There are hundreds of digital coins for investors to choose from including some new names such as the VeChain (VET) coin. Most people only think of Bitcoin and other popular names when they look at cryptocurrencies despite some smaller coins offering excellent returns.
In this VeChain buying guide, we’ll discuss all there is to know about this digital coin and even provide tips on how to buy VeChain UK. Like most digital currencies, this coin is available for investors to invest in. You only need to know how and where to buy VeChain UK.
What is VeChain (VET)?
Launched in 2015, VeChain is a blockchain platform designed to improve business processes including supply chain management. The main goal of VeChain is to streamline information flow through distributed ledger technology. It is fast growing in the UK and is said to be reliable.
The blockchain ecosystem uses two coins: VET and VTHO. We’re going to concentrate on VET, which is the VeChain token that’s used to carry ‘smart money’ or value from smart contracts.
The coin reached its highest point in April 2021 when it hit the £0.2582 mark. It’s currently trending around £0.04013, which is on the lower side. The good thing is that there is huge scope and the coin could give very good results. However, like most digital coins, this is a risky investment and the coin is highly volatile. Investors need to be careful when they choose to buy VeChain UK.
How to Buy VeChain – Step by Step Guide
Let’s now talk about how to buy VeChain UK. It’s a digital coin and can only be bought and sold online. If you search the web, you will find dozens of exchanges and online platforms that offer VET UK.
The exact process depends on the exchange you have selected, however, we have provided a short step-by-step guide to help you have a better idea.
Find an Exchange or a Broker
The first step is to find an exchange or a broker. The two terms are often used interchangeably but they are very different. A broker is an individual or a firm that acts as an intermediary between the crypto markets and facilitates the trading of cryptocurrencies. On the other hand, an exchange allows users to exchange coins for other assets such as a fiat currency.
Make sure to pick a reliable platform that’s safe, quick, affordable, and available in the UK. We’ll cover some of the best exchanges and brokers to buy VET UK later in this guide.
Create an Account
The next step is to create an account. It’s a requirement in most cases and you may not be able to buy or sell digital coins without an account. Signing up is free and the process usually takes a few minutes only.
We suggest that you create an account even if the platform gives you the option to trade without an account as it will give you more flexibility and safety. You’ll be asked to provide personal details including your name and email. Be very careful as KYC requirements require users to verify their identity. You will not be able to complete the verification process if the information entered while signing up does not match the information on your identity documents.
Fund Your Account
Now that you have an account, you can go ahead and fund it. The process involves adding a payment method and depositing money to your account. Not all exchanges may have the same deposit methods. Some popular options include PayPal, bank transfers, and cards.
Get a Wallet
You will need a wallet to store VET coins. Some exchanges come with a built-in wallet that removes the need to use a third-party wallet, however, we suggest that you get one so you can keep all your coins in a single wallet. This will make it easier to store and access your coins.
Buy VeChain UK
Now that you’re all set up, it is time to purchase VeChain. Here’s how you can do it:
- Open the exchange that you wish to use and login to your account. You can also use the mobile app for this purpose (if any).
- Go to the ‘Buy’ section and look for ‘VET’.
- Go through available pairs and pick the pair that fits your requirements. Not all platforms offer VET and fiat currency pairs since VET is still not a very popular coin. You will, however, find VET/BTC easily.
- Choose how many coins you wish to purchase.
- Have a look at the transaction and confirm it.
This is it. You will not get the coins in your wallet.
Note: There may be some additional steps based on your exchange.
Where to Buy VeChain in the UK
Here are some of the best platforms to buy VeChain UK:
Binance is a name that needs no introduction. It has a global presence, however, its reliability is questioned in the UK as the platform has been banned by The Financial Conduct Authority (FCA) since 2021. Binance Markets Limited (BML) is not allowed to conduct any ‘regulated activity’ in the UK. But, it doesn’t mean that you cannot use Binance to buy VeChain.
Binance.com is still an option as it doesn’t fall inside the FCA’s UK remit. It offers multiple payment methods including bank transfers and the minimum deposit is as low as £20. Transaction limits are also very low – only £10.
Here’s how you can purchase VeChain on Binance:
- Create an account and verify it by following the process. You will be asked to submit address proof and valid identity documents. In some cases, a selfie might also be required.
- Set up 2FA to secure your account. This will prevent theft and protect your assets.
- Add a payment method to your account. There are multiple options in the UK including debit cards, credit cards, and bank transfers.
- Go to the coin centre and choose VET. You can select VET/USDT or other available pairs.
- Enter the amount you wish to purchase and click ‘buy’.
- Review details and confirm your order.
This is it. Your coins will show up in your wallet in a few minutes.
BC Bitcoin is a home grown name that allows users to buy VeChain UK. It’s a broker with an excellent track record. Most users choose it as it offers fast UK bank transfers but other options including debit and credit cards are also available. However, on the downside, it has a minimum deposit of £500.
Here’s how you can buy VET through BC Bitcoin.
- Create an account.
- Verify your account. You will be asked to provide identity documents and a selfie.
- Next, add a payment method.
- Once your payment method has been added, go ahead and deposit money to your BC Bitcoin account.
- Money can show up a little while to appear in your account, based on your deposit method. Once it does, go ahead and purchase the VeChain coin.
- Complete the process and your coin will be added to your wallet in no time.
Choose this option if you are an experienced trader as the minimum value is quite high. Fees can be up to 5% when buying VeChain, which is a little higher than what some other platforms charge.
Crypto.com is a fast-growing name in the UK. In addition to buying and selling cryptos, it allows users to earn money and even has some excellent cashback offers.
You can pay using PayPal, bank transfers, credit cards, or crypto.com Pay, a method that allows users to use existing cryptos to pay for new purchases. Here’s how you can buy VeChain UK through Crypto.com:
- Register for an account through the website or mobile app. We suggest the latter as it makes the process easier.
- Verify your identity.
- Deposit money. You can add GBP and save conversion fees.
- Buy VET with GBP in your account. Alternatively, you can use a debit or credit card.
Crypto.com is among the easiest and fastest ways to buy VeChain UK. Launched in 2016, the platform has carved a niche and is safe to use. Fees depend on your payment method. It goes down to 2.99% when using a debit or credit card and GBP deposits are free. Also, it’s currently running a ‘no free’ promotion, so act fast.
Last is Kraken, a name that needs no introduction. It is one of the largest crypto platforms out there, however, it does not presently offer VeChain. You can try other platforms covered in this How to Buy VeChain (VET) Coin in the UK guide and keep an eye on this space for the latest on Kraken.
Best Ways to Buy VeChain
Now that you know where to buy VeChain UK, let’s talk about how to buy VeChain. As mentioned earlier, most platforms support a variety of payment methods. Each option comes with its own pros and cons. We’ll discuss some of the most popular ways below:
Buy VeChain With Debit Card
A debit card is a popular choice as it is supported by almost all online platforms. You only need to get your hands on a card that supports online payments. Both Mastercard and Visa can be used to buy digital coins online. Also, you might even be able to use UK prepaid cards for purchases but this option may not always be available.
Debit card payments are fast. Money will be deposited into your account instantly. Moreover, you might even be able to save debit card details for future purchases but it’s not always recommended due to the risk of your personal information reaching unsafe hands.
We suggest that you use this option when you are in a hurry as it is more expensive than some other payment methods. There is usually a surcharge when using debit cards that goes as high as 3%. Also, there might be conversion charges.
Buy VeChain With Credit Card
Crypto buyers can use credit cards for purchases but it isn’t the most preferred option as it is considered a cash advance and the rate can be very high. We suggest that you stick to other payment options, however, credit cards have some benefits such as added security and fast deposits.
Buy VeChain With Paypal
Paypal is an online wallet that can be used to buy digital coins including VeChain. It works in more than 25 countries including the UK and is the go-to option for users due to its high security and ease. With PayPal, you will be able to pay using your existing balance or the attached payment method.
Some other e-wallets may also be supported and there may be associated fees with each. This option is popular since PayPal deposits are instant.
Buy VeChain With Bitcoin
This is an obvious option. You can use existing crypto, including Bitcoin, to purchase VET. In fact, in some cases, you may have no option but to first buy Bitcoin before converting it into VET since VET is still not a very popular currency, and not all platforms offer VET and GBP or USD pairs. Though reliable, this option can end up being a little costly if you don’t already own BTC.
How and Where to Buy VeChain UK – Conclusion
This is all you need to know about buying how and where to buy VeChain UK. Right now might be a good time to try your hands at crypto but make sure to perform due diligence and only spend money you can afford to lock as VET is a highly volatile asset and can go in either direction.
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