How To Buy Vechain Online in 2022
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Many cryptocurrency enthusiasts are constantly on the hunt for altcoins, which might have a big future ahead of them. As such, VeChain is a coin that has managed to attract the attention of many investors throughout 2021, when the coin's value increased.
If you are considering purchasing some VET coins for yourself, you should do a little research first so you can make an educated decision.
By the end of this article, you will learn everything you need to know about buying VeChain, as we will discuss some of the best places where you can buy VET coins, the payment methods you can use, and where you can store the coins after you get some.
Best Brokers to Buy VeChain in 2022
There are different ways to buy VeChain. To make this process a bit more streamlined for you, we have crafted together a list of some of the best providers you can pick from in our list.
What Is the Difference Between Buying and Trading VeChain?
You can profit from cryptocurrencies such as VET in several different ways. The two most common options are buying and trading VET.
Both of them might seem similar if you are not that experienced; however, they differ from each other, and we're going to show you how.
When you buy a cryptocurrency coin such as VET, you own the coins outright. What this means is that you can use the VET coins you have bought for anything you want and should store them in a wallet afterward.
Trading VET differs, as you are essentially buying the underlying assets with the aim of profiting based on market movements. However, you do not own VET coins outright.
How to Buy VeChain Online
When you have decided that you want to purchase VeChain (VET), the process of doing so is quick and easy. Follow the steps below to get started.
Step 1: Find a cryptocurrency exchange
Step 2: Verify your identity
Step 3: Deposit funds
Step 4: Buy your VET
How to Trade VeChain
When trading VeChain, the process is a bit different, and here’s what you’ll need to do to complete it:
Step 1: Find a broker that lets you trade VET assets.
Step 2: Pass the Know-your-Customer (KYC) check to verify your account properly.
Step 3: Make sure to fund your account using a payment method that works best for you.
Step 4: Choose how you want to trade VET assets.
Step 5: Buy the VET assets.
What Are the Different Ways to Pay for VeChain?
You can deposit money into a platform and pay for VET coins. To do this, you will be given a choice of multiple deposit options. These will differ based on the specific platform you end up using, and you need to be prepared to do a lot of research so you can analyze and figure out which methods work best for you.
Next, we’ll go over some of the main ways you can pay for VET coins, alongside their pros and cons.
Debit or Credit Card
Many cryptocurrency exchanges will give you the opportunity to fund your account through the usage of a debit or a credit card. In this case, all you really need to do is decide how much you will actually want to deposit and select either the VISA or MasterCard as your primary payment method. After that is done, you can just enter your details and confirm that you want to make the transaction in question.
Most cryptocurrency exchanges also accept bank transfers as a deposit method that you can use. This is a convenient option and can be chosen instead of VISA or MasterCard, based on your specific preference.
Some cryptocurrency platforms will offer PayPal as a payment option, but keep in mind that this e-wallet method is not as widely accepted as the aforementioned options. When you deposit money through the usage of this option, the process itself will be simple and almost instantaneous.
Some platforms will even let you buy VeChain using other cryptocurrencies. After funding your account, you can purchase your VET straight away.
What to Consider When Buying VeChain
When buying VeChain, you need to make several considerations that can define your overall experience. To make things easier on you, we have listed some of the most important aspects that you need to take into consideration.
Almost every single platform out there will charge fees each time you make a deposit, as this is their business model. The percentage of this fee or cost, in general, will be dependent on the platform you end up using, as well as the selected payment method. Ensure that you research both of these aspects before choosing how you will buy the VET coin.
There are also fees when you sell VET coins, known as the taker fee. This will typically be in the form of a percentage, which is variable and shifts based on your 30-day trading volume and the size of the transaction in question.
Keep in mind that VeChain is a volatile cryptocurrency, and as such, its price can regularly fluctuate. It is important to understand the risks of purchasing this currency before you decide to do so.
VeChain as a coin is available on most platforms; however, make sure to always double-check and dig a little bit deeper before selecting a platform specifically for this coin.
When it comes to long-term holding, this is essentially a strategy where you think you’ll make a profit in 12 months or longer.
When it comes to short-term holding, this is a strategy where you think you’ll make a profit in less than 12 months.
Is It Safe to Buy VeChain Online?
With that in mind, you should also be aware that cryptocurrencies are a popular target for scammers, hackers, and other cybercriminals. You need to take extra steps to keep yourself safe.
We’ve listed examples of things you can do below.
Enabling two-factor authentication:
2FA for short, this authentication method essentially requires you to enter an additional piece of information alongside your password when accessing your account. Through this method, you can receive an additional SMS code on your phone, get a phone call, or just enable biometric verification if supported by both the platform and the device you are using.
Researching common scams:
There are numerous scammers out there and scams which have historically occurred. Knowing what to look for is essential, so educating yourself on the most common scams out there will take you a long way in increasing your overall knowledge and make you less susceptible to these scams.
Reading platform reviews:
Each platform out there will have its own user-based and community, so make sure to always do a little bit of research prior to making an account and analyze as much as possible about it. There are forums out there where real people share their authentic experiences that you can view.
Storing your coins in a wallet:
Having your own private wallet is essential, as you can have full access to your private keys, and as such, maintain a higher level of control over your VET coins.
Be careful about where you ask for help:
When searching for help online, always use a reputable platform, and double-check any links before clicking on them.
How to Store VeChain
After you end up buying VET, it is recommended that you store it in your own private wallet, one that you have full control over.
There are multiple types of wallets out there, and to help you figure out which one is right for you, we’ve provided a brief overview of the different types below.
These wallets are also known by investors as hot wallets, and they are essentially wallets in the form of software that are connected to the internet. Through them, you are storing your VET coins in a wallet that's always online, which poses some risks in terms of its security.
These come in the form of hardware wallets or paper wallets and are referred to as "cold wallets" because they can be disconnected from the internet and, as such, be less vulnerable to remote hacking. They are the best option when it comes to security.
How to Sell VeChain
There will come the point in time where you will want to sell your VET coins, hopefully at a profit. To help you do so, we've listed some of the best options you have.
Centralized cryptocurrency exchanges
Centralized cryptocurrency exchanges allow you to sell your VET coins with ease, as long as the platform supports the cryptocurrency in question. You will be required to send the crypto from your wallet to your account before putting in a sell order, so keep that in mind.
Peer-to-Peer (P2P) marketplaces
These are essentially marketplaces that let you sell VET coins directly to other users with minimal friction and accept many different payment methods. The only time an intermediary will get involved is if there's a dispute.
Is It Worth Buying VeChain Right Now?
When you buy just about any cryptocurrency, you need to remember that it can be volatile or shift in value significantly over shorter periods of time. You will be responsible for bearing any of the risks involved with buying VET coins.
While the value of VET has increased in 2021, this does not guarantee that it will always do so. In any case, it could be a solid long-term investment if you have the patience to hold onto the coins.
Overall, VeChain (VET) is a coin that is growing in terms of popularity as well as market share. Many cryptocurrency enthusiasts have looked over the coins in question and have decided to pour their money into VET.
If you have decided that you want to buy VET coins, we recommend using a P2P marketplace and other cryptocurrency coins you might already own to buy VET.