This article will take you through the whole process of buying Vechain. If you are already confident you want to purchase VET, you can skip the first part. For others, we have a little introductory part.
What is Vechain?
If you don’t yet know what Vechain is and why it should be on your radar, you can check our longer overview on Vechain. For your convenience, we’ll give you some of the basics from this blog post below.
Vechain (VET) is a coin that utilizes the VechainThor blockchain, using a two-token system. The main focus of this project is verifying products by having the whole supply chain on the blockchain. It works similarly to Ethereum, as anyone can build dApps on the VechainThor blockchain platform.
And it is one of the few projects that has large enterprises using it for optimizing their supply chain management. These include luxury goods (LVMH), food & drinks (FoodGates), certificates (DNV GL), etc. For example, it is possible to monitor the whole journey of a single product from farm to shop. At every stop, a new record is written onto the chain.
Also, tracking the conditions is possible. That means installing sensors that can alarm the system if the temperature has risen above a recommended predetermined level. This can be very valuable for temperature-sensitive products like vaccines or food. These capabilities enable having better quality control and efficiency of the whole supply chain, as well as minimize potential human error.
Also, the Vechain blockchain enables the use of smart contracts. So payments may be executed only if certain conditions are met. Writing data onto the chain requires payment in the form of their own cryptocurrency. This is where the second digital currency, Thor, comes into the picture. All the transactions are paid in Thor, which gets burned after the payment is settled.
Step-by-Step – Buying Vechain in the US
As you can see later, there are several different exchanges from where you can buy VET. In our guide, we’re going to use Binance as an example as it has the best liquidity and is one of the household names of the industry.
US citizens often use Coinbase to exchange fiat currency to cryptos and then send bitcoin or Ethereum to other exchanges if they want to buy different altcoins which aren’t listed on Coinbase. However, Binance has expanded its business a lot in recent years, and it’s possible to deposit USD at Binance US, and you can find all the available trading pairs by clicking on this link, including the possibility to purchase VET.
STEP 1: Registration
Needless to say, the first thing that you have to do is register with Binance US. This requires going through the verification process and is quite a standard procedure for almost all exchanges.
You can register an account by just providing your email address.
STEP 2: Deposit USD
On the Binance.US homepage click on your profile and click on “>” button to access your dashboard. Under the “Wallet” tab, click on “Deposit”. From the dropdown menu select “USD”. Then, choose the USD amount that you want to deposit and select “WIRE” and click “Continue”.
Carefully verify the details and click “Submit and Continue”.
So, first check that everything is correct and then continue with the depositing process.
STEP 3: Make the wire transfer
As a final step you have to follow the deposit details to wire the funds to your Binance.US account. Make sure that you use the correct reference code when you make the wire transfer to receive the funds in a timely manner.
Now it’s time to review all the details and submit a wire transfer accordingly, using all the information above.
STEP 4: Buy Vechain (VET)
Once you have received your USD deposit you can buy BTC, ETH or USDT from the Binance exchange to be able to buy VET. Click on the [Market – Basic or Advanced] tab to see all the trading pairs. On the picture you can see BNB/BTC pair highlighted, but you can find USD/BTC and BTC/VET trading pairs the same way. Make sure you use the correct USD amount for your first trade.
STEP 5: Place an order
As a final step you can create the buy order to buy VET.
The final step is to place an order for VET. The easiest option is to choose “Market”, so you will buy Vechain with the lowest price available at this point on the marketplace.
However, should you wish to select your own price that is maybe lower than the current value, use the “Limit” buy option. There you can determine the price per VET you are willing to pay.
Buying with a Credit Card (MasterCard & Visa) in the US
STEP 1: Go to CoinSwitch
The first step is to go to CoinSwitch homepage. Once there, click on the “Buy With Bank Card” you can see under the trading pairs.
However, for some reason the dropdown menu on the right does not give us VET as one of the options. Hence, after Googling a bit, we found our way to buying VET with USD using a credit card by going to https://coinswitch.co/coins/vechain/buy-vechain-worldwide.
STEP 2: Choose an exchange
In theory, at CoinSwitch you are able to choose the best rate by comparing different exchanges, but with USD/VET pair you currently seem to have only one option.
STEP 3: Make the transaction
The next step to buying VET with credit card is providing your VET address (which means you already have to have a VET wallet), inserting your credit card details and confirming the transaction.
You need an already existing VET address to buy Vechain with credit card. You can use one from another exchange where you want to trade VET, or create a Vechain wallet to transfer the digital currencies there.
The next step is providing your card details.
That’s it – now you’ve successfully bought VET. Please make sure you are cautious about how you will store your VET, as holding cryptos on exchanges is always risky. Ledger Nano is one of the best cold wallets to keep your VET safe & secure.
Step-by-Step Buying Guide in the UK & EU
So what are our options to buying VET if we’re in the EU or UK and want to use EUR or GBP as a preferred currency? There are several cryptocurrency exchanges we could use, but as with the US tutorial above, we’re leaning towards Binance. Binance supports both EUR and GBP among other options such as Hong Kong Dollars, Russian Ruble and Turkish Lira.
STEP 1: Go to Binance.com and register your account
Go to Binance.com and register your free account. You will also need to do the standard KYC procedures in order to deposit fiat and start trading. Binance is pretty smooth with on-boarding and you’ll get your KYC done in no-time.
Don’t forget to set 2 factor authentication (2FA) to your account to make it secure. We recommend to set up 2FA for both login and withdrawals. You’ll find these functions under your account security dashboard.
STEP 2: Deposit EUR or GBP
Once you have your account registered and KYC’d, click on the “Wallet” from your navigation bar, and find “Deposit” from the menu on the left.
STEP 3: Choose the currency and the method of deposit
Once you’re at the deposit menu, the first thing is to choose “Fiat” instead of “Crypto”, which is a default option. After choosing fiat, you will have a dropdown menu of available fiat currencies.
Once you have chosen your currency, for example EUR, then you need to choose the amount and how you’re going to deposit the money. Binance offers several options as seen below:
STEP 4: Make the payment
After choosing the currency, amount and method of payment, you’ll be redirected to the check-out page to insert all the required details to successfully deposit fiat to Binance.
Make sure you understand all the fees that will be deducted from your deposit. With the example below, you can see that 4% is the fee for depositing money via credit card. We’re now getting very close to buying VET!
You need to pay 4% on depositing fiat on Binance via Mastercard or Visa.
STEP 5: From EUR to Crypto
Now that you’ve got fiat deposited on Binance, you can choose “Wallet” from the navigation bar, and from the dropdown menu choose “Spot Wallet”. Once there, you should be able to see your EUR balance. The search function can become useful to find the required (crypto) currencies from the list (it’s 12 pages of different cryptos).
From the picture above, which due to compression isn’t the best quality, you can see that I’ve typed “EUR” to the “coin” field to find the EUR currency that I’ve deposited (none). On the right side you can see the “action” line, which specifies three options: Deposit, Withdraw and Trade.
When you click on “Trade” you will see the available trading pairs for EUR currency. You can click on one of them, for example EUR / USDT, and you will be taken to Binance exchange to buy USDT. USDT is a widely used stable coin.
You can trade USDT or BUSD with EUR on Binance
STEP 6: Buy VET on Binance
As the final steps, let’s take a look at Binance exchange view to get you to the end destination – becoming an owner of Vechain. At first, you have to exchange EUR to USDT, then USDT to VET. Let’s proceed step by step, and to first get the USDT, you have to choose “Sell EUR”.
Once you’ve exchanged EUR to USDT, you can navigate to the USDT/VET trading pair. The easiest way to do it is to go back to the Spot Wallet as before, find VET coin using the search function, choose “Trade” action as before, and click on pairing VET/USDT.
Find VET/USDT pair by searching for VET coin. Searching for USDT coin doesn’t give you this pairing.
Once you click on VET/USDT pairing, it will take you again to the Binance trading view. There, you have to select the amount and click “Buy VET”.
That’s it, congratulations, you have now successfully purchased VET on Binance. As mentioned above under the US tutorial to buying VET, make sure you keep your VET safe!
Where to Buy Vechain? Best Exchanges for Buying VET
Although you could already see that we prefer Binance, it is not the only exchange that lists Vechain. Not all of them are equally good, though. So let’s take a closer look at the different places where to buy Vechain.
Binance is one of the best-known crypto exchanges. Binance is a cryptocurrency exchange platform founded in China, but according to some reports have now moved the headquarters to the crypto-friendly Island of Malta in the EU. Binance has many versions to cater to the needs of EU, Asian and US customers.
Binance is intuitive and easy to use, and one of the exchanges we can easily recommend for buying Vechain. Binance has two versions – basic and advanced trading platform. Basic is easier to use with fewer functionalities, and if you’re new to crypto, then this would be the one for you. Check out Binance here.
Huobi is one of the largest cryptocurrency exchanges and the majority of the users are based in Asia. Huobi was founded already in 2013. Since then, they’ve grown, made branding adjustments, and have rolled out Huobi Global to attract traders all over the globe. It’s a decent platform with a lot of altcoins, including VET.
They also support a number of stablecoins. This includes their own coin called HUSD, which is backed by USD. Like some other popular exchanges Huobi has followed the trend of rolling out its own token called Huobi Token, or HT. Using HT will give you all sorts of fee reductions, voting rights, the possibility to participate in competitions, etc. Check out Huobi here.
Bittrex is a long-standing US crypto exchange. They’ve always focused on the security of their users and Bittrex has never been hacked, which of course doesn’t mean it can’t happen in the future. Bittrex crypto exchange has been praised for its speed and stability.
Also, they have some good altcoins along with a stable and secure platform, so it’s one of the exchanges we do recommend to check out if you want to buy Vechain.
KuCoin is another Asian exchange that came to picture in 2017. They’ve got a lot of altcoins, a good trading platform and they pride themselves as “The People’s Exchange”. Whether it’s a reference to Marxism or just a slogan to attract more people to use the exchange is unclear.
KuCoin is a crypto-to-crypto exchange, meaning, you won’t have the possibility to use fiat pairs like USD/EUR to buy VET or any other crypto for that matter. You need to rely on stablecoins like Tether (USDT). Kucoin also has a native cryptocurrency called KuCoin. Holders of the KuCoin token get access to features and discounts which are pretty unique. Go check out KuCoin here.
BitIt is a good option for investors who’re just getting started with cryptos due to its simplicity. It’s easy, simple, and considered to be a safe option. Bitit was founded in 2015 and is based in Paris, France. They claim to operate in more than 50 countries, including the European Union, UK and the US.
We have never used Bitit ourselves, and thus always recommend you to do your own due diligence before making any financial transactions on their exchange. Click here to check them out.
BC Bitcoin (UK)
BC Bitcoin is a one-stop-shop for all kinds of crypto-related services. You can buy and sell and trade almost any crypto on BC Bitcoin. They have escrow services, mining pool purchasing and cold storage custody service.
Their over-the-counter (OTC) trading has great liquidity and provides access to a lot of crypto assets. BC Bitcoin is also a good option for novices as pretty much everything can be managed for you by their support team. BC Bitcoin – go check them out.
Here’s something interesting for you – you can trade more than 300 cryptocurrencies without creating an account on any exchange. With more than 45 000 pairs to exchange, there’s plenty of options, and as expected, you can also purchase VET on CoinSwitch.
CoinSwitch has integrated a number of top-tier exchanges around the world to offer the best exchange rates to clients. Binance, KuCoin, Cryptopia, HitBTC, HUOBI and IDEX to name the main heavy hitters. Click here to visit their website.
So hopefully we can answer here some of the more important questions regarding this project.
What is Vechain coin?
Vechain is the main digital currency on the VechainThor blockchain platform. The blockchain project has its focus on providing blockchain solutions for supply chain management. The VET token is a digital currency that’s purpose is generating Thor, the 2nd token in the system.
What is Thor (VTHO)?
Thor is the second digital currency in the VechainThor blockchain. VTHO is used to pay for transactions on the chain. Every VET holder generates a certain amount of VTHO. You can check the generation rate here. Every smart transaction, regardless whether it is for transferring VET tokens or paying for a smart contract transaction, requires a VTHO payment.
What is VEN?
VEN is the previous name for VET. In 2018, Vechain had a rebranding event where the coin was given a new name.
Can you stake Vechain?
Yes, every VET you hold produces VTHO. There are a few levels of nodes, starting from 1,000,000 VET which start producing you more VTHO. Once you get over the threshold, you have to apply for a node and it will become active after 10 days. You can learn more about the Vechain node levels here.
Where should I hold my coins?
We recommend getting a hard wallet or using a mobile Vechain wallet. The latter was created and thoroughly tested by the Vechain Foundation. While the above-mentioned crypto exchanges are pretty secure, hacking is not that uncommon in the cryptocurrency world.
Should you want to leave them on an exchange, please enable 2 factor authentication for an extra layer of security. If you don’t trust the official Vechain Wallets, your best bet is using a Ledger Nano. Whichever option you choose, be careful with your private keys.
Can I store my VET tokens in Ethereum Wallets?
You were once able to do this, as it was an ERC-20 token. But that goes back to the days before the rebranding from VEN to VET. Please do NOT send your coins to an Ethereum wallet, as you may risk losing them forever.
How many nodes are there?
There is no limit to economy nodes. These are meant for staking only and everyone can apply. There are 101 Authority Nodes who are responsible for writing the transactions and keeping track of the distributed ledger.
All ANs (Authority Nodes) have undergone a KYC process and have been selected by the Vechain Foundation. The 101 ANs include DNV GL, PwC, BMW, etc. But not all are publicly known.
Is the VechainThor a public permissionless blockchain?
Yes, it is public so the transactions are available for everybody to read. But it is permissioned, meaning that the nodes who are responsible for writing transactions are not based on the amount of VET someone holds only. Every one of the 101 nodes has to go through a KYC process with the Vechain Foundation.
Where can I find the Vechain whitepaper?
If you are looking for more info on the technical details, please refer to the Vechain whitepaper. It can be found here.
How can I make money with Vechain?
Cryptocurrencies offer various ways of making money. Vechain is suitable for a few of them. As usual, you can just trade it or buy it as a long-term investment. The generation of VTHO also opens up the doors to “crypto dividends”. Learn more about them in the hyperlinked article.