How to Buy VeChain in 2 Simple Steps
What Is VeChain?
VeChain (VET) is a decentralized blockchain application platform that was launched in 2017. In particular, VeChain focuses on product and supply chain management through asset digitization and RFID technology. This can be used in verifying authenticity, tracking transportation and storage, and even providing details such as source materials used in a particular product.
In February 2018, VeChain announced that it was rebranding to Vechain Thor. VeChain Thor will feature a new Thor blockchain with its own VeChain (VET) token to be used by businesses as a smart payment solution on the blockchain. The Thor blockchain features a twin token system. Thor Power tokens will be used for smart contracts and running blockchain applications. Holding VeChain will automatically give holders VeTHOR tokens, which are used for transaction fees, much like GAS is generated by holding NEO.
Step 1: Choosing a VeChain Wallet
VeChain was a popular cryptocurrency project during the 2021 bull run, and plenty of wallets have picked up support for the VET and VTHO gas token.
Mobile Wallets
If you’re looking to connect with the VeChainThor blockchain on the go, you’ve got a few solid wallet options to choose from. Whether you’re on Android or iOS, you can download VeWorld, VeChainThor, or Sync2—each one lightweight, secure, and streamlined to keep things simple.
To get started, users need to download their chosen wallet, log in, and they’re ready to roll. These wallets act as a direct line to the VeChain blockchain, packed with features like:
- Send and receive VET and VTHO – The bread and butter of any crypto wallet, right?
- Token swap made easy – If you were around when the switch from VEN to VET tokens happened, you know the struggle. Thankfully, these wallet’s have a built-in swap function for converting VEN to VET, so you can skip the headaches.
- Bind your X Node – Got an X Node? You’ll want to migrate that to the mainnet to start earning VTHO rewards. The wallet makes this process as straightforward as it gets.
- Claim your VTHO rewards – Hold some VET or own an X Node? Use the wallet to claim your VTHO rewards with a couple of taps. Easy passive income, just for doing what you’re already doing.
- Observe addresses – Here’s a nifty feature: you can view transactions from addresses not stored in your wallet—think Ledger Nano S or other hardware wallets. It’s read-only access, so even if something happened to your mobile wallet, your private keys stay safe and sound on your hardware device.
These features make the mentioned VeChain wallets our top picks for storing tokens in the VeChain ecosystem on iOS and Android devices.
VeChain Desktop Wallets
The VeChain Sync wallet is the most popular desktop wallet for storing VET. It was created soon after the launch of the mainnet and is available for Windows, MacOS and Linux. It’s not very polished, but it will give you access to the VeChain blockchain and the ability to send and receive coins.
VeChain Hardware Wallets
Hardware wallet support for VeChain is pretty good, with two major wallet manufacturers supporting VeChain. Ledger and ELLIPAL both have support for native VET tokens and VTHO.
You can learn more about these wallets in our dedicated reviews:
Visit EllipalHow to Buy VeChain
Unfortunately, there aren’t many options when it comes to buying VeChain. At the time of writing, the biggest exchange on which it’s available is Binance. Only Huobi—a Chinese digital trading platform—comes remotely close in terms of VEN trading volume.
Buy Crypto Through Best Wallet
Best Wallet is our top pick for users looking for the easiest way to buy crypto directly within a wallet. Best Wallet allows users to buy, sell, and swap crypto from directly within the wallet using the built-in DEX-aggregator.
The reason we recommend Best Wallet for new users and those looking for the most friction-free way to buy digital assets is that by purchasing crypto from directly within a wallet, users lower their risk of exposing themselves to exchange hacks, third-party risks, and the possibility of sending to incorrect addresses when withdrawing from a traditional crypto exchange. The Best Wallet DEX aggregator sources the best rates for users’ swaps, supporting 50+ chains, connecting to over 200 decentralized exchanges, and using up to 20 cross-chain bridges. Users can make both same-chain and cross-chain swaps.
Visit Best WalletBinance
A VEN/BTC pair can be found on Binance, which is where most of the trading of VEN occurs. Binance launched in 2017 and is regarded as a reputable and reliable cryptocurrency exchange. It offers a number of security options, including two-factor authentication. However, the downside is that you can’t deposit or trade with fiat. As such, you’ll need to buy another cryptocurrency elsewhere before sending it to Binance and exchanging it for VEN. You can read our full Binance review here.
Huobi
Despite having been around since 2013, Huobi is still relatively unknown in the world of cryptocurrency. This is largely down to its being a Chinese trading platform with most of its user base located in Asia. While Huobi seems to have relatively high liquidity and no fees for Chinese traders, there’s little reason to use it when Binance is an option. However, the exchange does have the VEN/BTC, VEN/ETH, and VEN/USDT pairs, which may prove attractive.
Summary
VeChain has made impressive progress in a short span of time, forming some impressive partnerships with enterprises in the process. It will be interesting to see how VeChain evolves as it becomes VeChain Thor.
Have you used any of the above wallets or exchanges? What do you think of VeChain? Let us know in the comments below!
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Is there a date of release ?