Navigating the world of cryptocurrency exchanges can be complex, especially when dealing with assets that have undergone significant changes like Terra's LUNA and LUNC. This guide provides a clear, step-by-step overview of how to acquire these tokens on the HTX exchange, formerly known as Huobi Global. We'll cover everything from account setup to executing your trade, along with crucial considerations for managing risk in this volatile market.
Understanding Terra: LUNA vs. LUNC
Before proceeding, it's essential to distinguish between the two primary Terra-related assets.
- LUNC (Terra Classic): This is the original token from the Terra blockchain that experienced a dramatic depegging event and collapse in May 2022. It continues to trade.
- LUNA (Terra 2.0): This is the new token created from the fork of the original Terra blockchain, intended to rebuild the ecosystem.
Their prices, communities, and risk profiles are entirely different. Always double-check which asset you are dealing with before any transaction.
Step 1: Account Registration and Verification (KYC)
Your first step is to create a secure account on the HTX exchange. This process is designed to protect your funds and ensure compliance with global financial regulations.
- Visit the Official Website: Navigate to the official HTX website. Always verify the URL to avoid phishing sites designed to steal your login credentials.
- Initiate Registration: Locate and click the "Register" button, typically found in the top-right corner of the homepage.
- Provide Details: Enter a valid email address or mobile number and create a strong, unique password. Using a combination of uppercase letters, lowercase letters, numbers, and symbols is highly recommended.
- Complete Security Checks: Solve the CAPTCHA and confirm the verification code sent to your email or phone.
- Agree to Terms: Read and accept the platform's Terms of Service and Privacy Policy to complete the registration.
After registering, you must complete the "Know Your Customer" (KYC) verification.
- This involves submitting government-issued identification (e.g., passport, driver's license) and sometimes a proof of address.
- Upload clear, legible images of the required documents through the platform's verification portal.
- Approval can take from a few hours to several days. You will typically receive a notification once your account is fully verified and your trading limits are increased.
Step 2: Depositing Funds
Once your account is verified, you need to deposit funds to use for purchasing LUNA or LUNC. Using a stablecoin like USDT is a common strategy to mitigate volatility between depositing and making your purchase.
- Log In and Navigate to 'Assets': After logging into your HTX account, find the "Assets" or "Balance" section.
- Select 'Deposit': Choose this option and then select the currency you wish to deposit (e.g., USDT).
- Crucial: Select the Correct Network: The exchange will provide a deposit address. The most critical step is selecting the correct blockchain network (e.g., TRC-20, ERC-20, Polygon). You must use the same network when withdrawing the stablecoin from your external wallet or another exchange. Sending funds on the wrong network will result in permanent loss.
- Transfer Funds: Copy the provided deposit address and use it as the destination for a transfer from your personal wallet or another exchange.
- Wait for Confirmations: Wait for the blockchain network to confirm the transaction. The time required depends on network congestion. Your HTX balance will update once the deposit is successful.
Step 3: Executing Your Trade for LUNA or LUNC
With funds in your HTX account, you are ready to buy.
- Access the Trading Interface: Go to the "Markets" or "Exchange" section on HTX.
- Search for the Trading Pair: Use the search bar to find either "LUNA/USDT" or "LUNC/USDT," depending on which asset you want to acquire.
Choose Your Order Type:
- Market Order: This order executes immediately at the current best available market price. It's fast and ensures your order is filled, but the exact price may slip slightly, especially in volatile conditions.
- Limit Order: You set the specific price at which you want to buy. The order will only execute if the market reaches your price. This gives you control over the entry price but does not guarantee the order will be filled.
- Enter Order Details: Input the amount of LUNA/LUNC you wish to buy or the amount of USDT you want to spend.
- Review and Confirm: Double-check all details—the trading pair, order type, price, and amount. Once confirmed, submit the order.
- Order Completion: You can view your open orders and trade history in the "Orders" section. For limit orders, monitor the market to see if your price is hit.
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Essential Considerations and Risk Management
Trading cryptocurrencies carries inherent high risk. These points are not mere suggestions but essential components of a responsible strategy.
- Extreme Volatility: The prices of LUNA and LUNC are notoriously volatile. They can experience rapid and significant price swings in short periods. Never invest more than you are prepared to lose entirely.
- Project-Specific Risks: The Terra ecosystem has a history of catastrophic failure. Thoroughly research the current state of the project, its development team, community goals, and long-term viability before investing.
- Exchange Risk: While HTX is a established platform, all centralized exchanges are vulnerable to hacking, technical failures, or regulatory actions. It is unwise to store large amounts of assets on any exchange long-term.
- Withdraw to Self-Custody: For significant holdings, withdraw your purchased LUNA or LUNC to a private crypto wallet where you control the private keys. This is the most secure way to hold your assets.
- Understand Fees: Be aware of all applicable fees, including deposit, trading, and withdrawal fees. These can eat into your profits, especially for smaller trades.
- Tax Implications: Cryptocurrency transactions are taxable events in many jurisdictions. Keep detailed records of all your trades, deposits, and withdrawals for tax reporting purposes. Consult a tax professional familiar with crypto assets.
Frequently Asked Questions
Q: What is the main difference between LUNA and LUNC?
A: LUNC (Terra Classic) is the original token that crashed in May 2022. LUNA is the new token created from the chain fork to launch Terra 2.0. They are separate assets with different values and ecosystems.
Q: Is it safe to buy LUNA or LUNC on HTX?
A: HTX is a well-known exchange with security measures in place. However, "safe" is relative in crypto. The platform risk exists, and the assets themselves are highly speculative. Always use strong security practices and consider moving funds to a private wallet after purchase.
Q: How long do deposits and withdrawals usually take?
A: Deposit times for assets like USDT depend on the blockchain network chosen (e.g., TRC-20 is often faster and cheaper than ERC-20). Withdrawals typically require manual processing by the exchange and can take from minutes to several hours.
Q: What are the trading fees on HTX?
A: HTX uses a maker-taker fee model. Fees are typically a small percentage of the trade value (e.g., 0.2%) and can be lower if you pay fees using the exchange's native token or if you have a higher 30-day trading volume.
Q: Can I use a credit card to buy LUNA directly?
A: This depends on your region and the payment methods integrated into HTX. You should check the "Buy Crypto" section on the platform to see if direct fiat purchases are supported for your currency.
Q: What is the best way to secure my LUNA/LUNC after buying?
A: The most secure method is to withdraw your tokens to a non-custodial wallet, such as a hardware wallet (e.g., Ledger, Trezor) or a reputable software wallet that supports the Terra blockchain. This ensures you, and not the exchange, have sole control over your assets.