For those who are new to the crypto market, it can be a bit overwhelming when attempting to buy your first cryptocurrency; not only is the whole interface of exchange completely new, but unless you already have some experience in the stock market, it can be even more confusing when the token that you want to buy is for some reason paired to the price of another cryptocurrency like Bitcoin, or to a stable coin like Tether. Does this mean that you must first buy the crypto that it is paired with? Frustratingly, yes.
Thankfully, this article can help alleviate some of that stress by outlining a step-by-step guide on how to purchase your first cryptocurrency. This article is specifically for those wanting to buy VeChain's VET token. But, the guide can be easily transferable for purchasing other cryptocurrencies.
Where to Buy VeChain – Top 5 Exchanges
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Based in Malta, Binance is considered the largest cryptocurrency exchange in daily trading volume. Not least because traders can find up to 540 types of cryptocurrencies, including VeChain.
Although originally a purely crypto-to-crypto exchange, it can now facilitate a limited number of fiat currency deposits and withdrawals, either through bank transfers or visa credit cards.
What makes Binance especially appealing are its low trading fees (0.01%). If you buy and hold its native token, BNB, you will have fewer fees to pay. In addition, there is no KYC (Know-your-customer) required, so long as you deposit crypto on your account. You just open an account, set-up your two-factor authentication, fund your account by depositing coins or buying coins using your visa credit card or bank transfer if the exchange platform supports your local currency.
For users with US passports, the platform announced it would restrict such traders. The main reason for this is that Binance launched a dedicated exchange for US citizens that complies with all regulatory requirements, called Binance.US.
Headquartered in Malta, Changelly is an anonymous exchange that allows users to buy and trade cryptocurrencies without going through a KYC. You can access the exchange via their website, mobile app (Android only), or through various third-party wallets such as Trezor, Ledger, Exodus, Jaxx, Coinomi, and Edge.
You can purchase VeChain with either another cryptocurrency or by using your credit or debit card. However, it is important to note that fees associated with credit or debit cards are considerably higher. This is because when the system accepts your card, it has to convert your fiat currency to BTC and from BTC to VET.
Trading fees are 0.5%
When buying crypto to crypto, there are no buying limits. However, when buying crypto with fiat, their limits, depending on the region you reside in.
3. Atomic Wallet
The Atomic wallet is known for being very easy to use. It comes in both desktop and mobile features. Interestingly, this wallet can store hundreds of different types of cryptocurrencies, even those from different blockchain ecosystems. In addition, it comes with its own swapping exchange. That means you can exchange one crypto for another without ever having to transfer any of it to an exchange.
What's more, you can use your credit card to buy crypto, again, all within the confines of your wallet. However, you will have to pay fees.
With respect to VeChain, the wallet supports it can you can earn Vtho just by holding it.
Crypto.com is a cryptocurrency platform. It is made up of many connected products and services, essentially having its own ecosystem. It has its own app, exchange, Defi swap and wallet, staking, lending, and much more. Most importantly, it sells VET tokens.
It also has its own two native tokens, MCO and CRO, which provides the user with discounts and offers.
Anyone wishing to participate much goes through a KYC. Trading fees are 0.04-0.20% for makers and 0.10-0.20% takers. When buying crypto with a debit or credit card, there is a 3.5% + $10 fee. Deposits and Withdrawals are free.
You will just need to download the app from the crypto.com website. Go to the app store link or scan the QR code on the home page. Then download the app from your phone.
Once it is downloaded, start the app and follow the process to have your identity verified.
KuCoin is a Hong Kong-based cryptocurrency exchange renowned for its wide variety of cryptocurrencies. Users can hold its native token, KCS, in order to receive discounts and other offers. Yet, even without discounts, its fees are fairly competitive.
Unlike other exchanges, no KYC or other ID verification is required. In addition, you will have to use two-factor authentication.
Users can use either crypto, Interac E-transfer, debit or credit card, Paypal, or wire transfer to fund their account.
Step-by-Step Guide on How to Buy VeChain on Binance
For the sake of simplicity, we will use the Binance exchange to illustrate how to buy VET or any other cryptocurrency.
Step 1: Create an account on Binance
Hop on over to the exchange platform's homepage. Once there, fill out the required information. If you are only going to deposit crypto to trade, then you only need to provide your email address.
Step 2: Set up Two-Factor Authentication
In this step, Binance will ask you to set up two-factor authentication or 2FA. This is to help make your account more secure. You will need to download a Google Authenticator on to your phone. As a consequence, whenever you log in or perform a withdrawal function or any other key functions, a unique code will pop up from your phone that you will need to enter as a verification.
Step 3: Deposit Coins
This section is only for those who will deposit a cryptocurrency to start trading or buy another token.
Once you have set up your account, go up to the top of the screen and click on ‘Market.' Once there, you will be able to see which coin or token VeChain is paired with. Currently, VET is mostly paired with BTC, USDT, ETH, and BNB, among others.
Once you chose which paired token you will use, hop on over to the wallet section as indicated by the diagram below. Scroll down the coins that Binance supports until you found the type of coin you want to deposit. YOu are also able to use this address to send your funds over to other exchange platforms.
Copy the unique address of that particular coin so that you can transfer the funds from your private wallet.
Step 4: Trade your coin for VeChain
Once your coin has safely been deposited into your account, you can go to the top of the screen and click on ‘Exchange.' Once there, you have the top to use either the ‘Basic' or ‘Advanced' trading platform. If you are new, it is recommended that you begin with the former.
Once you found the paired token with VET and bought it, you will see your new coin appear on your Binance account.
Although exchanges like Binance attempt to make the platform secure for your coin, it is HIGHLY recommended that, unless you plan on using your newly acquired fund for further trading, you transfer them to a private wallet, lest you run the risk of losing them should Binance ever suffer an attack, or for whatever the reason, the exchanges restrict users from withdrawing your funds. As the old saying goes, “not your keys, not your crypto.”
Step 5: Withdrawing your VeChain Tokens
Hop on back over to your wallet and click on ‘Withdraw.' As indicated in the diagram below, type the abbreviation or the full name of VeChain.
Copy the public address from your private wallet and paste it into the recipient's VeChain address. Please note that you will need to withdraw a minimum of 200 VET tokens. The withdrawal fee is 100 VET tokens.
After that, enter the withdrawal amount. The system will automatically calculate the handling fee and give the actual arrival amount: actual arrival amount = withdrawal amount-withdrawal fee. Then just press ‘send.'
Best wallets to hold VeChain VET
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1. VeChainThor Mobile Wallet
The VeChainThor Mobile Wallet is the official VeChainThor non-custodial wallet – compatible with storing VET, Vtho, or any other utility tokens (VIP-180) and NFTs (VIP-181) that run on the VeChain blockchain. This means that you cannot store any other tokens that are not standard tokens—i.e., Ethereum, Algorand, etc.
It has a robust security protection system while making it very easy to use. Not to mention that its aesthetic features make it look professional and neat. It is compatible with IOS and Android mobile phones. It needs to be emphasized, though, that it is a hot wallet. Meaning that you need the internet in order to manage your crypto unless you are using the observe wallet feature.
Currently, it is only available as a mobile feature, but a desktop feature is in development. Like most wallets, it is private, meaning no Know-Your-Customer (KYC) is required. And yes, holding on to VET generates Vtho tokens right into your wallet. You can also claim Vtho rewards from the wallet itself from contests our node program.
It is unique because it has a swap service that enables users to swap any old VEN (ERC20) for VET (VIP-180) tokens. It also has a Node program that allows users to bind a Node, assuming they have the required amount of VETs. In addition, before transferring any tokens, a warning notice always pops up, informing users never to transfer any VIP-180 standard tokens to any other blockchain except its own. You will lose them! It also has an ‘Observe wallet' feature, allowing you to view your VET funds that are stored in another wallet!
Another cool thing is that it allows you to create multiple wallet accounts, each with its own private keys. It also has a dapps browser, which allows you to enter all VeChain dapps from within the wallet itself.
You are also able to store a user's receiver address, similar to a contact list.
2. Atomic Wallet
The Atomic wallet is a non-custodial, multi-currency wallet, allowing it to support hundreds of coins and tokens. It has been renowned for being so easy to use. It also has good security features such as fingerprint security. However, it is a hot storage wallet, meaning that you will need the internet to allow you to manage your cryptos. But, it is private, so no Know-Your-Customer (KYC) is required.
Being a multi-currency wallet, it allows you to store a wide variety of tokens, both ERC20 and non-ERC20 tokens from other ecosystems such as Bitcoin, Litecoin, Ethereum, VeChain, Algorand, etc. However, it cannot store ERC-721 tokens (non-fungible tokens).
What is cool about this wallet is that it has its own swap exchange, allowing flexible atomic swaps between tokens. It is integrated with Changelly's price feeds, making it susceptible to any price slippages that may occur on Changelly.
Like the VeChainThor mobile wallet, you can generate Vtho in your wallet if you have VET tokens stored there. But unlike VeChain's official wallet, Atomic wallet has both a mobile and desktop wallet option, and it is available for both IOS and Android phones. The desktop wallet feature is compatible with Windows, macOS, Ubuntu, Debian, and Fedora.
Another cool thing is that the Atomic wallet has its own native token, the AWC token, which allows you to stake and earn more AWC tokens, as well receive other rewards/discounts. It has 24/7 customer service support, which is a big relief as you now have the assurance that you can receive almost instant help. You can either chat with a representative online or send an email.
One of the few downsides is that it does not have a multiple wallet feature.
3. Trust Wallet
The Trust wallet is a non-custodial, multi-currency wallet. It can support up to 15 major cryptocurrencies and 20,000 supported tokens. This includes non-fungible tokens (NFTs). Like the other wallets mentioned above, easy to use. And just like the rest, it is a hot storage wallet, so you will need the internet to manage your cryptos.
It has its own built-in decentralized swap exchange, but it is limited as to the number of tokens you can swap for another. It is at least private, so no Know-Your-Customer (KYC) is required. It also has good security features.
Like the Atomic wallet, the Trust wallet allows you to store multiple cryptocurrencies from multiple blockchain ecosystems such as Bitcoin, Litecoin, Tezos, Ethereum, and VeChain. If you hold a VET token, it automatically generates Vtho for you right into your wallet.
It also has its own Dapp browser, so you can access dapps through Trust wallet without ever leaving it. It also supports multiple wallets, allowing you to store your funds in multiple wallets within just one app! It also good wallet connect feature, allowing you to connect to many more dapps than other wallets.
Its code is open-source, allowing anyone to check for faults and encourage constant improvement. However, it lacks live customer service support. You will need to use either telegram or discord to speak with someone if you are having issues.
4. Exodus Wallet
Another good wallet is the Exodus, another non-custodial, multi-currency wallet. It can support more than 125 cryptocurrency assets. This includes VET, which you can earn Vtho tokens right in your wallet. It is available for both desktop and mobile. With the mobile feature, it can be supported on either IOS or Android.
Thankfully, it has 24/7 customer service support while also having a built-in crypto exchange. But you have to pay a spread of 2% – 5% fees when using it.
Another advantage is that it is easy to use. But, it is a hot storage wallet, so you will need the internet to manage your cryptos.
The Exodus wallet only has custom transaction fees for Bitcoin. For Ethereum and others, it automatically sets a price for you, which can be expensive if a particular network is congested. But it is private, so no Know-Your-Customer (KYC) is required.
For extra security, Exodus is integrated with the cold hardware Trezor wallet. It also has an app explorer, allowing you to go to any dapp without leaving your wallet.
5. Ledger Nano S and X
The Ledger Nano S and X are cold storage, non-custodial, multi-currency wallets. Tokens are safely stored and can be managed offline. Unlike a mobile or desktop wallet, the Ledger is superior in terms of security. It is a highly technologically advanced device for the safety and security of coins, which can support over 1,100 coins. The price for a Ledger Nano S is $59, while the Ledger Nano X is $119, both in US dollars.
What is cool is that you can swap tokens on the Ledger Life software itself. In addition, both Ledger Nano S and X allow you to store VET and Vtho tokens. However, you cannot directly store VET tokens on the ledger itself. You will need to download the Sync Desktop Browser, connect it to your Ledger Nano and then store VET tokens on the Sync Desktop itself.
The Ledger is integrated with other Web3 wallets such as metamask, which allows you to securely connect your ledger with certain defi protocols.
Despite being able to support more than 1,000 coins, the Ledger Nano S only allows you to only store a few tokens. This depends on the memory space for each coin. For example, the necessary memory space to download the app to hold Ethereum and all ERC-20 and 721 tokens are big.
But considering that many tokens are ERC-20, you can be able to store as many ERC-20 tokens as you please. It is just that it can only support a few blockchain ecosystems. On the other hand, the Ledger Nano X allows you to store many more coins and tokens. It also has a built-in Bluetooth feature. However, the S is cheaper than the X.
Despite their great reputation, both devices have been known to be confusing and time-consuming to set it up. In addition, because it is a cold wallet, it is travel restrictive. You would be unable to access your funds from anywhere unless you take your ledger everywhere you go, which makes it risky for you to lose it.
In addition, scam emails with the company's own logo are common, convincing users to download or upgrade software, which is only malware. Any true upgrade can be found on the Ledger Live software, which notifies users when they log in. Users are never to download anything from any email they receive. Users are encouraged to contact the company first before they proceed, just to verify if the email legitimately came from them.
More Information About VeChain
What is VeChain?
VeChain is a blockchain as a service company that has supply chain management solutions for enterprises. It utilizes the Internet of Things (IoT) and blockchain technology to develop tools for tracking and providing proof of authentication for goods and products being traded. It seeks to eliminate the billions of dollars lost every year due to counterfeiting.
In a nutshell, VeChain's main objective is to tag all goods and products with their own unique code in order to be tracked on the blockchain. From the moment a product is first manufactured to when it in the hands of consumers, the VeChainThor blockchain will be able to track the entire lifespan of the product, with every single detail about where, how, and when good was made, how it was transported, who or what enterprise was responsible, when did it arrive at its destination, etc. Essentially, everything in a completely transparent manner. However, VeChain is much more than just helping streamline the supply chain.
The VeChainThor blockchain can also be utilized for a wide variety of other reasons. Much like Ethereum, the VeChainThor blockchain has been specifically built to allow developers and users to build their own dapps and ecosystem on top of it.
See Also: VeChain Review
Is VeChain a Good Investment?
Yes, it is. VeChain has massive potential to succeed in every way. Since its rebrand in 2018, it has been acquired partnerships with many well-known enterprises such as Walmart China, Shanghai Gas, BMV Group, Mediterranean Hospital of Cyprus, H&M, just to name a few.
In addition, other organizations such as Vulcanverse, a virtual online game set in the Roman-Greco era, Vimworld, a blockchain-powered smart collectibles (Non-fungible tokens or NFTs) platform, and ecosystem and Jur, a legal decentralized platform that offers enterprises easy access and transparent legal dispute resolutions, have made the eVeChainThor ecosystem their home.
However, it should be noted that despite the many partnerships it has acquired, full utilization of its ecosystem has yet to fully mature. Although some of the products of these enterprises, such as Walmart China, are already being tracked on the blockchain, much work still needs to be done before they can be fully integrated and tracked.
For example, although a partner since 2018, BMW Group has yet to integrated its car parts and carbon emission service onto the blockchain. Its pilot program is still ongoing. Because of this, investing in VeChain should be considered as a long-term investment.
See Also: VeChain Price Prediction
When it comes to improvement and development, VeChain has not been idle. For the past year or so, VeChain has been working hard on two major and significant upgrades to its ecosystem. The first upgrade is on its consensus algorithm, titled PoA 2.0. The second upgrade is its Fee-Delegation as a Service (DaaS) feature.
With PoA 2.0-Surface, it is short for Proof-of-Authority (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension). It is a new and improved consensus algorithm that is expected to make the entire transaction process faster, more cost-efficient, and more secure. It is expected to be launched sometime in early 2021. For a more detailed explanation, please click here PoA 2.0.
One of the main reasons for PoA 2.0 has to be with an upcoming major partner that is expected to utilize its blockchain sometime soon. In a tweet on Twitter, the CEO of VeChain, Sunny Lu, spoke about a new enterprise that is ready to be on board. It is expected that this enterprise alone is supposed to generate millions of transactions per day!
When writing this article, only a few hundred thousands of transactions or so are being generated per day. According to the tweeted video, VeChain’s current scalability is not sufficient to meet this enterprise’s needs. This is probably the main reason why VeChain’s PoA consensus algorithm is being improved to PoA 2.0.
The second upgrade is VeChain's upcoming Fee-Delegation as a Service (DaaS) feature, also expected to be released in 2021. In an article published by the head of this new upgrade, CTO Dr. Peter Zhou, users using a decentralized application, or dapp, will no longer need to buy its Vtho token in order to generate a smart contract or transaction.
Instead, a DaaS provider will handle all gas utilization, which it will later invoice the gas spend to the dapp itself for payment. The customer using the dapp will now be able to fully enjoy using any platform without worrying about transaction fees!
The Fight Against COVID-19
Utilizing its heavy involvement in the supply chain sector, VeChain took the initiative to begin tackling the fight against COVID-19. In May 2020, VeChain, along with I-Dante, teamed up to create E-HCart, a blockchain-based medical records app that serves to record all medical records and testing, including COVID-19 testing and vaccination of a patient right on the blockchain.
First tested by the Mediterranean Hospital of Cyprus, patients would have all their medical history information directly on their phone. This not only greatly facilitates the transfer of medical information from one hospital to another but allows only the patient to have direct control over it. Doctors will not be allowed to view them unless permitted by the patient.
In January 2021, the E-HCart app was expanded to be utilized by the Aretaeio Hospital in Cyprus.
So yes, VeChain has been very busy during the last few years, and it is showing no signs of stopping. While the pandemic put a stop to many enterprises' business and development, VeChain surged on, even taking off the crisis (in a good way) by showing what it is capable of doing. And, the business has indeed noticed.
With interest in blockchain becoming more and more demanding, VeChain has positioned itself in a very good position to finally stop counterfeiting and even help the medical industry in terms of accessing medical records with ease without jeopardizing the privacy of the patient.
While the project is still in its infancy, and developers are hardly utilizing its blockchain compared to other blockchain ecosystems like Ethereum, the future looks very bright for this project to make a tremendous impact worldwide.