Buy VeChain or VEN Crypto currency explained by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about how to Buy VeChain or VEN Cryptocurrency.
How To Buy VeChain or VEN Cryptocurrency?
Like many similar venues, VeChain was developed based on Ethereum network. It is a Chinese blockchain platform offering Blockchain-as-a-Service to enterprises that has been in operation for more than two years now. It is also supported by the Singapore-based VeChain Foundation.
The Vechain project focuses on scalable solutions, and has already developed several products using this blockchain, and they seemingly focus on entirely different markets, such as tracking & authentication platform for wine bottles and API gateway service, used by a Chinese company for import of goods. Besides, Vechain is used by PricewaterhouseCoopers for “third party services”.
The VeChain token used in VeChain platform is currently called VEN, but the company plans rebranding and changes in Q2 of 2018. The VEN tokens will be converted to VET tokens and there will be a proof-of-authority consensus model.
How to buy VeChain (VEN)
If you are a newcomer in the crypto world, you are probably searching a way to buy some VEN coins directly and instantly via your credit/debit card in your local currency. However, VeChain currently cannot be purchased with fiat currencies (such as USD, or EUR) on any cryptocurrency exchange.
That is why we will show you a bit roundabout way to get some VEN. Just follow the below steps.
1. Sign up with a major crypto exchange and buy Bitcoin or Ethereum. We recommend that you do that at Coinbase – one of the few platforms that accepts credit card payments. More importantly, it holds NY BitLicense (while most exchanges are not regulated) and accepts US clients. We suggest that you buy some Ether at Coinbase, as VeChain is ERC20 token.
2. Second, you need register with a second exchange that supports VeChain and allows you to exchange your ETH for VEN coins. The most popular exchanges for trading in VEN appear to be Binance, and Chinese Huobi.
The reason to do this is that Coinbase currently supports only BTC, ETH and LTC, while the exchanges that offer trading in VEN do not offer convenient payment methods (cards, bank wire).
3. Then, transfer your ETH from Coinbase to the other exchange of your choice.
4. Search for ETH/VEN pair on this platform and proceed with the trades.
5. After you already have some VeChain, we suggest that you store it in a wallet, instead on the exchange. As VEN is a ERC20 token, MyEtherWallet supports it and is a convenient option. We recommend that you back the Keystore File on external hard drive and/or USB drive.
Of course, you can also use Ledger Nano S, as well as Trezor wallets.
6. If you wish to sell your VEN coins and withdraw them in real money, you have to undergo the process described above vice versa.
If the process described above seems too much of a hassle to you, you have another option to trade in cryptocurrencies that is a lot simpler. You can do that with a forex broker without actually owning any coin, which means no wallets, private and public keys, no multiple accounts on different platforms. Besides, many of these brokers (like eToro) are properly regulated in the countries where they operate, unlike the majority of crypto exchanges. Unfortunately, there aren’t any brokerages that support VEN yet.
How to Buy VeChain or VEN Cryptocurrency Conclusion
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