Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Terra. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a decent amount of trusted and regulated crypto exchanges, so it’s quite easy finding an exchange that has Terra. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy Terra in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Terra in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Terra, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Terra.
You can also take a look at our analysis of the best crypto exchanges If you’re curious to know more about which exchanges we prefer.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy Terra, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy Terra
The final step is to go to their asset list, find Terra, navigate to the buy section, and then trade your AUD for some LUNA. Once you’ve bought Terra, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy Terra (LUNA)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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How to Sell Terra
If you’re thinking about selling Terra, just follow the steps below.
- Sign in to the cryptocurrency trading platform (like Swyftx).
- Click on Terra in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell Terra for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Terra in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy Terra with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Terra. Have a look on their site first, you might be lucky.
How to buy Terra with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Terra with your credit/debit card.
Terra is a blockchain protocol that uses fiat-pegged stablecoins to provide price stability in global payment systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Terra was developed in January 2018, and the mainnet launched in April 2019. It currently offers stablecoins pegged to the U.S. Dollar and South Korean Won as well as the International Monetary FundaEUR (tm)'s Special Drawing Rights basket.
Terra's native token, LUNA or Luna (Luna), helps stabilize the prices of protocol stablecoins. LUNA holders are able to submit and vote on governance proposals. This gives it the functionality and value of a governance token.
Do Kwon, Daniel Shin and Terra were founded in January 2018. The project was created by two people to promote blockchain technology adoption. Kwon was appointed CEO of Terraform Labs, the company behind Terra.
Shin was co-founder and responsible for Ticket Monster, also known as TMON in South Korea. He later co-founded Fast Track Asia. This incubator helps entrepreneurs create fully-functioning companies.
Kwon was the founder of Anyfi and its CEO. Anyfi provides wireless mesh network solutions. As a software engineer, he also worked at Apple and Microsoft.
Terra, a stablecoin fiat-pegged to the dollar, is unique. It claims to combine the advantages of cryptocurrencies with the stability and price of fiat currencies. It maintains its one-to-1 peg by using an algorithm that adjusts stablecoin supplies according to demand. This is done by encouraging LUNA holders to swap LUNA for stabilitycoins at a profitable exchange rate in order to expand or contract stablecoin supplies in accordance with demand.
Terra has formed partnerships with several payment platforms, particularly in the Asia-Pacific region. Terra announced a partnership in July 2019 with Chai, a South Korean mobile payment app. The Terra blockchain network will process all purchases made via the app through e-commerce platforms. Each transaction is charged at an average rate of 2%-3% to the merchant.
Terra Alliance is a group of platforms and businesses that supports Terra's adoption. In February 2019, the company announced that 10 ecommerce platforms with 45 million users and a total gross product value of $25 billion were now members.