The incoming changes in regulations have prompted crypto exchanges to update their policies to ensure regulatory compliance. However, this could bring some obstacles to users when they want to buy Luna Classic (LUNC).
In this beginner's guide, we'll show you where and how to buy Luna Classic (LUNC). We'll alternatively highlight the differences between Terra Classic and Terra Luna.
Terra Classic (LUNC) vs. Terra 2.0 (LUNA)
After the crash that shook the entire market in 2022, the Terra network split into two chains - Terra 2.0 (Terra Luna) and Terra Classic (Terra Luna Classic).
Terra Luna, also known as Terra 2.0, is the effort of Do Kwon, Terra Labs' co-founder, to revive the project to its glorious days. Luna (LUNA) is the token of Terra 2.0. The new Terra chain (Terra 2.0) left behind the stability mechanism, which means it has no stablecoin. The total supply of LUNA tokens is 1 billion.
Terra Luna Classic, or Terra Classic, is the original Terra blockchain rebranded with its token Luna Classic (LUNC). The relaunch is driven by part of the Terra community to fix the native chain. The Terra Classic chain runs parallel with the Terra 2.0, with a max supply of 6.83 trillion LUNC.
According to recent updates, the Terra Classic has passed a proposal to burn 800 million USTC as part of a community strategy to propel Luna Classic to $1. If you are looking to add Luna Classic to your portfolio, continue to read to explore how to buy Luna Classic.
Where to buy Luna Classic?
Some of the most popular exchanges to buy LUNC include Binance, KuCoin, Kraken, and PancakeSwap. When choosing an exchange to buy LUNC, it's essential to consider factors such as fees, security, user interface, and supported payment methods. It's also important to note that some exchanges may not be available in certain countries or regions.
Step-by-Step Guide on How to Buy Luna Classic:
Follow the below steps to buy Luna Classic using the Binance exchange. Aside from purchasing and trading Luna Classic (LUNC), you can also stake LUNC to earn passive income.
Step 1: Register for a Binance account
Register using our Affiliate link to get a $600 welcome bonus.
The first step is to register for a Binance account; if you already have a Binance account, you can skip this step.
To register, visit the Binance website and click on the 'Register' button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also use the main sign-up with an email or phone option.
After completing this step, you will receive an email confirmation from Binance.
Create an account using your personal phone number or email address on Binance. Registering as an entity if you want to buy Luna Classic as a Limited company business on the Binance exchange is also an option.
Step 2: Verify your identity on Binance
Before you can buy LUNC on Binance, you will need to verify your identity. To do this, click the 'Profile' button on the top right-hand corner of the page and select 'Identity Verification.'
Follow the instructions provided by Binance to complete the verification process.
To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.
Step 3: Buy LUNC
There are numerous ways to buy Luna Classic on the Binance exchange, and it all comes down to your preference. We will explore some popular methods to buy Luna Classic on Binance.
Option 1: Fund your Binance account with crypto
Buy Luna Classic with crypto is our favorite method as it's effortless and especially helpful for anyone who owns crypto on other platforms or crypto wallets. Binance currently supports LUNC/USDT and LUNC/BUSD pairs, so you can transfer USDT or BUSD to your Binance account and buy Luna Classic.
- Deposit Crypto
After verifying your identity, you can fund your Binance account with Crypto.
To do this, click the yellow 'Deposit' button on the top right-hand corner of the page and choose 'Deposit Crypto.'
You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy LUNC.
On the deposit Crypto page, choose the crypto (in this case, we have selected USDT or BUSD) and its network. Make sure you pick the right network.
Binance will generate a Bitcoin address to deposit your USDT or BUSD. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed in the network, Binance will credit the Crypto for you.
- Convert USDT/BUSD to Luna Classic (LUNC) on Binance
After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click 'Convert & Block Trade,' where you can convert your crypto to LUNC.
Choose USDT or BUSD, enter the amount, and convert the token to LUNC.
There are two ways to convert your crypto to LUNC: Market order or Limit order.
- Buying LUNC with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.
- Buying LUNC with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.
- Buy LUNC With Limit Order On Binance (Optional)
The above screenshot shows an example of placing a limit order to buy Luna Classic using BNB. You can click on the bars icon next to the limit button to display the price chart of your selected crypto convert pair. Click on Confirm Order to get 152230 LUNC tokens into your account.
Congrats! You have now bought Luna Classic by funding your Binance account with crypto and using Binance Convert.
Option 2: Fund your Binance account with Fiat
This option is beneficial if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card. However, it's noteworthy that as of October 2023, funding your Binance account with fiat is only available for Euro (EUR) and Pound (GBP).
For other currencies, such as the US Dollar (USD) or Australian Dollar (AUD), you can consider buying USDC or BUSD and then convert it into LUNC.
Click the 'Deposit' button on the right, then choose 'Cash In.'
The system will direct you to 'Buy Crypto' page:
Choose the currency (EUR or GBP) and enter the amount of LUNC you want to buy. After that, click 'Buy LUNC.'
The system will direct you to the 'Deposit Fiat' page. You may be required to make an additional verification.
When using the Card Payment method to fund your account, make sure to follow the below tips:
- Your bank account name must match the name registered to your Binance account.
- Please include your full name in your bank transfer's Reference/Remark section.
- If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.
After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.
Congrats! You have now bought LUNC by funding your Binance account with fiat currency and using a Binance Cash balance.
Buy Luna Classic with Paypal: Binance does not currently support purchasing Luna Classic (LUNC) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and transfer those funds to your Binance account to purchase Luna Classic.
Other exchanges, such as Coinbase, support PayPal payment methods to buy crypto. If you have an existing PayPal account, you can start making transactions on Coinbase.
How to Withdraw LUNC from Binance
After buying LUNC on Binance, you may want to withdraw it to a hard or soft wallet you control.
To do this, click the 'Withdraw' button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your LUNC. Ensure you enter the correct address and network, as transactions on the blockchain are irreversible.
You must also enter the amount of LUNC you want to withdraw. Once you have entered the correct wallet address and the amount of LUNC you wish to withdraw, click the 'Submit' button. Binance will then process your withdrawal request, and your LUNC will be sent to the wallet address you provided.
Tips for buying LUNC on Binance
- Always double-check your order details before placing a trade to ensure everything is correct.
- Consider using the "Limit" order type instead of the "Market" one when buying LUNC. With a limit order, you can set the price you are willing to pay for LUNC, whereas with a market order, you will pay the current market price for LUNC, which may not be the best price.
- Consider using two-factor authentication (2FA) to enhance security after registration.
3 Reasons to Buy Luna Classic Right Now
Should I buy LUNC? Is Luna Classic a good investment? If you are considering whether you should buy Luna Classic or not, then the below points may provide some clarity about the project.
- Technology: Terra Classic is built on the Cosmos SDK, a popular blockchain development framework that offers several advantages, including modularity, interoperability, and scalability. Many crypto experts believe Cosmos will be a major player in the long run when decentralization is taken seriously.
- Community: After all, the Terra ecosystem still has a strong community of supporters who are tirelessly rebuilding the project. This support has led to positive developments, like the LUNC burn mechanism.
- Potential Revival: The project rebounded remarkably despite the dramatic collapse in May last year. Some investors believe that LUNC could make a full recovery in the future.
How to buy Luna Classic in the Philippines?
Choose a cryptocurrency exchange that supports Luna Classic trading. Binance is one of the best places to buy LUNC in the Philippines. Binance is also one of the cheapest ways to buy LUNC in the Philippines.
How to buy Luna Classic in India?
Binance is one of the best places to buy Luna Classic in India. Binance is also one of the cheapest ways to buy Luna Classic in India.
Where to buy Luna Classic in the UK?
Choose a cryptocurrency exchange that supports Luna Classic trading. Binance is one of the best places to buy LUNC in the UK.
How to buy Luna Classic in Australia?
Binance is one of the best places to buy Luna Classic in Australia. Binance is also one of the cheapest ways to buy LUNC.
How to buy Luna Classic in Brazil?
Choose a cryptocurrency exchange that supports Luna Classic trading. Binance is one of the best places to buy LUNC in Brazil.
Where to buy Luna Classic in the US?
Choose a cryptocurrency exchange that supports LUNC trading. Coinbase is one of the best places to buy Luna Classic in the US.