How to Buy VeChain (VET) on Binance

Despite crypto going through a down period in 2018, blockchain continues to move forward. Development is ramping up on projects that look to put blockchain to work on real-world use cases.

One of the projects leading the way in this sector is VeChain (VET). When this guide was first written in 2019, VeChain was working on many new projects around the world. This guide is going to show you how to get your first VET tokens, via one of the world’s most popular exchanges, Binance.

What is VeChain?

In a nutshell, VeChain is BaaS – Blockchain as a Service. It’s about bringing forth use cases for blockchain at an enterprise level, where there is often a need for an immutable, trust-free ledger of information.

It starts with the supply chain, using digital product identities on the blockchain to track and trace products throughout supply and delivery. The use cases expand to verifying the authenticity of many high-ticket goods, such as luxury accessories, wine, liquor and much more—including a strategic partnership with Cyprus. It does this by using RFID chips planted in/on products, uploading data to the blockchain so people can have immutable proof whether the product they’re buying is legitimate or not.

Use cases are expected to extend even more in the future, to include tracking in the automotive industry, as well as the Internet of Things.

VeChain is undoubtedly a project with immense potential and has raised significant hype from the crypto community since its ICO in August 2017. So let’s see how you can get VET tokens for yourself.

VeChain has been partnering with different companies around the world, including Asia, one of the places where blockchain technology is expanding in private and public organizations. 

In this article, we will explain how to purchase VET coins using the Binance exchange. This platform is one of the most popular and recognized exchanges in the market. Launched back in 2017, Binance created a large number of services that allow investors to have easier access to the cryptocurrency market.

How to Buy VeChain

As of August 2019, buying VeChain (VET) on Binance took eight steps: register a Binance account, verify it, send USDT or USDC to it and wait for confirmation, select the VET/USDT or VET/USDC pair on the spot market, enter the amount of VET, place the order, then withdraw the coins to a VeChain wallet.

Step 1: Register for an account on Binance

This guide is going to focus on the Binance exchange, as it is one of the safest and highest volume exchanges in the world today.

At the same time, the Binance exchange has several advantages compared to other digital asset exchanges in the space. Binance has one of the largest liquidity for altcoins in the crypto market and it offers a large number of trading pairs. When this guide was written, Binance handled almost $900 million in daily trading volume, according to data provided by CoinMarketCap. 

On Binance, VET can be exchanged for Tether (USDT), USD Coin (USDC), the euro (EUR) and the Turkish lira (TRY). Its Bitcoin (BTC), Ethereum (ETH) and BNB pairs are halted.

If you haven’t already, register for an account. The process can usually be completed very 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 trading, you’ll have to submit several documents to have your account verified. Additionally, set up 2-Factor Authentication and other security measures to keep your account safe.

Step 3: Send USDT or USDC to your Binance account

Some large exchanges now sell VET for fiat currency, such as Coinbase and Kraken (US dollars) and Binance itself (euros and Turkish lira). This guide uses Tether (USDT) or USD Coin (USDC), the main VET pairs on Binance.

If you don’t own either of these coins already, or you want to invest more into crypto, you can buy them with a credit or debit card from sites like Coinmama or Changelly.

Once you have one of these two coins, you’ll need to make a deposit to your Binance wallet. Log in, click “Deposit”, then “Deposit Crypto”.

Select the coin you want to send and the network you are sending it on. You’ll be given a wallet address to send your coins to. Make sure to only send the specified coin, on the network you selected (i.e. USDT to the USDT address). Any other coin sent to this address may be lost.

As mentioned before, it is possible to use USDT or USDC to purchase VET. The process is the same for both: we will have to send the coin to Binance if we want to acquire VET. 

Binance is also offering the possibility to purchase some digital assets using a credit card. Binance’s VeChain page says VET can now be bought with a credit or debit card in supported regions, without sending digital assets to the exchange.

Step 4: Wait for confirmation

Deposits and withdrawals are often cleared quite quickly, but depending on the network load it can take a little while. Wait for Binance to give you confirmation that your deposit has been successful.

Step 5: Find and select the USDT or USDC pair

Once your deposit has gone through, move to the exchange section of the site. On the navigation bar at the top of the site, click “Trade”, then “Spot”.

Now go to the box on the right side of the page. Select the coin you wish to trade with (USDT or USDC) and search for VET. Select the pair that comes up (e.g. VET/USDT).

Optional: Use Binance’s advanced tools to buy at the right time

Binance offers a lot of data, such as price and order history, to help you make trades at the right time. They also give you the ability to set limit orders. This means you set the price you want to buy (or sell) VET for, and once it hits that price, the exchange will automatically make your trade.

These advanced trading options have been created for those users with more knowledge about markets and how virtual currencies and exchanges work. Although it seems complex, it is very easy to use for those users with some experience in the cryptocurrency market.

For example, you could easily set up a limit order to purchase VET at the right moment. If you consider the price is too high, you can set up a limit order at the price you consider could be a good entry. Then you wait until the price reaches that level and your order gets executed. 

If you prefer to have VET immediately, then you should place a market order. 

Step 6: Choose the amount of VET to buy

In the “Buy” box below the price graph, put in how many VET you want to buy, and the price to buy it for. Alternatively, you can choose “Market” to buy for the current price (this is fine for novice traders).

Step 7: Buy VET!

Click the green “Buy VET” button to complete your trade. Once Binance confirms your transaction, you’re done!

Step 8: Move your coins to a secure VeChain wallet

It’s a good idea, when not trading, to move your coins off the exchange and into a secure 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.

To do this, you will need a wallet that supports VET tokens. VeWorld, VeChain’s self-custody wallet, is available for iPhone and Android and as a Chrome extension. The older VeChain Thor mobile wallet is now offline. Alternatives include the Atomic desktop wallet for Windows and Mac, or for the highest level of security, a Ledger hardware wallet, which VeWorld can connect to.

When you have a wallet ready, you can withdraw your tokens from Binance. Go to “Assets”, then “Overview”, and click “Withdraw”. Choose VET and make sure the network matches your wallet address.

In the past, Binance was affected by a hack that resulted in the loss of around 7,000 BTC. Although the exchange was able to give users back the funds lost, it is always better to be in control of the private keys of the digital assets. 

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. Hardware and cold storage wallets are usually the best options to deal with cryptocurrencies.

Put in the address from your VeChain wallet as the VET Withdrawal Address. Double check the address is correct, choose how much you want to withdraw, and hit submit. Binance will confirm when your transaction has been completed.

At the time of writing this article, VET is the 31st largest cryptocurrency in the market. The digital currency has a market capitalization of $274 million and a price per coin of $0.00494. 

In the months before this section was written, VeChain worked with many different companies in order to improve their services and offer better information to customers. For example, VeChain announced that it was collaborating with Walmart China in order to power the Walmart China Blockchain Traceability Platform (WCBTP). This was a major milestone reached by the company. 

If you want to know more about it and about the $25 million buyback plan that the firm started back then and about the Walmart deal, you can check our VeChain article here. To learn more about this blockchain platform, you can read our What Is VeChain article. 

Final Words

That’s all you need to know to start investing in VeChain, one of the most promising projects focused on real-world blockchain adoption.

Want to learn more? You can check out our full Vechain VET Price Prediction article here, as well as a technical analysis on Vechain trading pairs.