How to Buy VeChain (VEN) Cryptocurrency | A Step-by-Step Guide

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How to Buy Vechain

VeChain (VEN) was originally designed to be a supply-chain-based token that would allow manufacturers, retailers, and customers to track the shipping status of their high-end goods. However, the VeChain project has begun the process of evolving into a decentralized applications platform for business solutions. The lofty goals of VeChain, as well as its numerous significant partnerships, have caused the value of the VEN token to rise dramatically since the middle of December 2017.

VeChain (VEN) tokens can be traded for on many exchanges, but the safest and most user-friendly of them is Binance. Investors like yourself can use Binance to quickly swap Bitcoin or Ethereum for VEN tokens.

Cryptocurrency exchanges can seem intimidating, but our step-by-step guide to purchasing VeChain (VEN) on Binance will lead you through the entire process from account creation to wallet withdrawal.

If you don’t already own any cryptocurrency, you can learn how to buy bitcoin and ethereum here.

How to Buy VeChain (VEN) on Binance

Though VeChain is currently traded for on many exchanges, Binance accounts for the vast majority of the daily trade volume. The most popular trading pair for VEN on Binance is VeChain (VEN) to Bitcoin (BTC), and that is followed by the VeChain (VEN) to Ethereum (ETH) pairing. Binance offers unparalleled trading options to investors, low fees (0.1%), enjoys great popularity, and offers investors peace-of-mind through two-factor-authentication and email withdrawal confirmations.

Here is a simplified guide for your usage of the Binance exchange.

You can also learn more about this exchange in our Binance Review.

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made. Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

4) Buy VeChain (VEN) on Binance With Bitcoin or Ethereum

Locate the Exchange button at the top of the page. Move your mouse cursor over top of this button to reveal the ‘Basic’ and ‘Advanced’ Exchange menu options. This guide is written for the more commonly selected ‘Basic’ option, so select that one.

Look to the right side of the basic exchange screen where you will see the Binance trading pairs: BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), and USDT (U.S. Dollar Tether). If you deposited Bitcoin in Step 3 above, select BTC, and if you deposited Ethereum, select ETH. Type VEN into the search bar below your selection, then left click on either VEN/BTC or VEN/ETH (depending on your deposited cryptocurrency).

Binance Buy VeChain VEN

You can now see a price-movement chart of VEN in your chosen trading pair. The chart shows the current valuation of VEN tokens on the right side. Under the chart are two order forms: ‘Buy VEN’ and ‘Sell VEN’. Within the ‘Buy VEN’ form you can see Limit order, Market order, and Stop-Limit order (we won’t be dealing with Stop-Limit orders in this guide).

Let’s start with Market orders. Market orders are preferred for new traders because they are instantaneous and simple to execute. To complete a Market order, all you need to do is type in the number of VEN tokens you wish to acquire on the ‘Amount’ line, then press ‘Buy VEN’. The Binance exchange automatically sets the price for you based on the current market value of VEN tokens and your order is immediately filled.

Limit orders are slightly harder to use because you must fill in both the ‘Price’ line and the ‘Amount’ lines with your desired figures before you select ‘Buy VEN’. Also, unlike Market orders which are filled automatically at the current valuation of the token, Limit orders will only be filled as tokens are sold for your requested price. This can lead to partially-filled or unfilled orders if your offered purchase price is not competitive. 

After your order has been filled, you can find your VEN tokens in your ‘Funds’. From there you can transfer your VEN tokens into a secure VEN wallet.

Binance VeChain VEN Balance

Buy VEN on Binance

Summary

By following this step-by-step guide you will be able to easily trade VeChain (VEN) tokens for Bitcoin (BTC) or Ethereum (ETH) on the Binance exchange. Binance is straightforward to use once you have deposited your BTC or ETH into the exchange.

As a new VeChain investor, it is very important for you to know that the token is undergoing a rebranding called “Apotheosis”. This is the aforementioned evolution where VeChain is changing from a supply-chain blockchain to a business-solutions-based decentralized applications platform.

Your VeChain (VEN) tokens will be changed into VeChain: Thor (VET) tokens and in order for this to happen, you need to store them in a “trackable” ERC-20 wallet such as MyEtherWallet. Another benefit of using Binance is that you can actually store your VEN tokens in your Binance-provided exchange wallet and the platform will deal with the transformation from VEN to VET tokens for you.

I’m an American teacher, living and working in Korea, who developed a passion for cryptocurrency early last year. As a political and financial Libertarian, I find the concept of bankless, blockchain-based-commerce absolutely intoxicating. My goal is to help people SAFELY enter the world of crypto through education and non-biased writing.

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