Terra (LUNA) has been one of the top performers in the crypto market in 2021. Experts predict that Terra can continue this run in the coming years as well. Because of the high demand for LUNA tokens, this article provides an easy guide to buying LUNA.
The easiest way to get on with a cryptocurrency is to exchange. Binance provides an easy and quick setup with Terra compared to other exchanges.
Here are the three basic steps to buying Terra Luna on Binance:
Step 1: Open an account on Binance
First, register for an account on Binance to invest in Terra.
Creating an Exchange Account. Source: Binance
After registration, you would need to verify your Binance account. From your profile icon, choose Identification which will take you to the following verification page.
Account Verification on Binance. Source: Binance
Step 2: Make your purchase
Once your account set-up is done, you can now buy Terra.
Go to Buy Crypto; it lists all the payment methods. Choose a payment method of your choice.
Payment Methods in Binance. Source: Binance
After choosing your payment method, you will be directed to the following interface.
Buying Cryptocurrencies in Binance. Source: Binance
From here, under the Spend section, select the currency of your choice for the transaction. Under Receive section, Crypto is selected as Bitcoin (BTC) by default. Select this to change to LUNA.
Enter your amount to continue with the transaction.
Buying LUNA in Binance. Source: Binance
Step 3: Confirm your purchase
Now, you will be prompted to enter relevant information about your payment method. After verifying your payment method credentials, your order will be confirmed.
While buying, make sure to:
Carry out evidence-based investment
As with other crypto coins, before buying Terra Luna, do your part of the research properly. Although it has surpassed others, the cause could be the influence of various fluctuating factors. Therefore, before making such a huge decision, collect your research from the current stakeholders and experts.
Choose suitable crypto exchange
Before buying crypto, weigh up the trade-offs of the crypto exchange platforms according to your needs. As Binance is widely known and offers easy and quick transactions with lower fees than other exchanges, it is a good option.
Keep in mind adoption
Although major exchanges support Terra, the exchanges have certain varying residents that are restricted. Binance is limited for USA residents.
Always set the proper slippage tolerance
Slippage is the price loss that investors can tolerate. It is due to a price change between the time of submission of trade and its execution. 12% is considered an appropriate slippage for both loss and profit.
Invest as much as you can afford to lose
Since the crypto prices continuously go up and down, make sure not to bet all your money in a single go. After estimating risks, set only a reasonable amount of your money to invest in Terra.
Also read:
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Takeaways
- Terra Luna is one of the fastest-growing cryptocurrencies, and it is listed in many major crypto exchanges.
- To buy Terra Luna on Binance, register and verify your account on Binance, buy and confirm your transaction.
- Evaluate the crypto market and all the associated regulations and risks with Terra before investing, as crypto prices are subject to change.
- LUNA may get listed on more exchanges in the future.
