VeChain is a specialised smart contract platform that uses IoT and blockchain technologies to automate supply chain operations and business procedures across a variety of sectors. Former CIO of Louis Vuitton China Sunny LU started it in 2015.
VeChain offers a decentralised trust layer for multi-party ecosystems that ensures the real-time and trustworthy flow of data between participants in order to do that.
Increased transparency, safety, productivity, and simple data tracking are all made possible by trustless automation enabled by smart contracts.
In order to safeguard the network, the VeChainThor blockchain employs a Proof-of-Authority (POA) method. With this system, masternode operators are chosen and given permission to manage network operations by an Independent Steering Committee.
The VET network is powered and managed by VeChain using two tokens, which helps prevent network congestion and fee volatility.
- VET: Used as a means to keep and transport value to support transactions and other network-related activities.
- By enabling fee payments to power smart contract transactions, VTHO serves as the gas token on the VET network.
Four simple steps to buying VeChain
You only need a smart device that has internet access, a form of picture identity, and a method of payment for the entire procedure, which can be completed in as little as 15 minutes.
1. Compare crypto exchanges
A cryptocurrency exchange is where you may purchase VeChain the simplest. You can select one with the qualities you desire, such as affordable costs, the convenience of use, or round-the-clock customer service, by comparing the options you have.
2. Create a profile
You must authenticate your email id in order to open an account on an exchange. Prepare your phone and some picture identification.
3. Put money down
Once your identity has been confirmed, you may deposit money using whichever payment option works best for you. Credit cards, cryptocurrencies, PayPal, and bank transfer payments are all often accepted.
4. Order VeChain
You may now buy VeChain with your money. This may be done by simply entering the desired purchase amount and pressing the buy button on simpler exchanges. You may now withdraw your VeChain to your own wallet if you’d like.
Top Canadian Exchanges for VeChain (VET)
VeChain (VET) is now simple to use in Canada, and Coinberry’s user-friendly interface makes it simple to purchase or sell the asset swiftly. Since it was founded in 2017, Coinberry has developed a number of very reliable relationships that have given it a strong reputation in the cryptocurrency industry.
You can quickly register an account and have your KYC validated on this exchange and Coinberry also guarantees the best price environment for purchasing or trading VeChain (VET) and the other accepted assets. They are among the least costly places in Canada to buy VeChain (VET) since there are no transaction fees, and the trading fee is only 0.5%. You may pay using a debit card, credit card, wire transfer, or Interac transfer.However, you should be aware that they will charge a margin to the asset because they are a trading platform. Ultimately, Coinberry provides a service that is incredibly trustworthy, practical, and safe at a fair fee.
On Binance, all Canadian provinces except Ontario are welcome to apply as residents. You may buy VeChain on Binance as a Canadian trader as well (VET). When using platforms like Binance rather than buying your VeChain (VET) directly as you may through the other services listed, there are a few minor distinctions.
The primary distinction is that, in addition to buying through Binance, you may purchase from other market participants through the exchange. You may receive excellent value from this in terms of price and expenses.
To buy VeChain (VET) on Binance with a credit, debit, or bank transfer, the cost ranges from 1% to 3.5%. However, if you choose to acquire VeChain (VET) from other buyers on the platform using a different cryptocurrency, the fee may be as little as 0.1%.
The beginning procedure is equally convenient. All you have to do is register with Binance and pass their KYC requirements. For direct purchases, they collaborate with Simplex, a payment processor that also guarantees the security of your transactions. Your purchase of VeChain (VET) using Binance should be finished in a matter of minutes.
If you wish to acquire altcoins like Binance (BNB), they also provide over 100 of the most well-known cryptocurrencies.
With respect to fees and trading prices, KuCoin is one of the most competitive names in the market and a well-known brand. The exchange, which once only dealt in cryptocurrencies, has swiftly grown and now offers a variety of services, along with a P2P swap functionality and credit or debit card transactions.
They presently provide trading for VeChain (VET) and more than 300 other well-known coins. They frequently provide purchasing possibilities for fresh tokens initially.
It’s simple to purchase VeChain online in Canada with Changelly. It is very user-friendly that makes it easy for you to quickly buy cryptocurrencies in Canada. Wire transfers, Apple Pay, Visa, and Mastercard bank cards are all accepted on our site. They only work with reputable fiat suppliers to ensure the security of your money. Two-factor authentication and HTTPS are used to protect accounts. A quick and easy tutorial on how to purchase VeChain from Canada on our website is provided below:
- Enter as much VeChain as is required.
- Select Canada, then provide your chosen mode of payment. We’ll provide a range of our partners. Pick the one that fits best for you from among those that provide cheap pricing.
- Put your wallet’s VET address in the appropriate area.
- Check all the numbers twice or even three times.
- Please keep in mind that blockchain operations are irreversible.
- Complete the verification process on the website of the fiat supplier. Please be aware that the time it may take for VeChain to appear in your cryptocurrency wallet ranges from a few minutes to a few hours.
Keep Your Vechain (VET) In Hard Wallet
Keep your VET in a Vechain wallet as it aids in the protection of your private key. If you’re still learning about cryptocurrencies, you might still be having trouble understanding what a private key is and why it’s so crucial. You could have just entered the cryptocurrency market by buying coins on an exchange site without realising that they also held the private keys to your cryptocurrency. As a crypto trader means taking care of the security and having control over your private keys offers you a lot more authority. Hardware wallets are a great idea to completely isolate the private keys from your hacker-friendly PC or smartphone. You are the only person you can put your faith in to store your crypto assets.
Vechain (VET): Is It a Smart Investment?
To comment on whether it is a smart investment or not, you must research on it and be informed about its prices. Learn about Vechain price prediction, this will help you decide whether to invest or not. As a forewarning, you should be informed that any cryptocurrency is susceptible to dramatic price volatility, so you should start with as little as possible in cryptocurrencies that you can afford to give up. To check the price volatility of your coin, you can use a trading bot like meta profit.
However, Vechain has recently been doing rather well, indicating that it might be a smart investment and might stay that way in the future.