How to Buy VeChain - Where to Purchase VET?
VeChain (VET) is a blockchain-powered supply chain management platform that was launched in June 2015. It uses blockchain technology to create a decentralised ecosystem for handling supply chains. Products recorded on the network are given unique IDs so that manufacturers, distributors and consumers can track them through each phase of product delivery.
VeChain supports two in-house tokens. The primary token is VET which is used for transactions and securing the network. The secondary token is VeThor (VTHO) and is used for paying network fees. It is generated by holding VET. This guide is specifically about buying VET tokens.
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Why Trade rather than Buy VeChain for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top VeChain Brokers
VeChain is traded by numerous cryptocurrency brokers and online exchanges. Brokers, in particular, are arguably the best places to buy VET online. Many of them have been in business for several years now and have extensive experience with providing quality service to users.
Where to buy VET largely comes down to your location and personal preference. The former is because your country may not be supported, or if it is supported, then there may be limited payment options. With that in mind, there is no one best website to buy VeChain. You may have to go through several platforms to find the best place to buy VET for you specifically.
5 Things to Consider if you Want to Buy VeChain
Purchasing cryptocurrencies is simpler today than it was a few years ago, but there are still a bunch of factors you should take into consideration before you make your first VeChain purchase. We’ve listed five such considerations below.
1. Carefully choose your preferred secure payment method
Picking the right payment option for buying VET is a crucial step. Depending on your location, some options may be limited or completely unavailable. For example, PayPal may be an option that’s available to U.S. users, but it’s not an option for users in Iran or Pakistan.
2. Will you need to set up your own wallet?
Setting up a cryptocurrency wallet is the next crucial step. Exchanges will automatically create a web wallet for you when you sign up, but it’s considered good practice to store your assets in a wallet you have complete control over. Wallets that are built into exchanges and brokers are hosted by third parties and are vulnerable to theft and hacks.
The only exception to the wallet rule is if you’re entering into a CFD (Contract for Difference) agreement with a broker. CFDs are financial derivatives that speculate on the price movement of VET tokens. You don’t need to own any tokens to hold a contract, so a wallet isn’t necessary.
3. Comparing costs
As with any online transaction, there are fees associated with using the VeChain network. It’s not a bad idea to compare the costs of making transactions on the network with traditional options. That said, unlike other cryptocurrencies, VeChain uses VTHO tokens as a form of “gas” for completing transactions. VTHO is automatically issued to VET token holders by the network, so it’s a negligible expense. VeChain is by design a much cheaper alternative than most traditional transaction methods.
4. Safety and security
Security is an important consideration when dealing with cryptocurrencies. Billions of dollars worth of digital assets have been stolen by hackers since the advent of Bitcoin because of security holes.
VeChain is secure by design. It uses a two-token blockchain with an ecosystem that is similar to Ethereum. VET is designed to function as an investment and/or digital cash, while VTHO is used for smart contract execution and network fees. The network uses Proof of Authority as a consensus protocol, so network governance, security, and privacy are maintained by vetted VET holders.
For additional safety, combine the default security used by VeChain with the security features offered by brokers and exchanges. Choose platforms that have features such as two-factor authentication, registry lock, anti-DDoS modules, web protocol security and cold wallet (offline) storage. Platforms that are compatible with MetaTrader 4 (MT4) or MetaTrader 5 (MT5) are also a big plus.
5. Can you understand and navigate the platform?
Navigation is an often neglected consideration, but it’s important when dealing with cryptocurrencies. Familiarise yourself with how your chosen platform works. Maybe even make a dummy transaction before you initiate a large order to get a feel of how things work. Blockchains are immutable by design, so mistakes you make because you don’t know how to navigate a platform could cost you money.
Ultimate Beginner’s Guide to Trading VeChain
What is a VeChain Broker?
A broker offers financial derivatives that are pegged to the market price of a cryptocurrency. You don’t have to actually hold any digital assets when dealing with a broker. Derivatives like CFDs, futures and options can be bought using fiat money or cryptocurrencies. VeChain brokers specifically deal with contracts that are pegged to the market value of VET tokens.
What is a VeChain CFD?CFD stands for Contract for Difference. It’s a financial contract made between a broker and a trader that speculates on the price movement of a cryptocurrency. The CFD holder settles the difference between the opening and closing trade prices of the asset in fiat money. For example, a VeChain CFD is pegged to the price of VET tokens. The contract can be settled in fiat currency, so you don’t need to own any VET to speculate on its price.
CFDs allow traders to enjoy all the benefits and risks of holding a cryptocurrency without actually owning it. With leverage trading, investors only need to put up a small initial investment.
What is the Benefit of VeChain Regulation?
Regulation may seem like the antithesis of blockchain technology, but it’s been a boon for brokers and investors. Gone are the days when a cryptocurrency exchange or broker could close shop and run off with investor assets without any repercussions. Regulation legitimised crypto trading and gives investors the right to pursue legal action if they become victims of theft, fraud, or other criminal activity. As long as you’re using a reputable platform that complies with regulation, you can be confident that your transactions are secure and aboveboard.
What is the Best Payment Method for Buying VeChain?
Buying cryptocurrencies online has never been easier. The platforms that facilitate the purchase and sale of cryptocurrencies usually have numerous payment options available. Below are some examples.
Buying VeChain Using Bank Transfer: Wire transfer is a universal option on many exchanges and broker platforms. It is the most cost-effective option in terms of fees because many banks don’t charge transfer fees. For security reasons, you may need to verify your identity before you can initiate a bank transfer.
Buying VeChain Using PayPal: PayPal is another popular option that’s available to users in the US and several other countries. It’s fast, secure and convenient. If you use PayPal as a payment option, then you won’t have to give your bank account details directly to the exchange platform. PayPal can function as an intermediary.
Buying VeChain Using Credit or Debit Card: Credit or debit cards are accepted on several platforms. It’s a convenient option because everyone has a credit or debit card. However, the fees can be quite high, especially for credit cards. Your card issuer may also block transactions involving cryptocurrencies for security reasons, so check first before you use this option.
Buying VeChain Using Crypto Transfer: Crypto-to-crypto transfers are a good alternative for buyers who are wary about giving out their bank or credit card details. Some platforms have trading pairs that include VET. For example, you could buy BTC and trade it for VET if the platform has a BTC/VET trading pair. Depending on what digital currency you hold, crypto-to-crypto transfers can be faster and cheaper than traditional payment options.
The Verification Process for Trading VeChain
Verification has become a normal part of the signup process on most reputable brokers. To verify your identity, new users are required to provide a copy of a government-issued ID and sometimes a bank statement or utility bill as proof of address.
While verifying your identity might seem like an inconvenience, it’s meant to protect the platform and customers from fraud, money laundering and other criminal activity. It’s also a requirement for complying with KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures set by financial regulators.
VeChain: Long vs Short Term Investment
Long-term investment involves holding on to your VET tokens over months or even years until their value appreciates. It’s a passive strategy that’s perfect for investors who don’t have the time to constantly monitor the market but believe in VeChain’s success in the long term. The biggest drawback is the time it takes for such an investment to come to fruition as well as the possibility that the project may fail in the future.
Short-term investment is a more active strategy that involves buying VET tokens, watching the market for fluctuations, and immediately selling to turn a profit. The typical short-term investment can last hours, days or sometimes weeks. It’s much more involved than a long-term investment, and the outcome is more unpredictable due to the inherent volatility of the cryptocurrency market.
Why Buy VeChain rather than Trade?
There are two main ways to make a profit from VeChain—you can either trade them through a broker platform or buy and hold them through a crypto exchange. Both options will enable you to speculate on the price movements of VET tokens.
If you want to buy VET cheap, then find a reputable crypto platform that serves users from your location. The cheapest way to buy VeChain or any cryptocurrency is through these online platforms. They typically have multiple payment options, so you can buy VET instantly. They also offer built-in tools to help traders keep up with market movements.
Please note that buying VeChain can be a very involved process that requires extensive research into setting up VET-compatible wallets and securely storing your assets.
What Fees are Involved in Buying VeChain?
Buying VeChain involves paying a variety of fees. These range from network fees charged by the blockchain to transaction fees charged by cryptocurrency exchanges and brokers. Here are some examples of fees that you should take into consideration:
- Transaction fees: The VeChain network has transaction fees that are paid for using VTHO tokens. The exact amount needed is voted on by the community. Exchanges and brokers may also charge their own transaction fees, so carefully read the terms of your selected platform.
- Deposit fees: Most exchanges and brokers don’t charge deposit fees, but it’s not unheard of. It’s usually a small percentage of the deposit amount. If you feel like that's a deal-breaker, then make sure your chosen platform doesn’t charge for making deposits.
- Withdrawal fees: These fees are quite common on exchanges and broker platforms. They can range anywhere from 20 VET to 100 VET per withdrawal. Reputable platforms are upfront about this fee.
Safely Storing Your VeChain
Crypto wallets are necessary for securely storing your VET tokens. There are many varieties of wallets out there designed to work on different mediums. They offer varying levels of convenience, security and ease of use. Below are some examples.
Web Wallet: As the name implies, web wallets are made for web browsers and sites. These types of wallets are automatically created by exchange for users when they sign up. They’re a great option for temporary storage when you’re making transactions, but they are not recommended for long-term storage.
Web wallets are hosted online, so they’re vulnerable to hacks and theft. Since it’s a third-party wallet completely controlled by the platform that created it, you could potentially lose all your assets if the hosting platform gets hacked, goes bankrupt, or initiates an exit scam.
Mobile Wallet: Mobile wallets are smartphone apps designed for smartphones, tablets, and other mobile devices. They are generally more secure than web wallets because smartphones tend to have more robust security features, such as screen-lock codes and advanced encryption.
That’s not to say mobile wallets don’t have risks; they are considered “hot” wallets because they are constantly connected to the Internet. Constant connectivity makes them vulnerable to hacks and theft. Your assets will also be at risk if someone manages to gain physical access to your phone. Good examples of mobile wallets for VET tokens are the VeChainThor Wallet, Exodus and Trust Wallet.
Desktop Walle: Desktop wallets are software programs made for storing VET tokens on PCs. They’re significantly more secure than web wallets and mobile wallets. They offer advanced security features such as two-factor authentication, private key encryption, and cold (offline) storage options. Good examples of desktop wallets for VeChain include Atomic Wallet and Guarda Wallet.
Hardware Wallet: Hardware wallets are considered the gold standard for storage because they are completely offline and immune to online-based attacks. They store your private keys offline, so they’re the perfect choice for secure long-term storage. Good examples of hardware wallets for VeChain include Ledger Nano S and Trezor One.
Wallet Combinations: Crypto enthusiasts typically use multiple wallets for storage. The average investor uses a combination of web, mobile and hardware wallets for extra security and convenience, especially when handling a variety of cryptocurrencies. Some wallets can even be interconnected. For example, the Exodus mobile wallet can interlink to a Ledger Nano S for quick transfers.
What Other Coins Can I Trade or Use to Buy VeChain?
Some exchanges allow users to trade cryptocurrencies without having to deposit any fiat money. So, if you want to buy VeChain with Bitcoin, simply find a platform that offers a VET/BTC trading pair. Bitcoin and Ethereum are almost always guaranteed to be available in a VeChain trading pair because they are two of the most popular cryptocurrencies for trading.
What’s the Smallest and Largest Amount of VeChain I Can Buy?
Most exchanges require users to buy a whole VET token at a minimum. The total supply of VET is capped at 87 billion tokens, so one token only costs a few cents. While that may change in the future, it is currently not feasible for exchanges and brokers to let investors buy small amounts of VET currently, or at least amounts that are smaller than one token.
The good news is that with such a large circulating supply, you can buy VET without limit on most platforms. Your VeChain buy limit comes down to how much liquidity your chosen platform is carrying, your local laws and how much you’re willing to invest.
Can I Buy VeChain Anonymously with no ID? Is it Safe and Legal to Buy VeChain?
The short answer is no. VeChain’s use case is specifically focused on disrupting supply chains, and so far, there are no public reports of VET tokens being used for illegal activity. It is safe to buy VET tokens in most jurisdictions, and there are plenty of platforms that enable secure VET purchase.
Reputable platforms comply with KYC and AML practices, so you have to verify your identity before you can make a purchase. Currently, there are no platforms that can let you buy VET without ID. If you want to buy VET anonymously, then you’ll have to find a person willing to sell. While there are peer-to-peer platforms that connect buyers and sellers interested in Bitcoin and Ethereum, there currently is no similar infrastructure for trading VET. You could find a willing buyer on some unregulated platforms but it is risky and not a recommended method.
Will Buying VeChain Make Me Money?
Can you buy VET to get rich? That’s a tough question to answer and there are no guarantees in the cryptoverse. VeChain has potential as a supply chain management platform, and that could affect the value of VET in the future. The development team has already announced numerous commercial partnerships and a range of real-world applications for the technology, so it’s a promising investment—at least on paper.
Look at variables like who is buying VET tokens, historic price movements and roadmap achievements to determine if this is the right investment for you. Keep in mind that holding VET or any cryptocurrency comes with a level of risk attached, so do your due diligence before you become an investor.
If you want to know more about VeChain’s price, then check out our VeChain Price Page.
How to Spend your VeChain
VET is a supply chain token that can be used to conduct transactions on the VeChain platform. The project as a whole is still fairly new. While the development team has announced exciting partnerships, the system still isn’t yet widespread enough for VET tokens to be viable as a currency.
At the moment, most experts believe that the best way to spend VET tokens is to hold on to them as an investment. The value of the tokens rose significantly in 2021 largely due to the crypto bull run, and fundamental as well as technical indicators show a positive upward trend. VeChain has the potential of becoming a valuable asset in the future if it manages to maintain its current trajectory.
How to Sell your VeChain
Selling VET tokens using an exchange or broker platform is a fairly straightforward process. All you need to do is sign up on an exchange that accepts VET and fund your account with your VeChain tokens. Once you’re set up, you can trade your VET for other coins such as Bitcoin, Ethereum or directly for fiat on some platforms.
Another alternative is to use CFDs, but it may be difficult to find a broker that offers CFDs specifically tethered to VET. Closing a CFD trade is simple as there are no wallets or actual tokens involved. All you need to do is simply close the trade.
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Frequently Asked Questions
The officially endorsed wallet for VET is the VeChainThor wallet for mobile devices. The project’s developers also recommend Sync desktop wallet and Comet web wallet.
VET tokens have a maximum supply of 87 billion tokens. At the time of writing, the circulating supply of VET tokens exceeded 64 billion tokens.
Yes. VeChain was launched as a subsidiary of Bitse, which is one of the largest blockchain companies in China. The project has offices in Singapore, Shanghai, Hong Kong, Tokyo, Paris, Luxembourg and Palo Alto.
VET is the better investment. VET is specifically designed to function as a currency, while VTHO is used to pay transaction fees and power apps built on the VeChainThor network. VET holders who store their tokens in eligible wallets receive free VTHO.
With 64 billion tokens in circulation, VeChain will need to have a market cap of at least $6 trillion for one token to be worth $100. That’s an insane amount, but stranger things have happened in the crypto world.
Yes. Most platforms will insist on identity verification as part of KYC regulations.
It is possible to buy VET tokens using PayPal if you use a broker or exchange that offers PayPal as a funding option.
VTHO tokens, which are used to pay for transactions conducted on the VeChain network, are regularly burned. Around 70% of VTHO tokens have been destroyed/burned. The remaining amount is held by masternodes that validate transactions and keep the network running.