Terra is a cryptocurrency that has quickly gained traction in the market. It’s goal? To be the best possible way to buy and sell products online, anywhere in the world.
But how and where do you buy Terra (LUNA) in Canada? And how can you use it for your business or everyday life?
This blog post will cover all of that information and more!
What is Terra(LUNA)?
Terra is a blockchain-based payment system that seeks to facilitate low-cost, high-speed transactions through a stable digital currency.
It aims to do this through its use of stable-coins – tokens pegged to the value of real-world currencies. This makes it less volatile and therefore more usable for payments than other cryptocurrencies.
Terra currently has funds pegged to US Dollars, Euro, South Korean Won and many other currencies, with plans for more to be added.
LUNA is the native token for the Terra protocol that is used to stabilize the stable coins. In addition, it gives its holders the right to submit and vote on Terra’s governance proposals.
At the time if writing, LUNA has a market capitalization of $33 billion and ranks as the 9th largest cryptocurrency.
How to buy Terra (LUNA) in Canada?
Like other cryptocurrencies, intending LUNA investors have different options when it comes to buying Terra (LUNA).
They can buy LUNA either by exchanging fiat currency (like the CAD or USD) or using another cryptocurrency like Bitcoin.
In general, here are the necessary steps required to buy Terra LUNA in Canada:
- Create an account at an exchange that supports it or sign in if you already have an account
- Verify your account including your identity
- Fund the account with either fiat currency or another cryptocurrency
- Buy Terra (LUNA)
- Transfer it to your crypto wallet
If you already have an account with the exchange, you can simply sign into your account and skip to the last step to buy Terra LUNA.
Next, we’ll cover the crypto exchanges and platforms where you can buy Terra (LUNA).
We’ll start with the Canadian crypto platforms that support LUNA, then move to the foreign crypto exchange for those that want more choice and potentially lower fees.
Where to buy Terra (LUNA) in Canada
Though it’s now a top 10 cryptocurrency, Canadians crypto investors are still limited when it comes to where they can purchase Terra.
Fortunately, some of the top Canadian platforms support the coin and the list of where to buy LUNA should continue to grow.
These are some of the best places to buy Terra if you’re in Canada:
We’ll cover each crypto exchange or brokerage in details below starting with the Canadian options.
1. NDAX
The first place on this list of where to buy Terra LUNA in Canada is NDAX. NDAX is one of the top crypto platforms in Canada and it is headquartered in Calgary.
With more than 25 cryptocurrencies supported, NDAX provides a good selection of digital coins for Canadian crypto traders and investors.
How to buy NDAX Terra LUNA
- Sign up as a new user if you’re not an existing client
- Verify your account and identity
- Fund your account using CAD or deposit another crypto
- Go to the Trade screen to review the buy and sell orders
- Buy NDAX Terra LUNA
You’ll get a $10 welcome bonus as a new user when you sign-up using this NDAX referral link and deposit a minimum of $100.
Trading Fees: NDAX charges 0.2% to buy and sell. Price spreads, though varies, are one of the lowest you’ll find in Canada.
It is free to deposit CAD using any of the 3 deposit methods: Interac e-Transfer, Bank Direct and Wire Transfer. Crypto deposits are also free.
But CAD withdrawals cost $4.99 and e-Transfers are not available.
2. Newton
Newton is another top cryptocurrency platform in Canada for Canadians.
At 60+ supported crypto coins and tokens, Newton is the altcoin king in Canada. So it’s not surprising that you can buy LUNA on Newton.
How to buy LUNA on Newton
- Sign up as a new user if you don’t have an account
- Successfully pass the account and identity verification
- Fund your account using CAD or deposit another crypto for free
- Place an order to buy Terra (LUNA) on Newton
Trading Fees: Newton does not charge a separate trading fee on its platform. Instead, it includes a spread in the quoted prices you see when you trade.
Fiat and crypto currency deposits are free. CAD withdrawals are also free, and they cover the first $5 in mining fees for crypto withdrawals.
Next, we’ll look at some of the foreign crypto exchanges with presence in Canada that supports buying and selling of LUNA.
Get $25 bonus when you sign-up for Newton and trade $100 using this link.
3. Binance
Binance is the world’s largest cryptocurrency exchange with support for hundreds of digital coins.
As expected, Binance users can buy and sell LUNA on its platform and pay one of the industry lowest trading fees.
Unfortunately, Binance is not available to Ontario residents at the moment.
Though it recently registered as a Money Service Business and is now regulated federally, it doesn’t seem to have changed its status in Ontario.
Another consideration for those looking to trade LUNA on Binance is the extra hassle that comes with funding your account with CAD.
The best and usually the cheapest funding option for Canadians on Binance is:
- Buy a stable coin on NDAX or Newton
- Withdraw it to your external wallet
- Sign-up for a Binance account or login if you have an account
- Deposit the stable coins to your Binance account
- Exchange the stable coin for Terra LUNA
Get up to $50 in sign bonus as a new Binance user using this Binance referral link or code (code)
4. Crypto.com
The next foreign crypto platform that Canadians can use to buy LUNA is Crypto.com.
Like Binance, crypto.com is one of the largest exchanges in the world and also supports hundreds of cryptocurrencies.
There’s a crypto.com app for beginners or those looking for a quick and simple way to buy crypto.
Intermediate and advanced users can also sign-up for a Crypto.com exchange account to enjoy lower fees and deep liquidity.
Trading fees depend on your 30-day trading volume. Maker fees is between 0.04% and 0.4% and between 0.1%-0.4% for taker fees.
Sign-up to get $25 worth of Crypto.com Coin (CRO).
Can I buy LUNA on Coinbase?
Coinbase is another top crypto exchange and one of the most popular worldwide
Unfortunately, Terra is not supported on Coinbase as at the time of writing this.
See the screenshot from Coinbase below.
Hopefully, they’ll add LUNA support soon. This post will be updated once that happens.
In the meantime, any of the 4 crypto exchanges above are a good place to start for those looking to start trading LUNA.
Is Terra (LUNA) a good investment?
Well, if you’re one of the lucky ones that bought LUNA a few years back, or even as early as June 2021, you would have made some great returns on your investment.
A US$1,000 investment in Terra LUNA in Jan 2021 would be worth more than US$135,000 a year after – a return of 135x!
But remember that past performance is not indicative of future results. Investing in LUNA or any other cryptocurrency carries risk.
And like most investments, it’s difficult to know which one would return those type of gains.
Also, the value of cryptocurrencies often fluctuates widely. And it is important to do your own research and understand how the market works before investing in a certain currency or coin, such as Terra.
These tips and questions can help you decide if LUNA is a good investment for you:
- What are some uses cases of Terra? How does it work?
- What exchanges can you purchase Luna on and how does it compare to other cryptocurrencies. You should also research how safe these exchanges are before sending any money there.
- What is the long-term goal of Terra? How will it be used?
- Is this a good time to invest in terra or should I wait for prices to drop?
Hint: Predicting the future price movement of cryptocurrencies is hard.
So keep these in mind when deciding whether to invest in LUNA or how much to put in it.
Always invest within your risk appetite and with cryptocurrencies, only invest an amount you can afford to lose.
Is Terra LUNA worth buying at current price?
Terra has enjoyed some massive surge in price lately to become one of the top 10 cryptocurrencies by market capitalization.
But should you buy it at current price?
The answer to this question really depends on your investment goals and how much risk you’re willing to take.
Terra is still a relatively new project with lots of upside potential. However, it also comes with some risks attached.
You could:
- Start building your Terra LUNA holding with a small dollar amount and buy some more over time i.e. dollar-cost average.
- Or decide on how much you want to allocate to Terra and buy it at once at current prices.
- Or you could simply wait to see how the project progresses before deciding whether to buy in.
Whichever one you decide, always do your own research before investing in any cryptocurrency!
What to look for in an exchange for LUNA?
In choosing a crypto exchange or brokerage to trade LUNA, you obviously want one that fully supports LUNA.
That means it allows you to trade (buy and sell) LUNA, deposit it and even withdraw it to your external wallet.
In addition, you may also consider the following factors:
Trading fees
Unless you’re buying small sums or infrequently, high trading costs can quickly add up. So compare the fees and look at the spreads to choose wisely.
For the lowest fees, you’ll want to go with one of the foreign crypto exchanges.
Funding and withdrawal fees
Funding your crypto wallet with CAD on the Canadian platforms is free and straightforward. It’s not the same with the foreign exchanges.
Funding with credit cards is expensive and can make your purchase cost too high. Alternatively, you can buy a stable coin on NDAX or Newton and deposit on Binance or Crypto.com to start trading LUNA.
Other Supported Cryptocurrencies
All things equal, you’re better probably better off with a crypto platform with support for a large selection of digital currencies.
That way, you’ll be able to limit all your crypto trading and investing to just a few crypto platforms.
Final Thoughts
Hope you find these post about the best crypto platforms for buying Terra LUNA in Canada useful.
Have any other platforms you think should be on the list? Please let me know in the comments.
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