Best VeChain (VET) wallets
Your guide to the best wallets for securely storing and managing VeChain tokens (VET).
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Launched in 2015, VeChain is a blockchain platform designed to enhance and streamline supply-chain management. The VeChain token (VET) is the platform's native token, carrying the value transfer function of the blockchain network and the activities that run on it. There are several options available where you can safely hold your tokens, and we cover five of the most popular choices.
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What to look for in a VeChain wallet
If you’re searching around for a VeChain wallet that matches your needs, make sure you look for the following important features:
- Compatibility. You will naturally need to select a wallet that supports VeChain tokens.
- Security. Research the security features the wallet offers, such as PIN protection, two-factor authentication and multisig functionality. It’s also a good idea to check whether the wallet has ever been hacked or if there have ever been any other security breaches reported.
- Ease of use. If you’re not sure how to use a wallet properly, how can you be expected to safely store your VET tokens? With this in mind, choose a wallet with a simple user interface that’s easy to understand and navigate.
- Private key control. Your private keys are crucial passwords that allow you to access your crypto holdings. Make sure your wallet lets you control where those private keys are stored.
- Continued development. Check to see when any wallet you’re considering was last upgraded. Is it backed by a development team that’s always introducing improvements and new features?
- Customer support. If you have a problem with a transaction or your wallet malfunctions, how can you contact customer support? Do they have a good reputation for prompt and helpful responses?
- Positive reviews. Check out some independent online reviews of the wallet to find out what other users see as its pros and cons. Would they recommend it for someone like you?
If you shop around and compare your options, you’ll be able to find a wallet with all the features and functionality you need.
The two wallets below may be among the best options for storing VET because both of them are hardware wallets, which is widely regarded as the most secure type of wallet for holding cryptocurrency.
Ledger Nano S (hardware wallet)
- High emphasis on security, user-friendly, support for a range of cryptocurrencies
- Cost, slightly inconvenient to use
It’s a USB device that allows you to store your cryptocurrency private keys in a secure element, which is protected by a PIN. An in-built OLED display lets you check and confirm transactions, providing an extra level of security, while the set-up and management process is simple and straightforward.
The main stumbling block for some users is that the Nano S isn't free. At the time of writing (14 March 2018), a new Nano S directly from Ledger costs €79 (around AUD$125) plus tax.
TREZOR (hardware wallet)
- Easy to use, loaded with security features, can manage multiple currencies
- Cost, not as convenient as other options
The TREZOR is a key competitor for the Nano S, and another popular choice for anyone who values security above all else. Connecting to your computer or Android device by micro USB, the TREZOR also includes a built-in screen and buttons for manually verifying transactions.
It’s also PIN protected, and each time an incorrect PIN is entered in succession, the wait time until you can try again increases by the power of two.
The set-up process is easy to follow and the wallet is also quite user friendly. In addition, if you want to store other cryptos such as bitcoin, Litecoin, Dash and Ethereum, they’re supported as well.
Storing VET in an exchange wallet
If you want to actively trade VeChain tokens, you may need to keep them in an exchange wallet. This is a simple and convenient option for the short term, but may not be the best option if you require long-term storage without active trading.
Cryptocurrency exchanges are an extremely popular target for hackers, and there are numerous examples of user funds being stolen. Storing your funds on an exchange also means that you don’t control your private key, so moving your tokens into a secure, private wallet is generally recommended as the best course of action.
Tips for securely storing your VET
The following are some of the simple steps you can take to maximise the security of your VET tokens:
- Consider offline storage. Cold wallets offer a higher level of security than hot wallets, with hardware wallets generally considered to be the safest option available. If you need to store a large balance of tokens, consider moving them into an offline wallet for extra peace of mind.
- Do your research. Don’t transfer funds to a wallet you haven’t researched thoroughly first. Look into the reputability of the wallet provider, the security features it provides and whether it has ever been hacked.
- Use all available security features. Whichever wallet you choose, make sure you take advantage of all the security measures it offers. For example, enable two-factor authentication, use multisig support and create a secure PIN for your account.
- Set a strong password. Create a random password that features a long list of letters, numbers and other characters. If you use a lazy, easy-to-guess password for your wallet, you’re more or less asking to be hacked.
- Update your antivirus protection. Make sure you have the latest antivirus and anti-malware software installed on the devices you will use to access your wallet.
- Secure your private keys. You can’t access your tokens without your private key, so make sure it’s stored somewhere safe and secure, and that you never share it with anyone else.
- Follow other safety practices. Set up a secure firewall, never click on a download link from someone you don’t trust and never access online wallets through public Wi-Fi. In addition, remember to update your wallet whenever a new version is available.
At the time of writing, the author holds IOTA and XLM.
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