Vechain Wallet review 2021 | Experience and costs of the Vechain Wallet!
If you have bought cryptocurrency, you can't just send it to your bank account. You need a wallet to safely store the coins, there are also special wallets for the cryptocurrency VeChain, you can read all about the VeChain wallet in this article or start buying VeChain right away.
Start buying VeChain now - a step-by-step plan
1 - Choose a broker: Choose a broker that offers VeChain and other cryptocurrencies. (We recommend eToro)
2 - Deposit money: Easily deposit money into your account using one of the (digital) payment methods.
3 - Choose a cryptocurrency: - Search for VeChain and go to the market where you can buy VeChain
4 - Buy the cryptocurrency: - Determine how much you invest and save the VeChain in your VeChain Wallet
Ready to start buying cryptocurrency? Click on the green button and start immediately!
In this article we will teach you all about what a VeChain wallet is, how to best use a VeChain wallet and what options you have for storing VeChain (VET).
What is a VeChain Wallet?
There are many different ways to store cryptocurrency and with each cryptocurrency it differs too. With crypto wallet VeChain you have a wide range of choices to store the currency safely.
For example, you can use the VeChain Thor Wallet which was developed by VeChain itself. The VeChain Thor Wallet is a smartphone app that you can install on iPhones and Android phones so you always have a VeChain wallet at hand.
You don't necessarily have to choose a VeChain wallet created by the team behind VeChain. There are also many universal cryptocurrency wallets where you can often store dozens or even hundreds of different coins at the same time.
These VeChain wallets are especially suitable for people who are actively involved in the cryptocurrency market and have investments in many other cryptocurrency projects besides VeChain. Think for example of the Exodus wallet, here you can easily store VeChain and many other coins.
How do I use a VeChain wallet?
To be able to fill your VeChain wallet you will first need to purchase the cryptocurrency VeChain. The following step-by-step plan will help you get your first VeChain as quickly as possible.
Step 1: Choose a broker with VeChain
Step 4: Choose and buy VeChain Crypto Coins
Step 1: Choose a broker with VeChain
The first step will immediately confront you with a choice that is not easy for beginners. Namely, you have to choose a place where you are going to start investing in VeChain.
In this first step we will look at a number of online brokers and crypto exchanges that make it possible to invest in VeChain. There are big differences in the brokers mentioned below, so take a good look at them before you make a choice.
At one broker you can speculate on price changes in VeChain by means of CFDs. You then enter into contracts with the broker and do not own VeChain yourself.
Other things to consider when making this choice are the user-friendliness of a platform, the costs of a broker and how large the supply is in addition to VeChain.
eToro is our absolute recommendation if you are a novice investor. You can trade in other trading products besides cryptos. In addition, they make it easier to build up a diversified portfolio.
For instance, you can make use of numerous user-friendly features, such as the CopyTrading function. With this tool, you can view the portfolios of experienced investors selected by eToro and even copy them in their entirety.
This way, you can easily create a strong and diversified portfolio. If you are not yet comfortable with investing, you can first start with a free demo account.
This way you can invest with virtual money without any risk. Are you then ready to invest with real money, you can start low thanks to the minimum deposit of $50 (€42).
At eToro, in addition to buying crypto, you can also invest in a variety of other trading forms, such as trading in ETFs, stocks, indices and commodities. If you trade in stocks and ETFs, you even pay 0% commission.
eToro is regulated by the FCA and CySec. You can therefore confidently invest through this platform without running unnecessary risk.
Would you like to start for free today at eToro? Then create an account today and explore the platform!
Libertex is one of the brokers where you can invest in cryptocurrency in the form of CFDs. With CFDs, you are given the option of leverage, stop-loss and take-profit.
As a beginner at Libertex, you can first make use of the free demo account. With this account you get virtual money with which you can try out the Libertex platform.
This way you can see what happens when you make an investment in VeChain with a high leverage. By trying this out you will get a better understanding of how the leverage effect works.
If you want to start trading with real money, you can already start at Libertex from €100,-. So even if you have a small wallet, you can get started at this broker.
The advantage of Libertex is that in addition to cryptocurrencies, it also offers a wide range of other products. For example, you can also invest in shares, ETFs, commodities and currencies.
Because cryptocurrency can be very volatile, you can compile a diverse portfolio with a lower risk.
We recommend Libertex if you want to start investing in crypto. Create an account today!
Bitvavo is a completely different platform than Libertex. At the Bitvavo, you can easily invest in more than 50 different cryptocurrencies, you will receive the currency yourself if you invest via Bitvavo.
Bitvavo was founded only a few years ago in Amsterdam but is growing very fast. This is due to the user-friendly and simple platform that Bitvavo has developed.
To make cryptocurrency accessible to everyone, Bitvavo has focused on user-friendliness. In addition, you can always contact the customer service.
Since recently, companies operating in the cryptocurrency sector in must comply with strict regulations. Bitvavo has managed to comply with these and obtain a licence from the regulator, DNB.
Are you interested in the platform Bitvaro? Take a look at the website or create a new account to start investing in crypto currencies.
As our last broker, we would like to recommend Capital.com. At this broker, you can trade CFDs of dozens of cryptocurrencies, just like at Libertex.
Capital.com is another broker that has been growing strongly in recent years. This is one of the reasons why they are opening more and more offices in various countries throughout Europe.
As a result, they currently have licences with the British regulator FCA and the Cypriot regulator CySEC. These licenses ensure that they comply with European legislation and that you can invest safely.
Capital.com is a CFD broker. Are you interested in this or would you like to know more? Take a look at the platform!
The largest crypto exchange in the world is Binance. This is due to the huge range of smaller cryptocurrencies that this exchange offers.
Also at Binance, you invest directly in the coins themselves and you also get to own these coins. You can leave the purchased VeChain or other cryptocurrency on Binance or send it to a VeChain wallet.
Binance has grown so much that it now has several of its own cryptocurrencies on the market. These coins are intended to pay transaction fees on the Binance platform or to make it even easier to invest via a stablecoin.
Binance has already been able to attract many users to its platform. Perhaps this is also something for you! Opening an account is easy. Try it now!
Step 2: Create an account
Now that you have been able to choose a broker, it is time to create an account. In this step-by-step plan, we will look at how to do this at the popular broker eToro.
First, of course, you go to the eToro website, enter an E-mail address and password and your account is created in a minute.
You immediately get access to the platform and can use the free demo account. At eToro, you can also invest via the investment app, which allows you to access your portfolio anytime, anywhere.
To get started with real money, there are a number of additional steps that you have to go through. For example, you have to confirm the specified E-mail address, send a copy of your ID and complete a questionnaire.
In this questionnaire eToro checks whether you have enough knowledge and experience with investing to be able to trade in cryptos. In addition, they ask how much you want to invest and where you got this money from.
Step 3: Deposit money into your account
You will be notified by eToro as soon as they have approved your questionnaire and proof of identity. From that moment, you can start investing on eToro with real money.
This money is easily deposited into your account by clicking on the green "deposit" button at the top of eToro. You then get the screen that you see opposite.
You can choose which payment method is best for you and how much money you want to transfer. If you pay via iDEAL or PayPal, the money is immediately credited to your account.
Step 4: Choose and buy VeChain crypto currency
Time to go buy your first cryptocurrency. In this case you can find VeChain by searching on this name in the search bar or filtering on crypto currencies first.
As soon as you click on VeChain you will get to see the VeChain price and the possibility to invest immediately.
To proceed to an investment, you first have to choose how much money you want to invest.
As soon as you have filled in everything, you'll see the exact overview of how much you're buying and which costs are involved in this transaction.
Step 5: Store your newly purchased VeChain in a VeChain Wallet
If you have purchased VeChain from a crypto exchange like eToro, Bitvavo or Binance, you have several choices. You can leave the VeChain in the VeChain wallet of the exchange itself. If you do this, you must ensure that your account is very well protected.
You can also go for a more secure option and choose for an independent VeChain wallet. In that case you will send the coins from the exchange to the address of your VeChain Wallet, if you want to sell them later on you will have to do this the other way around.
How you ultimately store your purchased VeChain depends on the broker where you bought it. At Capital.com you invest in CFDs, these CFDs always remain with the broker itself and you can easily adjust or close them there.
Convinced and want to invest in cryptocurrencies? Start at our recommended crypto broker eToro!
What different VeChain Wallets exist?
As with all cryptocurrencies, you have a wide choice of crypto wallets on which you can store VeChain.
You can choose a specific VeChain wallet such as the VeChain Thor wallet or choose a wallet where you can store several different coins at the same time.
Below we will discuss some of the possibilities you have for safely storing your VeChain in a VeChain wallet. There are wallets available for all kinds of devices.
Think carefully about what you expect from a wallet and what you consider to be important options before making a choice.
Desktop VeChain Wallet
First we will discuss the possibility to store the coin on your computer. For this you can download and install a desktop wallet and send your VeChain there.
In general, these wallets are suitable for all kinds of coins, so in addition to VeChain, you can also safely store other investments there. There are many wallets made for this desktop application, so you will have to look carefully at the differences in functions.
Furthermore, there are different ways to store the coins in a desktop wallet. It is possible that this desktop wallet is still in contact with the internet, you are then more vulnerable than when the coins are stored offline on your computer.
Mobile VeChain Wallet
If you like to use a wallet on your smartphone you should choose the VeChain Thor Wallet. This wallet is designed by the team behind VeChain and a safe way to store the currency.
The advantage of a mobile wallet is of course that this way you can manage your VeChain anytime and anywhere. The VeChain Thor Wallet is available for iPhones and for Android phones.
As you can see above, you can easily keep track of the VeChain price in this VET wallet. It automatically calculates the value of your portfolio with the VeChain price.
Hardware VeChain Wallet
Experienced cryptocurrency users often choose a hardware wallet if they plan to store cryptocurrency for a longer period of time. There are two well-known brands of hardware crypto wallets at the moment: Ledger and Trezor.
Both wallets work in a similar way. You connect the hardware wallet to the computer and open the accompanying software. As soon as you disconnect the hardware wallets from the computer, your cryptocurrency is no longer in contact with the internet and therefore almost completely safe.
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Why choose the VeChain Thor Wallet?
The VeChain Thor Wallet is a mobile wallet that is suitable for anyone who would like to have access to their VeChain stock anywhere, anytime. In addition, the VeChain Thor Wallet has a number of other useful features for experienced cryptocurrency users.
As you can see on the right, there are also a variety of applications available within the VeChain Thor Wallet app that you can use with VeChain.
It is becoming increasingly common to develop applications on a blockchain network like VeChain.
These applications are built in a decentralised way and use the same features as cryptocurrency.
Within these apps, you can sometimes buy things with VeChain or bet on sporting events, for example. Because you do this in the VeChain Thor Wallet, no one knows it is you and you can work anonymously and decentralised with your VeChain.
You can also easily send or receive VeChain in the app and have the ability to exchange your VeChain for other tokens built on the VeChain blockchain network.
Also use applications in the VeChain Thor Wallet
Enthusiastic about investing with the VeChain Thor Wallet? Start investing in cryptocurrency today!
Advantages and disadvantages of VeChain Wallet
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Tips before using the VeChain Wallet
When you're just starting out with cryptocurrency, there's a lot coming at you. Besides having to learn everything about cryptocurrency itself and how to invest in these digital coins, you also have to decide how you are going to store the investment.
Below, we have outlined some tips for when you, as a beginner, are going to use a VeChain/VET wallet for the first time.
Always check the address
One of the problems that cryptocurrency users sometimes run into is that you need to be completely sure of the address you are sending cryptocurrency to. If you send VeChain to the wrong address, this VeChain will remain stuck between you and the wrong address.
This means that you will not see the VeChain again and your investment is gone. Therefore, always double check if the address you entered is correct, you can also try by sending a small amount of VeChain first.
With the VeChain wallets there are all kinds of possibilities for extra options that you can use. You can buy things, make bets or participate in the VeChain network.
Look carefully at which options you want to use
Make sure the VET wallet you want to use supports the options you are interested in. With VeChain it is not yet a problem to send the coin to another VET wallet, but with some cryptocurrencies this takes a long time or costs a lot of money.
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Vechain Wallet Review: Frequently Asked Questions
A VeChain wallet is a digital wallet in which you can safely store the cryptocurrency VeChain. There are specific wallets that only support VeChain, but also wallets that can store all kinds of different cryptocurrencies.
It always depends on which VeChain wallet you have chosen. At the moment hardware wallets are particularly popular for storing your cryptocurrency as safely as possible, as long as you are the owner of the device and do not share your backup code, no one can access your coins.
You can download the VeChain Thor Wallet in the google play store if you have an Android phone or in the Apple App store for iPhones. Furthermore, you send VeChain to this mobile wallet in the same way as to other wallets, you will see on your phone when the coin is received.
A wallet often works with a login code and a backup code. If you have completely forgotten how to log in to your wallet you can use the back up code to retrieve your wallet and find your VeChain.
You always send cryptocurrency to an address full of letters and numbers. If you want to send coins from your VeChain Wallet, enter this address, choose how much you want to send and you are one click away from completing the transaction.
Vechain Wallet: Conclusion
VeChain has become a very popular cryptocurrency in a short period of time and many people therefore need to store the coin somewhere. You have all kinds of options for VeChain, so you can choose a desktop wallet, hardware wallet or the mobile VeChain Thor Wallet.
VeChain offers a number of additional functions with its blockchain network. If you want to continue using these functions from your VET Wallet, you should look for a wallet that supports as many of these functions as possible.
For investing in cryptos besides VeChain, we recommend eToro. With this social trading platform, you can invest in a variety of cryptos in a safe manner.
Do you want to start filling your VeChain wallet?
Quickly create an account at eToro and use the free demo account or start investing with your own money right away!