Before getting started on buying crypto, there are certain things that you should consider. First, you need an exchange that will support AUD and Terra. Once you add funds into that exchange, you will buy your crypto and store it in the supported crypto wallets.
If you are new to crypto investments, you should be cautious before diving into this highly volatile and highly risky market. There is a high chance of losing your investment in crypto trading so ensure you consult with a financial advisor before getting started.
What is in this guide?
This guide will give you a comprehensive analysis of what Terra is. The article will also systematically guide you in the process of buying and selling Terra. It will also answer some questions that first-time investors have about investing in cryptocurrencies.
- QUICK GUIDE: HOW TO BUY TERRA IN AUSTRALIA
- What is Terra?
- Where to buy Terra in Australia
- A step-by-step guide to buying Terra in Australia
- How to sell Terra
- Which wallets can I use to hold Terra?
- How Terra works
- Key Things to Consider Before Buying Terra in Australia
QUICK GUIDE: HOW TO BUY TERRA IN AUSTRALIA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Terra.
- Enter how many Terra LUNA tokens you want to buy.
- Check the details and confirm your purchase.
What is Terra?
Terra is a DeFi protocol that is powered by its native token, LUNA. Terra enables the use of stablecoins as a payment method. Data collected towards the end of 2020 shows that Terra had been used to settle almost $300 billion worth of transactions. The stablecoin had also attracted more than 2 million users.
Terra (LUNA) is ranked as the 27th largest cryptocurrency in terms of market capitalization. The crypto's market cap stands at over $8 billion. Its value is around 20 AUD and has maintained its value for several months, reducing investor losses.
Where to buy Terra in Australia
The only place where you can buy crypto is from an exchange. There are many exchanges in Australia that support Terra. The first thing you need to do is conduct your research to find the best cryptocurrency exchange suited to your needs.
A Step-by-step Guide to Buying Terra in Australia
You can easily buy Terra in Australia through the use of fiat currencies. You can also buy it by using another cryptocurrency, like Bitcoin or Ethereum.
Buy Terra with a Fiat currency.
The following steps list the process that you need to follow to buy Terra with fiat currency.
1. Open an account that supports Terra
Once you have chosen an exchange to use, open an account. The account opening process is very easy. Depending on the exchange, you will be required to verify your identity by providing details such as proof of identity and proof of residency. Exchanges set these rules for compliance with the Australian regulatory framework for cryptocurrencies.
Most exchanges will ask you for your complete name, contact details, and verification of your ID. This is done before you are allowed to trade.
2. Deposit money into your account
After setting your exchange account, you need to fund it with fiat currency that will enable you to buy Terra. You can link your bank account and then enter the amount you want to spend on the purchase. The amount of Terra (LUNA) tokens you receive will depend on its current market value.
3. Buy Terra
After depositing your money, you will now move to buy your Terra.
When opening your exchange account, you need to ensure that you have a strong password and at least a two-factor authentication process. This will keep your account and tokens safe.
As mentioned earlier, cryptocurrencies are very volatile, and you need to be cautious and avoid over-speculating. While some investors can make huge profits, others lose all their money when a token's value drastically reduces.
How to Sell Terra
Once the price of Terra goes up and you want to make some quick profits, it is the ideal time to sell it. You can directly sell Terra from your exchange. To sell Terra, follow the below steps:
Go to your exchange account
Sign in to your exchange account where you bought your Terra. Look at the prices to ensure that you are not selling at a loss. However, even when the price is lower, you can decide to sell it to avoid further loss.
Place a Sell order and confirm the transaction
The next step is to place a sell order. To do this, select the amount of Terra (LUNA) you want to sell. You do not have to sell it all at once. Confirm your transaction, and your Terra will be sold, and you can withdraw the amount you sold it for from the exchange.
Which Wallets Can I Use to Hold Terra?
Once you have bought Terra, you need to figure out the most secure way of storing it. Cryptocurrencies are stored in wallets. You can choose to deposit it in a cold wallet if you want to hold it for a long time without trading. Cold wallets are operated offline, which makes them safe.
However, if you want Terra for short-term speculation, you can hold it in the exchange wallet where you can buy or sell depending on market prices and make a profit. Exchange wallets are hot wallets ideal for those who only want to hold crypto for trading.
How Terra works
Terra (LUNA) is a cryptocurrency similar to Bitcoin, Ethereum, and others. Terra is stored on the blockchain, which makes it superior to traditional financial systems. Terra (LUNA) is more secure than using fiat currency in that it maintains anonymity and is also free from interference from third parties.
Key Things to Consider Before Buying Terra in Australia
Market volatility is an issue that affects all cryptocurrencies. The Terra users are responsible for maintaining its prices, and this means that in case of high demand, the value of the LUNA token will go up and in case of low demand, its value will go down. Sometimes, the volatility is unpredictable and may lead to massive losses.
You do not want to hold cryptocurrency just for speculation. You also need to ensure that the crypto can be used for other purposes, such as payments. Terra has outstanding usability features, given that it is integrated into several platforms as a payment method. It would help if you also researched whether Terra can be exchanged for other cryptocurrencies so that you derive great value from it.
You also need to look at the market performance of Terra before purchasing it. The market performance can be determined by looking at its price history to help you evaluate the level of risk associated with holding the crypto.
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Virtual currencies are highly volatile. Your capital is at risk.
Is investing in Terra risky?
Just like with the other cryptocurrencies, investing in Terra carries a huge amount of risk. Take your time and study the market before investing large amounts of money.
Where can I buy Terra?
A crypto exchange is the best place for you to buy Terra (LUNA). There are many exchanges in Australia that support the LUNA token. It is best to go with a popular exchange that has been around for a long time.
Can I buy Terra with a credit card?
Yes, it is possible to buy Terra with a credit card. Exchanges usually give guidance on how you can buy crypto with your credit card.