How To Buy VeChain (VET) — Quick Guide
Here’s an overview of the preferred crypto exchanges that have VeChain (VET) listed. If you know how to buy cryptocurrencies, you can simply select your preferred exchange. In case you are just getting started, you can scroll down to where we share all details about how to buy VeChain (VET).
Binance is the biggest cryptocurrency exchange offering many features and advantages.
MEXC is an industry-leading exchange that offers the lowest fees to buy and sell cryptocurrencies.
BYBIT is a leading crypto exchange that offers many features regarding leverage trading.
KuCoin is a leading exchange that offers more than 750 cryptocurrencies — more than any other.
OKX is the all-rounder that offers a good mix of tradable crypto tokens, usability, and trading fees.
Before we dive into the details about how to buy VeChain (VET) we want to provide you with some essentials about the VET token. Remember, it is essential to understand the asset you’re planning to buy before you invest!
What is VeChain (VET)?
Basic Information & History
VeChain, also known as VeChain Thor, is a blockchain platform founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. It started as a subsidiary of Bitse, one of China’s largest blockchain companies. VeChain aims to leverage blockchain technology to create a trust-free and distributed business ecosystem which is self-circulating and scalable.
In 2018, VeChain underwent a rebranding process, transforming it from a supply chain-focused blockchain to an enterprise-ready blockchain platform. This transition introduced a new governance model, a new economic model, and advanced IoT integration.
VeChain’s use cases primarily revolve around the supply chain, logistics, quality control, and anti-counterfeiting sectors. It is designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through Distributed Ledger Technology (DLT).
VeChain Use Cases
Some of the use cases include:
Product Lifecycle Management
VeChain enables manufacturers to assign unique identities to products, which users can interact with throughout the product’s lifecycle. This ensures quality control and prevents counterfeiting.
Supply Chain Process Control
VeChain provides a full-view perspective of necessary information linked to a product and its business processes such as storage, transportation, and supply.
Food & Beverage Authentication
VeChain helps verify the authenticity and quality of food and beverage products, giving consumers confidence in their purchases.
In the automotive industry, VeChain can provide a history report of vehicles, including repair history, insurance, registration, and more.
VeChain operates on a dual-token system: VeChain Token (VET) and VeChain Thor Energy (VTHO). VET is used as a store of value in the VeChain ecosystem and is used to generate VTHO tokens. VTHO tokens are used as “gas” or energy to power transactions.
Some of its key features include:
Proof of Authority Consensus
VeChain uses a Proof-of-Authority (PoA) consensus protocol, where authority nodes validate transactions. These nodes have to reveal their identity and reputation to the VeChain Foundation, ensuring transparency and accountability.
Blockchain-as-a-Service (BaaS) Platform
VeChain’s ToolChain is a comprehensive blockchain platform offering diverse services including product lifecycle management, supply chain process control, data deposit, data certification, and process certification.
VeChain integrates with Internet of Things (IoT) technology to provide manufacturers and consumers with real-time tracking of products in a supply chain, providing additional layers of transparency and security.
VeChain Price Chart
Analyzing the current price movement is an important step before investing. Therefore, you should pay close attention to the below chart before discovering everything about how to buy Arbitrum.
How To Buy VeChain (VET) — A Step-By-Step Guide
How To Buy VeChain (VET) — Step 1: Sign Up For An Account
The first step in buying a cryptocurrency token is to sign up for an account on a cryptocurrency exchange.
There are dozens of changes available, but it’s important to research and choose one that meets your needs in terms of security, features, and trading possibilities.
However, more importantly, you have to check if the cryptocurrency has the VeChain token listed. Bear in mind that not every exchange has listed every coin.
In terms of VeChain, you can select one of the exchanges we listed at the beginning of the post, such as Binance, MEXC, or KuCoin.
How To Buy VeChain (VET) — Step 2: Secure Your Account
After you’ve created your account, it’s crucial to secure it. This generally involves setting up two-factor authentication (2FA). 2FA requires a second form of identification beyond just your password, such as a code sent to your phone. This greatly enhances the security of your account. It’s also important to choose a strong, unique password.
Although this step is optional at some exchanges, we highly recommend it. Major exchanges like Binance, MEXC, or KuCoin won’t allow you to trade before your account is secured.
How To Buy VeChain (VET) — Step 3: Verify Your Account (Partially Optional)
Before you can start trading, you’ll usually need to verify your account. This process varies by exchange but typically involves submitting some form of identification like a driver’s license or passport. This is part of the Know Your Customer (KYC) regulations that exchanges must comply with.
However, there are also crypto exchanges where you don’t have to verify your account. This usually comes with some limitations in terms of payouts and features. Nevertheless, if you want to stay anonymous or want to give it a first try, this might be the better option. We put together a list of exchanges that don’t require verification. You can check this here: 4 Best Crypto Exchanges Without KYC (2023)
How To Buy VeChain (VET) — Step 4: Add A Payment Method And Funds
Once your account is verified, you can add a payment method. Depending on the exchange, this could be a bank account, a debit card, or credit card. Some exchanges also support PayPal and other online payment services.
After adding a payment method, you can add funds to your account. Make sure to deposit enough to cover the cost of the token you want to buy and any associated fees.
How To Buy VeChain (VET) — Step 5: Buy Arbitrum
Finally, we made it. You are now ready to buy VeChain (VET). Depending on the exchange you’ve chosen, you have to navigate to the “Market” or “Trade” area.
You can typically choose between a market order (buy at the current market price) or a limit order (buy at a specific price or better). Once your order is executed, the tokens will be added to your account, and you can call yourself a proud owner of the VeChain (VET) token.