An introduction to the best places to buy VeChain. Also, this guide gives you a deeper insight into the project.
Altcoins are a very popular term among the cryptocurrency community. This expression comes from alternative coins and is closely related to Bitcoin, the digital coin it all started with. Besides Bitcoin, which got famous for being a very volatile asset, altcoins are trading at another level.
Many altcoins claim to be the ‘next Bitcoin’ causing new investors willing to buy blindly. By doing this, FOMO enters these very young markets resulting in large pump-n-dump schemes. How to find the proper ‘hidden gem’ in the markets and hold on to this investment?
VeChain, could be one of the winners out there, currently ranking 29th on CMC. In this guide, the best places to buy VeChain and some decent background information on its cryptocurrency called VET.
Short history of VeChain
VeChain was created in 2015 by a Chinese entrepreneur called Sunny Lu and has been growing ever since. Moreover, VeChain is one of the Blockchain projects out there which got huge support from the Chinese government and big global companies. Back in 2016, it was just another project living on the Ethereum Blockchain with VEN as ERC20 token. Also, in 2018, the company launched a fully autonomous Blockchain called VeChainThor and moved away from Ethereum.
In contrary to it’s bigger brother Ethereum which is fully public, VeChain can be seen as a private blockchain company. Meaning, VeChain offers a ‘Blockchain-as-a-Service’ solution aimed at global enterprises. As a result, this project is backed by some serious enterprises in the world that altogether funded about $180 million. A few examples of the bigger companies working on this Blockchain are PWC, Walmart China, DNV TL, and the City of Shanghai.
VeChain vs Ethereum the stats
|Current amount in circulation||108.524.211||55.454.734.800|
|Token for smartcontracts||GAS||VTHOR|
|Amount of nodes||Unlimited||101|
|Type of blockchain||Open||Private|
|Mining algorithm||Proof of Work(PoW)||Proof of Authority(PoA)|
|Creator||Vitalik Buterin(Russia)||Sunny Lu(CHINA)|
|Marketcap||20 Billion||350 Million|
One of the main differences between ETH(Ethereum) and VET(VeChain) lies in the way both coins are mined and scripted. To mine ETH, miners have to use a lot of electricity, because it’s a PoW-coin. This is contrary to VET, which uses Proof of Authority(POA) to create tokens on the chain.
|Besides investing in VeChain(VET) by just buying and holding it, this project also allows you to earn additional cryptocurrency on every VET token you hold. Want to know how? Read the article we wrote about best places to stake VeChain(VET) here.|
Why Proof of Authority?
VeChain uses Proof of Authority on its network to be able to scale-up when needed. Ethereum is currently struggling with the massive amount of transactions being done on the network which causes huge delays and high fees. To be able to handle large volumes VeChain decided to use POA as a mining algorithm That is able to handle 10000 TPS.
Will VeChain be on Coinbase?
The short answer is yes. Additionally, for a very long time, only a few cryptocurrencies were allowed to be traded on Coinbase. This due to strict regulations by the US government. In 2021 however, Coinbase added VET, DOT, CHR, and many more tokens all in line with compliance rules. Vechain, a very dominant coin with a total market cap of more than $1.3 Billion(January 2021) was one of the coins with the highest priority on the list of being added to the platform.
Best places to buy Vechain(VET): Comparison
This comparison guide provides an overview of where to buy Vechain at the most secure and reliable places. The research is based on assessing the platform’s features, fees for buying crypto, and overall services.
|Binance||0.01%||yes||4.7 / 5|
|Bitfinex||0.10%||yes||4.5 / 5|
|Kucoin||0.10%||yes||4.5 / 5|
|Coinswitch||0.01% - 0.49%||no||4.5 / 5|
|Changelly||0.25% - 0.5%||no||4.3 / 5|
Where can I buy VeChain?
VeChain(VET) is considered a respectable cryptocurrency as it is listed within the top 30 of all cryptocurrencies in existence. To buy such a cryptocurrency there are several options possible. The most common place to buy VET is at a centralized cryptocurrency exchange.
How to acquire VET tokens the regular way?
The process of buying cryptocurrency at a common exchange could vary, but the basic principles of buying remain the same:
- Register at an exchange which sells VET(*See list above*)
- Complete KYC/AML checks if any
- Chose the preferred method for a deposit(Wire transfer/credit card/crypto)
- Make the deposit in any currency(USD/EUR/GBP etc)
- Buy VeChain with these funds
Another option to buy VET is not using a centralized cryptocurrency exchange but to buy this cryptocurrency directly instead. Therefore, you can’t store your VET in a wallet at the exchange you do the purchase, but you buy only and sent the acquired crypto to your wallet straightaway. By doing this, you are in full control of your private keys and security.
What option is best? It totally depends on what you want to do with this cryptocurrency. For trading, I would advise you to go to a centralized exchange. However, if you are planning to HODL it could be better to store your crypto offline to be as safe as possible.
Centralized exchange pros and cons
In the table below the pros and cons of buying crypto at an exchange.
|✓ Cheap low fees(0.1 – 0.5%)||✗ Extensive sign-up and KYC procedure|
|✓ Easy to use||✗ Not instantly(buying takes hours or even days)|
|✓ High liquidity||✗ Not fully your crypto|
Next in this guide, a list of the most popular places to buy VeChain cryptocurrency.
Where can I buy VeChain : Popular Cryptocurrency Exchanges
BitFinex has been around for many years in the cryptocurrency space and is one of the exchanges with the highest daily trading volumes. To start trading at this exchange you have to sing up and go to a regular KYC/AML procedure first.
This online trading company is based in Hong Kong and has been operational since 2014. It gives its users the option to trade more than 100 cryptocurrencies/pairs in exchange for USD, EUR, ETH or BTC. Depositing EURO or USD to this is exchange is currently only available by wire transfer.
Bitfinex is very popular among professional traders because of its high trading volumes and the possibilities to go Long or Short. Therefore to start trading at this platform a minimal deposit of $10.000(!) is needed to get an account there. Unfortunately, since 2018, users from the USA aren't allowed anymore because of the strict regulations of the USA government.
Following are the supported pairs on Bitfinex exchange for VeChain:
Binance is founded by Changpeng Zhao and is a well-known blockchain industry expert and expert in setting up trading systems. In the past, he also founded BijieTech and was head of development at Blockchain.info. Binance can be considered as the best altcoin trading platform if you consider the trading volume and the number of coins listed on the exchange.
Verification on Binance
For cryptocurrency traders there are three levels on the Binance platform: Level 1, Level 2, and Level 3. In the first place, there is Level 1 which allows you to start trading on the platform without any verification or KYC procedure. Additionally, you are only allowed to trade or withdraw at a maximum of 2 BTC per 24 hour. If you are a professional trader and want to trade in bigger volumes then you have to upgrade(with KYC procedure) to level 2 or even 3. Level 2 allows you to trade and withdraw at a maximum of 100 BTC per 24 hours.
How To Buy Vechain(VET) with Credit Card on Binance?
If you want to purchase VET in a very quick way, the best option is to buy VET with a credit card. Although buying with credit card gives some additional 4 - 5% fees, you can be the owner of VET tokens in minutes. How does this work?
- On the Binance platform, choose 'buy Crypto(USD)'
- Select 'Credit/Debit Card' option
- Give the amount in fiat( e.g USD or EUR) you want to invest
- Select VET as coin to buy
- Click 'Buy VET' and the credit card purchase will start
For buying and trading the VET cryptocurrency the following trading pairs are available:
Compared with the centralized exchanges above, Kucoin is probably a modern platform for trading any cryptocurrency. This platform founded by a group of cryptocurrency enthusiasts from Asia aims to offer comfort and security of your mighty assets. Kucoin which was launched in May 2017, has its headquarters in China despite the difficult climate towards cryptocurrencies performed by the local government.
This difficult climate towards cryptocurrency exchanges doesn’t affect the business model of KuCoin much because they’re aiming at foreign markets. Back in 2013, the founders started with setting up the foundation by making a technical implementation of the trading platform.
Later on, in 2017, the founders finished this work and made the platform available for the public. As of writing the platform ranks at position 70 on the list of exchanges which is based on trading volume for the past 24 hours.
One of the remarkable policies this centralized trading platform has is its liberal sign up policy for new users. Signing up at this platform can be done with just e-mail and mobile phone which speeds up the process of buying VeChain in a fast way.
What pairs of VET has this cryptocurrency exchange to offer? Check the pairs below:
Where to Buy VeChain: Platforms which don’t hold your private keys
Before diving more into these exchanges for buying cryptocurrency, I want to make things clear first. If you want to buy VeChain at these places remember that you have to own a crypto wallet already. In short, there are two options:
- Software wallets
- Hardware wallets
Next, continue reading about the best places to buy VeChain online.
Changelly is an online platform people can go to buy cryptocurrencies in a fast way. The most common way to do that is to buy with debit or credit cards. In particular, Changelly is a non-custodial instant cryptocurrency exchange, which means that no users’ funds are placing in the service. Changelly acts as an intermediary between crypto exchanges and users, offering access to 150+ cryptocurrencies. The company’s mission is making the exchange process effortless for everyone who wants to invest in cryptocurrency.
Changelly: The platform to buy Vechain in the USA
Furthermore, Changelly is a European company with its headquarters in Prague, Chech Republic. It operates in 188 countries worldwide and is available in most of the US States. In general, Changelly is a perfect platform for USA residents to buy Vechain instantly.
How to buy VeChain(VET) with Changelly
With Changelly it is possible to buy cryptocurrency like VET quick with a credit/ debit card or even with a bank transfer. In other words, this platform is specialized in buying Vechain with USD or EUR fiat-currency. How does it work?
- First-time users can sign up by just giving their email address to the platform.
- Choose “Buy” on the menu above.
- Now on the left side, you can give the type of payment(USD, EUR, etc), country of residence, and payment method(VISA, bank transfer, or ApplePay)
- On the right, the platform offers you places to buy VET
- Choose the deal that suits you best and click “Buy now”
Finally it’s important to know that I have explained the way to buy VET with fiat currency on Changelly. If you already own some altcoins or Bitcoin then I would strongly advice to use their swap service which is much quicker and cheaper.
Coinswitch is another place that offers the possibility to buy or sell cryptocurrency. Buying VeChain is possible without going to exchange first. The idea is that they will get your crypto from the exchanges against the lowest exchange rate. It doesn’t matter where you are located in the world, because their platform offers you to trade from anywhere. Trading crypto can be done in more than 300 different cryptocurrencies and tokens. Like any other centralized crypto exchange out there, data about volumes, market cap & supply is also available on their platform.
Starting to buy VeChain with Coinswitch
When trading on their platform, the ordering process is different compared to traditional exchanges. When setting up a trade three things are very important in the trading process:
Compare rates across exchanges and find the best exchange rate.
Follow simple steps to exchange your cryptocurrency.
It’s very easy to track orders when an order is set up.
Coinswitch offers a fee for every transaction or converts you try to make. This depends on the exchange you choose for buying.
Note: This fee does not include any amount charged by the exchange itself and the network fee.
It’s very good to know that you don’t store any crypto on their exchange when trying to buy it. You just give the public key of your wallet address and after transaction completion, the funds will directly be transferred to your wallet.
Buying crypto has become easier these days if you compare it with trading cryptocurrency a few years back. It totally depends on you what your intentions are with this newly acquired crypto. By showing you the several possibilities in this guide, I hope I have given you the most complete answer to the question 'Where can I buy VeChain'. Also, this guide should give you a headstart in this new and exciting world of cryptocurrencies.