VeChain (VET) is the 49th largest cryptocurrency by market cap, valued at US$2,658,788,642.
VeChain is a highly volatile asset capable of major price swings in a single day. Today VET is trading for $0.03673289 USD, which is higher than yesterday's trading price of $0.0360900291 USD. Over the past year, VeChain's price has seen an increase of 81%.
So before you buy VeChain, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy VeChain.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy VeChain in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy VeChain is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy VeChain
You can now exchange your funds for VeChain. On beginner-friendly exchanges, this is as simple as entering the AUD or VET amount you want to purchase and clicking "buy".
Secure your VeChain
Consider transferring your VET to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy VeChain in
Australia
Find an exchange to buy, sell and trade VET by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this VeChain guide up-to-date
VET price data is regularly updated through data feeds so you always have the latest information.
What is VeChain?
VeChain was founded in 2015. This blockchain platform is intended to revolutionise supply chain management by making it easy to track the entire lifecycle of a product, allowing retailers and consumers to quickly verify the quality and authenticity of just about anything they buy.
VeChain is designed to create a more transparent market and to give people access to reliable information about the products they buy and sell. VeChain aims to be a secure and easy way for product manufacturers to collect, store and share product details with retailers and consumers.
VeChain works by giving each product a unique ID and VeChain smart chip tracker.
The platform is intended to serve 4 primary purposes:
Aid anti-counterfeiting
Assist in supply chain management
Improve asset management for businesses
Improve customer and client experiences
The VeChain system consists of 2 different cryptocurrencies: VeChain (VET) and VeChainThor (VTHO). The former is used to secure the network itself, while the latter is used as gas to power applications on the network. VTHO is earned by users who stake VET tokens. All transactions and services on the VeChain platform depend on these tokens.
How do I find the best places to buy VeChain?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy VeChain?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading VeChain.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing VET with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy VeChain?
Once you've created an account, you will need to deposit funds to buy VET with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy VET:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase VET by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for VET on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy VeChain?
The easiest way to buy VET is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying VET, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of VeChain has been performing recently.
Best VeChain wallets to store your VET
You can keep your VET on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your VET below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is VeChain a good investment?
Cryptocurrencies are complicated and highly speculative, and it's important to ensure you understand the token and its associated platform before investing. In the case of VET, here are some things to consider:
Competition. Improving supply chain logistics is a popular application of blockchain tech, and as a result VeChain are only one of many projects in this space. Competitors such as WaltonChain, Wabi and OriginTrail may each challenge VeChain’s market share. It's worth researching a number of potential supply chain blockchain solutions before deciding on one particular token.
Partnerships and adoption. The adoption rate of VeChain will largely be informed by its corporate partnerships, which will in turn have a massive impact on the blockchain's success. You can keep up-to-date on VeChain's adoption via the VeChaininsider website. Some notable partners include auto manufacturer BMW, and Norwegian registrar DNV.
Token use-case. VeChain's platform involves the use of two separate tokens – VET and VTHO. VET is used as a medium of exchange and store of value for services provided by the blockchain. Conversely, VTHO is used to pay for gas (transaction) fees on the network. As VeChain is a proof-of-stake network, users can generate VTHO tokens by staking their VET on a supported wallet.
Today's VeChain price versus ATH
Compare today's price of VeChain ($0.03673289 USD) against its all-time-high price of $0.280991 USD on 19 April 2021. The closer the bar is to 100%, the closer VET is to reaching its ATH again.
VeChain's price: $0.03673289 USD ATH date: April 19, 2021
13.07%
VeChain ATH: $0.280991 USD
How to trade, convert or sell VeChain
You can convert or sell your VET with the same exchange you bought it through:
Sign in to the exchange you have VET on.
If you store your VeChain in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of VET you'd like to convert or sell.
Confirm the sell price and fees and close your sale of VeChain.
Complete your transaction and move your VET to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including VeChain, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of VET is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the VeChain or any other cryptocurrency discussed.
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