How to buy VeChain online
This beginner’s guide looks at how it works and what to watch out for before you get started. Use it to learn about the VeChain project and find out how to buy VET coins.
Compare where to buy VeChain, and open an account
You can buy VeChain now from one of our trusted brokers below. These are some of the best brokers you can use, as chosen by our team of experts. Otherwise, read on to learn more about VeChain and find our step-by-step guide on how to buy VET.
What is VeChain?
VeChain uses blockchain technology for data management. Formed by the former CIO of Louis Vuitton China, it offers businesses more modern answers to supply chain problems. The VET coin is the token that powers VeChain, where is used for peer-to-peer transactions to generate smart contracts.
VeChain differs from many other cryptocurrencies because the platform is aimed towards real-world product management. VeChain has already been utilised in supply chains, where it can assign trackers to products and let businesses track, verify and authenticate goods as they move around.
VeChain was initially released as a prototype on the Ethereum blockchain in 2015. An Initial Coin Offering (ICO) launched its token in August 2017, and VeChain has continued to develop the scope of its project since then.
How does VeChain work?
VeChain is used for supply chain management and as a way of tracking ownership. Each product is given a unique identifier and all transactions are stored on the blockchain. By giving each product a unique identifier, it can be used to verify legitimacy and track ownership history. Open-source data like this can combat fraud and counterfeits by showing an easily trackable history of its path to you.
There are two coins that operate the VeChain platform. VET is the main currency that can be bought and sold and is used for most activities. The second coin, VTHO, is used specifically as a gas token to create smart contracts. The dual-coin method is a way of keeping transaction costs stable.
VET is used to generate VTHO, so the more popular the platform becomes, the more VET is ultimately required to create more smart contracts.
How to buy VeChain online – a step-by-step guide
Step 1. Find an exchange to buy VeChain
VeChain is a smaller cryptocurrency, so it’s hard to find an exchange that offers a direct VET/USD price. Instead, you need to find an exchange where you can transfer your fiat currency into a large cap cryptocurrency (such as Bitcoin), and use that crypto to buy VeChain.
If you’re want to buy VeChain immediately, here are two of the top exchanges that offer VET:
- Binance: One of the biggest names in the cryptocurrency trading space, Binance allows users to trade hundreds of different cryptocurrencies, including VeChain. Open an account right now.
- BitPanda: Bitpanda is an online brokerage platform based in Vienna, Austria, that specialises in the buying and selling of cryptocurrencies with fiat currency. Open a BitPanda account today.
Step 2. Sign up and fund your account
Once you’ve chosen an exchange, you’ll need to sign up and verify your account. Verification is usually pretty simply but requires a form of photo ID, like a passport or driving license.
Now that your account is set up, you’re ready to buy VeChain.
Step 3. Buy VeChain
If you chose Bitcoin to fund your account, search for the VET/BTC crypto pair and you can buy your coins straight away. The process is the same whichever crypto you’ve deposited, you just need to find the current VET price and click ‘buy’.
Step 4. (Optional) Get a suitable wallet
You can create a wallet to hold your coins securely. This isn’t necessary, most exchanges let you store your coins with them, but you may want to do it if you’re going to hold your VeChains for a long time. There are plenty of websites that offer wallets, but if you want to create one right now, here are two to consider:
- BitLox: BitLox is a hardware wallet that aims to provide more advanced security features compared to conventional models. It has three options available depending on the security you’re looking for. Get BitLox now >
- KeepKey: KeepKey is also a hardware wallet, where you can keep your coins in cold storage – completely offline. It also includes an option to trade your cryptocurrency with an integrated exchange. Join KeepKey now >
How to trade VeChain – a step-by-step guide
Step 1. Find a broker
There are a lot of brokers out there and the top ones usually let you trade cryptocurrency as well as stocks, forex, and commodities. You should make sure to check your broker offers VeChain before signing up. eToro and FXTB are two of the top options to think about first.
Step 2. Deposit money
You can fund your account with regular, fiat currency. Make sure you know how much your chosen broker charges in fees before you start trading. If you plan on trading regularly, high fees can be a drain on your money.
Step 3. Decide how you’d like to trade
You can trade cryptocurrency by speculating on the price moves of your coin by betting on the spread. Or you can trade CFDs on your favourite crypto asset, benefiting from its price moves without having to own the asset itself.
Step 4. Start trading
Now you’re ready to start trading. If you’re new to trading cryptocurrency, it might be a good idea to start with a demo account. Many brokers offer demo accounts, where you can practice with a fixed amount of ‘pretend’ money and learn the market without risking your own cash.
When it’s time to start putting up real money, you can choose how to trade based on your outlook for VeChain. If you think it’s going to go up in value, you can go long and try to profit from a price increase. If you don’t feel as positive and think it might go down, you can go short and benefit from any price fall.
Another option is to use leverage. This isn’t recommended for beginners as it increases the risks of losing a lot of money. More experienced traders can use it to put up larger amounts of money by trading on the margin, putting up only a small percentage of the overall trade.
It’s not always easy to make a decision when it comes to an area as competitive as cryptocurrency. Here are some of the pros and cons of VeChain you can use to help you make a choice. Finally, there are some questions to think about below as well.
- Offers a solution to a real-world problem of high-value counterfeit goods
- VET gives you power on the platform
- Impressive list of partners bodes well for business adoption
- Research partnership with Oxford University and founded by Sunny Lu, former CEO of Louis Vuitton China
- Token holders aren’t guaranteed to reap the rewards of the company’s success
- Moving into dApp enterprise field pits VeChain against Ethereum
Now here are three more questions for you to think about before you decide to invest in VeChain.
1. Is it a good time to buy VeChain?
The answer to this question depends on your ultimate goals. There aren’t too many ways to get involved on the platform itself, but as a long term investment, few platforms offer a similar service. VeChain has already found use as a way of tracking valuable or enterprise goods, like wines. It also has established partnerships with big brands like BMW, which could mean now is a good time to buy.
For short term traders, you should sign up for a broker with low fees and look for opportunities to benefit from price swings. Its always worth tracking the latest market analysis and use it to try to predict price moves, here is ours below:
Zilliqa, VeChain, SushiSwap price analysis roundup
VeChain (VET) could advance even more in the ongoing bull market, but the risk remains very high
VeChain price testing critical support as Deloitte claims the platform is more secure than Ethereum
2. What problem does VeChain solve, and what are the coin’s investment prospects?
VeChain uses blockchain technology to manage goods and products on the supply side. By giving each product a unique identifier, anyone can track its movement and a history of its ownership. Bringing that information into the open helps clamp down on fraud and counterfeits, especially when it comes to high value goods.
As an investment prospect, its existing links with brand names bode well for its future growth. VeChain’s move onto its own platform for developers to build on brings it into direct competition with Ethereum, which could be a challenge. But very few platforms offer the same sort of practical, real-world use as VeChain at the moment.
You should research VeChain thoroughly before you buy. You want to look out for things like more businesses joining the platform and other success stories that might indicate that wider pickup is on the way. You can follow the latest news that affects VET below:
VeChain (VET) rolls out Sync2 to encourage massive Dapps adoption
VeChain (VET) posts a new all-time high: What’s next?
Cyprus hospital begins storing COVID-19 vaccination data on VeChain
3. Do you want to hold VeChain for the long term?
A reason to hold onto VET for the long term is simply that you believe in its technology, its partnerships, and want to support its success. It’s not clear how VET is going to transition growth into increases in the coin’s value yet, because it hasn’t introduced any mechanism for earning rewards.
There isn’t a lot of competition to VET though, and Sunny Lu is a big name backer who adds gravitas to the platform. It will be difficult to muscle in on VeChain’s turf, especially as it is quite well established in the blockchain space already having been founded in 2015.
Considerations for a long term investment strategy
If you think the VeChain platform is a sure fire bet for the long term, you should find an exchange and buy VET straight away. You might also want to think about getting a wallet to store your coins, particularly if you don’t intend to use the platform to stake your coins in the short term. .
Considerations for a short term trading strategy
If you want to try to benefit from price fluctuations you can buy and sell VeChain without holding it for long. You should make sure to pick a broker with low trading fees and get an understanding of technical analysis. You can use charts and technical analysis to try to predict market moves.