How & Where to Buy VeChain (VET) in 2024

How to Buy VeChain

If you’re looking for a simple way to buy VeChain, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Vechain and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing VeChain.

1. Choose a platform

Finding a platform that offers VET is the first thing you will need to do in order to purchase it. Safety is very important and reputable, regulated platforms are the most likely to be secure. You can see a comparison of the best crypto exchanges further down this page, or sign up with our top choices now if you prefer.

2. Create and fund your account

Fill in all the required fields on the registration form in order to create an account. Regulated platforms often have a KYC process, which could mean you need to enter personal information like a photo ID and/or proof of address. Go to the deposit page once your account has been verified and select a payment option such as credit or debit card to fund your account.

3. Buy VeChain

If you have just deposited fiat currencies like British pounds, you will need to find the VET/GBP trading pair. If there isn’t one, you will first need to swap your GBP for a currency that is traded against VET, such as BTC or USDT. Create a market order to buy VET instantly or a limit order to buy it once it reaches your chosen price.

What Is VeChain?

VeChain is a blockchain technology company that aims to make it easier for businesses to apply blockchain solutions and drive mass public adoption. This has led to a number of innovative enterprise-grade applications in sectors such as luxury goods, automotive, alcohol, food safety, and sustainability.

The VeChainThor public blockchain hosts applications that are designed for mass adoption. It uses a novel consensus algorithm called Proof of Authority which is more efficient than Proof of Work as it requires less computational resources and network bandwidth.

It also has innovative transaction features that enable businesses to cover transaction fees for their users and carry out multiple tasks in a single transaction, such as facilitating token airdrops, fund distribution, or mass product registration.

VeChainThor has a  dual token system. VET is used as a medium of transferring value on the network and has smart contracts, while VET holders get free VTHO, which is used to pay for transactions and other operations on the blockchain.

Ways to Invest in VeChain

Depending on your own goals and preferences, you may decide to buy VET for the short term or the long term. We’ll look at why each can be profitable in more detail below.

Buy Vechain and Hold it

The buy and hold strategy is one that anyone can use—you simply have to buy some VET and hold onto it for a period of time. It doesn’t matter if you’re not well-versed in technical analysis as very little time and effort is required to profit from buying and holding.

Although VET can’t be staked, simply holding VET in your wallet means you will generate free VTHO. This VTHO enables you to use the VeChainThor blockchain for free and can also be traded on the market.

Best VeChain wallets

A Private VeChain wallet is a popular place to store tokens for long-term holders as they are often more secure and mean that you can always access your tokens without having to rely on a centralised service.

The most secure option is hardware wallets such as Trezor, BitBox, and Ledger, though these can be a bit costly and technical to use, and don’t always support all cryptocurrencies. Smaller investors may prefer less secure software wallets as they are free, user-friendly, and available for desktops and mobiles.

Traders may wish to choose a combination of a hardware wallet and a software wallet so that they can securely hold a portion of their VET while also being able to quickly make trades.

VeChainThor has its own mobile wallet app which can be used to store coins.

Trade VeChain

Those looking to trade VET can take advantage of the volatility in price by buying and selling it more frequently. This is more complicated and time-consuming as traders often use skills such as technical analysis to decide when to buy and sell. For more information on price predictions, read our VeChain price forecast here.

If you want to access your tokens regularly, a private wallet might not be the best place to store them as it could be inconvenient. Although less secure, web wallets are popular with traders and provided for free by cryptocurrency exchanges. You should consider this if you’re looking to trade VET regularly.

Should I Buy VeChain Now?

We can provide you with information about tokens on the VeChain network but you will have to make investment decisions for yourself. The maximum supply of VET is fixed and this scarcity could potentially make the token a good store of value in the long term.

Simply holding VET provides you with free VTHO, which could incentivise people to buy VET if they want to benefit from free transactions on VeChainThor. More complicated operations, like running a blockchain application, require more VTHO, meaning businesses and developers could be persuaded to buy VET in larger quantities.

The value of VET will likely correlate with the success of the VeChain network, with more applications, services, and users on the blockchain making VET more valuable. VeChain already has several business and technology partners, and its focus on efficient, enterprise-grade solutions could help it achieve its goal of mass blockchain adoption.

How to Buy VeChain - Step-by-Step Guide

Trading, though easy in terms of forgoing the need to delve into the complexities of cryptocurrencies, wallets, and other intricacies, may not be the best option for you. We humans vary in our understanding of things and many people find trading difficult and prefer to buy Vechain. In this case, you’re better off if you go with an investment plan and not a trading one. If you think that you need to buy VET, this section of our guide is for you.

Similar to trading, you need to make a careful and well-studied decision on the crypto exchange you want to use to buy VET. You need to select one that is reputable, reliable, and regulated or legally compliant. Check out their fee structure, including any charges on deposits or withdrawals as this can drastically affect your decision.

Refer to the start of the guide for our selection of the best VeChain cryptocurrency exchanges to fast-track your selection process.

1. Set up a VET Wallet

Even when cryptocurrency exchanges do offer built-in crypto wallets with your account for safekeeping purposes, it is always a safer and better idea to have a personal VET Wallet. VeChain comes with a variety of options for wallets.

You can go about setting up your wallet easily and there are tons of these available, each with its benefits and drawbacks:

• Software Wallets: Either mobile, PC, or web-based, these wallets have a software-based existence, hence the name. They are also called hot wallets as you only interact with the interface and wallet data stored on provider servers, meaning they are always online. This is a security weakness as your assets can be siphoned off by anyone if they gain access to your password or private key.
• Hardware Wallets: Physical devices, are secure as you can disconnect these from your computer or mobile and therefore, the VeChain network. More secure, they are expensive and prone to being lost due to their small size.
• Paper Purses: A printable version of VeChain wallets, you can get them printed on paper and store them anywhere you like. You will need to enter the keys manually to access your wallet using a web interface, but as long as the paper is kept away from prying eyes, your VET tokens are safe.

2. Choose and Join an Exchange that sells VeChain

You can cut short your VeChain crypto exchange hunting by using our recommended legally compliant list at the start of this guide. A few of the most popular in 2022 are Binance, Bittrex and Huobi Global.

To buy VET it is preferred to analyse the features and offerings of the exchanges you have selected for yourself, which will help you to not only minimise your time but cost at the same time. Like brokers, these certified exchanges will also demand your data to comply with the KYC and AML laws they are subject to.

3. Choose Your Payment Method for Buying VET

After you have registered and cleared the KYC process on the exchange, you can start funding your exchange account. Every exchange will accept cryptocurrencies so in case you hold some, you can always head over to your exchange wallet to see if it is listed. If so, you can simply transfer over by selecting the VeChain public address within your exchange wallet.

Many exchanges like Bittrex and Binance also support fiat currency deposits. They will have different options just like a broker and you need to see which you can use. Simply head over to the deposit option, select your payment method and follow the given instructions. Use a test transfer as a rule of thumb to make sure you have entered the right data for the funds to credit in your exchange account.

4. Place an Order to Buy VET

Funded, you are ready to place your first order for VET tokens. Go to the market section and select VeChain to see what pairs are being offered. The pairs define what fiat and crypto can you use to buy VET.

Select your VET pair and the exchange will take you to the order page. This will have different information such as price graphs, order books and the buying option. You can use any of the available buy options (market, limit, stop limit, OCO, or FOK) to purchase VeChain.

Some exchanges will have fiat and crypto pairs while others will only have stablecoin and crypto ones. You might find that your deposited funds or digital assets are not supported for direct buying. In that case, you will need to see what common pairs are between VET and your assets.

Nearly every exchange offers a Bitcoin and Ethereum pair for VeChain and fiat/stablecoin for the two largest cryptocurrencies. You will need to refer to the previous paragraph to first buy the common crypto and then use it to get VeChain. This may seem a bit irritating as it is an extra step but you will not have any other way on the crypto exchange.

5. Safely Storing Your VeChain in a Wallet

Once your order is executed, the exchange will deposit your VET in its internal wallet. You can let your digital assets sit in the exchange wallet or you can move it off the exchange to your private wallet.

Mainstream crypto exchanges are central and custodial in nature, which means it is the platform that ultimately has control over your VET. To avoid any chances of loss of assets due to a hack or any other misfortune, you can shift these to your VeChain wallet.

Simply go to the exchange wallet, select VET and tap the withdraw option. Enter the public key of your private wallet and move the funds out.

3 Tips to Buy VET

VeChain has sharper price oscillations than traditional investment options and this can lead you to make rash and impulse decisions. If you are not careful, this can eventually lead to a loss you might not be able to bear. Here are three things you should consider before buying Vechain.

1. Choose the Right Time and Do Your Own Research on VeChain

Research is always good as it can help you in understanding the current market scenario and future probabilities. Even a little prior research will always benefit you in the long run. You can always use technical and fundamental analysis to predict market statistics and invest your money accordingly.

2. Comparing Costs to Buy VeChain

No two exchanges are the same with their own fee system and small differences in price due to the demand and supply on the platform. Study each exchange carefully to see if the fees are something you can bear. Some exchanges have a flat fee, while others have it tiered according to the user’s monthly turnover. Many even offer hefty discounts if the internal exchange token is used.

3. Safety and Security when Buying VeChain

Don’t only go for cost savings. Make security and safety a priority and balance it with the exchanges’ charges. A very low fee is enticing, but don’t compromise on the cybersecurity offered.

At the same time, ensure that your end is secure too. Invest in a good antivirus and keep your device updated.

What is the Best Payment Method for Buying VeChain

• Buy VeChain with Cash: A local P2P exchange can let buyers and sellers meet or use micro-transaction apps to purchase VET.
• Buy VeChcain with Credit Card: One of the easiest options and most swift.
• Buy VeChain with Bank Transfer: The most secure, but can take anywhere from a few hours to days for transfer.
• Buy VET with Bitcoin: Nearly all exchanges have a VET/BTC pair, so it is widely available.
• Buy VeChain with PayPal: Another cheap option, but not every platform supports it.