If you want to buy Terra (LUNA) in Canada, I have covered the best crypto exchanges that offer it below.
Luna, the native cryptocurrency of the Terra ecosystem, was on a tear recently, rising from a low of $0.4475 to as high as $100+ in April 2022.
That said, it has had a sudden reversal of fortunes and dropped in value to be worth almost nothing shortly after.
Read on to learn how to buy Terra’s LUNA coin on Newton, Crypto.com, Binance, and Coinbase.
What is Terra (LUNA)?
Terra is a decentralized blockchain protocol that is used to create fiat-pegged stablecoins that can be used to facilitate global transactions.
Terra refers to the base token (currency) that is pegged to various fiat currencies, including the USD, KWR, and the International Monetary Fund’s Special Drawing Rights (SDR).
The Terra Protocol runs on a Proof of Stake blockchain. Its native cryptocurrency, LUNA, is used to pay network fees, stabilize against fluctuations in Terra price, compensate validators, and stake for rewards.
How To Buy Terra (LUNA) in Canada
You will need to open an account at a cryptocurrency trading platform that offers LUNA.
Fund your account using fiat (Canadian or U.S. dollars) and place a trade to buy the amount of LUNA you are interested in.
After purchasing LUNA, you can either have it on the exchange or withdraw it to a hardware wallet.
Some of the exchanges below also offer LUNA-crypto pairs. For example, you could use Tether (USDT) or USD Coin (USDC) to buy Luna directly.
Where to Buy Terra LUNA in Canada
The best places to buy Terra coins in Canada are:
Newton Crypto Exchange is one of the best cryptocurrency brokerage platforms in Canada, offering a large selection of coins to choose from, including LUNA.
The company is registered with Canada’s FINTRAC as a Money Service Business (MSB), and your data is stored on Canadian servers.
- Coins offered: Terra (LUNA), TerraUSD (UST), Dai, Fantom, Chiliz, The Graph, Avalanche, Gala, Ankr, Hedera, and 50+ others.
- Funding: Interac e-Transfer, bank transfer, and crypto deposits.
- Trading fees: Up to 0.70% fee; deposits and withdrawals are free.
- Bonus: Get a $25 bonus when you trade crypto worth at least $100.
2. Wealthsimple Crypto
Wealthsimple Crypto is a top cryptocurrency brokerage platform in Canada for buying Terra LUNA.
It offers a large selection of coins to choose from, including LUNA and many other popular cryptocurrencies.
The company is fully registered with Canada’s regulatory authorities, and you can also use its Trade app to buy and sell stocks and ETFs.
- Coins offered: Terra (LUNA), Curve, Fantom, Balancer, Dai, Decentraland, Enjin, Gala Games, Kyber Network, and many others.
- Funding: Bank transfer and crypto deposits.
- Trading fees: 1.5% to 2%; deposits and withdrawals are free.
- Bonus: Get a $25 bonus when you deposit $150 within 30 days of account opening.
Here’s a review of Wealthsimple Crypto for more details.
The Crypto.com crypto trading app and exchange are available in multiple countries, including Canada.
It also supports more than 200 crypto assets, altcoins, and stablecoins.
Crypto.com users get access to trading the spot markets and derivatives, NFTs, and staking. You can also apply for one of its crypto Visa cards.
The company is based in Hong Kong.
- Coins offered: Terra (LUNA) and more than 200 others.
- Funding: Bank transfer, credit card, debit card, and crypto.
- Trading fees: Up to 0.40%. Your trading fees are much lower when you stake Crypto.com Coin (CRO) starting at 5,000 CRO.
- Bonus: Get $25 in free CRO when you stake enough CRO for a crypto prepaid card.
Learn more in this Crypto.com review.
Binance is the world’s biggest crypto exchange, with an average daily trade volume of $2 billion.
The company is based in the Cayman Islands, and its platform is available in multiple countries.
Note that Binance is not available to residents of Ontario.
- Coins offered: Over 350 coins are supported.
- Funding: credit card, debit card, crypto deposits, SEPA, Simplex, P2P trading.
- Trading fees: Up to 0.10% withdrawal fees may apply. You get steep discounts on trading fees when you pay using Binance Coin (BNB).
- Offer: Get a 25% discount on trading fees.
Learn more in our detailed Binance review.
Coinbase is a U.S.-based crypto platform founded in 2012. It is available in 100+ countries and has over 73 million users.
- Coins offered: 90+ coins.
- Funding: Debit card, credit card, and crypto deposits.
- Trading fees: Up to 0.50%; withdrawal and other fees apply.
Learn more in this review of Coinbase.
There are several other platforms outside Canada that offer LUNA, including gate.io, BitFinex, KuCoin, OKEx, and Huobi.
How To Sell Terra (LUNA)
To sell Terra (LUNA), visit your crypto account to place a ‘sell’ trade order for the amount of LUNA you want to dispose of.
Depending on the platform, you may have to sell it for fiat or swap it for another cryptocurrency or stablecoin like USDC.
Best Terra (LUNA) Wallets in Canada
When you have a significant amount of cryptocurrency, it is often recommended that you move them to a hardware wallet. This is to protect your assets from hackers and keep your private keys offline.
Here’s a guide on how to set up a Ledger Wallet.
Other wallet options for LUNA include Trust Wallet and Terra Station.
Is Terra (LUNA) a Good Investment?
The Terra ecosystem was doing well until recently when its stablecoin UST lost its peg.
Is LUNA a good investment? No one knows for sure! It remains to be seen whether the Terra ecosystem will recover from its latest setback, and the LUNA coin is now “very high risk.”
It is unclear how governments around the world are going to react to the growing DeFi space and stablecoins.
Note that hundreds of new projects are announced every day, and Terra’s competition is likely going to continue to heat up.
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Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.