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How and where to buy Terra (LUNA) in 3 steps

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Terra (LUNA)
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Author: Alexander Buckley Updated: March 18, 2022

Luna is a token belonging to the Terra blockchain network. Luna can be staked, used to vote on governance decisions on the Terra network and is used as collateral for Terra’s stable coins. 

Since 2021 Luna has seen a surge of interest from investors and people in the crypto world. Staking opportunities for Luna are also attractive to casual buyers due to its high profile and its easy accessibility across multiple exchanges. Since Terra flipped Ethereum in early 2021, in terms of total value locked (TVL), many believe Terra’s blockchain to be one of the most promising crypto networks around today. 

In addition, investors keen to see a healthy return on their holdings have like to take advantage of Luna’s many staking opportunities hoping for capital appreciation coupled with decent yields. 

In this short guide, find out how to buy Luna and safely store it.

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3 steps to buy LUNA 

Step 1: Sign up to a broker or exchange

Sign up for a broker or cryptocurrency exchange to find Luna and begin your journey. Registering an account takes only a few minutes. You'll need to provide some contact information and personal identification to make an account. 

Step 2: Deposit funds

After signing up, deposit some money into your account to start buying your tokens. Deposits are easy to make, and you can do this using a credit or debit card. If you use a credit or debit card, your deposit will arrive within a few minutes. If you decide to do a bank transfer, it may take longer.

Step 3: Buy Terra (LUNA)

Search for the token pair on your preferred trading platform and enter the amount of Luna you'd like to purchase. Luna will be coupled with a number of different tokens such as Bitcoin, Ethereum or Tether. These are the base currencies. You will need to hold these first to buy your Luna. 

When you sell your Luna, it will be converted back into the pair's base currency you chose. For example, you've bought the stablecoin, USDT, with your fiat currency. Now, pick the LunaUSDT pair on the exchange, and when you're ready, just click the 'buy' button. Your Luna will appear in your trading account within a few seconds.

Where to buy Terra (LUNA)

You can purchase Luna from a variety of trading platforms and decentralised exchanges. Below is a list of recommended places to purchase LUNA. 

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Why buy LUNA?

As the native token of the Terra network, you can use Luna to do several things. If you’d like to earn interest on your Luna by holding it, then head over to the Terra website and download Terra Station, a downloadable desktop wallet for Luna and a gateway to the Terra network. 

You can send your Luna from an exchange or brokerage to Terra Station and stake your Luna by delegating it to a validator. You’ll earn rewards based on the going interest rate and the amount of Luna you’ve delegated.
Luna can also be used to vote on governance decisions on the Terra network, making Luna holders active participants in the future development of the Terra ecosystem. Similar to a decentralised autonomous organisation (DAO), for many investors, being able to use their tokens in governance is a huge draw factor. 

Luna can also be used as collateral on lending protocols such as Nexo, where many investors flock to secure impressive yields on the coins they’re holding. 

Where to store your LUNA

You can keep your Luna on your chosen exchange or brokerage, where it’ll be accessible through your portfolio. If you’d like more control over your funds, then using a non-custodial wallet is a good idea. 

Crypto wallets such as Metamask and Trustwallet are used by millions of crypto investors and users around the world. Another way to store your crypto is by using a hardware wallet. Hardware wallets are physical USB wallets that provide greater security and control than any exchange or brokerage. You can learn more about specific hardware wallets and purchase one for yourself by following one of the links below. 

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Frequently Asked Questions

  1. You can stake Luna with various crypto exchanges or on the network's proprietary platform, Terra Station. You can also stake using decentralised finance (DeFi) applications that offer staking.

  2. The Ledger Nano S and X both support Terra tokens and Luna, which means you’ll be able to keep your Luna tokens secure on a hardware wallet, ready to move when you want to sell or convert it on an exchange.

  3. Using a recommended staking platform and/or Terra Station, you can stake LUNA. But you need to have a clear strategy and know when you might want to unstake. You may want to sell your tokens if a market shock sends the price crashing, but you won't be able to do this if your Luna is locked. If you don't have a clear strategy, it's probably best to stake on an exchange that allows you to unstake instantly. It's also worth staking if you have a habit of panic buying and selling as it removes the emotion from decisions.

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