How to Buy VeChain (VET)

Want to jump straight to how to buy VeChain? You can buy VET on Coinbase.

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vet

VeChain

$0.03154537*

^*prices delayed up to 10 minutes

-3.00%

24H

Buy VeChain

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18 votes

The VeChain network features two distinct tokens. The first is VET, which had a market cap exceeding $1 billion in early 2021. VET is primarily intended for investment and value transfers. The second token, VTHO, facilitates transaction processing on the VeChain Thor blockchain. By separating these tokens, VTHO minimizes transaction costs. Meanwhile, VET enables market speculation on the platform's future. VET holders receive daily VTHO allocations, allowing them to participate in the VeChain Thor blockchain.

Interested in entering this top-50 market cap cryptocurrency? Learn how to buy VeChain (VET) in just a few simple steps! Whether you're a beginner or an experienced investor, this guide will help you navigate the process.

How to Buy VeChain (VET)

Follow these simple steps to purchase VET, so you can confidently add this innovative cryptocurrency to your portfolio.

1. Create an Account

To purchase VET, you first need to open an account with a cryptocurrency exchange or broker that supports the trading of VeChain. Navigate to the platform's website or download the mobile app and look for the "Sign Up" button. You will be prompted to enter your email address and create a password. After setting up your account, you must verify your identity, which typically involves submitting personal information and documents such as a government-issued ID and proof of address.

Depending on where you live you'll have a few different options for purchasing VeChain. If you're based in the United States, consider using Coinbase or Binance.US. If you're outside of the US, try using Binance. Depending on your local regulations you may or not be able to access this coin on a centralized exchange. Be careful and don't enter personal information into any websites that you don't trust.

2. Fund Your Account

You can fund your account through various methods. Depending on the platform, options may include credit cards, bank transfers, or existing cryptocurrency wallets. Many trading platforms allow users to link their bank accounts for direct deposits or wire transfers. This enables easy transfers of fiat currency like USD or EUR. Users can also use credit or debit cards, though this may result in higher fees. Follow the instructions for your chosen payment method. Enter the desired amount and confirm any applicable transaction fees.

To deposit cryptocurrency, generate and copy a wallet address from the exchange, then send funds from your personal wallet. Always verify the address and amount before confirming to prevent loss of funds.

3. Purchase VET

All that’s left to do now is to purchase VET and send it to your chosen wallet for safekeeping. You can purchase VET similarly to how you would buy another cryptocurrency or stock. You can either place a market buy or a limit buy. With a limit buy, you determine the price you are willing to pay, and your order gets filled once the token price reaches your limit price. If you want to get your hands on the token quickly, you can place a market order, where you agree to pay the current price and have your order filled almost immediately.

What Is VeChain?

VeChain is a business-facing blockchain aimed at creating “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer”.

The VeChain network launched in 2016 and aims at enterprise adoption. VeChain provides blockchain as a service (BaaS) through their ToolChain platform. ToolChain offers applications for carbon reduction, increasing consumer confidence, automobile supply chain and many other problems facing the world today.

In 2018, VeChain rebranded to VeChain Thor and announced the Thor Blockchain. The Thor blockchain aims to serve more than just supply chain with smart contract support for additional enterprise applications.

The VeChain Thor blockchain uses a proof of authority consensus model. Transactions are verified by 101 “trusted” masternodes across the world.

Brief History of VeChain

VeChain was created by Sunny Liu to create transparency in the supply chain process using blockchain technology. Sunny was the CIO for Louis Vuitton China before leaving to create VeChain in 2015. The VeChain token (VEN) was launched in 2017 and later rebranded to VET, which serves as the platform's native currency. The project gained significant traction through partnerships with major corporations and government entities, enabling it to tackle real-world logistics and supply chain challenges. Over the years, VeChain has evolved from a simple token to a comprehensive blockchain ecosystem, incorporating features like smart contracts and proof-of-authority consensus, and has played a pivotal role in various industries, including luxury goods, agriculture, and pharmaceuticals.

With a market capitalization of $1.69 billion, VET is ranked 44th in the top cryptocurrencies in terms of market cap. As of Sept. 5, 2024

Where to Buy VeChain (VET)

The best trading platform depends on the investor's specific needs and goals. Major exchanges such as Coinbase, Binance and Crypto.com allows trading of VET. Here are some of our top choices to begin your crypto trading journey.

How to Store VET Safely

You’ll need a cryptocurrency wallet to hold your VET and VTHO tokens. Binance has a wallet built in that can hold both tokens, however it’s best practice to move any funds that aren’t meant for trading to a cold storage wallet. Consider these options below to store your VET tokens.

• Hardware wallet: Exodus Wallet

A hardware wallet never touches the internet, keeping your crypto the most secure. The Exodus ecosystem is a wallet interface that works on mobile or on desktop. It features a built-in exchange and offers support for over 150 cryptocurrencies.

• VeChain's Software Wallet: VeChain Thor Wallet

The VeChain Thor wallet was created by VeChain for their tokens. This wallet has apps for both iOs and Android devices. Unlike most altcoins, VET and VTHO aren’t Ethereum-based. Instead, they run on VeChain’s native blockchain, Thor. This means that popular software wallets like MetaMask are incompatible with VeChain tokens. Remember that you earn VTHO each day you hold VET tokens.

Trade, Sell or Convert Your VeChain Tokens

If you want to actively trade your VET or VTHO, you’ll need to hold it on your exchange wallet for quick access to liquidity. This presents a risk as exchange wallets are less secure than cold storage. Crypto prices are subject to extreme volatility, especially in the short term. Trading also exposes you to risks in price volatility. 

If you’re looking to sell your VeChain tokens and cash out, there are a few options available. If you want to move more that at once, your best bet is to sell your tokens into a stablecoin like Dai or USDC. Once you’ve realized your gains in a stablecoin, you can transfer Dai or USDC to a Coinbase account capable of $25,000 daily limits for fully verified accounts. 

Because VeChain tokens are not Ethereum-based, your options for converting are not great. Ethereum-based tokens such as Uniswap or Wrapped Bitcoin can be interchanged easily through an automated market maker such as Uniswap or Sushiswap. This is not the case with VET or VTHO. 

Current Crypto Prices

VET surpassed a $1 billion market capitalization for the first time in 2021. However, the crypto crash of 2022 has stunted the growth of many crypto assets, even if they are still gaining value on some level. This is the case with VET. The tokens are still growing, but they may not reach the projected prices that once colored the fervor behind them. Remember to factor in risk-adjusted returns when considering the current crypto prices.

Is VeChain a Good Investment?

VeChain offers a unique suite of business facing products and services, and is expanding into new areas constantly. With it’s Thor blockchain and team of industry experts, it’s not entirely surprising that VET has cracked into the top 50 cryptocurrencies by market capitalization. 

If you think that VeChain’s products and services are genuinely useful, then investing in VET may be wise. VET is the token designed for market speculation, and has no governance power on the network. Because of this, you should remember that the tokens may not work for you. Compare their functionality to your investment style and if that will give you the diversity you’re looking for.

If you are a business who could benefit from the Blockchain as a Service products that VeChain offers, then an investment in VET will net you VTHO daily that your business could use. Remember, all crypto investments are speculative, even Bitcoin. You shouldn’t invest anything you aren't comfortable losing.

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