Following a lengthy developmental stage, the VeChain network was launched in 2015 by Sunny Lu. Mr. Lu used to be the CIO for Louis Vuitton in China before launching VeChain in Singapore and initially chose to base the platform’s VEN token on the Ethereum blockchain. However, in 2018, VeChain switched over to its own blockchain, which now supports the VET coin and its derivative token, the VTHO coin. VTHO is used to pay blockchain transaction costs and can be earned by simply holding VET coins for a period of time. Each VET coin earns a fraction of a VTHO coin for every new block that is added to the blockchain.
Whilst VEN was an ERC20 token (as you would expect from a crypto-based on the Ethereum blockchain) VET is not, which means that buying and storing it is not quite as simple as buying and storing the original VEN tokens used to be. Having said that, it is possible to acquire VET coins on leading crypto exchanges such as Binance, which means it is not too difficult for investors to build a holding in this cryptocurrency if they so desire.
Where to Buy Vechain Coin (VET)
Most investors and traders are probably already aware that the only cryptocurrency freely available to buy with PayPal is Bitcoin. VET, along with most alternative cryptocurrencies, cannot be bought directly with PayPal and neither can it be bought directly with a debit or credit card. So, if you would like to acquire VET coins, either to hold as a long-term investment or to actively trade, you will first need to open an account with a global cryptocurrency exchange like Binance (unless you already have one of course). Once you have opened a new account, you will need to use your fiat currency card to buy USDT (Tether), which you can then use to purchase VET coins, either at the market rate or by setting up a limit order (procedures that we will cover later).
Best Cryptocurrency Exchange to Buy Vechain (VET) Token
How to Buy Vechain (VET) Tokens
As mentioned above, the easiest way to obtain VET coins at the moment is to purchase them on a cryptocurrency exchange such as Binance. If you already have an account with an exchange and you have funded it, you can simply find the VET/USDT pair on the exchange and place an order. If you do not have an account yet, you will need to open one, which is a fairly simple process with Binance. You will need to complete an account creation form, verify your email and then set up 2-factor authentication to make your account more secure. This last stage is not mandatory but Binance will keep nagging you to complete it if you don’t, as it really does help to protect your account.
Know Your Customer Requirements
Binance does not force new customers to follow KYC guidelines by providing personal information to verify their identity if they already have holdings in BTC, for example. However, if you wish to use your debit or credit card to purchase Tether with the fiat currency in which your card is denominated, before buying your VET coins, you will need to follow these guidelines and prove that you are who you say you are. To do this, you will be asked to submit a picture of officially issued photo ID, such as a driver’s license or a passport, and then allow the website to capture a picture of your face with your webcam, for comparison purposes.
How to Buy Vechain Cryptocurrency on Binance
If you deposited BTC in your Binance account, you can simply find the VET/BTC cryptocurrency pair on the exchange and place your order straight away. If you verified your identity in order to use your debit/credit card, you can now buy USDT with your card, then find the VET/USDT pair to make your first trade. In either case, the process is quite straight forward. Unless you have a particular price in mind, in which case you can use a limit order to see if you can obtain your VET coins at the desired price, you simply place a market order. Market orders are executed at the current market price, for the quantity that you choose. There may be some slippage when you place your order, depending on how volatile the cryptocurrency pair is at the time, but you should obtain your coins at or close to the displayed price.
If you deposited ETH in your Binance account rather than BTC, you will be pleased to find that there is a VET/ETH pair on the exchange so there is no need for you to convert your ETH to BTC or USDT in order to acquire your VET coins.
Using Exchange Wallets
Whilst it is possible to just leave your newly acquired VET coins in your exchange wallet, this is not recommended. Secure as the Binance exchange is, all online crypto exchanges are vulnerable to attacks from determined hackers so most investors and traders move their holdings to a mobile or hardware wallet straight away. Once your coins are safely offline, there is no chance they can be siphoned off by hackers.
How to Sell Vechain (VET) coins
If you are a speculative trader and you wish to sell your VET on the same day that you acquire them (in the event that the price rises of course), you will probably want to leave your coins in your exchange wallet until you have closed out your trade. Withdrawing coins to an off-exchange wallet incurs a small fee so it might be impractical to withdraw them then deposit them again within a matter of hours, or possibly even minutes. If you have left them in your exchange wallet, selling them will be a simple matter of placing another order.
If you are planning to hold your VET for a longer period of time, follow the recommendation to withdraw them to a hardware or secure mobile wallet then deposit them again when you are ready to sell. As soon as you have deposited them back into your Binance exchange wallet, you will be ready to exchange them for USDT, BTC or ETH and then for cash if that is what you desire. Cash balances can be withdrawn to linked bank accounts by customers who completed the KYC steps outlined in the relevant section above.
How to Store Your VET Coins
Before you open an account with Binance or another cryptocurrency exchange, you will want to obtain a wallet that you can use to store your VET coins once you have purchased them. Since the change from VEN to VET coins, you can no longer use wallets that are only designed to accommodate ERC20 coins, which does narrow your choice somewhat. However, there are still a couple of excellent wallets to choose from so there is no need to panic. If you are happy with a mobile wallet solution, you can take a look at the official VeChain Thor Wallet, which is available for both Android and iOS smartphones.
The VeChain Thor (Official Mobile) Wallet
Being an official wallet, developed by the VeChain team, you have no need to worry about compatibility issues if you decide to use this wallet to store your VET coins. You can also use it to store the VTHO coins that you earn from your VET holding, making it a handy solution for investors who are committed to VeChain for the long term. It also boasts a couple more interesting features that make it worthy of consideration:
- In addition to VET and VTHO, you can store DBET, JUR, TIC and other coins on the VeChain Wallet.
- X-node and Economic node integration makes it easy to collect VTHO and other rewards.
- Integration of VeVote, Vexchange and the VeChain forum app enables full participation in the network.
- 3rd party apps and features provide additional useful functionality.
- Private keys to unlock your wallet are provided, for extra security.
- A personal password and the option to add a fingerprint offer even more security.
As you can see, the official VeChain mobile wallet is a full-featured, highly secure solution that will fit most people’s needs. However, for those who would rather use a hardware wallet, the Ledger Nano S is available.
Ledger Nano S Hardware Wallet
Hardware wallets are without a doubt the most secure option for convenient cryptocurrency storage at the moment and the Ledger Nano S is one of the most popular on the market. If you install the My Tokens dApp you will be able to see not only your VET coins in your Ledger Nano S wallet but also your VTHO coins and other small assets. If you decide to go for this hardware wallet, you will need to order one online and wait for it to arrive before you can set it up. You can find instructions on how to get started on many websites, including the official site for the Ledger wallet, so you shouldn’t find it too difficult to prepare your new hardware wallet for the loading of the VET coins that you are planning to acquire.