If you’re wondering how to buy Terra (LUNA) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy Terra.
Newton is a particularly good choice for buying and selling Terra because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.
What Is Terra (LUNA)?
Launched in 2020 by Daniel Shin and Do Kwon, Terra (LUNA) is a cosmos SDK-based token built on the Terra blockchain. It is intimately linked with TerraUSD (UST), a stablecoin on the Terra blockchain. Unlike most stablecoin, the UST token is not pegged or backed by a reserve; instead, it is algorithmically stabilized by another token: LUNA.
This is how it works: In the Terra blockchain, you can always exchange 1 LUNA token for 1 UST token, no matter their prices. That means that if the UST demand were to rise and the price increased above $1, LUNA holders could swap for UST and make a quick profit. The opposite would happen if the UST were to drop in price; in that case, it would be profitable for holders to swap UST for LUNA tokens. Keep in mind that for this to work, the Terra blockchain burns a percentage of the swapped tokens; it uses a scarcity system to reduce the tokens left in circulation to stabilize the price.
Terra uses a Delegated Proof of Stake (DPoS) consensus algorithm called Tendermint, allowing holders to delegate their tokens to certified validators to earn rewards. Supported pairs include TerraEUR, TerraBGP, and TerraCNY. “
Here are some other quick facts about Terra:
|Asset Type||Cosmos-based Token|
|Market Cap||$31,161,101,786 USD|
|All Time High||$119.18 USD|
|All Time High Date||Apr 05, 2022|
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ExperiencedI bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
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Where To Buy Terra In Canada
Here’s how to buy Terra in Canada smoothly and easily:
1. Open Your Newton Account
Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.
If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.
2. Fund Your Newton Account
Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.
Your funds will appear in your account in 30 minutes or less.
3. Buy Terra With Newton
Once you’ve funded your account, you can go ahead and buy however much Terra you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Terra from the dropdown menu.
Your order will be processed immediately, and your Terra will show up in your account right away. And that’s it—you just bought Terra!
Zero Trading Fees
Spreads: 0.2% – 0.7%
Why Newton Is Great For Buying Terra
There are many reasons Newton is my exchange of choice for buying Terra, but here are just three:
1. Extremely Low Fees
Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.
The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Terra on its Fees page.
2. Wide Variety Of Coins
Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Terra, Newton is your best bet for finding them.
3. Designed For Canadians
If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.
Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.
Where To Store Terra
Storing Terra is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.
I personally suggest using ZenGo, a free software wallet that supports 70+ crypto assets and is as easy to use as a banking app. Other benefits of using ZenGo include:
- ZenGo’s proprietary keyless technology means only you can access your coins
- Cloud backups allow you to access your coins even if your phone is lost or stolen
- Open an account in 30 seconds
- $10 bonus when using my signup link and the promo code ZENX0B4G
Here’s how to get started with ZenGo:
- Open your account using this signup link and the promo code ZENX0B4G for a $10 bonus upon making your first transaction.
- Transfer crypto from an external wallet or buy some direct from the ZenGo app.
- Receive your $10 bonus.
#1 Best Overall
Supports: 70+ crypto assets
Here’s how to buy Terra in Canada:
- Open a Newton account using my referral link to get your $25 signup bonus.
- Deposit Canadian dollars into your Newton account with zero fees.
- Exchange dollars into Terra with no commissions—you just pay the spread.
Buying Terra In Canada FAQs
What Fees Are Involved With Buying Terra?
Newton doesn’t charge any trading fees or commissions on Terra, so you just pay a spread of around 0.2% – 0.7%.
Which Canadian Exchanges Offer Terra?
Newton is the only exchange Canadians can use to buy Terra today. Other exchanges like CoinSmart and Bitbuy may add support for Terra in the future, but right now, Newton is the only option Canadians have.
How Do I Sell Terra In Canada?
To sell Terra, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Terra you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.
Alternatively, if you wish to transfer your Terra to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Terra from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.
Is Terra A Good Investment?
At its current price of $89.74 USD, Terra is down 24.7% from its all-time high of $119.18 USD on Apr 05, 2022. If the past is any indication, though, there’s a good chance Terra will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.
Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.
Terra Price Prediction
Our price prediction for Terra is $123.53 USD within 12 months. This equates to an increase of 38% from its current price of $89.74 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.