Cryptocurrencies are popular right now, and they offer investors a new way to make money that is often faster and more secure than traditional methods.
Terra Luna is one such cryptocurrency that has seen impressive growth in recent months. If you’re looking to get into this exciting market, then read on for a complete guide on how to purchase Terra (LUNA) via an exchange.
Table of Contents
What is an Exchange?
An exchange is a platform where you can buy and sell cryptocurrencies. They are often used to buy smaller coins that may not be listed on major exchanges.
Many different exchanges are available, each with its features and fees. It’s essential to do your research before choosing an exchange, as not all of them are equal.
The Types of Cryptocurrency Exchanges
There are two main types of crypto exchanges out there: centralised and decentralised. Centralised exchanges take your money, credit card information, etc., and keep them in a company wallet. This means they can be hacked or shut down due to legal issues.
Decentralised exchanges work differently in that they don’t store your money on their servers. You retain complete control of your coins, and all transactions occur between you and another user.
As a result of decentralisation, decentralised exchanges often lack some of the features of centralised ones (e.g., high liquidity = less trading volume and lower profits).
What about the Fees?
Like traditional exchanges, cryptocurrency exchanges often charge fees for using their services. You can expect to pay a fee to deposit funds into your exchange account, as well as a fee when withdrawing those funds back onto your bank card or other personal wallets.
Centralised crypto exchanges tend to be more expensive than decentralised ones. In some cases, fees can be as high as 20% of your profits!
How Are Cryptocurrency Exchanges Different from Stock/Futures Exchanges?
The most significant difference between stock and cryptocurrency exchanges is that cryptocurrencies have no physical value. If you think about it, a US dollar isn’t worth anything: it’s just a piece of paper with some ink on it.
The value given to US dollars is arbitrary and decided by the government, so governments can sometimes randomly print more dollars out of thin air (called “quantitative easing”).
A centralised authority doesn’t mandate the value of cryptocurrencies such as Terra Luna. Instead, it is determined by the free market. This means that the value of Terra Luna can go up or down, just like any other stock or commodity.
How to Purchase Terra (LUNA)?
Now that you understand what an exchange is, it’s time to learn how to purchase Terra (Luna). Here are the steps to follow:
1. Choose an Exchange and Register for an Account:
There are various exchanges available, each offering different features and fees. Do your research before choosing one, and make sure to read the terms and conditions carefully.
2. Fund Your Account With Bitcoin or Another Cryptocurrency:
Most exchanges only accept Bitcoin or Ethereum for Terra Luna trading. You will need to send some of these currencies to your exchange account to buy Terra Luna.
3. Buy Terra Luna with Bitcoin or Ethereum:
Once your crypto account is funded, you can search for the currency pair “TLN/BTC” or “TLN/ETH.” This will show you all the current crypto orders being placed on the exchange.
4. Place a Buy Order:
Enter the amount of Terra Luna you want to buy and the price you are willing to pay to place an order. The exchange will automatically find someone selling Terra Luna at that price.
5. Wait for Your Order to Be Filled:
The coins will be transferred from the seller’s account to yours when your order is filled.
Where Can you Store Terra Luna?
Once you have purchased Terra Luna, you will need to find a safe place to store them. There are various options available, including desktop wallets, mobile wallets, and web wallets.
Desktop Wallets:
These wallets are installed on your computer and provide the highest level of security. However, they are also the most difficult to use.
Mobile Wallets:
These wallets are installed on your phone and are easy to use. However, they offer less security than desktop wallets.
Web Wallets:
These wallets are hosted by a third party and are the least secure option. However, they are the easiest to use and offer the most features.
Wrapping Up
This depends on your needs and preferences. If you want the highest level of crypto security, then you should use a desktop wallet. If you want convenience, then you can consider using a mobile wallet. If you want the most features, using a web wallet would be a better choice.
