The Terra blockchain aims to promote the mass adoption of stablecoins in the financial ecosystem.
The network has also led to the development of successful projects, like the Mirror and Anchor protocols.
If you are interested in buying the native coin, LUNA, in Singapore, there are a few ways you can do so.
Contents
How to buy Terra (LUNA) in Singapore
Here are 6 ways you can buy Terra (LUNA) in Singapore:
- Coinhako
- Tokenize
- Crypto.com (App)
- Binance
- Huobi
- OKEx
This is a summary of all the methods,
| Platform | Direct From SGD? | Trading Fee |
|---|---|---|
| Coinhako | Yes | 0.80% – 1% |
| Tokenize | Yes | 0.80%, min. $1 |
| Crypto.com (App) | No | None (but may have high spread) |
| Binance | No | Up to 0.1% |
| Huobi | No | Up to 0.2% |
| OKEx | No | Up to 0.1% |
and here is each method explained in-depth:
Coinhako
Coinhako is one of the most straightforward way of buying LUNA in Singapore.
This is because you can directly buy LUNA from SGD!
How to buy Terra (LUNA) on Coinhako
Here are the steps that you’ll need to do to buy LUNA on Coinhako:
- Deposit SGD into your SGD wallet
- Go to ‘Trade’
- Look for LUNA and click on Buy
- Select the amount of SGD you wish to use to purchase LUNA
- Verify the transfer
#1 Deposit SGD into your SGD wallet
To start buying crypto on Coinhako, you will need to fund your SGD wallet first. There are 2 ways you can do so:
- Xfers
- Direct FAST transfer
In the past, you could only use Xfers to deposit your funds into Coinhako.
Xfers acts as a middleman between the crypto exchange and your bank account.
However, you are now able to transfer your funds directly to your SGD wallet via FAST.
Don’t forget to include your unique deposit code in the comments section of the transfer. This will help Coinhako to match the deposit to your account.
You do not incur fees when depositing via FAST. Meanwhile you will incur a 0.55% fee for each deposit via Xfers!
FAST is the more cost effective way to deposit your SGD into Coinhako. However, it may take a longer time for your funds to be processed compared to Xfers Direct.
#2 Go to ‘Trade’
On Coinhako’s platform, you’ll need to go to the ‘Trade‘ section.
This is where you are able to buy and sell crypto on Coinhako.
When you are making any trade, you can’t determine the price that you wish to buy or sell at. Coinhako will try to match it to the prevailing market rate when you make the trade.
#3 Look for LUNA and click on Buy
You’ll need to scroll down to find LUNA, and then click on ‘Buy‘.
#4 Select the amount of SGD you wish to use to purchase LUNA
You will need to select the amount of SGD that you wish to use for your trade. The amount of LUNA that you receive will be based on the prevailing market rates.
You may want to note that you can only buy or sell LUNA at this point in time. You are unable to send or receive LUNA to and from an external wallet.
Coinhako has a minimum of $0.50 SGD for each trade that you make.
For every trade that you make on Coinhako, you are charged a 1% fee.
However if you use the promo code ‘COINGECKO‘, you will reduce your fees to 0.8%.
Any small reduction in fees would help to increase your returns!
It is also possible to buy LUNA using your credit or debit card. However, you will be charged an additional 3% by Coinhako’s payment service provider!
It is really not worth the fees of using your debit card to make the trade, especially when FAST transfers are free!
#5 Verify the transfer
Once you’re done, you will need to verify your trade.
LUNA will be credited into your account when the trade is completed.
Verdict
Here are the fees that you’ll incur when trading with Coinhako:
| Type of Fee | Amount |
|---|---|
| Deposit Fees | None (FAST), 0.55% (Xfers) |
| Minimum Trade Amount | $45 |
| Trading Fees | 1% for any trade (0.8% if you use the promo code COINGECKO) |
| Withdrawal Fee (SGD) | $2 per withdrawal |
It is definitely more cost effective to deposit into your SGD wallet via FAST compared to Xfers. You will incur unnecessary fees if you do so with Xfers.
However, it may take a longer time for your funds to appear in your account if you use FAST compared to Xfers.
Another thing you’ll need to take note is the withdrawal fee of $2. If you are withdrawing out small amounts, it would not be worth this fee.
Overall, Coinhako has pretty high fees. However, the convenience of buying LUNA directly from SGD helps to make up for it.
Tokenize
Tokenize is a centralised exchange that is based in Singapore and Malaysia.
Their exchange allows you to trade 40+ different currencies directly from SGD!
Here’s how you can buy LUNA on Tokenize:
- Deposit your funds
- Go to ‘Market’
- Select SGD/LUNA as your trading pair
- Select the type of order and your trade amount
- Make the trade
#1 Deposit your funds
To start trading on Tokenize, you’ll need to deposit your SGD into your wallet first.
However, it can be a bit hard to navigate around Tokenize’s site. You’ll need to see go to the top right-hand corner which has your name, and select ‘Wallets‘.
After that, you’ll need to scroll down all the way to your Fiat Balance. You’ll see the amount of SGD and USD that you have with Tokenize.
You’ll need to click on ‘Deposit’, and you can deposit your funds via 2 ways:
- Xfers Direct Transfer
- Swap from XSGD wallet
You’ll be asked to select the amount you want to deposit from your Xfers account.
You’ll be charged a 0.55% fee if you use Xfers Direct Charge.
Tokenize will deduct the balance from your Xfers account, and it will be credited into your SGD wallet.
#2 Go to ‘Market’
After making your deposit, you can start trading your SGD for crypto.
You’ll need to select ‘Market‘ from the dashboard.
#3 Select SGD/LUNA as your trading pair
You can select the SGD/LUNA trading pair via the search bar:
#4 Select the type of order and your trade amount
There are 2 types of orders you can make with Tokenize:
- Limit
- Market
Limit orders will allow you to determine the price of LUNA that you wish to pay.
This gives you more control over the price that you want to pay for each LUNA.
Meanwhile, market orders will purchase LUNA at the current market price.
If you use this method, you will be able to fill your order almost immediately.
However, what I don’t like about market orders is that you won’t be able to see the trading fee that you’ll need to pay beforehand.
Once you’ve decided the type of trade you wish to make, you can choose the quantity of LUNA that you wish to buy.
#5 Make the trade
After you’ve confirmed your trade, LUNA will be credited into your wallet.
Verdict
Here are the fees that you’ll need to pay when trading on Tokenize:
| Fee Type | Amount |
|---|---|
| Deposit Fees | 0.55% |
| Trading Fees | 0.80% (min. $1 SGD) |
| Withdrawal Fee | 0.55% |
The 0.80% fee is slightly cheaper than Coinhako. However, you’ll need to take note of the minimum $1 fee.
Moreover, you’ll need to pay a fee for each deposit and withdrawal you make!
You’ll need to decide if paying these extra fees is worth it to gain access to a greater variety of currencies!
Crypto.com (App)
Crypto.com is a crypto platform that offers Xfers support. This does make trading crypto more accessible from Singapore.
However, you can’t buy LUNA directly from SGD.
Instead, you’ll need to make at least 2 trades to purchase LUNA.
How to buy Terra (LUNA) on Crypto.com
Here are the steps you’ll need to do to buy LUNA on Crypto.com:
- Go to Crypto Wallet
- Scroll down and find LUNA
- Click on ‘Buy LUNA’
- Select your payment method
- Confirm the trade
#1 Go to Crypto Wallet
You’ll need to access your crypto wallet on the Crypto.com app.
This can be done by tapping on the central icon and going to ‘Crypto Wallet‘.
#2 Scroll down and find LUNA
If you don’t have any LUNA in your Crypto.com wallet, you’ll need to scroll down to find the currency.
You can use the search function to find LUNA, as there are quite a lot of currencies available on the app!
#3 Click on ‘Buy LUNA’
You will be on the LUNA price page. You’ll need to tap on ‘Buy LUNA‘ to make the trade.
#4 Select your payment method
Similar to Coinhako, you cannot decide on the rate that you wish to buy LUNA at. Instead, it will be done at the prevailing market rate.
There are 3 payment methods that you can use to buy LUNA on Crypto.com:
1. Debit or credit card
You can use either a credit or debit card to purchase LUNA directly.
This would probably the most efficient way of buying LUNA. However, you will be charged a 3.5% fee if you’re from Singapore!
Due to this high fee, it may not be worth buying LUNA using your credit or debit card.
2. Crypto wallet
If you have other cryptocurrencies in your crypto wallet, you can use this to trade for LUNA.
You can only buy LUNA using either CRO, BTC or USDT.
3. Fiat wallet
The final way that you can buy LUNA on Crypto.com is via a fiat wallet.
Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.
Investopedia
You can only buy LUNA from either a EUR or AUD fiat account.
This is because there are only 8 cryptocurrencies that you can purchase from Xfers:
If you want to buy LUNA with SGD, here are the steps that you’ll need to do:
- Purchase CRO, BTC or USDT with SGD from your fiat wallet
- Purchase LUNA from either CRO, BTC or USDT using your crypto wallet (method 2)
#5 Confirm the trade
When you confirm the details, Crypto.com will lock in the exchange rate for 15 seconds.
Once you confirm the trade, LUNA will be credited to your account.
Verdict
Here are the fees that you’ll incur with Crypto.com:
| Type of Fee | Amount |
|---|---|
| Deposit Fees (SGD) | None |
| Trading Fees | None |
| Withdrawal Fee (SGD) | 0.4% per withdrawal (Xfers) |
The fees when trading with Crypto.com seem to be lower! However the spreads can be quite high.
A spread in trading is the difference between the buy (offer) and sell (bid) prices quoted for an asset.
IG Trading
When you make multiple trades on the Crypto.com app, you may lose some money due to the spread!
These costs can be hard to keep track, but it is something you’ll need to consider.
The remaining exchanges do not support SGD
For the next few methods, they do not allow you to deposit SGD into their exchanges.
This means that you’ll have to buy a cryptocurrency from one exchange, and then send it to these exchanges.
The currency that you should buy is Bitcoin or Ethereum, which would have the most number of trading pairs.
However, you’ll need to consider the withdrawal fees that you’ll incur when sending your crypto on the blockchain.
Depending on the fees, it can be really hefty!
You can consider using Gemini’s Active Trader, which charges a rather low 0.35% trading fee. You are able to purchase either BTC or ETH from Gemini.
After that, you can send your BTC or ETH to any of the exchanges below. You will not be charged any withdrawal fees for up to 10 withdrawals per month.
Binance
Binance is one of the largest crypto exchanges in the world. You are able to trade many cryptocurrencies on their platform.
You can’t buy LUNA using a credit card, nor directly from SGD. As such, you’ll need to use the altcoin method to buy this currency.
First, you’ll need to buy crypto from another exchange, and then deposit it into Binance.
The best currencies to deposit are BTC or USDT. This is because they have the most trading pairs available.
When you deposit your crypto, you’ll need to make sure that the address you’re sending to is correct.
If not, your crypto may be lost forever!
You can consider using the Binance P2P platform too
Instead of sending crypto from another platform, you can consider using Binance’s P2P platform as well.
This platform allows you to buy crypto from SGD, such as:
- BTC
- ETH
- USDT
Most of these currencies will have a trading pair with LUNA.
Using this method will help you to save on sending fees. However, there may be scammers that are on the platform.
As such, you’ll need to be very careful with who you’re trading with!
Make the trade from your crypto to LUNA
After depositing your crypto, you’ll have to buy LUNA on Binance’s trading platform.
Here are the trading pairs that you can trade for LUNA on Binance:
- LUNA/USDT
- LUNA/BUSD
- LUNA/BTC
- LUNA/BNB
After selecting your trading pair, you can start to determine the details of your order.
You’ll need to decide on:
- The price that you’d like to buy 1 LUNA at
- The amount of LUNA you wish to buy
Once you make the trade, LUNA will be credited into your account.
Verdict
Here are the fees that you’ll incur on Binance:
| Fee | Amount |
|---|---|
| Trading Fee | Up to 0.1% |
| Withdrawal Fee | 0.02 LUNA |
The trading fees on Binance are as low as Luno Exchange!
However, it is also quite a hassle to buy LUNA on Binance if you’re from Singapore. If you send USDT or BTC to Binance, you may incur a withdrawal fee from the crypto exchange you’re sending from.
All of these fees will add up, and you may buy a much lower amount of LUNA than you initially expected.
Furthermore, you may need to think of the strategy you wish to use to sell your LUNA and receive SGD too.
Huobi
Huobi is another crypto exchange that allows you to trade a variety of cryptocurrencies.
Since they do not allow you to deposit SGD onto their platform, you’ll need to deposit another cryptocurrency into the exchange first.
Here’s what you’ll need to do to buy LUNA on Huobi:
- Deposit a cryptocurrency into Huobi
- Select a trading pair
- Select the type of order you wish to make
- Select the quantity of LUNA you wish to buy
#1 Deposit a cryptocurrency into Huobi
First, you’ll need to go to ‘Balances → Exchange Account‘.
This is where you will deposit your crypto to.
You can choose a wider variety of cryptocurrencies to deposit into Huobi, compared to Binance.
The safest currencies to deposit will be either BTC or USDT.
#2 Select a trading pair
After depositing your crypto into Huobi, you can start trading it.
If you just want to trade your crypto, you can go to ‘Spot Trading → Exchange‘.
You’ll be brought to Huobi’s exchange platform.
You’ll need to find a trading pair with LUNA, which can be done at the left hand side of the platform.
Here are some of the trading pairs on Huobi:
- LUNA/USDT
- LUNA/BTC
- LUNA/HT
#3 Select the type of order you wish to make
After you’ve selected your trading pair, you would need to select the order type that you wish to make:
- Limit
- Market
- Stop-Limit
- Trigger Order
Limit orders allow you to determine the price you wish to buy or sell your crypto. Meanwhile, market orders will buy your crypto at the prevailing market rate.
#4 Select the quantity of LUNA you wish to buy
After you’ve selected your order, you’ll need to select the amount of LUNA you wish to buy.
Once the trade has been executed, LUNA will be credited into your account.
Verdict
Here are the fees that you’ll incur when trading with Huobi:
| Type of Fee | Fee Amount |
|---|---|
| Trading Fees | From 0.20% |
| LUNA Withdrawal Fee | 0.02 LUNA |
The trading fees are slightly higher compared to Binance.
OKEx
OKEx is another crypto exchange that you can consider buying LUNA from.
Here’s how you can buy LUNA on OKEx:
- Deposit USDT or BTC into OKEx
- Select a trading pair with LUNA
- Enter the details of your trade
- Execute the trade
#1 Deposit BTC or USDT into OKEx
You’ll need to go to ‘Assets → Deposit‘,
and then select either of the 2 currencies to deposit.
#2 Select a trading pair with LUNA
Once you have deposited the currency in your OKEx account, you can start trading LUNA.
You’ll need to go to ‘Trade → Basic Trading‘,
which brings you to OKEx’s trading platform.
You will need to select the a trading pair with LUNA from the search bar:
#3 Enter the details of your trade
You are able to make 5 different types of orders you can make on OKEx:
- Limit
- Market
- Stop
- Trigger
- Advanced Limit
You’ll also need to enter:
- The price that you want to pay for 1 LUNA
- The amount of LUNA you want to buy
#4 Execute the trade
Once your trade has been executed, LUNA will be credited into your account.
Verdict
OKEx charges up to 0.1% for their trading fees.
This is slightly cheaper compared to Huobi!
If you are looking for lower trading fees, either OKEx or Binance will be a better choice compared to Huobi.
Conclusion
If you are looking to buy Terra (LUNA) directly from SGD, either Coinhako or Tokenize will be the best method for you.
However, the fees charged by either platform is rather high.
For the other methods, you’ll need to make at least 2 trades to buy LUNA from SGD. You’ll need to consider both the transaction and withdrawal fees if you are using those platforms!
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Tokenize Referral (Get 5 TKX worth ~ $45 SGD)
If you are interested in signing up for a Tokenize account, you can use my referral link.
You will be able to receive 5 TKX in your account (worth ~$45 SGD)!
Here’s what you need to do:
- Sign up for a Tokenize account
- Trade at least $1000 USD worth of crypto
- Receive 5 TKX in your Tokenize wallet
You can view details of this referral program on Tokenize’s website.
Crypto.com Referral (Get $25 USD worth of CRO)
If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.
We will both receive $25 USD worth of CRO in our Crypto Wallet.
Here’s what you’ll need to do:
- Sign up for a Crypto.com account
- Enter my referral code: ‘x2kfzusxq6‘
- Stake enough CRO to unlock a Ruby Steel card or higher
The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.
You can read more about the referral program on Crypto.com’s website.
Binance Referral (Receive 5% off your trading fees)
If you are interested in signing up for a Binance account, you can use my referral link.
You will be able to receive 5% off all of your trading fees on Binance!
OKEx Referral (Receive USD $10 of BTC)
If you are interested in signing up for an OKEx account, you can use my referral link. If you make a crypto purchase of ≥ $100 USD via Buy / Sell, we will both receive USD $10 worth of BTC.
Here’s what you need to do:
- Sign up for an OKEx account
- Go to Buy/Sell to buy crypto from a variety of methods (e.g. Credit Card or PayNow)
- Buy ≥ $100 USD worth of crypto
- Receive $10 USD worth of BTC in your OKEx account
If you use OKEx’s Buy/Sell feature, you will be buying your crypto from a 3rd-party payment provider.
The fees may vary, but the $10 USD credit should be able to help to pay for your trading fees!
Are you passionate about personal finance and want to earn some flexible income?
