One of the projects leading the way in the crypto sector is VeChain (VET).
Despite the entire cryptocurrency market going through bearish momentum in the year, 2018, blockchain continued to move forward.
Development is ramping up on projects that look to put work on real-world use-cases.
Let’s get started!
How to buy VeChain on Binance
In this guide, am going to focus on Binance exchange, as it is one of the safest, highest volume exchanges and where to buy VeChain easily in the world today.
Step 1. Register for an account on Binance
VET can be exchanged for Tether (USDT), Ethereum (ETH), Bitcoin (BTC) and also Binance Coin (BNB), the digital asset released by Binance.
If you haven’t already, register for an account on Binance crypto exchange. Go ahead, as the process can usually be completed quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform.
However, if the goal is to have higher limits, the process needs verification and can take some more time to be completed.
Step 2. Verify your account
Before you can start, you’ll have to submit some documents to have your account verified through the KYC (Know Your Customer) process.
Additionally, set up 2-Factor Authentication and other security measures to keep your account safe.
Step 3. Send BTC, ETH, BNB or USDT to your Binance account
Once you have one of these two coins, you’ll need to make a deposit to your Binance wallet. Go to menu at the top of the page, select ‘Funds’, then ‘Deposits’.
I will suggest you use BNB (i.e. Binance token), as it will help to reduce your transaction fees. Read my guide on how to get low fees on Binance.
However, select the coin you want to send from the dropdown menu. You’ll be given a wallet address to deposit your coins.
Make sure to only send the specified coin (i.e. BTC to the BTC wallet, ETH to the ETH wallet). Any other coin sent to this address may be lost.
As mentioned before, it is also possible to use USDT or BNB coins to purchase VET. Nonetheless, the process is the same.
Binance is also has feature to purchase some digital assets using a credit card. In future, users may be able to buy VET using this easy method, rather than sending digital assets first.
Step 4. Wait for confirmation
Deposits and withdrawals are often cleared quite quickly, but depending on the network load and congestions, it can take a little while.
Wait for Binance to give you confirmation that your deposit has been successful.
Step 5. Find and select a crypto pair
Once your deposit has gone through, move to the exchange section of Binance. On the navigation bar at the top, hover over ‘Exchange’, then click ‘Basic’.
Select the coin you wish to trade with (either; BTC, ETH, BNB or USDT) and search for VET. Select the preferred pair (e.g. VET/BTC).
Step 6. Choose the amount of VET to buy
In ‘Buy’ box below price graph, put in how many VET you want to buy, and the price to buy it. Alternatively, you can choose ‘Market’ to buy for current price.
Click the green ‘Buy VET’ button to complete your trade, and once Binance confirms your transaction, you’re done!
Buy and trade VeChain (VET) for yourself, it’s easy using Binance and you can even save 20% on all transaction fees by signing up with my link.
Step 8. Move your coins to a secure VeChain wallet
It’s a good idea to move your coins off an exchange where you bought them, and into a secure cryptocurrency wallet that you control.
This way the security of your funds is in your hands, you are not at the mercy of the exchange’s security measures.
The VeChain Thor mobile wallet is the official wallet developed by the VeChain team, and is available for iPhone and Android.
When you have a wallet ready, you can withdraw your tokens from Binance. Go to the menu at the top of the page, select ‘Funds’, then ‘Withdrawals’ and choose VET from dropdown menu.
Exchanges offer standard security for users to handle their digital assets. If the platform experiences an attack or is hacked, the funds would certainly be lost.
In that case, hardware and cold storage wallets are usually the best options to deal with cryptocurrencies.
Frequently Asked Questions
Buying VeChain Coin on Binance
That’s all you need to know to start investing in VeChain crypto, one of the most promising projects focused on real-world blockchain adoption.
To do this too, you will need a wallet that supports VET tokens.