How to Buy Terra (LUNA) on eToro: Fees, Features & Step-by-Step Guide

eToro is an online investment platform and exchange that allows you to buy and sell various assets, including crypto. This step-by-step guide will show you how to buy Terra (LUNA) on eToro using its available payment methods.

Author: Eric Gift   -   Last updated: 14/11/2023
How to Buy Terra Luna on eToro

Summary

eToro allows you to trade in up to 3000+ trading instruments, including stocks, indices, commodities, and cryptocurrencies. And you can invest in not just these assets but also trade their CFDs, an arrangement that affords you less risk with the benefit of leverage. 

We will treat everything about buying LUNA in this guide, including using all the various methods available. But first, we will look at some things you should know before deciding on the exchange to choose and the things you need to know about eToro before you buy any cryptocurrency on it. Then, we will get down to how to buy Terra (LUNA) on eToro.

Things to Consider when Choosing a Terra (LUNA) Exchange

Here are some things you should know to look out for when deciding on where to buy LUNA.

Location of Terra Exchange

Different jurisdictional laws and regulations may apply to trading in Terra or buying and selling other cryptocurrencies, depending on the geographical area. These rules are crucial to keep in mind since they impact things like the amount of leverage you can utilise and the kind of assets you can purchase legally. 

List of Available Payment Methods

If you don’t want to lose any of your money to network failures or hacker activities, being able to pay for your Terra quickly and securely is crucial. Because of this, before purchasing Terra on any exchange, you should confirm that it offers trustworthy and secure payment options.

How to Check the Cost and Fee

The most reliable exchanges to buy crypto typically feature web pages outlining their fees in accordance with the ethical duty to be open and upfront about their charges. You should probably steer clear of any site that does not do this or is elusive about its fees, as there is a chance you might get scammed. 

Volume Listing

You can sometimes tell how trustworthy an exchange is by how much actual buying and selling go on inside it. You can determine this by looking at trade volume listings, so you should always use trading platforms and exchanges that display theirs.

What you need to know before Buying Terra (LUNA) on eToro

To begin with, although the eToro social trading platform has operations in many nations worldwide, the company’s main offices are in the UK and Australia. Additionally, it has a number of other locations globally, each with a local regulator. 

But in addition to being accessible from these regions, there are other factors to take into account, such as prices. eToro sometimes charges modest fees, though some can be big. The spreads are on the relatively low side, typically costing no more than 1% of each cryptocurrency transaction. The withdrawal cost, which averages $5 for every withdrawal, is among the highest fees (arguably the highest). 

Then there are the leverages, which are usually negligible (up to 1:2) and lower risk (although they are only offered for CFDs). The leverage also varies according to the region; traders in the EU and Australia get a leverage of up to 1:2, while traders in Seychelles can get up to 1:5. 

We’ll see some of the platform’s dozen payment options when discussing how to buy Terra (LUNA) on eToro. But we will say, for now, that they are all comparatively trustworthy and safe procedures.

Types of Platforms Offered on eToro to Buy Terra (LUNA)

Depending on their specific needs or preferences, some traders might prefer trading on PCs, while others would favour trading on smartphones. It’s the job of a great exchange to provide both options for its clients. This section will discuss the both platforms offered by eToro and their specific offerings.

Desktop Platform

You can execute your trades on your laptop or desktop computer using a desktop app. The benefit of desktop software is the ability to monitor or perform numerous tasks simultaneously, thanks to the wider and more comprehensive display. Because eToro does not yet have a desktop app, it fails partially in this regard. What it does have is a Webtrader that you can access on your desktop (and also your mobile phone). It has a very simple layout and aesthetic and some great trading features to make for a great user experience.

Mobile App

Compared to desktop programs, mobile apps offer a more portable and convenient trading experience. This makes them suitable for quick, on-the-go transactions. The platform’s mobile app, “eToro: Investing Made Social,” allows you to do just this, and it is downloadable on both the Apple App Store and Google Play Store. The software is user-friendly and has great design elements with some degree of customizability. It also includes a ton of great trading tools and features to let you make investments and manage them well. These include advanced charting and analysis tools, research, and offline trading functionality. Additionally, as implied by the word “social” in its name, it allows you to do social trading and learn by copying the trades of more experienced, expert traders.

How to Buy Terra (LUNA) on eToro

Now that we know what to consider about eToro before buying assets, let’s turn our attention to buying LUNA on the platform.

A Step by Step Guide on How to Buy Terra on eToro

  1. Login to your account on eToro. 
  2. Click on the ‘Deposit funds’ option on the eToro client portal page; this should take you to the payment page.
  3. Select your preferred payment option from the page and make your payment.
  4. Search for Tezos and make your purchase by placing an order for the amount you want.

How to Open a Terra Trading Account on eToro

  1. Tap on ‘Start investing’ on the eToro homepage or on your downloaded app to start the registration process.
  2. On the first page of registration, provide your email address. You can then set a username and an alphanumeric password to secure your account.
  3. You now have an account with eToro and can access the client portal, from where you can continue and undergo verification.
  4. Tap ‘Verify’ in the next pop-up window to proceed with the next stages.
  5. State your gender, review your name, provide your birth date, then tap on the arrow on the right side of the window to proceed.
  6. Provide your home address and country of citizenship, then check the box at the bottom of the window to specify that you are not a US citizen.
  7. You will see some recommended changes to your account, which you are to agree to.
  8. Indicate your trading background and experience and how frequently you have traded any of the assets. This will provide the eToro staff with the data to assess your suitability to manage these risky assets.
  9. Tap ‘Verify’ to redirect to the main verification page. Here, you can use codes sent to you by text and some screenshots to verify your phone number and ID.
  10. At this point, you can specify whether or not you are legally required to have a tax ID number. If you are, enter it here and finish the process by tapping the arrow on the right side of the window.

How to Buy Terra Using Visa or Mastercard Credit Cards on eToro

  1. Log in to your existing eToro account or open a new one if you have none.
  2. Tap on ‘Deposit Funds’ to open the account funding page.   
  3. Select Visa or Mastercard credit card as your payment option, specify how much you wish to deposit, provide the card details, and authorise the transaction.
  4. Search for ‘Terra 2.0’ using the platform’s search box and tap on it. Then, select how much Terra you’d like to buy, then tap ‘Buy’ to confirm the buy order.

How to Buy Terra Using Visa or Mastercard Debit Cards on eToro

  1. Create a new investing account with the eToro platform or sign in to your existing one.
  2. Fund your account by using the ‘deposit funds’ button at the bottom left side of the platform page. You will see a window containing various payment options from which you can choose the Mastercard or Visa debit option.
  3. Purchase your Terra by using the search bar to find the asset, setting your order parameters, and authorising the purchase.

How to Buy Terra Using Paypal on eToro

  1. Create an eToro account or sign in to your existing one.
  2. Fund your account by tapping ‘Deposit Funds’ on the client page. When prompted, select PayPal as your payment option, then set your deposit amount, provide your payment details, and authorise the transaction.
  3. Use the search feature to find Terra 2.0 or find it on your Watchlist.  Then, select it to buy, specify how much you want to get, and then tap ‘Buy’ to place your buy order.

Your coins will reflect in your wallet in a bit, and you can now trade or hodl.

How to Buy Terra Using Skrill on eToro

  1. Sign in to your eToro account if you have one, or you can create a new one.
  2. Once in the deposit section, click the payment method button to find and select Skrill as your deposit method. Then, enter the email of your Skrill account, and you will be directed to Skrill’s website to complete the transaction. Enter the amount you want to deposit into your eToro account. Once the transaction is complete, the money will reflect in your eToro account in a few minutes.
  3. Find the Terra coin from the eToro search box or from your Watchlist of assets. Enter the Terra option by clicking on it, then tap ‘Buy’ to place your order. Once the transaction processing is complete (which may take a while), your Terra will be sent to your wallet.

How to Buy Terra Using Neteller on eToro

  1. Sign in or sign up for the eToro trading platform from the app or your browser.
  2. Deposit money into your account using Neteller as your payment option.
  3. Find Terra on the search box or your watchlist, then tap on it to discuss the trading options.  Initiate your buy order, select how much Terra you want to buy, and then tap on ‘Buy’ to confirm the purchase. You can expect your Terra in your wallet in under 24 hours.

How to Buy Terra Using Bank Wire on eToro

  1. Sign in or sign up for an eToro exchange account.
  2. Find the deposit section and select ‘Bank wire’ as your method of choice. Copy the relevant account details from the platform, then transfer however much money you want to the account.
  3. Find ‘Terra 2.0’ or Luna among the available assets, then tap on it to open the trading options. Specify how much you want to buy, then confirm the transaction and wait for your coins to reflect in your wallet.

Buying Terra vs Trading Terra CFD at eToro

You can invest in Terra CFDs or Terra as the actual cryptocurrency asset on eToro. Since only CFDs are leveraged, you won’t have access to leverage if you buy real Terra coins. This is advantageous because it does away with the danger associated with leveraged trading. However, whereas real assets can only be traded in one direction, CFDs are perfect for trading in both directions. On the other hand, the disadvantage is that you have to pay the full cost of the asset you buy, which means you won’t be able to enter any markets with financial requirements bigger than your immediate supply of funds. 

Speaking of leverage, the platform adheres to FCA limitations on leveraged trading, with crypto CFDs no longer tradable in UK territories. The reason has to do with those inherent risks of trading leveraged assets, such as the risk of escalating losses, lack of liquidity, and, a tad ironically, low industry regulation, especially where it concerns retail traders. And since CFDs offer way higher leverage than traditional trading, the FCA has found them too risky to offer to retail traders who are less able to absorb losses at the relevant scale. You will also find that restrictions of this nature exist in several other nations from which you can access eToro. However, in most places, you can trade crypto CFDs on eToro at a leverage of up to 1:2.

Bottom Line

Buying Terra on eToro is quite straightforward. For one, the app is fantastic, thanks to its user-friendly layout and easily understood workings. You can successfully manage your assets with its amazing trading features, including its charting features and research resources. Additionally, despite being somewhat pricey, the payment methods enable you to pay for the aforementioned assets easily, reliably, and securely.

As this guide has covered everything you need to know about how to buy Terra (LUNA) on eToro, we hope you can now easily buy and manage your crypto on the platform.

Frequently Asked Questions (FAQs)

You can buy Terra (LUNA) on eToro and other crypto exchanges like Binance, Coinbase, etc.

eToro is a safe and reliable crypto exchange.

You can buy Terra on eToro by creating an account, funding it, searching for Terra on the asset page, and placing a buy order.

EToro charges a spread of 1% per transaction on Terra.

There does not appear to be a minimum amount here.

EToro does not allow any futures trading.

The maximum leverage to trade Terra on eToro is 1:2 for clients in the UK, Australia and EU. Other global clients can use a maximum leverage of 1:5 to trade Terra and other cryptos.

eToro offers a crypto wallet where you can store your holdings.

eToro allows you to transfer your Terra coins and other cryptos to another wallet.

You can buy Terra with a Credit Card by choosing it as your payment option when funding your account. You can then use the funds to buy the coins.

Currently, Terra may be a great asset for long-term investment.

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