To buy Terra LUNA in Canada, here are the general steps:
- Quickest way is to choose a popular crypto trading platform that supports LUNA
- Sign up and create an account using your email and entering a password
- Verify your account and identity
- Fund your account through online/mobile banking or using an external crypto wallet
- Buy Terra (LUNA) and start with as little as 50 CAD
For further details and instructions, you can read more below and learn if making a crypto How to buy Maker (MKR) Canada is worth it.
Where to buy Terra (LUNA)
Whether buying physical goods or making an investment online, the fastest way is to go to a marketplace or platform. There, the infrastructure is already built to facilitate transactions. When it comes to buying or selling Terra (LUNA), there’s already existing infrastructure in major crypto trading platforms.
Before choosing a platform, make sure that it supports Terra (LUNA) and dozens of other cryptocurrencies. This way, you can quickly take advantage of a rising trend of other cryptos. After all, there will still be times when the price of Terra (LUNA) goes down because of crypto’s natural volatility (later we’ll talk about the recent LUNA’s crash and what’s next).
How to sign up and create an account
Once you found a platform that supports LUNA trading, the next step is to sign up and create an account. Here you will use your email and enter a password. You will receive a verification link or code to confirm that you’re really the owner of the email address (similar to confirming a newsletter subscription or verifying your own social media profile).
How identity verification happens
After signing up and creating an account, it’s now time to verify your identity. Often these are the requirements:
- Present and capture a government-issued ID
- Take a video verification selfie
- Complete other requirements such as a suitability assessment
Notice that the process is similar to opening a bank account in person. You present your ID and your physical presence and appearance is a must. What happens in creating an online account though is that you take a video verification selfie instead.
Also notice that there could be additional requirements. An example is completing a Suitability Assessment where you answer a brief questionnaire about your financial situation. There could be a few questions about your financial goals and risk appetite. Your answers to these questions will help determine the right investment options for you.
How to fund your account
After verifying your identity, the next step is to put funds into your account. You can fund it with Canadian dollars via Interac e-Transfer or wire transfer. You can also fund your account with your existing crypto assets if you already have an external wallet.
How to buy LUNA and other crypto assets
It’s a straightforward process where you click Buy, choose LUNA or other crypto assets, enter how much you want to buy, and preview and confirm the order. There should be a transaction receipt with details about your purchase as well as fees and charges.
We’ve seen how easy it is to buy Terra (LUNA). Now let’s talk about the cryptocurrency itself.
Is LUNA a good investment?
Since it’s value has gone down recently, will Terra (LUNA) still have a good future? Is it possible for LUNA to bounce back and even surpass most analysts’ expectations?
In the recent crash, it’s estimated that over 21 billion CAD worth of crypto value was wiped out. Aside from hurting several crypto investors, this event also caught the attention of regulators and politicians. It also placed more doubts in the minds of the general public about putting their money on crypto.
As with most other investments whether in the real estate or stock market, in crypto there’s also volatility. The difference though is that crypto markets are extremely volatile and crypto’s prices can rise or drop suddenly and rapidly. Within a week it’s possible for a cryptocurrency to lose 99 percent of its value. It’s especially the case with popular cryptocurrencies where the losses can easily amount to billions of dollars.
What’s next for LUNA and crypto
What happened to Terra (LUNA) is an extreme case which can act as a lesson and warning to incoming crypto investors. It can also fuel further government interventions to better protect people from huge financial losses. Seasoned investors will also become more cautious and try to limit their losses as possible. For cryptocurrency developers and communities, they might put more safeguards to prevent another crash from happening.
This could serve some good to the entire crypto community. That’s because the recent crash exposed a few risks and vulnerabilities of the system and algorithms. It also prompted developers and communities to take a closer look at how cryptocurrencies and stablecoins are being run and distributed. As a result, founders and developers have been busy these days in creating and implementing new plans to bring the people’s trust and interests back to the system.
One such plan is about the revival of Terra (LUNA). Essentially, it’s been about creating a new network and forking a new coin. The old LUNA coin will be renamed and rebranded as LUNA Classic (LUNC) and the new coin will be named as LUNA. Existing owners of the LUNC will receive free new LUNA coins to generate renewed interest in LUNA and Terra.
Will that help Terra and LUNA bounce back? Risks are often a built-in feature of cryptocurrencies, and their volatility presents both dangers and opportunities. After all, if a crypto’s price is too stable, there’s not much opportunity for profit. However, the losses can be great especially because of how fast a crypto’s price can change.
To profit from such uncertain times, experienced investors try to expose themselves to several opportunities that may bring huge gains while limiting their losses. In the crypto space, it only takes a single huge winner to compensate for all the losses and reap huge profits, which is why it’s important to explore not just LUNA but other cryptocurrencies as well.