Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Terra, and is trustworthy!
You can find our top 3 exchanges for buying Terra here, alternatively you can also check our comparison of the best Australian crypto trading platforms if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Terra
And of course, the final step is to find Terra on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Terra (LUNA)
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How to Sell Terra
- Sign into the exchange
- Find where you stored your Terra, either on a hardware wallet or on the exchange.
- Transfer your Terra to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Terra.
Considerations when looking to buy Terra.
Terra is a blockchain protocol which uses fiat-pegged stablecoins for price-stable global payment systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
The development of Terra started in January 2018 and the mainnet was launched in April 2019. It currently offers stablecoins that are pegged to the U.S. Dollar, South Korean Won, Mongolian Turik, and the International Monetary Fund’s Special Drawing Rights basket of currencies.
Terra's native token, LUNA (Luna), is used to stabilize prices for the protocol's stablecoins. LUNA holders can also submit and vote for governance proposals. This gives it the functionality of a governance token.
Do Kwon and Daniel Shin founded Terra in January 2018. Two created the project to accelerate the adoption of blockchain technology. Kwon assumed the role of CEO at Terraform Labs (the company behind Terra).
Shin was the co-founder of and was also responsible for Ticket Monster (also known as TMON), a South Korean ecommerce platform. Later, he co-founded Fast Track Asia. This incubator works with entrepreneurs to create fully functioning companies.
Kwon was the founder and CEO of Anyfi, which provides decentralized wireless mesh network solutions. He also worked for Microsoft and Apple as a software engineer.
Terra is a fiat-pegged stablecoin that seeks to be unique. It claims it combines the benefits of cryptocurrencies and the price stability of fiat currencies. The algorithm that adjusts stablecoin supply according to demand ensures it keeps its one-to-1 peg. It does this by encouraging LUNA holders swap LUNA for stablecoins at profitable exchange rate to expand or contract stablecoin supply in line with demand.
Terra has formed a variety of partnerships with payment platforms, especially in the Asia-Pacific region. Terra announced in July 2019 a partnership with Chai (a South Korean mobile payments app). Purchases made through the app on e-commerce platforms will be processed using the Terra blockchain network. The merchant is charged an average of 2% to 3% for each transaction.
Terra Alliance is a coalition of platforms and businesses that support Terra's adoption. The company announced in February 2019 that 10 e-commerce platforms representing 45 million users and a total gross merchandise value of $25 Billion were now members of the alliance.