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. 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. In other words, 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.
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 which is able to handle 10000 TPS.
Where to 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, but if you are planning to HODL it could be better to store your crypto safe.
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 to 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.
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.
Binance which is originally a company from China, recently moved it’s headquarters to Malta because the China government banned cryptocurrency trading. Despite this ban, this crypto platform managed to grow to the biggest altcoin trading platform as it is today.
If you are a USA resident, then I have to warn you. Recently, the main trading platform at Binance didn’t allow US residents at their platform anymore. This due to regulations by the USA government. But don’t worry too much about that, within no time the trading company opened doors to Binance.us.
Trading at this domain is allowed for US customers because it meets US regulations and compliance standards based on its Digital Asset Risk Assessment Framework.
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.
Coinmama 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. Coinmama, which is founded in 2013, is one of the oldest platforms being around in the cryptocurrency space and has a reputation for being trustworthy.
Coinmama is registered in Slovakia but is owned by New Bit Ventures Limited that is headquartered in Israel. It operates in 188 countries worldwide and is available in 24 US States. Coinmama is not a platform for trading cryptocurrency and therefore you have to own a crypto wallet already before going to this online platform.
How to buy VeChain(VET) with Coinmama
With Coinmama it is possible to buy cryptocurrency like VET quick with credit/ debit card or even with a SEPA bank transfer. How does it work?
- Register your personal data to create an account. Your data will be encrypted and stays on this platform only.
- Submit your personal details. It’s up to you how much personal data you will share, but the more you share, the more you can buy at once.
- Buy cryptocurrency! Right now it’s possible to buy up to a dozen cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, VeChain, Cardano, QTUM and Ethereum Classic.
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
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 you have found a proper direction in this new and exciting world of cryptocurrencies.
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