How to Buy Terra Classic (LUNC) on Binance: Fees, Features & Step by Step Guide

Binance, often hailed as a global crypto juggernaut, is one of the most popular cryptocurrency exchanges. In this comprehensive guide, we will take you through the process of how to buy Terra Classic (LUNC) on Binance, its regulations, and a step-by-step guide to buying LUNC using different payment methods.

Author: Saman Ali   -   Last updated: 07/02/2024
How to Buy Terra Classic on Binance

Summary

Terra is a blockchain protocol that aims to build fiat-pegged stablecoin-based global payment networks. Terra Classic is the Terra blockchain payment protocol’s token. With a market cap of more than $335,483,964, it is now the 87th largest cryptocurrency in the world, according to CoinMarketcap.

Founded in 2017 by Changpeng Zhao, better known as “CZ,” Binance quickly skyrocketed to become one of the world’s leading cryptocurrency exchanges. It is a platform where you can buy, sell, trade, and invest in an extensive range of cryptocurrencies.

This quick guide will cover the steps of how to buy Terra Classic (LUNC) on Binance. We’ll cover all you need to know about choosing an exchange, getting started with Binance, and the many trading platforms the exchange offers. We will also detail how to buy the coin with several payment methods on the crypto exchange.

Things to Consider when Choosing a Terra Classic (LUNC) Exchange

Finding a place to get Terra Classic coins is essential before you can begin trading. When deciding on an exchange to purchase LUNC, you should keep the following in mind.

Location of Terra Classic Exchange

The exchange’s location is significant because it affects how much local authorities govern it. It is recommended to choose an exchange that is governed by a country with favorable regulations. 

List of Available Payment Methods

To buy Terra Luna Classic, the exchange should provide multiple payment options for convenience. It must accept major methods like credit cards, debit cards, bank wire and transfer, and electronic wallets like PayPal, Neteller, and Skrill at the very least.

How to Check the Cost and Fee

Select a Terra Classic crypto exchange with transparent costs and commissions. To see if the costs are reasonable, you can do a comparison. Binance’s current cryptocurrency transaction fees are 0.1% for both opening and closing a position.

Volume Listing

The volume listing on a reliable crypto exchange, such as Binance, displays a variety of buy and sell orders placed by consumers. When choosing where to buy LUNC, this feature increases confidence in the platform by demonstrating the volume of actual trading activity taking place on the exchange at any time.

What you need to know before Buying Terra Classic (LUNC) on Binance

Binance’s international operations are managed from its Ta’ Xbiex, Malta headquarters. The exchange is physically present in countries like Great Britain, Germany, France, and many more. Moreover, Binance is regulated in multiple jurisdictions, such as Australia, Italy, Dubai and many more.

The platform also has a wallet – TrustWallet – for clients who want to store their crypto safely. Note that the minimum deposit to buy crypto in Binance depends on the fiat/crypto currency you use for buying Terra Classic. Fees and commissions are industry standard, and the spreads are competitive.

Real Terra Classic coins and LUNC CFDs are available on the exchange with reasonable spreads and costs (We will talk about it in detail later in the article). Credit cards, debit cards, bank wire, PayPal, and Skrill are just some of the many accepted payment options on the site. Furthermore, the exchange offers 1:20 leverage outside Europe and 1:2 leverage in Europe for retail clients.

Types of Platforms Offered on Binance to Buy Terra Classic (LUNC)

Binance offers its custom-built trading platform for both mobile and desktop devices.

Desktop Platform

Investors can buy Terra Luna Classic using the desktop platform on their PCs. The interface includes essential technical and fundamental analysis tools, such as charts, headlines, notifications, volume listings, and more.

Mobile App

By downloading the app, traders can access the Binance trading platform from their mobile devices. The mobile app provides the same set of features as the desktop version to buy LUNC. With a mobile app, you may also trade on the go without being tied down to a specific location.

How to Buy Terra Classic (LUNC) on Binance

Below are the step-by-step guides on how to buy Terra Classic (LUNC) on Binance using different payment methods.

A Step by Step on How to Buy Terra Classic on Binance

  1. Visit Binance homepage and click on Sign up with email or phone. Alternatively, you can also click on “Continue with Google” or “Continue with Apple.”  
  2. Enter your email address and password.
  3. Next, enter one time pin (OTP) code for security verification from your email address or phone number.
  4. Next, verify your identity using your government provided identification documents to complete the KYC process.
  5. Now fund your account by clicking on “Deposit”.
  6. Click on Buy crypto.
  7. Next, go to the Fiat Center.
  8. To buy Terra Classic, select fiat currency and payment method on the deposit window and then click continue.
  9. Enter the amount you want to deposit.
  10. After depositing, click on Buy Crypto and choose your fiat currency and the amount you want to spend. Choose LUNC in the receiving cell and click Buy LUNC.

How to Open a Terra Classic Trading Account on Binance

  1. Visit www.Binance.com and click on Sign up with email or phone. Alternatively, you can also click on “Continue with Google” or “Continue with Apple.”
  2. Enter your email address and password. Click Next.
  3. Next, enter the one time pin (OTP) code for security verification from your email address/ phone number.
  4. Next, verify your identity using your government provided ID card/driving license to complete the KYC process. The verification approval might take 3-10 days.
  5. After verification approval, fund your account by clicking on “Deposit”.
  6. Select the Fiat currency you want to deposit and choose a payment method. Click Continue.
  7. Enter the amount of fiat you want to deposit. Click Continue.
  8. Follow the process of your payment method to fund the account. 
  9. Now your trading account has been created and you can buy and sell LUNC as you want.

How to Buy Terra Classic (LUNC) Using Visa or Mastercard Credit Cards on Binance

  1. Open Binance homepage. After signing up and getting verified. fund your account by clicking on deposit.
  2. Next, click on “Buy Crypto.”
  3. Click on “Fiat Center.”
  4. Select the Fiat currency you want to deposit and click Bank (Visa or Mastercard ) credit Card. Click Continue.
  5. Enter the amount of fiat you want to deposit. Click ‘Continue.’
  6. Now enter the details of your credit card in the relevant fields. Click ‘Confirm.’
  7. Click on “Buy Crypto” again and choose your fiat currency and the amount you want to spend. Choose LUNC in the receiving cell and click ‘Buy LUNC.’

How to Buy Terra Classic (LUNC) Using Visa or Mastercard Debit Cards on Binance

  1. Sign in or sign up (if you are a new user) on Binance homepage.
  2. Next, verify your account.
  3. After verification, Click on “Deposit” to start funding your account.
  4. Now click on “Buy Crypto.”
  5. Click on “Fiat Center.”
  6. Select the Fiat currency you want to deposit and click Bank (Visa or Mastercard) Debit Card and then click ‘Continue.’
  7. Enter the amount of fiat you want to deposit and click ‘Continue.’
  8. Now add the details of your card in the relevant fields. Click ‘Confirm.’
  9. Click on “Buy crypto” again and choose your fiat currency and the amount you want to spend. Choose LUNC in the receiving cell and click on ‘Buy LUNC.’

How to Buy Terra Classic (LUNC) Using Skrill on Binance

  1. Visit the Binance website and log in to your trading account using your username and password to get started. To deposit funds, use the “Deposit” button on the right side.
  2. Next, click on “Buy Crypto.”
  3. A new window will appear. Choose the desired fiat currency and choose LUNC as cryptocurrency. Now, enter the desired amount of fiat you want to use and click “Buy LUNC.”
  4. Now choose “Skrill” as payment method and confirm the transaction.

How to Buy Terra Classic (LUNC) Using Neteller on Binance

  1. Sign in to Binance.
  2. Fund your account by clicking on “Deposit.”
  3. Now, you need to click on ”Buy Crypto.”
  4. On the next window, choose the fiat currency and choose LUNC as cryptocurrency. Then, enter the desired amount of fiat you want to use to buy Terra Luna Classic. Click “Buy LUNC.”
  5. Next, choose “Neteller” as a payment method and confirm the transaction.

How to Buy Terra Classic (LUNC) Using Bank Wire on Binance

  1. Sign in/Sign up to Binance. Complete the verification process. And click on Deposit.
  2. Next, click on Bank Deposit.
  3. Enter the details of your account number and deposit funds using bank wire. Click Continue and then click Buy crypto.
  4. Choose the fiat currency and choose LUNC as cryptocurrency. Now, enter the desired amount of fiat you want to use and click on “Buy LUNC” to complete the transaction.

How to Buy Terra Classic (LUNC) Using P2P Payment on Binance

  1. Sign in to Binance and click on the Trade menu.
  2. Click on the P2P option. A new page will open.
  3. Choose LUNC to buy from the options. Alternatively, you can buy Binance token and then use these BNBs to buy Terra Luna Classic.
  4. Choose the fiat currency you want to spend to buy crypto.
  5. Choose the payment method you want to opt for.
  6. Choose the region.
  7. Select the option under price options, or simply select any seller from the given list on the window.
  8. Place an order with the selected seller and pay the required amount.
  9. Wait for the completion of the transaction after the seller credits the LUNC into your wallet. 

Buying Terra Classic (LUNC) Vs Trading Terra Classic (LUNC) CFD at Binance

When you buy Terra Classic through a traditional exchange like Binance, you actually own the underlying asset. This means you can hold it long-term and benefit from any potential LUNC value rise over time. However, traditional ownership does not offer leverage, meaning you must fully fund your position, limiting potential gains and reducing risk.

On the other hand, CFDs allow you to trade with leverage, amplifying your exposure to LUNC’s price movements. You can speculate on both an increase or decrease in LUNC prices using CFDs. However, CFDs often involve swap rates, which are overnight financing costs or payments. These can erode your gains if you hold a position for an extended period, making CFDs high-risk for long-term holdings. That being said, Binance doesn’t offer LUNC CFDs. Instead, you can only trade futures and leveraged tokens.

Bottom Line

Binance is a reputable and globally recognized platform for trading cryptocurrencies. It offers users access to a diverse selection of digital currencies, including the Terra Classic Coin. To begin trading LUNC on Binance, you’ll need to complete a straightforward registration process, which includes identity verification for security purposes. Once your account is created, you may quickly add money to it using a number of payment methods like credit card, bank transfers, debit cards, and e-wallets.

In this article, we have covered everything you need to know about how to buy Terra Classic (LUNC) on Binance. It’s important to remember that because cryptocurrencies are prone to volatility, you must be careful while trading to reduce your chance of losing all or the majority of your trading funds.

Frequently Asked Questions (FAQs)

You can buy Terra Luna Classic on centralized exchanges such as Binance.

You can buy Terra Luna Classic by logging in and clicking on the Buy crypto. Select the fiat currency, then enter the desired amount to be spent. Then choose LUNC as the crypto and click Buy LUNC.

The total market cap. of Terra Luna Classic is $337.90M ranking it to #86 on CoinMarketCap.

Terra Luna Classic is updated branding for the old Terra blockchain, while Terra Coin is the newly established blockchain from a hard fork of the original Terra blockchain.

Yes, Binance is a safe exchange, having top-notch security measures set in place.

Yes, Binance is registered and licensed by regulatory bodies in Dubai, Australia, Italy, Spain, Japan and many more.

Yes, you can trade Terra Classic Futures on Binance.

Binance charges a 1.2% consolidation fee for deposits. To withdraw Terra Luna Classic, a withdrawal fee of $22.66 fee + 1.2% tax is charged. Overall, Binance fee is very low as compared to its competitors.

Yes, Binance offers TrustWallet for Terra Classic.

Yes, you can transfer Terra classic from Binance to another crypto exchange.

The Experts predict that Terra Classic has the potential to rise over the years. Hence, it is a good buy.

The minimum amount required to buy Terra Classic may vary depending on the fiat/crypto  currency you use to buy LUNC on Binance.

The current Terra Classic price is $0.000058 USD.

No, you can’t buy Terra Luna Classic with an unverified account on Binance.

Back to Top