An account on a crypto exchange platform works as a gateway to some of the world’s most trending cryptocurrencies. Platforms such as eToro, Crypto.com, Coinbase, etc. offer crypto trade to interested investors globally. Terra Luna or simply Terra is one of the new cryptocurrencies out there; we will explore and try to establish whether it’s a wise thing to invest in it or something to be left alone. Along with the ways you can buy Terra securely.
To start with, Terra lies in the abyss of ambiguity and indecisiveness. Investors and market gurus have had mixed reviews about Terra ($Luna) ever since its launch in 2019. Terra Luna is fundamentally a blockchain that utilizes flat-pegged stablecoins to power global payment systems. Very similar to Ripple (XRP), Terra’s blockchain system allows fiat currencies to be converted into LUNA (Terra’s native coin) and transmitted anywhere on the planet at super-fast speeds at the fraction of the cost.
Buying Terra ($LUNA)
Regardless of what people might say, buying Terra is much easier and simpler to buy through a credit card. As with all other cryptos, the first step is to fund your account by buying Bitcoin, Ethereum, or USDT as Luna can be pegged with all these. The funds are then converted into Terra. We must remind our readers that due to the disassociation of LUNA with UST, the currency is currently very volatile and hence caution is paramount.
Registering on a Fiat-to-Crypto exchange
Registering on one of the many exchanges can be challenging for first-time investors. Exchange platforms vary in terms of rules, policies, transaction fees, security, and other such operational aspects. You must go through the terms and conditions and rules of the exchanges you have shortlisted. Currently, Binance, eToro, Coinbase, Crypto.com, etc. are favored by thousands of investors worldwide.
Setting up an account is easy; all you need is your proof of residence, national identity number, bank statement, and source of funding. Once you have fed the required details, verification may take 24-48 hours. After the account is verified, you can fund by using fiat currencies such as US$, GBP, etc.
Pegging Luna with USDT
Before buying LUNA, any fiat currency can be used to buy crypto with which Luna can be pegged. As an example, we have opted for USDT, a stablecoin that can be later pegged to our desired currency i.e. Luna. Simply select USDT and confirm the amount you wish to invest. You can buy USDT from Coinbase or any other exchange of your choice.
Note that using a credit card is more expensive than opting for a bank transfer; earlier is almost instantaneous, whereas the latter may take up to a week to process.
Transferring USDT to Altcoin exchange
The next step is to transfer your newly bought USDT to your exchange and convert USDT to BNB. Next, send the BNB to your wallet via Binance Smart Chain and swap BNB for LUNA using PancakeSwap.
The fourth step is to create an account on Binance.com, it doesn’t take more than five minutes and is easy to create one. As you create your account, try and convert some part of your USDT into BUSD; a very intuitive process if you follow the steps provided on the platform.
Trading BUSD for LUNA
The last step of the process is to search for LUNA on Binance and create a LUNA/BUSD pair. Once that’s done, click on the pair and buy your desired volume of LUNA.
Wallet for Terra Luna
In case your exchange doesn’t provide you with a wallet, or if you wish to secure your assets elsewhere, you can choose a soft-cold wallet or a hot-hard wallet. These terms may seem alien at first, but they are self-explanatory.
A soft-cold wallet is an application or software that operates and stores your assets offline, i.e., not connected to any network or internet.
Whereas a hot wallet is connected to the internet, called hot as it is vulnerable to hackers. These wallets are usually browser-based apps. Lastly, a hard wallet is a specialized equipment/device designed specifically for storing crypto assets.
