Where to Buy Terra LUNA Canada – Beginner’s Guide

LUNA – the underlying digital token that backs the Terra project, has lost more than 99% in value since its sister stablecoin – UST, de-pegged from the dollar.

If you believe that a recovery is possible, this guide will explain how to buy Terra LUNA in Canada right now. In doing so, you will pay just a very small fraction of a cent for each LUNA token that you buy.

Cryptoassets are a highly volatile unregulated investment product. 

If you are new to crypto and require a more detailed guide on how to buy Terra LUNA in Canada – keep on reading.

Where to Buy Terra LUNA in Canada

When learning how to buy LUNA crypto in Canada, one of the most important decisions that you need to make is the exchange that you complete the process with.

Ideally, your chosen exchange will be regulated in Canada and offer low trading fees – not to mention support for your preferred payment type.

If you’re still unsure as to where to buy Terra LUNA in Canada, consider one of the platforms reviewed in the sections below.

1. Coinbase – Overall Best Place to Buy Terra LUNA in Canada as a Beginner 

Coinbase offers one of the best places to buy LUNA in Canada as a complete beginner. The Coinbase website is simple to use and opening an account takes minutes. Just like Crypto.com, Coinbase gives you the option of depositing funds with a Visa or MasterCard.

However, while Crypto.com charges 2.99% for this purpose, at Coinbase, you will pay 3.99%. This means that for every $1,000 you deposit, you will lose $39.90. You can reduce your fees by transferring funds from your Canadian bank account, but expect to wait 1-3 days for the money to arrive.

Moreover, standard trading commissions at Coinbase amount to 1.49% and there is no option to reduce this with higher volumes. With all that being said, Coinbase is still worth considering if you wish to buy Terra LUNA tokens in Canada, but you have no prior experience of investing in digital assets from the comfort of home.

In addition to Terra LUNA, Coinbase gives you access to dozens of other tokens. This largely focuses on large-cap projects but there is also support for leading DeFi coins and ERC-20 tokens. Coinbase offers a basic web wallet that comes with solid security features – such as two-factor authentication.

98% of client funds are kept in cold storage offline, so your Terra LUNA tokens will remain in the safe custody of Coinbase at all times. Alternatively, you might consider downloading the Coinbase mobile wallet app for iOS or Android. This is a non-custodial wallet, so you will be the only person to have control over your private keys.

Cryptoassets are a highly volatile unregulated investment product. 

2. Kraken – Highly Secure Exchange With 5x Margin and 24/7 Customer Service

Kraken is an excellent exchange through which LUNA can be purchased. Kraken is known for its exceptional security protocols and margin trading features, and it only takes a $10 investment to get started. Sign-up with Kraken is generally quite quick. 

With Kraken, 95% of all client funds are kept in cold storage for enhanced security. These funds are kept under 24/7 video surveillance with armed guards and sophisticated alarm systems. If you need to withdraw your funds, they are at hand. It also offers audited proof of reserves and runs its own bug bounty competition. 

In terms of account security, users can benefit from 2FA (Google Authenticator or Yubikey) as well as PGP-signed and encrypted email for communication. All information, both at rest and in transit, is encrypted. Kraken also has similar safeguards in place in terms of the protection of customer information. 

The fee to buy LUNA on Kraken is 1.5%, which is a moderate fee to pay in comparison to other service providers. In total, over 200 cryptos are available for purchase on Kraken. Kraken is particularly useful for intermediate traders looking for low fees, and Kraken Pro has among the lowest fees on the market. It also provides 5x margin leverage, though this does come with additional risk. 

Kraken offers 24/7 customer support and its mobile applications (IOS and Android) are highly rated. It’s a great place to purchase LUNA, even if its products are mainly geared towards intermediate to advanced traders. Purchasing fees are reasonable and it provides a staking program with up to 24% APY for Canadian residents, on over 12 staking networks. 

Cryptoassets are a highly volatile unregulated investment product. 

3. Bitbuy – Low Fee Exchange to Buy Terra LUNA in Canada

It’s always best to use a domestic exchange when you are looking to buy cryptocurrency in Canada. Overall, we like Bitbuy for this purpose. Not only does Bitbuy allow you to buy Terra LUNA in Canada with super-low fees, but you only need to meet a minimum deposit of $50 to get started.

And, in order to fund your account, you do this easily via Interac e-Transfer. This will attract a modest fee of 1.5% on your deposit. When it comes to trading commissions, you can buy and sell Terra LUNA on the Bitbuy website at just 0.20%. This means that risking $50 on this digital asset will cost you a mere $0.10 in trading fees.

Another important thing to note about Bitbuy is that it offers a safe place to trade LUNA tokens. Crucially, this is because Bitbuy is approved by the Ontario Securities Commission. Moreover, Bitbuy is also registered with FINTRAC. Once you have invested in Terra LUNA, you might also look to diversify into other tokens.

If so, Bitbuy allows you to buy Bitcoin and nearly 20 other top-rated digital assets. This means that you can use Bitbuy to create a diversified crypto portfolio. Another feature that you might like at Bitbuy is its Pro Trade tool. This offers seasoned investors a more advanced trading suite to buy and sell Terra LUNA.

Another reason why we believe that Bitbuy offers the best place to buy Terra LUNA in Canada is that you can do so via its native mobile app. This allows both iOS and Android users to access the crypto markets on the move. Finally, Bitbuy is one of the very few crypto exchanges in this space that offers customer service on a 24/7/365 basis.

Cryptoassets are a highly volatile unregulated investment product. 

4. Crypto.com – Buy Terra LUNA in Canada With a Debit Card

Although Bitbuy came out as the overall best place to buy Terra LUNA in Canada, the platform does not support debit card payments. And as such, if you wish to use a Visa or MasterCard to pay for your LUNA token investment, then you might want to consider Crypto.com.

In addition to offering one of the best crypto wallets in Canada, this top-rated platform supports super-low commissions. That is to say, the most that you will pay is just 0.40% per slide. While this is double what you will pay at Bitbuy, this still works out at just $0.20 for every $500 traded.

Should you find yourself trading large amounts, lower commissions are available. When it comes to funding fees, 2.99% is charged on debit card payments. This is somewhat pricey, but you will be able to buy Terra LUNA in Canada instantly. Alternatively, Crypto.com also supports bank wire transfers.

In addition to exchange and wallet services, Crypto.com also allows you to earn interest on dozens of supported tokens. While this includes the likes of Bitcoin, Ethereum, Tether, and USD Coin, there are no Terra LUNA savings accounts. Nevertheless, this might come in handy if you choose to diversify your crypto portfolio at a later date.

After all, Crypto.com supports no less than 250+ digital currency markets. You might also choose Crypto.com as your go-to exchange if you have a broader interest in non-fungible tokens (NFTs). This is because Crypto.com not only gives you access to thousands of NFTs but buyers are not charged any commission.

Cryptoassets are a highly volatile unregulated investment product. 

What is Terra LUNA?

Before learning how to buy Terra LUNA in Canada, we would strongly suggest that you understand how the project works and what it intends to achieve. First and foremost, Terra is a blockchain network that aims to become the go-to hub for decentralized applications, NFTs, and day-to-day payments.

The network is home to two digital tokens – each of which serves a different purpose. First, you have Terra USD – or simply UST. This digital token is a stablecoin that until recently, was pegged to the US dollar. This means that in theory, you should be able to exchange a single UST token for 1 US dollar at any given time.

Terra does things differently from other stablecoins, insofar that it isn’t backed by reserves. For instance, USD Coin – which is backed by Coinbase, is 100% backed by US dollars. This has been independently verified by reputable auditors on several occasions. Terra, on the other hand, aimed to keep UST pegged to the dollar via a smart contract algorithm.

The smart contract can do this by burning a predefined number of Terra LUNA tokens – which is the second digital currency backed by the network. In doing so, the aim was to keep UST pegged to the dollar at all times – irrespective of broader market conditions. However, as we now know, the algorithm has since failed, as UST has lost its peg to the dollar.

And in turn, not only has this sent the value of UST to lows of sub $0.20, but Terra LUNA has lost 99% of its value. We explain the reasons behind this in more detail shortly. But crucially, if you decide to buy Terra LUNA in Canada today, you will be able to do so at a significant discount. Equally, the risk of loss is as high as you will likely get in the crypto trading industry.

Is Terra LUNA a Good Investment?

So now that you know how Terra LUNA works, we can now explore whether or not this digital currency is a suitable investment for your portfolio.

In the sections below, we cover everything you need to know about the potential future value of Terra LUNA.

High-Yield Interest via Anchor

There is a domino chain of events that led to the collapse of Terra LUNA tokens in a very short period of time. Many market commentators argue that this began with the high-yield interest accounts that UST token holders were able to get.

In a nutshell, by depositing UST tokens into the Anchor platform, a yield of 20% was on offer.

When you consider that USD checking account deposits in the US rarely attract an interest rate of more than 0.10%, it goes without saying that a yield of 20% is highly attractive. And therefore, an estimated three-quarters of UST tokens were previously believed to be held in Anchor for this purpose.

However, the team behind Anchor made the decision to remove its fixed APY of 20% on Terra USD and instead incorporate a variable rate that can change based on wider market conditions.

As a result, this led to a significant number of people not only withdrawing their Terra USD tokens out of the Anchor platform – but selling them on third-party exchanges.

Mass Sell-Off of Terra USD

Once the markets began to notice that many Terra USD holders were selling their tokens, this resulted in the unthinkable – UST lost its peg to the US dollar. In fact, at one point, UST was trading on crypto exchanges at less than $0.20 per token.

Due to extreme selling pressure, major exchanges – including Binance and Coinbase, decided to halt trading – not only on UST but Terra LUNA.

Moreover, the Terra network itself suspended any further activity on its blockchain.

Terra LUNA Loses 99% of its Value

Both UST and LUNA are backed by the Terra network. And therefore, it was somewhat inevitable that the value of Terra LUNA would suffer the same fate as its stablecoin counterpart.

However, it must be noted that the downfall of Terra LUNA was significantly more parabolic than UST. In fact, Terra LUNA has since lost 99% of its value. This happened in the space of just a week.

Potential Rebound

With that all said and done, some market speculators argue that Terra LUNA could represent an attractive buy when you consider just how cheap the token is. After all, even the slightest of rebounds could result in a huge upward swing.

• For example, as of writing, Terra LUNA is trading at just over  $0.0002 per token.
• Prior to its collapse, Terra hit an all-time high of $119.
• This means that even if Terra LUNA was able to hit a price of $0.50 – this would translate into gains of 500,000% from current pricing.

As a result, although Terra LUNA is without a doubt a super-high risk investment, the token would not need to increase by much for you to realize attractive returns.

Terra LUNA Price

The Terra network was founded in 2018 and its underlying token – LUNA, was launched the following year. According to figures as per CoinMarketCap, Terra LUNA was originally trading at $1.30 when it first hit crypto exchanges. The digital token then enjoyed a prolonged upward swing, subsequently hitting $119 in May 2022 before its collapse.

This means that in just under three years of trading, Terra LUNA witnessed gains of 9,000%. When the aforementioned UST lost its peg, the price of Terra LUNA went into freefall. In just a matter of days, LUNA hit all-time lows of $0.00001 – a decline of 99%.

Terra LUNA Price Prediction

If you’re looking for Terra LUNA price predictions online – forget about it. Crucially, nobody truly knows what the future holds for this digital currency. Effectively, we would imagine that one of two things will happen.

One scenario is that Terra LUNA never regains trust from the broader markets and thus – declines to a value of near-zero. The other, more optimistic outcome is that the Terra network is able to somehow regain trust and thus – LUNA goes through a period of recovery.

However, it likely is that Terra LUNA will never get anywhere near its prior highs of over $100 per token. With that said, if you are able to buy this digital asset at a small fraction of a cent, you can still make significant gains even if it hits a price of $0.01.

In fact, based on a price of $0.0002 as of writing, a return to $0.01 would translate into gains of nearly 5,000%. A return to the $1 area would equate to growth of 500,000%. Whether or not Terra LUNA will be able to do this remains to be seen.

Ways of Buying Terra LUNA

The best ways to buy Terra LUNA in Canada right now are outlined below:

Buy Terra LUNA With Interac e-Transfer

The most popular and cost-effective way to buy Terra LUNA in Canada is via Interac e-Transfer. When using Canadian exchange Bitbuy for this purpose, you only need to meet a minimum deposit of $50. Moreover, you will pay a fee of just 1.5%.

Buy Terra LUNA With Credit Card or Debit Card

If you want to buy Terra LUNA in Canada with a credit or debit card, you have several options to consider.

At Coinbase, you will pay a fee of 3.99%. With that said, you can reduce your fee to 2.99% when using Crypto.com.

Buy Terra LUNA With PayPal

Neither Bitbuy nor Crypto.com allows you to buy Terra LUNA with PayPal. You can, however, use Coinbase for this purpose. Once again, you will pay a fee of 3.99%.

Best Terra LUNA Wallet

Like all digital currencies, Terra LUNA needs to be stored in a wallet. This is not only how you can ensure your tokens are kept safe and away from hackers, but wallets enable you to send and receive LUNA at the click of a button.

• If you are planning to use either Bitbuy or Crypto.com, you will have access to a user-friendly and secure wallet app.
• All you need to do is download the app to your iOS or Android device and then sign in to your Bitbuy or Crypto.com account with your login credentials.
• This means that you can offload your LUNA tokens at any given time – as long as your phone has an internet connection.

The other option is to download the Crypto.com DeFi app. This is a non-custodial wallet, which means that Crypto.com will not have access to your private keys.

However, do remember that if you lose your private keys in addition to forgetting your PIN, you won’t be able to regain access to your wallet.

Cryptoassets are a highly volatile unregulated investment product. 

How to Buy LUNA in Canada – Coinbase Tutorial

In this section, we will guide you through the process of how to invest in Terra LUNA in Canada with Coinbase.

Step 1: Open an Account

To open an account, visit the Coinbase homepage and click on the ‘Get Started’ button to begin the process.

You will need to enter your details and tick the box to indicate you are over 18.

Step 2: Verify Email and Phone

You can verify your phone and email after you have signed up. When you have verified your email and signed into Coinbase, you can then verify your phone number.

Coinbase has rigorous security standards and users are auto-enrolled in 2FA.

Step 3: Verify Identity

After your Coinbase account is verified, you will need to undergo KYC identity verification.

You’ll need to take a photo of your face as well as your government-issued identification document. You’ll also have to submit your tax information.

Step 4: Deposit and Trade

Your account is now set up. You can link a payment method and start to trade.

Once linked, it’s easy to make a payment. The rate you will pay for LUNA with Coinbase depends on the payment method, but is generally between 1.5% – 3.99%.

Cryptoassets are a highly volatile unregulated investment product. 

How to Sell Terra LUNA

Once you have invested in LUNA on the Coinbase platform, you will find the tokens in your web wallet. You can leave the tokens there or download the Bitbuy wallet for iOS and Android.

If you want to sell your investment, you simply need to sign in to your account and create an order. Once confirmed, Coinbase will swap your Terra LUNA tokens for Canadian dollars at the next best available price.

You can also opt for a limit sell order, which allows you to select the price that you wish your LUNA tokens to be sold. This will remain pending until the price is matched by the markets.

Conclusion

If you have a strong appetite for risk and volatility and wish to buy Terra LUNA in Canada right now – you can complete the investment process at Coinbase in less than five minutes.

It’s one of the most popular and secure exchanges in the world, with a huge range of offerings. it’s also known to be very beginner friendly, so those without prior experience have come to the right place with Coinbase.

Cryptoassets are a highly volatile unregulated investment product. 

Frequently Asked Questions When Buying Terra LUNA