- VeChain is a blockchain platform that tracks supply chain information using sensors and RFID tags.
- VET is the token used for transferring value on the VeChain network.
- CoinSpot is a recommended cryptocurrency exchange in Australia for buying VET.
- The process of buying VET involves signing up with an exchange, verifying your account, depositing funds, purchasing VET, and storing it securely.
The main goal of VeChain is to streamline information flow from business processes for complex supply chains using the DLT (distributed ledger technology). This blockchain platform contains two tokens - VTHO (VeChainThor Energy) and VET (VeChain token). VTHO is used as energy to power smart contract transactions, while VET is used to transfer value across the network.
VeChain platform is used to track authenticity, quality, transportation medium, storage temperature, and last-mile delivery of an alcohol bottle or a medicine pack. That can be tracked right from the factory, throughout the whole process, to the final delivery. In order to be able to do this, VeChain uses sensors and radio frequency identification tags as well as smart chips that broadcast information onto the network. This way, authorized stakeholders can access the information in real-time.
This cryptocurrency platform was founded back in 2015 by the former chief information officer of Louis Vuitton China, Sunny Lu. The token initially worked on the Ethereum blockchain. However, VeChain separated into its own blockchain and rebranded itself in 2018. The VEN blockchain was then renamed into the VeChainThor (VET) blockchain.
If you believe in the potential of VET (VeChain), then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy VET (VeChain)?
VET is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy VET (VeChain), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 370+ different cryptocurrencies supported, including VET
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy VET
How to buy VET (VeChain)?
7 easy steps
Buying VET (VeChain) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own VET in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some VET (VeChain). Click on Buy/Sell in the menu along the top, then search VET. Click on Buy VET and you will see the purchase screen, like the screenshot below. The price of VET is shown clearly in the middle of the screen.
5. Select how much VET you want to buy
Select how much AUD you want to spend on VET, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy VET (VeChain)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some VET!
7. Store your VET safely
Now that you have made your purchase of VET (VeChain) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much VET you own, and the value in AUD. You can leave your VET in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your ONE to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own VET (VeChain) in Australia.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy VET in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy VET (VeChain) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of VET.