VeChain is a blockchain platform launched in 2015 to enhance and streamline the management of supply chains. The VeChain token VET is the platform’s native token used as a medium of transferring value across of the blockchain network and to power the activities that run on it.
The VeChain project enables its users to verify and confirm quality and genuineness of a product by using the immutable nature of ledger technology which records all distribution steps and item features.
The technology is able to track every single detail about a product form the origin of its materials to where it was manufactured, when and how many time the product was serviced, if there were any replacements made to it, and so forth. The blockchain basically stores every information it can find with regards to a supply chain movement of that particular product.
The VET coin is currently ranked on the 22nd position on CoinMarketCap, being priced at the time of writing at $0.005765 USD, with a market cap of $319,724,005 USD. There are 55,454,734,800 VET in circulation on the market out of a total supply of 86,712,634,466 VET.
Binance is a popular cryptocurrency exchange launched in 2017 after it concluded one of the most successful ICOs in China. The platform provides users with the possibility to buy, sell and exchange a wide selection of crypto assets.
While the company is still rather new to the market, it has become very popular due to its impressive list of Initial Coin Offerings, professional attitude, and its low trading fees.
Binance was initially headquartered in Hong Kong but relocated to Tokyo afterward. Recently, the exchange has taken its main office to Malta, which has more lenient regulations for crypto-related businesses.
How to Buy VeChain on Binance | Step-by-Step Guide
- To begin with, you will be required to purchase either Bitcoin or Ethereum in order to buy any cryptocurrency on exchanges. If you already own Ethereum, you can move on forwards to Binance registration step.
- Seeing as Vechain has transitioned this year to its own mainet from Ethereum blockchain it is no longer an ERC-20 based token. This means it cannot be stored anymore on ERC-20 compatible wallets. There is a limited selection of wallets which support the VET coin, including Atomic Wallet, Ledger Nano S, and VeChainThor Wallet- which is available for both Android and iOS.
Step One: Register on Binance
To be able to use Binance and its services, you will have to register for an account. You can do that by accessing the exchange’s official website.
The platform has two options for trading: Basic and Advanced. Aside from the Advanced version’s features of detailed technical analysis, there are not many differences between the two views. In our article, we will be using the Basic version.
- Click on the “REGISTER” link featured at the top right corner of the page.
- Complete the registration form with the information required and submit.
- Click on the email you will receive and verify your account with Binance.
Step Two: Deposit Your Ether Funds
- Log into your Binance account, click on “Funds” and then on “Deposits Withdrawals” at the top of the page.
- Click on the “Deposit” button in front of ETH on the page. If you can’t see Ethereum, search the asset with the search tool at the top of the page.
- A wallet address will be generated. Here you will transfer your Ether tokens to Binance.
- Copy the address and send the desired amount of ETH from your external wallets.
After a few minutes, your coins should be in your Binance wallet.
Step Three: Buy Vechain on Binance
Now that your Ethereum has been deposited in your Binance account, let us proceed with purchasing VET coins.
- Click on Exchange, then select the Basic version.
- On the Exchange page, look for your pair in the market pairs section of Trade History located at the top right corner.
- After you have located the market pair you want to exchange-in our case VET/ETH- hit click.
- The page loads the VET/ETH pair market, and you will be able to exchange your coins for VET.
- Beneath the chart, you will find the Buy VET section.
- The first box features the value of ETH per VET to be purchased.
- The second box is where you state the number of VET tokens you want to exchange for the Ether you deposited.
- The total box displays exactly how much ETH the transaction costs.
- Click on the ‘Buy VET’ button.
Your VET coins should be transferred after a few minutes to your VET wallet on the Binance platform.
If you have made it to the end of our tutorial, that means you now own VET coins. Remember to immediately transfer your newly acquired funds to your external VeChain wallet.