How to Buy VeChain: A Step-by-Step Guide for 2022

VeChain (VET) is a blockchain project that started in 2015. It focuses on developing a trust-free and distributed business ecosystem. If you are interested in this project and its digital asset, keep reading this guide to find out how to buy VeChain.

Requirements Before Buying VeChain

Like all other cryptocurrencies, you can find VeChain on exchanges. Nevertheless, not all exchanges support VET. Therefore, confirm that an exchange supports this cryptocurrency before registering an account. Furthermore, you should consider a reputable platform like Binance when choosing an exchange. This guide will use Binance as an example.

You will also need a wallet to store your coins prior to buying VeChain. You can download the VeChainThor Android or iOS wallet from the company’s website. Also, you can use a hardware wallet like the Ledger Nano S.

How to Buy VeChain on Binance

• Visit Binance.com.
• Click the button labelled “Register”

• Enter your email address or mobile phone number and password

• Hit “Create Account.” Binance will send you a code to your email or phone, depending on what you used to register.
• Next, verify your details. To do this, go to the top of the screen and click the profile picture icon.
• Select “Identification.”
• Click “Verify” to upgrade your account from VIP0.
• Choose your country and click “Start.”
• Enter your name, date of birth, and residential address.
• Next, click “Go to Advanced Verification.”
• Upload a picture of your ID, passport, or driving license. On the other hand, you can take pictures of any of these documents.
• When you are done, click “Continue.”
• Binance will ask you for your portrait photo. Use your computer for facial verification or scan the QR code through the Binance mobile app to perform facial recognition.
• Once you are done, wait for the exchange to review your details. You will receive approval allowing you to buy, sell, withdraw, and deposit with ease.

Where to Buy VeChain

On Binance, you can buy crypto with various payment methods and local currencies. However, not all local currencies can buy VET via credit or debit card or cash balance. In this case, you will have to use USD.

Below are the three ways to buy VeChain on Binance.

Buy VET Instantly

Buying VET instantly is a straightforward method that anyone can use. Follow these steps to use this method:

• Go to “Buy Crypto” at the top of the screen.
• Select your local currency and choose the credit/debit card option.
• Pick VeChain as the coin you want to purchase.
• Click “Buy VET” and complete the transaction.

• Once you get VET in your wallet, you can transfer it or use it in another trade.

On the contrary, you can deposit funds to your account and use the cash balance option to buy VET. To deposit money, take these steps:

• Go to “Wallet.”
• Choose “Fiat and Spot.”
• Click “Deposit” and select “Fiat.” Note that payment methods will vary from currency to currency.
• Enter the amount you want to deposit and finish the transaction.

If you cannot buy VET with your local currency, you will have to use the other methods below.

Purchase VET by Converting Another Cryptocurrency

Binance does not allow some local currencies to purchase VET directly. That means that you can buy another supported cryptocurrency like bitcoin, then convert it to VET. Here is how you buy VeChain using another digital currency:

• Deposit funds in your account.
• Click “Buy Crypto” and select your local currency.
• Pick “Cash Balance” from the drop-down menu.
• Enter the amount you want to spend and choose bitcoin.
• Click “Buy BTC” and complete the payment.
• Once Binance sends BTC to your wallet, go to “Trade” and select “Convert.”
• In the “From” field, choose BTC and enter the amount.
• Next, select VET in the “To” field and enter the amount.
• Click “Preview Conversion” to confirm if the details are accurate.
• Proceed with the conversion by clicking “Convert.”

Once you receive VET, you can transfer it to another wallet. Also, keep in mind that if you already have bitcoin in another wallet, you can deposit it in your account instead of buying.

Buy VET with Trading Pairs

Binance offers five VET trading pairs for users to choose from. They include VET/BTC, VET/BNB, VET/BUSD, VET/ETH, and VET/USDT. Beginners could find this method difficult to use. However, they can learn how to trade through Binance tutorials.

To use this method, follow these steps:

• Go to “Markets.”
• In the search bar, input VET. Binance will display all the coin’s trading pairs.
• Choose one of the trading pairs and click “Trade.” For instance, if you choose the VET/USDT pair, you should have USDT in your wallet. The exchange will take you to the trading interface. The numbers in red indicate the sell order book, while those in green show the buy order book. In the middle, you will see the candlestick chart and market depth.
• Scroll down and select “Market.” The market order allows you to buy VET and the best available price
• Enter the amount of VET you want to buy with USDT.
• Click “Buy VET.” The exchange will fulfil your order immediately, and you should receive VET in your wallet in minutes. You can move your coins to another wallet if you so desire. If you choose the limit order, you will have to wait for another trader to fulfil it at the price you specified.

Binance offers various methods for buying VET that are suitable for both beginners and advanced traders. That makes it an excellent platform for beginners as well as experienced investors.