We've put together this quick step-by-step guide to show you how to buy VeChain (VET) using US Dollar.
To buy VeChain using USD (US Dollar) you will have to use a cryptocurrency exchange or financial service that supports funding via either your bank account or credit card.
The three major options for this in the United States are Coinbase, Paypal (or Venmo), or Robinhood.
PayPal (or Venmo) is probably the most well-known of the group of three, however as of right now if you plan on trading this cryptocurrency on other marketplaces this is not your best option as the crypto in your account cannot be transferred to other accounts on or off PayPal.
Robinhood also has the same limitations as Paypal (or Venmo) where they "don’t currently provide you with access to your wallet or your wallet address" which means they do not offer a way for your to transfer your crypto out of Robinhood.
So we are going to focus this guide on how to use Coinbase to buy VET using USD.
If you already have a Coinbase account, skip to step two.
Coinbase has both an iOS (iPhone) and Android app to manage your account, however the easiest way to create an account with them is to use their website.
So the first thing you'll need to do is visit their website.
Once you are at their website you'll need to enter your email address in the get started box. Make sure that this is both an email address you have access to and also one that you consider the most secure as you'll use this to sign in and manage your cryptocurrencies.
Next you should see a pop-up asking you for a few more account details such as your first and last name, re-confirming your email address (really annoying as sometimes this will show up as blank), setting a password, and the state you live in. You also need to be at least years of age to sign up for an account.
NOTE: MAKE SURE to use your real name as Coinbase will use this for account verification.
As with more sign-up processes, the next step will be Coinbase sending you an email to verify your email address. Once you receive the email just click on the link and you should now have access to your Coinbase account.
The nice thing about Coinbase is there is no upfront waiting period—simply sign up, confirm your email address, and you’re all set.
The next part sometimes changes (we are guessing Coinbase does a lot of user testing) but normally you are then asked for your mobile phone number. This is 100% so you can setup your Two-factor authentication (2FA) to make your account even more secure. We have never seen a spam message came from this, rather it is only used to login to your account and alert you to any major account changes.
If you didn't see the 2FA sign up, don't worry, it will appear at some point.
Coinbase assumes that you are signing up for an Individual investment account so the next part of the sign up process deals with verifying your identity.
Coinbase will ask you for your full legal name, address, date of birth, and a few other personal questions.
Once you've completed that portion, the next step will be a photo verification. Since we are discussing how to purchase [coin] [symbol] using US Dollar, we are assuming you are a US resident. If that's the case you can either upload your Driver's License, State ID card, or passport to verify your identity.
It might take a few minutes to process and validate your identity, but once the process is complete you are ready to fund your Coinbase account.
If you already have a Coinbase account with your funding method setup, click here to skip to step three.
To add a payment method to your account, you can either click on the "Add payment method" box that appears at the top of the main screen on Coinbase, or click on your profile photo then settings then payment methods.
In the United States we are given the option to fund our Coinbase account with either a Credit Card or Bank Account.
We've found using a credit card is the fastest way to fund your account, however you will have a lower deposit limit. Also be sure to check with your credit card company as some companies actually charge a fee or highest interest for purchasing cryptocurrency using a credit card.
To use a bank account, you'll just need to select you back account, give Coinbase some information about the account, and then waiting for the account to be verified. Sometimes this verification is automatic depending on the relationship Coinbase has with your banking institution, otherwise it might take a few days as Coinbase will make a couple small deposits in your account that you'll need to verify.
When funding using a bank account you'll have more purchasing (buying) power than a credit card.
Here is the one hiccup with purchasing VET with USD ... Coinbase currently does not support the purchasing of VeChain, however don't worry. All of this work will not go to waste. We promise.
What we need to do next is just purchase another cryptocurrency and then transfer it to an exchange that currently supports trading VET.
The safest bet on this is to purchase Bitcoin using USD on Coinbase as it is the most widely-accept trading pair.If you want to triple-confirm that, click here to what exchanges you can buy VeChain on.
NOTE: If you don't have an account with another exchange, you'll need to go through a similar sign-up process with that exchange so you can have a wallet setup to send your cryptocurrency to. We know this seems like a pain, but there are some exchanges that don't allow US residents to have an account so the best bet is to sign up for an account with them to confirm you are eligible to trade there.
NOTE #2: It also might seem like double the work since you just set up an account with Coinbase, however realize there are not a lot of crypto exchanges that support funding via a United States Credit Card or bank account, and wanted to offer you a guide to the easiest way to purchase VET using USD.
Once you have setup your account at another crypto exchange and have your specific currency's wallet ID, head back over to your Coinbase account and we'll need to purchase one of the exchange's supported currencies that are also supported by Coinbase.
As with the whole account process, Coinbase made the purchase of a cryptocurrency very simple and straight-forward.
All you need to do is click on the "Prices" option in the top menu bar and you'll see a list of all the supported cryptocurrencies on Coinbase.
You can either scroll to VET or type it in the "Search all assets" box.
Now click on the "Trade" button next to the coin and you'll see a box similar the the one below.
Fill out how much US Dollar you'd like to invest in and click the "Buy" button and ... CONGRATULATIONS! ... you've purchased your first cryptocurrency using USD on Coinbase.
Now you need to send that purchased cryptocurrency to your new exchange's wallet. Since we don't want to miss any steps in this important process, click here to view the official how-to guide from Coinbase on transferring your currency to another wallet.
After your transfer of your crypto from Coinbase to your exchange's wallet is confirmed, you'll want to initiate a trade of that specific cryptocurrency for VeChain (VET).
Since each exchange is different we can't give you a step-by-step guide on how to make the trade, but we can give you a few pointers:
The first is buying at the market price. This is the current price VeChain is trading at. There is nothing wrong with purchasing at this price, but if you think the price will drop or wanted to get it at a lower price, then look at the limit price.
Limit price says you want to purchase a certain amount of VeChain (VET) at a specific price. If the price of VET gets to that price your order will be processed. Remember, with how volatile the market is, there is no guarantee the price will drop to your limit price.
NOTE: No matter which trade option you select, the price will be purchasing VeChain (VET) at will be based upon the currency you are trading with (example BTC or ETH). Some exchanges don't convert this over to your local currency, so you can always use Google and type something like "0.0025 BTC to USD" and Google will tell you the USD value.
Once you've completed your trade ... CONGRATULATIONS! ... you've purchased VeChain (VET) using USD with the help of another crypto exchange.
A word of advice, now that you've made your first investment in VeChain (VET), you should MAKE SURE to track your investment. Even though the exchange you purchased VeChain at does this for you, using a third-party website or app makes it a whole lot easier.
If you want to learn how to buy more cryptocurrencies, here is our library of guides on how to buy cryptocurrency with USD.