Created by Terraform Labs in 2018, Terra is a blockchain protocol that is used as payment platform for algorithmic stablecoins. This article will walk through the step by step process on how to buy Terra Classic (LUNC) on eToro. We will also explore how to buy the coin with different payment methods.
Terra Classic is the token of the blockchain payment protocol known as Terra. It is currently the 81st biggest cryptocurrency in the world (according to coinmarketcap) with a market capitalization of over $500 million. eToro is an investment platform known for its social trading and commission-free trading. The broker offers different payment methods that make the process of trading/buying cryptocurrencies than normal.
In this short guide, we will look at how to buy Terra Classic (LUNC) on eToro. We will go through all the factors to consider before you choose a broker to trade with, what you need to know before trading with eToro, and the platforms available for trading. We will also list the step-by-step process of buying the coin on eToro using various payment options.
Before you start trading, it is important to determine where to buy your Terra Classic coin. Here are some things to consider when choosing a broker to buy LUNC:
The location of the exchange is important as it determines the extent to which it is regulated by the bodies within that location. Generally, you want to pick an exchange that is regulated by a country with favorable laws.
An exchange that offers Terra Classic should have flexible methods of payment to allow for ease of trading. At least, there should be payment options for debit cards, credit cards, bank wire and transfer, and e-wallets like PayPal, Neteller and Skrill.
Choose a Terra Classic exchange that is transparent with its commissions and fees. That way, you can check if the fees are favorable to you. Currently, eToro charges a 1% fee on both the open and close transactions of your crypto position.
A trusted crypto exchange platform like the eToro trading platform shows volume listing which showcases a range of buy and sell orders placed by customers. This feature makes the platform more trustworthy, as it shows the amount of people currently making trades with the exchange.
eToro is a social trading and investment platform that offers trading in cryptocurrencies, forex, stocks, commodities, and many other financial instruments. Its head offices are in Australia and the UK, putting them directly under the jurisdiction of the ASIC and the FCA respectively. They are also regulated by the CySEC.
The broker offers both real Terra Classic coins and LUNC CFDs with low spreads and fees. The maximum leverage offered by eToro to EU residents is up to 1:2 on crypto CFDs. For retail clients outside the EU (Seychelles), the leverage is up to 1:5.
There are many payment methods available on the broker, which include credit cards, debit cards, bank wire, PayPal, Neteller and Skrill. We will explain how to buy Terra Classic with each of these payment methods. Further, the platform also has a wallet – the eToro wallet – for clients who’d want such.
eToro offers its proprietary trading platform on both mobile and desktop devices.
Traders can access the desktop platform on their computers to buy LUNC. The desktop platform has charts, news, notifications, volume listings and other important tools for technical and fundamental analysis.
Traders can also download the mobile app with eToro’s trading platform on their smartphones and tablets. With the mobile app, you can access all the tools available on the desktop platform. You can also trade on-the-go with your mobile app without being restricted to one location.
Before you can buy LUNC, you need to register with eToro and verify your account.
You can decide to buy Terra Classic coins or trade Terra Classic CFDs. CFDs allow you to exchange the difference in the price of the asset from the time the contract is opened to the time it is closed. You can do all these without owning the underlying crypto asset.
eToro offers both real coins and CFDs. With real LUNC coins, you can own the underlying asset and HODL them long term. However, CFDs do not allow you to own the underlying asset. The main advantage of trading LUNC CFD is that you can take advantage of the drop in price, as long as you bet on the price going down. It involves a lot of risks as you have to trade with leverage.
Also, crypto CFDs are not available or banned in some countries around the world. For example, the Financial Conduct Authority in the UK has made it illegal to trade crypto using CFDs for some time now, meaning this method is not an option for UK traders.
eToro is a highly reliable forex and crypto broker that has gained worldwide recognition. The platform provides users with access to a wide range of digital currencies, including the Terra Classic Coin (LUNC). In order to purchase this coin on eToro, you are required to complete the registration process and undergo identity verification. Additionally, you must fund your trading account using various methods, such as credit cards, debit cards, e-wallets, or bank transfers.
In this article, we also talked about how to buy Terra Classic (LUNC) on eToro either as real coins or through Contract for Difference (CFD). Each method has its own advantages and disadvantages, and the choice largely depends on your trading objectives and tactics. It’s worth noting that cryptocurrencies are prone to volatility, so it’s crucial to trade prudently and avoid the risk of losing all or most of your trading funds.
You can buy Terra Classic on centralized exchanges like eToro and Binance.
eToro is relatively safer than many other exchanges to buy Terra Classic as it is well regulated by reputable financial regulatory bodies.
To buy Terra Classic with credit card on eToro, select “Deposit Funds” and choose the credit card option. Input your credit card details along with the amount you wish to deposit and wait for confirmation. Then search for “LUNC” and enter the amount you wish to invest. Click on “Open Trade”.
Yes, eToro charges a 1% open and close fee when trading Terra or other cryptocurrencies.
According to coinmarketcap, the price of Terra Classic is currently $0.000109.
According to coinmarketcap, the market cap of Terra Classic is currently $643,123,163.
The minimum amount you can use to buy LUNC on eToro is $10.
Yes, eToro offers a simple multi-crypto wallet for all its registered users.
Log into your eToro money app, open your wallets and select the crypto you wish to send. Enter the recipient public address and enter the amount you wish to send and tap on “send”. Verify with the SMS code sent to your mobile device.
LUNC may or may not be a good buy for you, depending on your trading strategy.
Yes, a beginner can buy Terra Classic, as long as they have researched the coin properly and are aware of any risks associated.
Yes, you can buy NFTs with LUNC.
