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff
  • Post-attack LUNA holders: 10%
    • Staking derivatives included
    • 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff
  • Post-attack UST holders: 15%
    • 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff

Definitions:

  • “Pre-attack” snapshot to be taken at at Terra Classic block 7544910 (2022.05.07 22:59:37+08:00)
  • “Post-attack” snapshot to be taken at Terra Classic block 7790000 (2022.05.27 00:38:08+08:00)

All tokens locked or vesting are staked at genesis, and must be unbonded to become liquid.

Furthermore, Terra committed to burning the remaining 1B UST from the community pool to reduce the outstanding debt from the Terra ecosystem. The LUNA airdrop will happen on May 28, 2022, at 06:00 GMT.

How Is the Terra Network Secured?

The Terra blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNA staked. Terra will incentivize network security by providing staking rewards of 7% annual inflation. This is to align the interest of validators with the long-term success of the Terra ecosystem.

Where Can You Buy Terra 2.0 (LUNA)?

Several centralized exchanges committed to trading the new LUNA token, such as Huobi, Bitrue, Bitfinex, FTX, KuCoin, Gate.io, Bybit and LBank. Others are expected to follow soon.

Are you interested in buying LUNA or other cryptocurrencies such as Bitcoin? CoinMarketCap has an educational section — Alexandria — to teach you all about crypto and how to buy your first coins.

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