Best Wallet for Vechain (VET)

VeChain’s biggest ambition is to become mainstream among businesses. Founders see the value of it by delivering a more effective economic model and greater scalability. The objectives include enabling the Internet of things (IoT) applications, lowering transaction costs, and being adaptable and ready to evolve as technology advances.

The project makes native tokens attractive for trading. Thus, it makes sense to talk about storage. So, in this piece, you’ll get to know what makes the best Vechain wallet to hold the funds securely and efficiently.

Vechain cryptocurrency overview

VeChain represents a blockchain platform that was introduced in 2015 to improve and modernize supply-chain management. It seeks to enhance second-generation blockchains like Ethereum. The blockchain outlines a governance structure—a framework by which stakeholders can come to an agreement on choices affecting its direction. Additionally, it defines the economic framework for the production and distribution of their tokens (VET).

VeChain employs proof of authority (PoA) as its consensus mechanism, in contrast to other blockchains. PoA uses Authority Masternodes (AM), which are independent companies, to construct and approve blockchain blocks. This translates to a very cheap computational cost for creating new blocks. The two distinct tokens used by VeChain are VET and VTHO. 

The primary token to keep in the best VecChain wallet is VET. Maintaining operations on the blockchain are paid with VTHO. All VET holders will instantly get VTHO. Users have it to pay for blockchain costs. However, they can swap VET for VTHO as well.

The venture comes with a mission  – to provide a “trust-free and distributed business ecosystem to streamline clear information flow, effective collaboration, and high-speed value transferring, with a focus on sectors like luxury goods, agriculture, medicine production, clothing, and food”.

Now, let’s get closer to VeChain wallets and storage options, keeping peace of mind.

How does Vechain (VET) Wallet work?

There’s the need to point out the Foundation’s authorized wallets, in the first place. Meet VeChainThor Wallet, an official one created by the VeChain Foundation. Both iOS and Android mobile platforms host it. 

The wallet has a built-in dApp browser, a node management tool, and support for VET, VTHO, and different VIP180 tokens. This official wallet also allows seeing Ledger addresses straight from a mobile device and has a node trading market.

So, how does the best VeChain wallet typically work? It performs 5 core functionalities. These are sending and receiving VET and VTHO, binding an X node to a user’s wallet, exchanging tokens inside the wallet, requesting a user’s VTHO rewards, and noting a wallet. 

Before getting to each of them, there’s the need to open the app, read service agreements and click Start button. The next step is setting up credentials to protect it, in the first place. Then, you go ‘Create a wallet’ button. Therewith, it’s important to follow all safety instructions to be able to restore the wallet on any other device. After that, all those functions are available. 

So, users can find here a new home for their X nodes from Ethereum wallets, exchange tokens in the wallet, or make an exchange on any of the third-party platforms and then send funds to the VeChainThor Wallet.

Types of Vechain Wallets

VeChainThor Wallet is a legit company’s wallet for Android and iOS mobile devices, while VeChain Sync is for a desktop. They represent software or hot type of storage that is riskier since it is online and chances always exist to be hacked. 

There are also third-party wallets that offer cold and hot storage. Cold storage wallets are typically encrypted systems that hold users’ VeChain assets offline, adding an extra layer of security from the constantly evolving risks associated with being online.

Some VeChain wallets (i.e., Ledger) offer to tie it to the VeChain Sync and orchestrate VET, VTHO, or VIP180 tokens. Such ‘co-using’ is intended to deliver flawless user experiences for VeChain Apps and to act as a dApp environment with limitless prowess for both consumers and engineers.

How to store VeChain?

Whatever type you choose, it’s always preferable to follow some storage safety rules. Here they are:

Do research. Investigate the reputation of the wallet provider, the security options it offers, and whether it has ever been hacked.

Think about offline storage. Cold wallets provide a higher level of protection than hot wallets. Transfer a sizable token balance into an offline wallet if you need to store them there for added security.

Utilize safety measures delivered. Make sure to use any security-designed feature suggested by VeChain wallets you’re up to: use multi-language option, enable 2-factor identification, and create a reliable PIN for your account.

Create a secure password. Make a big list of letters, numbers, and other characters for your random password. You’re essentially inviting hacking into your tool if you pick a careless, not smart password.

Upgrade your antivirus software. When accessing your wallet from a preferable device, ensure that the most recent versions of antivirus and anti-malware software are installed.

Hide your secret keys. You must keep your private key safe and secure and never divulge it to anyone else since without it, you won’t be able to access your tokens.

Now, let’s get to where to store VeChain.

Best VET wallet

Here’s the list of characteristics that help you opt for an excellent option among many VeChain wallets:

• support of VeChain tokens
• safety: PIN protection, 2-factor authentication, and multisignature support; security breaches recorded.
• convenience of use: intuitive and user-friendly interface to navigate easily
• keeping a private key in safety since your crypto holdings are at stake
• continual improvement: the most recent upgrades, support by a development staff that regularly adds updates and new features
• customer care: 24/7 support, responsiveness, etc.
• good reviews: feedback from other users might be super insightful into whether you should or should not use the wallet. 

Ledger Nano S Wallet – $59

This is the first-gen of Ledger Nano VeChain wallets range. It is particularly a USB hardware wallet that comes with smartcard security. Eighteen cryptocurrencies are available. The Ledger keeps your funds safely out of the hands of online thieves with a small OLED display and tactile buttons.

The tool has the following characteristics:

• Transactions are validated on the display, and they need physical part to be finished
• Any piece of data is stored securely thanks to a PIN code
• Encryption and backup for accounts
• Verifications for second factors in anti-malware
• Support of 40 cryptos and storage of 18
• Frictionless installation

Ledger Nano X Wallet – $119

The Nano X can be doomed the best wallet for VeChain from Ledger because it is a bigger, quicker, and more powerful version of the Nano S. As long as a user is prepared to pay a little extra for the opportunity. In comparison to its predecessor, it is quicker, safer, more user-friendly on mobile devices, and delivers better hardware and software.

Besides the features that its predecessor has (Nano S), here are the ones that make it stand out:

• Bluetooth functionality to tie with smartphone’s Bluetooth
• Manage contents through the Ledger Live downloadable mobile app
• Possibility to sign off easily on transactions 
• Comes in two options: hardware with a USB Type-C connector and software with own highly-secure operating system BOLOS
• OS is stored on the certified secure chip within the Ledger Nano X
• Software works withwith Windows 8+, macOS 10.8+, Linux
• Possibility to set up 100+ cryptocurrency apps

Exodus Wallet – free

They say it’s just the best wallet for VeChain for newbies in the field and intermediate cryptopreneurs. It’s super user-friendly, and beginners find it comfy for orchestrating their digital assets. Experienced cryptopreneurs will love the opportunity to stake assets here and incorporate with DeFi platforms. Here’s what makes is attractive as well:

• Software for iOS and Android, desktop/mobile
• Connection with hardware devices (particularly with Trezor hardware wallet)
• Over 150 cryptos supported
• The ability to acquire, trade, forward, and get Non Fungible Tokens (NFT) within the Exodus NFT Marketplace
• No KYC requirements, meaning no personal data input
• Charge a network commission for forwarding assets
• No customization when paying commissions (except Bitcoin and Ethereum networks’ transactions)

Atomic Wallet – free + extra cost for additional exchange integrations

Unlike Exodus, where users must first purchase crypto assets with another exchange and then transfer them to the wallet in order to start swapping them, this one allows exchanging of almost any token or coin. Why? Because of its key built-in feature – Atomic Swap exchange within the wallet for VeChain. Other characteristics are:

• Software type
• Over 500+ cryptos supported
• Pin-code protection and full encryption
• Ability to buy cryptos directly through the wallet with just a bank card
• works with Windows, MacOS, and Linux
• mobile – Android and iOS

KeepKey – $17-$50

As the hardware best VET wallet, it brags about the high level of security. In 2015, it was acquired by ShapeShift company that possesses a non-custodial exchange. This combo of the two, the wallet and the platform, delivers a great deal of funds’ security. Here are other characteristics:

• over 1000 cryptos supported due to the integration with MyEtherWallet
• in fact, the latter works with 7 assets, that are not ERC-20 tokens
• well-known altcoins (EOS, Binance Coin, Ripple) are not supported
• works with all desktop OS, but mobile – Android only
• no Bluetooth connection

Final Word

When it’s about safety, hardware-based options are a better choice in terms of security. Yet, for some users, pin code, 2-factor authentication, encryption and software perfect reputation over the years might be sufficient. So is the free option or the lower price.  

Those who are ready to splurge on a hardware VeChain best wallet and cold storage might opt for Ledger alternatives. However, it is recommended to do a homework and find out the wallet that works well with your device, supports cryptos you need, offers enough security, preferably allows doing all transactions inside it, and go with other integtrations, if needed. 

For seasoned cryptopreneurs, the support of as many assets as possible might be a dealbreaker. Then, the option with 500-1000+ cryptos supported can be just the thing. For newbies in the field, Exodus will be fine, while for those who are interested only in BTC, KeepKey is a good option.

Finally, the device matters for the convenience of use. If you’re mostly on the go, then a mobile solution with easy access and an intuitive interface will work. If iOS-based VeChain best wallet is the only option, then KeepKey won’t work out here. 

Do your homework. Outline the priorities and make a choice that will work for you the best.

FAQ

Is Atomic wallet safe?

It is software, which is always riskier than hardware. However, it suggests a user-created password, confirmation of transactions, and possessing a private key with the user’s sole access. If case of loss or theft, there’s the 2-word backup phrase to restore access. All data are stored on the user’s device (not on servers) and encrypted. Atomic Wallet cannot access private keys, which makes it a pretty good wallet for VeChain coin.

Can you store VET on Metamask?

No, it is impossible since popular software wallets like Metamask are not compatible with this type of tokens (not Ethereum-based).

How do I cash out VeChain?

There are two easy steps for that: 1) swap them to popular cryptos like BTC or ETH; 2) Send these  crypts to a popular exchange (e.g., Binance) that makes it possible to cash out these cryptos.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.