In this guide, we’ll walk you through all the steps you need to follow to buy LUNA in the UK.
Whether you already have Bitcoin or other cryptocurrencies and are looking to swap them for Terra (LUNA), or you’re brand new to cryptocurrencies and want to learn how to buy Terra (LUNA) in the UK today, we’ve got you covered!
Let’s start with Binance since it’s one of the biggest and most popular crypto trading platforms.
Quick Guide: How to Buy LUNA in the UK with GBP on Binance
- Sign up for a Binance account and complete the KYC verification process. They’ll ask for your ID and other documents to make sure you’re a human being.
- Once the verification process is complete, scroll up to the “Buy Crypto with your local currency tab” on the top right side of the website.
- Select “Buy with Debit Card/Credit Card.”
- You’ll be redirected to a new page once you click LUNA, where you must buy USDT for conversion. Click Buy USDT, input your card details and click next. The USDT will reflect in your wallet once your order has been confirmed.
- Go to USDT in your wallet Cand Click Convert.
- Then select Terra Coin (LUNA) as the coin you want to convert your USDT.
- Type the amount of the value you want to convert. Note that you will incur gas fees for a successful conversion.
- Review your order and click ‘Confirm.’
- Binance will add the LUNA to your wallet balance once your order is confirmed.
- To view the converted LUNA, go to Wallet. That is where you will find any coin you purchase.
- You could also make this process faster by searching for ‘LUNA’ and following the instructions above.
If you want to withdraw your LUNA to an external wallet, you need to go to WALLETS, tap on the coin and click send.
Input the external wallet address, make sure you have enough gas fee to cover the transaction and click send.
Binance will send a code to your phone number and email, copy and paste them into the site. It may take a while, but your Terra Coin will appear in your wallet.
Other Ways to Buy Terra (LUNA) With GBP
There are other ways to buy Terra (LUNA) on Binance without using USDT. Instead, you can use Bitcoin (BTC).
1. Binance – Recommended Exchange
How to do it:
Send Bitcoin to your Binance Wallet by navigating to Deposit in the top menu. Copy your wallet address and send BTC there. That’s if you don’t already have BTC in your Binance wallet.
- Navigate to the panel on the right side of the screen. You’ll see some currency pairs in alphabetical order like ARK/BTC and so on. Since LUNA is our focus, type LUNA in the search bar.
- Select LUNA/BTC, and you’ll be redirected to the market page.
- Select Buy LUNA and set your parameters. Once you’re ready, click the green button.
- Your order has been successfully placed, and you can monitor it through the Orders tab. You’ll find the Orders tab in the Open Orders Panel.
- Once your order becomes filled, your exchange is already successful. You’ll find your LUNA in your Algorand wallet.
- Supported Payment Methods – BTC, Debit/Credit Cards
2. Crypto.com App
How to do it:
- Sign up for a Crypto.com App Account and confirm your email address.
- After your email address confirmation, you’ll be asked to verify your identity. This is to ensure you’re not a scammer or bot trying to infiltrate the system.
- You’ll be able to deposit your GBP if this process is successful.
- From there, navigate to their coin bar, type LUNA, and proceed with your order.
3. BC Bitcoin
There are some crypto exchange platforms like BC Bitcoin that can directly purchase cryptocurrencies with British pounds (GBP).
You do not have to waste money/gas fees for conversion to other currencies such as EUR or USDT. Just follow the simple instructions below;
How to do it:
Supported Payment Methods: Credit and Debit Cards, SEPA Transfers
- Sign up for an account on the official website.
- Complete your KYC Verification.
- Navigate to the Buy Coins page and complete the form.
- You will receive LUNA in your wallet immediately when your order is complete.
In case you are skeptical about BC Bitcoin (because they are not so popular), know that they are excellent in their service delivery.
Their buying and selling process is very simple. They also have a 5-star Trustpilot rating, so customers definitely enjoy them.
Supported Payment Methods: UK Faster Payments
Previously, Kraken didn’t support LUNA, so purchasing it from their site wasn’t possible. However, now they do.
How to do it:
- Register for an Account.
- Confirm and verify your Identity. This process may take a short while, but once it’s successful, you’re in.
- Find the ‘Buy / Sell’ Tab and search for LUNA. Once you find it, select buy and follow the easy-to-understand instructions.
Short Step-By-Step Guide: How to Buy Luna With Other Cryptocurrencies
For this section, we’ll show you how to buy Terra (LUNA) using BNB.
How to do it:
Sign up on Binance. For crypto to crypto trades, KYC verification is not necessary, but you can still go ahead with it.
- Find the LUNA/BNB Pair.
- Navigate to Wallet > Fiat and Spot.
- Find your BNB wallet, copy your address and deposit the BNB in your external wallet to your Binance wallet.
- Wait for confirmation.
- Go to Trade > Convert
- Select BNB as the coin to convert to LUNA.
- Double-check the transaction details, then approve.
- Within a few minutes, go back to your Wallet > Fiat and Spot where your purchased LUNA will be waiting for you.
Things to Consider Before Buying Terra
Before you begin your journey into the world of LUNA, there are some factors you might want to take into consideration, and they are as follows.
Research the Project
One of the most important steps to consider when investing in an altcoin is research. Do you know where it came from? Do you know how it works? Does it have a strong development team and active community behind it? Is there a chance that its price could increase over time?
Research is key because there are thousands of coins out there, but only a handful of them will deliver in terms of long-term price performance. The secret is to find out which coins are worth holding onto for several years into the future.
If a company is going to be successful, it must have an experienced and competent team behind them. You really want to look for teams with at least one founder who has experience leading high-growth startups.
These are people that can execute effectively and rapidly, minimize risks and change course as needed, and that is exactly why Terra is a great choice of crypto investment.
Before buying any cryptocurrency, it’s always a good idea to check out what people are saying about it.
On Reddit and various forums, you can find plenty of analysis on LUNA by investors who have been involved with the coin since its launch. Is there too much hype? Are people overly critical?
You need to go online and even ask friends in the Crypto space for their opinions and that of others. That way, you will find it easier to decide.
A short-term Investment is 1-3 months. And a long-term one is more than 6 months.
We believe that Luna is good for both short-term and long-term investments, depending on how active you want to be.
Best Wallets to Store LUNA
Some investors don’t want to store their coins on an application like Binance for several reasons. If you fall into this category, here are other crypto applications for you to store your LUNA:
- Ledger Nano S
- Atomic Wallet
- Trust Wallet
Privacy and Security Tips
When using exchanges, your information is vulnerable and exposed. Keeping sensitive data secure on exchanges can be hard; luckily, there are a few measures you can take to increase security on your exchange accounts.
One method is by enabling Google’s 2-factor authentication, which requires another device—such as a phone or tablet—to access an account.
Furthermore, don’t store your coins on an exchange for too long; transfer them to a suitable and secure wallet.