Finance

How to buy VeChain in Nigeria (Beginner’s Guide)

The transparent beginners guide will take you safely and step by step through the process of buying VeChain. When you follow these steps you’ll own your first VeChain today! How exciting!
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Want to buy VeChain? Learn how to buy VeChain in a few simple steps. As you might notice giant business now also invest in cryptocurrencies, the time seems right to be ahead on the herd and own your own crypto-coins like VeChain.

The transparent beginners guide will take you safely and step by step through the process of buying VeChain. When you follow these steps you’ll own your first VeChain today! How exciting!

How to buy VeChain (VET) for beginners in Nigeria

Step 1 – Create & secure an account
Step 2 – How much VeChain VET should I buy?
Step 3 – Payment methods buying VeChain
Step 4 – Trade or buy your first VeChain
Step 5 – Prepare for the crypto future!
Step 6 – More information about buying VeChain

Step 1 – Create an account

Binance is one of the largest platforms in the world. Big benefit is that it is very simple to buy VeChain on Binance. Just like when you’re trading normal fiat currency you pay a small fee on every trade you make and Binance has excellent rates. Once you bought VeChain you can choose to keep your coins online or send them to a hardware wallethardware wallet if available for your cryptocurrency.

Step 2 – How much VeChain (VET) should I buy

Todays VeChain value is $0.1825 (-9.88%) The good thing on cryptocurrencies are that you can divide them and buy just a (small) piece. This way you still own your piece of VeChain and you can use it or hold it.

To build up your confidence its good to try with a small amount of Naira to learn about the process of purchasing VeChain after that you know the process and can easy scale up your transactions and buy more VeChain. (be aware of the fee’s that are involved when you buy and sell cryptocurrencies)

Two SMART reasons it’s good to be active on multiple exchanges

The demand of people are increasing and sometimes you want to trade quickly. As some exchanges have waiting times for approval what can take weeks. Therefor its good to have already accounts on multiple exchanges.

Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Naira (NGN) you don’t want to end up in line waiting for approval but just take action before the price goes up.

Step 3 – Payment methods buying VeChain

On Binance you have over 100 payment options to deposit money and buy your VeChain. Easily select your currency (in your case from Nigeria, probably Naira) and the payment option you want to use. Of course they also provide the most used payment options like P2P, Credit Card, Bank Transfer & PayPal.

Note: every country has different payment options, simply login and check the payment methods for Nigeria.

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Step 4 – Trade or buy your first VeChain from Nigeria

In the cryptoworld and on exchanges like Binance you can’t buy every cryptocurrency directly with FIAT currency. Therefor they created stable coins like Tether USDT.

These stable coins are cryptocurrencies you can purchase to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just use the price of the USD. Before buying your preferred cryptocurrency its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.

Benefit of using stable-coins As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.

Step 5 – Prepare for the crypto future!

As mentioned earlier this guide is all about buying VeChain(VET), prepare yourself and create multiple secured accounts on exchanges. This way you will be prepared for the future when you want to buy a new cryptocurrencies that are not listed on the one platform you are using

Top 5 – help yourself

List of exchanges including our TOP 5 to buy VeChain (VET) or other altcoins. Most of these exchanges have large trading volumes.

  • Binance
  • Coinbase
  • Huobi
  • Crypto.com
  • Bitfinex
  • Kucoin

Step 6 – More information about VeChain

DYOR – Do Your Own Research When investing in VeChain always make sure you do your own research on the coin, technology of the coin and the team behind the coin. Before you’re investing in a coin its important to do you your own research on the coin, technology of the coin and the team behind the coin.

DCA – Dollar Cost Averaging Strategy Dollar Cost Averaging is a strategy that is famous in the investment- and crypto-world. It’s a tactic where you purchase systematic a certain amount of a certain coin / investment you believe in. For example every month 100 Naira. As you buy systematic it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a changing market.

Pro DCA

  • Invest small amounts
  • Less stress about volatile markets
  • Less chance on losses as you never buy full amounts on peaks

Cons DCA

  • Won’t make optimal trades as you don’t invest all on the bottom
  • Takes longer, as you’re not rich after one trade
  • If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.
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Alamu Tosin

The writer is Alamu Tosin. I have three strong passions in life — football, blogging and movies — in that order. I love spending time with friends talking about the important things in life and hate nothing more than ‘authority’ and hypocrisy. My personal believe in life is that once an individual sets his/her mind to achieve something, it is totally possible. And oh!, I am a strong Lannister, because I always pay my debt. For writing or fixing gigs, contact tosinalamu@gmail.com.

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