How To Buy LUNA In Australia

Between January 2021 and the beginning of 2022, the market capitalization of LUNA skyrocketed 132-fold. By April 2022, LUNA is the 8th-ranked cryptocurrency in the world for market capitalization with a trading volume in excess of $5.12 billion.

If you’re thinking of how to buy and invest in one of the most popular utility coins on the market, then you can read this step-by-step article. LUNA is supported at most Australian crypto exchanges, however, you may not be getting the best value for money. In this guide, we have also broken down and selected the top crypto exchanges in Australia to buy LUNA.

What Is LUNA?

LUNA, alongside TerraUSD (UST), are the native crypto coins of the Terra blockchain network. As outlined in Terra’s White Paper, the founding objective of the network is to achieve a peer-to-peer electronic cash system.

Since UST is pegged against the United States Dollar (USD), you can exchange one LUNA for one UST at the price of USD $1, regardless of their individual market prices at the time. This holds some advantages because if the market price of UST increases due to higher demand, you can obtain a risk-free profit by exchanging your LUNA to create a UST token.

On the other hand, if the price of UST falls below $1, then you can exchange your UST for LUNA at the ratio of 1:1 to obtain profit.

Only 1 billion LUNA tokens are allowed to be in market circulation. If the network exceeds one billion LUNA, Terra will burn LUNA tokens until the supply returns to the equilibrium level.

Where To Buy LUNA In 2022

To ensure the safety of your AUD and assets, you should only purchase LUNA from an AUSTRAC registered and ASIC licensed crypto platform. At a minimum, these exchanges have in place industry-standard security measures to ensure that your money and cryptocurrencies are in safe hands.

We have reviewed and compared several Australian-based crypto exchanges and selected the best places to obtain altcoins including LUNA. All the exchanges that we recommend are locally based, offer competitive trading fees, and are easy to use.

Based on our Swyftx review, Swyftx is the best overall crypto exchange in Australia to buy, trade, and sell LUNA. To aid with the explanatory process, we have used Swyftx as the cryptocurrency exchange.

Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever.

How To Purchase LUNA In Australia

There are several ways to obtain altcoins in Australia such as LUNA. The five steps below will show you how to use AUD to obtain LUNA for your portfolio.

1. Open an account with a secure and reputable crypto exchange such as Swyftx.
2. Complete the ID verification process. Activating 2 Factor Authentication (2FA) is highly recommended to provide an additional level of account security.
3. Fund your account by depositing Australian Dollars (AUD) via direct bank transfer, POLi, PayID, and credit card.
4. Select LUNA from the asset list and enter the amount to buy.
5. Review and confirm the transaction.

Once you confirm the transaction, your LUNA tokens will be near-instantly deposited into your crypto wallet.

Guide To Buying LUNA In Australia

Step 1 – Open An Account With A Crypto Exchange

Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided. 

Once your details are entered, accept the terms and conditions and click on “Create Account”.

Step 2 – Verify Your Identity

Login into your new Swyftx account to commence the ID verification process. This is a mandatory security process that Swyftx is required to do under Australian laws and regulations. The ID verification process with Swyftx takes less than 5 minutes to complete and is a prerequisite step before you can transfer any AUD.

The following will be required to complete ID verification:

• Email – login in to your nominated email account and click on the email verification email sent by Swyftx.
• Phone number – Swyftx will send an SMS message to your nominated phone number. You can also use your mobile device to complete 2FA.
• Form of Identity – Swyftx will require a copy of either your Australian passport or driver’s license.

We strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides an additional layer of account where an additional device is needed to verify account login and also when funds are withdrawn. If a third party somehow becomes knowledgeable of your login details, they still need access to your mobile device to enter your account.

The 2FA setup page can be found under the “About” tab on the user account dashboard.

We suggest downloading Google Authenticator on your mobile device. The process will involve the use of the authenticator to scan a QR code or alternatively input a provided code to enable authentication of the device.

Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.

Step 3 – Deposit AUD Into Your Account

Swyftx supports all of the common deposit methods that are available in the Australian crypto market. Methods to deposit AUD into your account include direct bank transfer, POLi, PayID, and credit card. An added benefit is that Swyftx charges zero fees for account deposits (or withdrawals of AUD).

Most of these methods will instantly deposit AUD into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards.

Once an AUD deposit is made, you should receive an email confirmation of this from Swyftx.

Step 4 – Select LUNA & Enter In the Purchase

The buying window can be found under “Trade”. You can use the search function to find LUNA. Next, click on “Buy” to view the screen below. The page will present the following:

• Amount of AUD in the wallet and available to spend.
• The current market price of LUNA ($AUD).
• Several order types (market, limit, stop, and recurring)

The default order type is “Market” which allows you to easily and quickly purchase LUNA in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review.

You can either enter in the amount of LUNA you want to purchase or the amount of AUD you want to spend.

Step 5 – Review & Confirm The Purchase

After the amount of AUD is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet. Note, that once the purchase is confirmed, it cannot be reversed and AUD funds are recovered.

Buying LUNA (Terra) In Australia: Things You Should Know

Should I Buy LUNA?

The performance of LUNA, as well as TerraUST, is correlated with the stability of Terra stablecoins in volatile market conditions. In late 2021 when the market prices of cryptocurrencies fell, the price of LUNA and TerraUST was relatively consistent and stayed within $0.998 and $1.006.

What Is LUNA Used For?

LUNA is a utility token that forms an integral role in Terra’s stablecoins as it absorbs the stablecoin’s price volatility. Other key roles and functionality LUNA provides are that it pays for transaction gas fees, validates network transactions on the Delegated Proof-Of-Work consensus (DPOF) system, and assists in the governance of the network. By staking your LUNA, you can participate in creating and voting on proposals to amend the terra protocol.

Where Can I Stake LUNA?

You can stake LUNA on most global crypto exchanges. However, Australians are best served by staking LUNA on Swyftx. At the time of writing, you can receive rewards of 8% Annual Percentage Yield (APY) for staking LUNA. Other benefits of using Swyftx are the streamlined crypto buying process, a high level of ease of use, and dedicated and responsive customer service.