How to Buy Luna Classic UK – Beginners Guide for 2024

As Terra Luna Classic (LUNC) approaches its all-time low levels after its rebranding, many buyers are looking for potential buying opportunities.

This article will help traders who want to know how to buy Luna Classic in the UK. It identifies the best places to buy LUNC, focusing on trading fees and supported assets.

How to Buy Luna Classic in the UK

Want to know how to buy Luna Classic in the UK? Here’s a quick overview of key steps. The following sections also provide a detailed step-by-step guide for crypto traders.

Before you being you’ll need to select a Crypto Broker or Exchange – We suggest using MEXC.

  • Step 1: Create a MEXC Account – You can create a MEXC account via the main website. Fill in the basic personal details and verify your phone number and email.
  • Step 2: Deposit Funds – Buyers will need to match the minimum first deposit. Credit cards and other payment methods are supported. 
  • Step 3: Search For Luna Classic – Decide how much you want to invest in Luna Classic. Now, use the ‘search bar’ on MEXC’s website, type ‘Luna Classic,’ and click ‘Enter.’
  • Step 4: Buy Terra Luna Classic – Enter the amount on LUNC you want to buy on MEXC, and confirm the transaction.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Where to Buy Luna Classic in the UK – Best Exchanges Reviewed

The Terra blockchain, now rebranded from ‘LUNA’ to ‘Luna Classic (LUNC),’ has shown signs of reversal from its current downtrend.

Consequently, many investors are curious about where to buy Terra Luna Classic in the UK. We have highlighted leading exchanges and brokers to help traders make an informed decision.

1. MEXC – Trade 1,000+ Cryptos with No Spot Trading Fees

One of the top cryptocurrency exchanges right now is MEXC – a popular platform that is used by more than 10 million. One of the key features of MEXC is that it charges no spot trading fees on its platform. 

MEXC home

Furthermore, futures trading fees start from only 0.02% per transaction. It only takes a few minutes to start trading LUNA Classic and other cryptos on MEXC. Investors can register a new account, and then deposit funds using a plethora of payment methods. 

You can choose to make the deposit with SEPA Transfers, or through a credit/debit card, or SWIFT. MEXC is able to execute fast and efficient trades by using high-performance mega transaction matching technology. The platform also stores more than $500 million worth of user’s assets in cold storage. 

To add an extra layer of security, MEXC requires investors to go through a two-factor authentication (2FA) process before logging in. A mandatory KYC process must also be completed before trading with this exchange. 

MEXC staking

The platform offers advanced charting and trading indicators – which helps with technical analysis. Retail traders can apply up to 10x leverage on their trades to maximize returns. However, leverage can also maximize losses. Thus, it should be used only if you are prepared to lose funds. 

Other top features on MEXC include staking – through which one can generate high APYs. Through the MEXC launchpad – investors can view and invest in newly launched projects. MEXC can be accessed through a desktop/laptop, or through the mobile app. 

Pricing Structure Fee For Buying Luna Classic FCA Regulated? Top Features
Spot trading fees 0% spot trading fees No
  1. Offers 0% spot trading fees on 1,000+ crypto assets
  2. Offers flexible staking options on various cryptos and stablecoins
  3. Access to new crypto projects through the MEXC launchpad

Pros pros

  • Over 1,000+ cryptos available to trade
  • 0% spot trading fees
  • £5 minimum deposit
  • Access to educational resources
  • High staking returns

Cons cons

  • 2% credit card fees

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Binance – Top Crypto Exchange With 160 Million + Users

Used by more than 160 million people – Binance is the most popular cryptocurrency exchange in the world. This cryptocurrency platform lets investors trade more than 400+ cryptos. 

You can create a new account in only a few minutes, and start trading the best meme coins on Binance. The platform is known for its low fees – which start at only 0.1% per transaction. Investors can earn even higher benefits by holding BNB – the native token of Binance. 

Binance exchange

Depending on your BNB holdings, you can earn up to 25% in trading discounts. Through Binance’s staking feature, investors can also stake popular meme coins such as Dogecoin and Shiba Inu, and generate high annual yields. 

New investors and novices can access tutorials, articles, and guides from the Binance Academy – an online educational platform. To test out your trading strategies, Binance offers a demo account that comes pre-loaded with 10 BTC. 

Other features available on Binance include swap farming – which lets you access hundreds of cryptocurrency pairs by accessing liquidity pools. The platform supports payments via VISA, Mastercard, ACH Transfers, and credit/debit cards. 

Credit cards incur an additional 4.5 % fee per transaction. Other payment methods such as ACH transfers incur no additional fees. Investors can access this popular exchange through a desktop/laptop, or through the Binance app available via iOS and Android. 

The platform offers whitelisting capabilities and uses 2FA protocols to protect investor’s funds. 

Pricing Structure Fee For Buying Luna Classic FCA Regulated? Top Features
Maker/Taker fees + additional fees depending on payment method Starts from 0.1% per transaction No
  1. Stake cryptos to generate passive income
  2. Gives investors access to an online Trading academy
  3. Practice trading strategies through a demo account

Pros pros

  • Start trading with just 0.1% fees
  • Access high staking yields 
  • Multiple payment options are supported
  • Offers demo accounts

Cons cons

  • 4.5% fees levied on credit cards

3. Coinbase – Popular Exchange Used By Over 100 Million People, Coinbase Offers 250+ Cryptos and Learning Rewards

One of the largest cryptocurrency exchanges in the world, Coinbase is used by more than 100 million people. Coinbase allows users to purchase Luna Classic after making a minimum purchase of only £1. 

This popular cryptocurrency exchange also provides over 250+ crypto trading options such as Bitcoin, Ethereum, Cardano, and Litecoin. After registering an account with Coinbase, users are required to verify their identity by providing a passport or valid driver’s license. 

Coinbase Crypto Exchange

Then, one can make a deposit using the various payment options. One slight drawback is that Coinbase charges high fees for certain payment methods. For example, traders must pay a 3.99% fee on debit/credit transactions. 

While there are no deposit fees when making UK bank transfers, an additional fee of 1.49% will be charged. Coinbase charges a 1% fee on all cryptocurrency transactions and a 0.5% spread fee. 

Despite the high fees, Coinbase gives users access to features such as the Coinbase Learn and Earn program. Through Coinbase Learn, one can access multiple videos and tutorials on crypto-specific topics. The exchange also offers crypto rewards as you complete tutorials through the Learn program. 

Through Coinbase Earn, users can earn staking rewards by locking up their assets. However, the staking rewards are not applicable to Luna Classic. Coinbase also stores 98% of all assets in cold storage to protect users’ funds. 

Pricing Structure Fee For Buying Luna Classic FCA Regulated? Top Features
Relatively High – 3.99% (debit card); 1.49% (bank transfer) 1% fee on crypto transactions + spread fee Yes
  1. Offers a Coinbase Learn program through which traders can learn more about trading techniques and earn free crypto
  2. Stores 98% of all assets in cold storage
  3. Coinbase allows users to generate staking APYs through Coinbase Earn

Pros pros

  • More than 250 cryptos supported
  • Start with a low minimum purchase of £1
  • Learn about cryptos through Coinbase Earn and get rewards
  • No deposit fees while making UK bank transfers
  • 98% assets stored in cold storage

Cons cons

  • 3.99% credit/debit card fees
  • 1% crypto fee + 0.5 spread fee added on transactions

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

4. Kraken – Secure Crypto Exchange Stores 95% of Assets in Cold Storage

Another top cryptocurrency exchange to use is Kraken – which lets investors trade more than 220 cryptocurrencies. This cryptocurrency exchange is one of the only to have never faced a major security issue. 

Kraken has also received a CS050 award for its outstanding leadership shown in the security field. To further protect investor’s funds – Kraken stores 95% of all assets in cold storage. As the majority of the assets are stored offline, there is less chance of losing funds if a hack takes place. 

Kraken Homepage

On Kraken, investors can buy cryptos and stablecoins instantly. The instant buy fee is set at 1.5% for cryptos, and 0.9% on stablecoins. However, the fees is lesser through the regular spot trading market. Investors can start trading cryptos with a fee of just 0.16% per transaction. 

Advanced traders can access Kraken Pro – and access even lower trading fees. The PRO account also supports advanced charting and customization patterns. Investors can use up to 5x leverage on trades – and professional traders may access even higher leverage on their accounts. 

Any queries or issues can be handled with the customer support team – which is available 24/7. 

Pricing Structure Fee For Buying Luna Classic FCA Regulated? Top Features
Maker/Taker fees or Instant buy fees 0.16% taker feesper transaction/ 1.5% fee on instant buys Yes
  1. Access margin trading and apply leverage on trades
  2. 95% assets stored in cold storage
  3. Buy cryptos and stablecoins instantly with slightly higher fees

Pros pros

  • Never faced a security breach
  • 95% of assets stored in cold storage
  • Trading fees starts from 0.16% per transaction
  • 24/7 customer support

Cons cons

  • Instant crypto buys cost 1.5% per transaction

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

What is Luna Classic?

Terra Luna Classic, commonly called ‘Luna Classic’ or LUNC, is the original blockchain in the Terra ecosystem, which underwent a significant transformation following an unexpected crisis.

Background

Terra emerged as an open-source blockchain protocol founded by Terraform Labs in South Korea in 2018. It aimed to combine the best features of fiat currency with the decentralized strengths of Bitcoin. 

Terra was envisioned as a two-token ecosystem comprising a stablecoin (TerraUSD or UST) and its native token (LUNA), now known as Luna Classic.  Terra’s unique proposition included serving as a dynamic hub for dApps and offering a robust payment platform for an algorithmic stablecoin.

Originally, LUNA (now LUNC) played a vital role in staking and governance within the Terra protocol. By absorbing price fluctuations, it acted as a counterpart to Terra’s algorithmic stablecoin, terraUSD or UST. This mechanism allowed UST to maintain its peg to the U.S. Dollar. Terra was valued at over $40 billion, but a crisis led to its downfall.

The Crisis and Its Aftermath

Following an attack that took advantage of a weakness in the blockchain, UST could not correctly mint and burn its tokens to maintain equilibrium between its demand and supply at the $1 peg.

This failure disrupted the stability mechanism intended to keep the stablecoin’s value aligned with the USD, leading to significant consequences for the Terra ecosystem. An excessive number of UST and LUNA tokens flooded the market, causing panic and a sudden loss of nearly 100% of its value. 

Terra’s algorithm, designed to stabilize the UST price through a burn-mint mechanism for LUNA, failed miserably, spiraling into hyperinflation and devaluing both tokens.

Terra Luna Classic

Following this collapse, Terra’s founder, Do Kwon, proposed a revival plan that was accepted by the community. The result was the creation of a new blockchain, Terra 2.0, and rebranding the old blockchain as Terra Classic, with its native token renamed to LUNC.

Luna Classic is the rebranded version of the original Terra ecosystem’s vision and legacy. It continues to exist parallelly with Terra 2.0, representing the pre-crisis era of Terra’s ecosystem.

The future of LUNC remains uncertain. The broader sentiment has shown promising comeback inclinations, with a surge in gains over the past few months. Binance, a major crypto exchange, has shown support by burning billions of LUNC tokens, indicating a possible revival in the long run.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Is Luna Classic a Good Investment? Key Points to Consider

Is Luna Classic a good investment? It’s a question that requires consideration of several factors. Introducing a burn tax, support from leading exchanges, and a committed community have built a promising foundation for the coin. However, the potential success of LUNC is still uncertain, with challenges ahead.

Effects Of LUNC’s Burn Tax

Luna Classic has introduced a burn tax of 1.2% on all transactions, including buying and selling. The community’s motive behind this tax is to reverse damages caused by over-minting.

  • Reduction in Supply: The burn tax aims to reduce LUNC’s supply from 6.5 trillion to 10 Billion. This reduction in supply could lead to a corresponding increase in demand, setting the stage for potential growth in the token’s value.
  • Potential Value Increase: The reduction in supply may lead to upward pressure on the token’s price, assuming the demand remains consistent or grows. However, the success of this strategy will depend on various market factors.

Support From Exchanges

Major exchanges like Binance and KuCoin have expressed willingness to support LUNC’s burn, signaling a potential revival for the coin.

  • Credibility Boost: Support from these renowned exchanges could create confidence among investors and traders, possibly attracting more participants in the market.
  • Possibility of More Exchange Support: This initial support could pave the way for more top brokers and exchanges to back LUNC, potentially increasing its accessibility and liquidity.

Challenges

  • Developments Don’t Guarantee Success: LUNC is amid major technical upgrades. Implementing these plans and attracting the best dApps and Creators on the blockchain will be challenging, especially with the intense competition in the crypto space.
  • Investment Risk Profile: Currently, the investment in Luna Classic is moderate. The burn tax and community support provide a solid foundation, but the successful implementation of technology improvements and differentiation from other tokens will be key factors to consider.

Luna Classic Price History

LUNC’s price has witnessed a turbulent journey since its inception. Before you buy Terra Luna Classic, understanding its price history can offer insight into its performance and future potential. Here’s a comprehensive look at the timeline and notable events surrounding LUNC’s price movement.

  • Early Days (July 2019 – December 2020): When Terra entered the market in July 2019, it opened at around $1.3. This was followed by a quick correction that saw its value fall below a dollar, a threshold it remained under for nearly two years.
  • Breakout Year (2021): 2021 saw an aggressive rally for the coin. Starting in January, the price broke the $1 mark, resulting in a periodic high of nearly $22.2 on March 22. A subsequent decline was followed by a resurgence, reaching an impressive high of $103.3 by 2021 end.
  • New Peaks and Pitfalls (2022): 2022 brought both peaks and substantial dips for LUNC. It reached an all-time high of $119.18 on April 5, only to crash to an all-time low of $0.00000099 on May 13. The coin’s rebirth as LUNC saw its price settle at $0.000095 before the cancellation of withdrawals by the Celsius crypto-lending platform pushed it further down to $0.00005— followed by a slight recovery.
  • Regulatory Impact and Market Reactions (September 2022): Introducing a 1.2% transaction tax proposal sent the coin to $0.0005 in early September. After the proposals were accepted, the price dropped to around $0.00018. Events like the contact from South Korean authorities regarding Kwon and Binance’s 1.2% burn announcement led to significant volatility, resulting in a spike to $0.00031.
  • Fluctuations and Recovery (October – December 2022): October saw LUNC reach $0.00036 before stabilizing around $0.00029. An unexpected event, the collapse of the FTX exchange, caused a dip to $0.000128 in December. The coin recovered to $0.0001658 by the end of the month.
  • Current Status (2023): The coin started 2023 on a positive note after reaching a high of $0.00019 in February 2023 but has been declining ever since. At press time, LUNC traded at nearly $0.00006 and is the 99th largest crypto with a circulating supply of over 5.8 trillion LUNC.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Future Outlook – Luna Classic Price Prediction

Luna Classic has been on a downtrend for quite a year now. Over the last few months, It witnessed a descending channel pattern, affirming a bearish edge in the market. Below is a Terra Luna Classic price prediction based on several key factors and indicators that can affect its price.

Two parallel downward lines form a descending channel. In layman’s terms, it resembles a market slump or rut but often signals a cyclical nature in the asset’s price. This could imply a potential price reversal in the future.

Currently, LUNC aims to break out from this long-term channel rally. However, the resistance at $0.00007 could present a roadblock for near-term recovery in 2023. 

Recent market behavior has also revealed a ‘descending triangle,’ indicative of bearish domination. This pattern tells us that sellers have been more aggressive than buyers, but LUNC found support at the $0.00006 level, offering some hope to bulls.

LUNC/USDT Chart

We must also consider market momentum indicators like the Exponential Moving Average (EMA). The EMA acts as a tool to gauge market momentum, and in the case of LUNC, both the 20-day and 200-day EMA are significant. LUNC’s price has dropped below these averages, and a bearish crossover has further fueled bearish momentum. 

The crypto’s price is hovering near these EMA markers and is in a low volatility phase, meaning minor price fluctuations. But this calm could precede a storm of high volatility.

Given this context, a rebound from the $0.0006 support might ignite a near-term price rise. A key turning point for buyers would be a close above the EMAs, which could signal a possible trend shift. The descending channel, EMA markers, and current support levels all paint a picture of a potential recovery, but also with inherent risks.

Should LUNC close above the $0.00007 resistance, it may enable a bullish break, allowing buyers to regain control in the short to medium term. LUNC might reach the $0.00013 level in this optimistic scenario by 2023.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

What Do Other Analysts Predict For Luna Classic?

Below are some notable analysts’ predictions until 2025 for Terra Luna Classic. While these predictions vary between analysts, all anticipate growth for Luna Classic. 

Investors must always approach these forecasts with their research, considering that the crypto markets can be unpredictable, and past trends may not always indicate future results.

Digital Coin Price predicts that Luna Classic could reach up to $0.00121 in the next few years. Their forecast details the following:

  • For 2023, they propose a minimum price of $0.0000553, an average price of $0.000111, and a maximum price of $0.000137.
  • By 2024, they foresee a rise to a minimum of $0.000134, an average of $0.000156, and a maximum of $0.000160.
  • In 2025, the predictions extend to a minimum of $0.000183, an average of $0.000220, and a maximum of $0.000227.

Telegaon’s price prediction for Luna Classic (LUNC) paints a slightly different picture:

  • Their 2023 projection ranges between $0.000095 and $0.00054.
  • For 2024, their estimates span from a low of $0.00058 to a high of $0.00085.
  • By 2025, they predict a price range from $0.00086 to $0.0011.

PricePrediction.net has also provided their perspective on Luna Classic’s potential trajectory:

  • In 2023, they predict the price to be between $0.00008843 and $0.00010267.
  • Their 2024 forecast sets the price from $0.00012684 to $0.00015586.
  • The most optimistic prediction is set for 2025, where they forecast a minimum price of $0.00018437, an average price of $0.00018959, and a maximum of $0.00021962.

Cryptoassets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Can You Buy Terra Luna Classic with PayPal in the UK?

Individuals looking to buy crypto in the UK have several options, including PayPal. But to buy Luna Classic with PayPal in the UK, choices are limited.

PayPal allows buying popular cryptos like Bitcoin, Bitcoin Cash, Litecoin, and Ethereum for as low as $1 while offering security and user-friendliness. Luna Classic, however, is unavailable from PayPal’s crypto offerings.

Cheapest Way to Invest in Luna Classic in the UK – Exchange Prices Explained

Several factors must be considered when looking for the best place to buy Luna Classic in the UK. Below are a few quick points to remember: 

  • Brokers like MEXC offer a secure way to invest in Luna Classic. MEXC requires a minimum of $5 and charges a fee of 2% for debit card use, much less than competitors such as Coinbase, who charge 3.99%.
  • Centralized exchanges (CEX): CEXs often allow payment options like bank deposits, usually free but may take a few days to process.
  • Decentralized exchanges (DEX): DEXs are known for better security but might be harder for beginners due to their complexity.
  • Standard payment methods: These include debit/credit cards and e-wallets that allow quick transactions. It’s essential to understand the fees, as they can vary among providers. Knowing trading and withdrawal fees can help save money.
  • Hidden Costs: Be mindful of potential withdrawal fees, which may differ depending on the broker or exchange.

However, always align your investment decisions with your risk tolerance and research to make well-rounded decisions.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Things to Consider Before Investing in Luna Classic

If you’re thinking about buying LUNC, it’s vital to understand the factors that could shape its future. Here’s what potential investors should know:

  • Competitive Landscape: Luna Classic faces stiff competition from similar projects within the market. The success of LUNC heavily depends on its differentiation. Evaluating the competitive edge and assessing how LUNC stands out from its rivals is a vital step before investment.
  • Collaboration and Integration Prospects: Though LUNC’s strategies have sparked interest among various market players, collaboration with established businesses and projects can be both an opportunity and a risk. Any partnership failures integrations could negatively impact LUNC’s intrinsic value.
  • Crisis Management and Recovery: LUNC’s history is marked by a severe crisis that led to nearly 100% loss of value. The aftermath and the strategies for revival must be carefully observed, considering the uncertainties surrounding its future. Binance’s support and the surge in gains may signal a revival, but the long-term stability is yet to be seen.
  • Regulatory Compliance: Adherence to legal norms is crucial for any crypto, especially Luna Classic. The ongoing uncertainties around crypto regulations may impose restrictions or create challenges for LUNC. Investors should be aware of the potential legal hurdles and compliance requirements that may arise.
  • Technological Stability and Security: Given the past failures in Terra’s algorithm, which spiraled into hyperinflation, prospective investors should closely examine LUNC’s current technological framework. Assessing the susceptibility to potential attacks is essential to mitigate future risks.
  • Market Sentiment and Adoption: Understanding broader market sentiment and LUNC’s potential for mainstream adoption can provide insights into its long-term viability. Collaborations with established businesses can encourage growth but require thorough examination.

How to Buy Luna Classic (LUNC) in the UK Detailed Step-by-Step

If you want to know how to invest in LUNC, here’s a four-step guide using MEXC.

Step 1 – Create a User Account 

To buy LUNC, create an account with MEXC. Fill out a registration form, providing essential details like your name, email, and mobile number.

Investors can also sign up by connecting their crypto wallets to the platform.

MEXC register

Step 2 – Verification

As part of the KYC procedure, you must submit identification documents like a passport or a driver’s license.

MEXC verification

Step 3 – Deposit Funds

You can invest in LUNC by transferring funds into your account. Payment methods on MEXC include credit/debit cards, SEPA transfers, and SWIFT.

Step 4 – Buy LUNC

How to buy LUNC? Find Luna Classic by entering ‘LUNC’ in the search field once funds are deposited. 

Enter the number of tokens you wish to purchase on the order box, and confirm the transaction.

Conclusion

In this How to Buy Luna Classic guide we provided a detailed analysis of these platforms and a step-by-step guide to help you invest in LUNC.

MEXC is a popular crypto broker for those looking to invest in crypto in the UK. Its low fees, multiple payment options, and multiple trading features makes it a suitable option to purchase Luna Classic.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

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Yash Majithia

Yash is a versatile and seasoned writer and analyst in the crypto space with a strong financial background. Over the past year, he has written extensively for various publications on topics ranging from technical analysis to on-chain analytics, including here at Techopedia. In addition to his writing, Yash has collaborated with blockchain marketing companies to develop compelling content. He has also gained valuable experience working as a senior assurance associate for over three years at an audit firm, where he worked with a range of listed companies. Yash's passion for global exchange and cultural exchange led him to represent his…