How and Where to Buy VeChain (VET) Fast and Safely in 2024?
The cryptocurrency world has developed a lot since Bitcoin was launched. Now, there are many coins that can perform not only the function of money but power blockchains that can be applied in many fields. VeChain or VET is one of such coins.
What Is VeChain (VET)?
VeChain is a blockchain platform. Its aim is to change the supply and business processes by streamlining them via blockchain technology. In the future, the VeChain network is planning to become the major platform for initial coin offerings and performing transactions between Internet of Things devices.
The platform is powered by two native tokens - VeChain token, or VET, and VeChainThor Energy, or VTHO token. VET is used for transferring value while VTHO performs the function of gas.
Where to Buy VeChain (VET)?
There are several options to choose from when you are considering purchasing VeChain. So, you may choose a traditional or an instant exchange. Both exchange types have their pros and cons.
Traditional Exchanges
Traditional exchanges are very easy to use which makes them perfect for inexperienced users. There, a user registers an account and verifies it. While on some platforms, account verification is not mandatory, you might face significant limitations if you ignore this step. So, swaps with fiat will not be available, and swaps in crypto will be limited to a specific sum.
While you won’t be asked for much to register an account, for its verification, be ready to provide some documents such as ID, residence proof, and even a statement from the bank. The verification process might take from 24 hours to several days which also upsets many users.
All transactions are performed from your account, and your coins are stored in the platform’s wallet. You do not have private keys to your crypto. It is one of the main reasons why more experienced users prefer not to store significant funds on a centralized platform. If a platform is hacked and users’ funds are stolen, the platform might return the stolen funds sooner or later or might not do it.
Among the major benefits of traditional exchanges, we can mention their liquidity pools. Instead of sending your coins to a blockchain for a swap, a platform performs all the swaps within its pools. For you, it means transaction speed (you do not have to deal with the issue of blockchain congestion) and more profitable swaps (you do not pay a blockchain fee because the coins are not sent to the blockchain).
You do not need a wallet to perform swaps on a traditional exchange platform. Everything is done from your account, and all the coins are kept in the wallet of a platform.
The most popular traditional exchanges that support VeChain are:
- Binance
- KuCoin
- Huobi Global
Instant Exchanges
Instant exchanges serve as an intermediary between a user and a liquidity provider. If you choose an instant exchange for swapping your coins, you can count on a number of benefits valued by the majority of traders.
Anonymity - while some instant exchanges will offer you to register an account, it is not a mandatory procedure. Usually, you can consider doing it to access some perks that a platform offers its users (the affiliate program, additional features, etc.)
No limitations - such platforms will offer you an opportunity to swap as many coins and as many times as you want.
Non-custodial service - the platform doesn’t store your funds. It serves as an intermediary between you and a liquidity provider, and the exchanged funds are sent directly to your wallet.
Instant exchanges - you don’t need to register an account, therefore, you can exchange your funds anytime instantly.
The best rates - instant platforms use a special algorithm that picks the best rates among multiple liquidity providers.
Cheap and fast cross-chain swaps - you can swap effortlessly supported coins between different blockchains.
Customer support - normally, such platforms rely on efficient communication with users. That’s why customer support is available 24/7 and is always ready to help with any matter.
LetsExchange offers the best conditions to swap more than 4,000 coins to VeChain.
To use an instant exchange, you need to have a wallet that supports VeChain to receive the swapped coins.
The Best VeChain Wallets
If you exchange crypto constantly, we recommend getting a mobile or a desktop wallet. These wallets are called hot wallets because they are connected to the web.
The best hot wallets to store VET are:
- VeChainThor Wallet for Android
- VeChainThor Wallet for iOS
These are official VeChain wallets therefore, you can be sure that whatever functionalities the project comes with, they will be accessible from the wallets.
If you are going to store your coins, a cold wallet shall be your choice. Cold wallets are not connected with the web. Therefore, they are considered much safer than hot wallets because they cannot be hacked.
The most recommended cold wallet to store VET is Ledger Nano S. It supports plenty of coins and tokens, has a sleek design, and is very convenient to use even if you are a newbie.
FAQ
What wallet is the best to store VeChain?
While you can find a good number of wallets that support VET, we recommend using the official project wallets: VeChain Thor wallet for Android, VeChainThor wallet for iOS, or a cold wallet.
On which exchanges is VeChain listed?
VeChain is among pretty popular coins which means that it is listed on many exchanges. You can choose between traditional and instant exchanges depending on what you expect from a swap and whether you are an experienced user or a newbie.
Is VeChain a good investment?
VeChain is already among the top 100 coins based on market capitalization. The coin aims to revolutionize the way businesses operate by facilitating all the processes. Therefore, we can conclude that VeChain is a good investment in both the short- and long-term.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.
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