Where’s the best place to buy VeChain (VET) in the UK?
Considering that it’s a popular cryptocurrency, VeChain (VET) isn’t available in as many places as I thought it would be.
But of the places where you can get it, there are some clear winners you should know about.
Read on to learn about how to buy VeChain (VET) in the UK.
Your Best Options in the UK
Here are the best places to buy VeChain (VET) in the UK with popular payment methods.
|Provider||Payment Method||Fees (Approx.)|
|Crypto.com||UK Bank Transfer||Variable Exchange Rate|
|Crypto.com||Debit & Credit Card||2.99%+|
|BC Bitcoin||UK Bank Transfer||5%|
Click the links in the table to head straight over to the websites or read on to learn more about the two best options.
How to Buy VeChain (VET) in the UK
1. Crypto.com [Popular Crypto Trading App]
The Crypto.com app is a decent place to quickly and easily buy VeChain (VET) in the UK.
Just download the app to your mobile device, complete the short registration process, and then you’ll be able to buy dozens of cryptocurrencies with a credit or debit card.
You can also deposit GBP into the Crypto.com app using a UK bank transfer (via Faster Payments). This allows you to deposit GBP for FREE. However, this will take longer to process than buying VeChain (VET) with a credit or debit card.
If you’re from the UK, you’ll normally pay 2.99% in fees when you use a credit or debit card to buy cryptocurrencies using the Crypto.com app. However, these fees are being waived for the first 30 days after you create a Crypto.com account.
Unfortunately, you won’t be quoted the real exchange rate if you buy or sell cryptocurrencies using the Crypto.com app. When I’ve checked, I’ve been quoted prices that were consistently more than 1% more expensive than cryptocurrency exchanges like Binance.
Getting started with Crypto.com is quick and easy. Just click the link below, complete a (short) automated verification process, and then you’ll have full access to everything that Crypto.com has to offer.
2. BC Bitcoin [Highly Rated Crypto Broker]
BC Bitcoin is a highly-rated (4.9-stars on Trustpilot, with 500+ reviews) cryptocurrency broker.
When I asked, I was told that BC Bitcoin can help people get their hands on almost any cryptocurrency they want. The main exceptions to this are privacy-focused cryptocurrencies like Monero (XMR) and Zcash (ZEC).
You’d normally pay 5% when buying VeChain (VET) or any other cryptocurrency that isn’t Bitcoin (BTC) with a UK bank transfer on BC Bitcoin. This is reduced to 4% if you place an order of £5000 or more.
One thing that I don’t like is that the minimum order amount is £250. You can buy smaller chunks of cryptocurrency (at lower rates) with the Crypto.com App.
BC Bitcoin is also only web-based. The interface isn’t great, but it’s functional.
Where Can You Store VeChain (VET)?
With both Crypto.com, you’re able to leave VeChain (VET) in the wallets that THEY control. Although it’s more convenient, it’s not considered good practice. That’s because the wallets controlled by cryptocurrency apps and exchanges are lucrative targets for attackers.
This is a real threat to consider.
Most recently, more than $150 million in digital assets were stolen from KuCoin (a cryptocurrency exchange). In 2019, about twice that was stolen from multiple places.
If you want to take control of your VeChain, then here are a couple of wallets that support VeChain (VET):
- Atomic Wallet (Desktop & Mobile Wallet)
- VeChainThor Wallet (Mobile Wallet)
- Ledger Nano S (Hardware Wallet)
If you don’t have one, then the Ledger Nano S is a great choice for easily securing many of the most popular cryptocurrencies available. For a full list of supported assets, check out this page.
What is VeChain (VET)?
VeChain (VET) is one of the native tokens for the VeChain ecosystem. The VeChain network offers a blockchain-based supply chain solution called ToolChain that’s used to track commercial goods as they move around the world from the manufacturer to the consumer.
The network was founded in 2015 by Sunny Lu and Jay Zhang. Lu had previously worked as the CIO (chief information officer) at Louis Vuitton China and he came up with the idea for VeChain from his own experience managing a global brand.
Here’s a quick video that introduces VeChain, how it works, and what it’s used for:
VeChain is an ecosystem of blockchain-based services, the most popular of which is a supply chain solution called ToolChain. The idea behind ToolChain is that it can help companies of all sizes track their goods as they move from the point of manufacture to the point of sale.
ToolChain is a turnkey solution that can be adapted to nearly any business that relies on the movement of goods. It’s already used by major companies like BMW, Louis Vuitton (LVMH), and Walmart China.
The gist of how ToolChain works is fairly straightforward:
Companies that want to use the system can place NFC (near-field communication) chips, RFID (radio-frequency identification) chips, and QR (quick response) codes on all of their products. These chips and codes are then scanned every time a product moves through the supply chain.
As these products are scanned, the information about their whereabouts and progress through the supply chain is uploaded to the VeChain blockchain using Internet of Things (IoT) sensors. All of this information is then verified and logged on the VeChain blockchain, which creates an immutable record of a product’s entire lifecycle.
If all of this sounds like it’s unnecessarily complex from a consumer’s point of view, that’s because VeChain isn’t really built for the people who buy goods—it’s made or the people who make them.
VeChain’s goal is to make it very easy for companies to track every single one of their products throughout the supply chain. This is helpful for companies that want to prevent counterfeit goods from entering the market. But it can also be useful for other companies, like grocery stores, who want to ensure that they don’t have shortages of important staple foods.
However, the public nature of the VeChain blockchain means that anyone can find out about the complete manufacturing history of a particular item.
This could be helpful for consumers that want to know where their food comes from. Or it could even be used by public health officials to uncover the source of contaminated foods or to locate items that are under recall.
The VET token is one of the native tokens of the VeChain ecosystem. It’s used to:
- Secure the network through VeChain’s Proof-of-Authority (PoA) consensus mechanism.
- Provide governance votes in the VeChain network.
- Facilitate the transfer of value between different users of the VeChain network.
However, to understand what VET does, we first need a better working knowledge of how the VeChain network operates.
But first a bit of history:
VeChain was created in 2015, though its original token, VEN, didn’t launch until 2017. VEN was built as an ERC-20 token on the Ethereum network, but it was later replaced by the VET token on a 1:100 ratio in 2018 when VeChain launched its own blockchain called VeChain Thor.
With the creation of the independent VeChain blockchain came an innovative consensus mechanism called Proof-of-Authority (PoA).
Unlike Proof-of-Stake (PoS), which requires nodes to stake tokens to be eligible to validate transactions, PoA requires nodes to be certified by the VeChain Foundation as “authorities.” Becoming an authorised node involves submitting identifying information to the VeChain Foundation and staking at least 25 million VET.
Due to the certification process involved in becoming a VeChain node, many critics argue that the network isn’t decentralised.
The other two uses of VET are a bit more straightforward.
As far as governance goes, anyone that holds VET tokens can vote on proposed changes to the VeChain ecosystem.
Additionally, VET is used to send and store value on the VeChain blockchain – as is the case with many other popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
One of the most interesting things about VeChain is that it operates on a two token system.
As I’ve mentioned, VET is used to secure the VeChain network, provide governance votes, and act as a store of value.
But there’s another token on the network: VeThor (VTHO)
VTHO tokens are primarily used to pay for transaction fees on the VeChain network. VET tokens generate VTHO tokens on a regular basis (1 VET generates around 0.000432 VTHO each day).
It might seem odd to have one token that’s used to send and store value (in this case, VET) and another token that’s used to pay for transaction fees (in this case, VTHO) as many blockchains combine these two functions into one token. For example, Ethereum (ETH) is used to send value and pay for transaction fees on the Ethereum network.
However, the founders of VeChain wanted to create two tokens in order to protect VET from large price fluctuations that can occur when there’s a lot of congestion on the network.
Ideally, the decoupling of VET and VTHO can also keep transaction fee costs much more predictable for users on the network. This sort of fee predictability is particularly important for commercial users of the VeChain network who want to know how much it will cost to use ToolChain’s services each year.
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