Last updated on September 21st, 2021
VeChain is a blockchain platform that aims to enhance supply chain management and business processes.
You may be interested in buying some VET tokens, but there aren’t many available methods in Singapore!
So how do you go about buying this token?
How to buy VeChain In Singapore
Here are 5 ways you can buy VeChain in Singapore:
- Crypto.com (App)
- Crypto.com (Exchange)
This is a summary of all of the different methods:
|0.8% – 1%
|None (But may
have large spread)
|Up to 0.16%
|Up to 0.1%
|Up to 0.2%
And here is each method explained in-depth:
Coinhako is the most straightforward way of buying VET in Singapore.
This is because you can directly buy VET from SGD!
How to buy VeChain on Coinhako
Here are the steps that you’ll need to do to buy Vechain on Coinhako:
- Deposit your SGD into your SGD wallet
- Go to ‘Trade’
- Look for VET and click on Buy
- Select the amount of SGD you wish to use to purchase VET
- Verify the transfer
#1 Deposit your SGD into your SGD wallet
To start buying crypto on Coinhako, you will need to fund your SGD wallet first. There are 2 ways you can do so:
- Direct FAST transfer
In the past, you could only use Xfers to deposit your funds into Coinhako.
Xfers acts as a middleman between the crypto exchange and your bank account.
However, you are now able to transfer your funds directly to your SGD wallet via FAST!
Don’t forget to include your unique deposit code in the comments section of the transfer. This will help Coinhako to match the deposit to your account.
You do not incur fees when depositing via FAST. Meanwhile you will incur a 0.55% fee for each deposit via Xfers!
FAST is the more cost effective way to deposit your SGD into Coinhako. However, it may take a longer time for your funds to be processed compared to Xfers Direct.
#2 Go to ‘Trade’
On Coinhako’s platform, you’ll need to go to the ‘Trade‘ section.
This is where you are able to buy and sell crypto on Coinhako.
When you are making any trade, you can’t determine the price that you wish to buy or sell at. Coinhako will try to match it to the prevailing market rate when you make the trade.
#3 Look for VET and click on Buy
You’ll need to scroll down to find VET, and then click on ‘Buy‘.
#4 Select the amount of SGD you wish to use to purchase VET
You will need to select the amount of SGD that you wish to use for your trade. The amount of VET that you receive will be based on the prevailing market rates.
You may want to note that you can only buy or sell VET at this point in time. You are unable to send or receive VET to and from an external wallet.
Coinhako has a minimum of $0.50 SGD for each trade that you make.
For every trade that you make on Coinhako, you are charged a 1% fee.
However if you use the promo code ‘COINGECKO‘, you will reduce your fees to 0.8%.
Any small reduction in fees would help to increase your returns!
It is also possible to buy VET using your credit or debit card. However, you will be charged an additional 3% by Coinhako’s payment service provider!
It is really not worth the fees of using your debit card to make the trade, especially when FAST transfers are free!
#5 Verify the transfer
Once you’re done, you will need to verify your trade.
VET will be credited into your account when the trade is completed.
Here are the fees that you’ll incur when trading with Coinhako:
|Type of Fee
|1% for any trade
(0.8% if you use the
promo code COINGECKO)
|Withdrawal Fee (SGD)
|$2 per withdrawal
It is definitely more cost effective to deposit into your SGD wallet via FAST compared to Xfers. You will incur unnecessary fees if you do so with Xfers.
However, it may take a longer time for your funds to appear in your account if you use FAST compared to Xfers.
Another thing you’ll need to take note is the withdrawal fee of $2. If you are withdrawing out small amounts, it would not be worth this fee.
Overall, Coinhako has pretty high fees. However, the convenience of buying VET directly from SGD helps to make up for it.
However, you can’t buy VET directly from SGD.
Instead, you’ll need to make at least 2 trades to purchase VeChain.
How to buy VeChain on Crypto.com
Here are the steps you’ll need to do to buy VET on Crypto.com:
- Go to Crypto Wallet
- Scroll down and find VET
- Click on ‘Buy VET’
- Select your payment method
- Confirm the trade
#1 Go to Crypto Wallet
You’ll need to access your crypto wallet on the Crypto.com app.
This can be done by tapping on the central icon and going to ‘Crypto Wallet‘.
#2 Scroll down and find VET
If you don’t have any VET in your Crypto.com wallet, you’ll need to scroll down to find the currency.
You can use the search function to find VET, as there are quite a lot of currencies available on the app!
#3 Click on ‘Buy VET’
You will be on the VET price page. You’ll need to tap on ‘Buy VET‘ to make the trade.
#4 Select your payment method
Similar to Coinhako, you cannot decide on the rate that you wish to buy VET at. Instead, it will be done at the prevailing market rate.
There are 3 payment methods that you can use to buy VET on Crypto.com:
1. Debit or credit card
You can use either a credit or debit card to purchase VET directly.
This would probably the most efficient way of buying VET. However, you will be charged a 3.5% fee if you’re from Singapore!
Due to this high fee, it may not be worth buying VET using your credit or debit card.
2. Crypto wallet
If you have other cryptocurrencies in your crypto wallet, you can use this to trade for VET.
You can only buy VET using either CRO or BTC.
3. Fiat wallet
The final way that you can buy VET on Crypto.com is via a fiat wallet.
Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.Investopedia
You can only buy VET from either a EUR or AUD fiat account.
This is because there are only 8 cryptocurrencies that you can purchase from Xfers:
If you want to buy VET with SGD, here are the steps that you’ll need to do:
- Purchase CRO or BTC with SGD from your fiat wallet
- Purchase VET from either CRO or BTC using your crypto wallet (method 2)
#5 Confirm the trade
When you confirm the details, Crypto.com will lock in the exchange rate for 15 seconds.
Once you confirm the trade, VET will be credited to your account.
Here are the fees that you’ll incur with Crypto.com:
|Type of Fee
The fees when trading with Crypto.com seem to be lower! However the spreads can be quite high.
A spread in trading is the difference between the buy (offer) and sell (bid) prices quoted for an asset.IG Trading
When you make multiple trades on the Crypto.com app, you may lose some money due to the spread!
These costs can be hard to keep track, but it is something you’ll need to consider.
If you are looking for a more cost effective way of buying other crypto using Crypto.com, you can consider using their exchange platform instead.
This platform is separate from the app, and you’ll need to create a separate account for it.
If you are interested in signing up for a Crypto.com Exchange account and stake at least 1,000 CRO, you can earn at least $10 USD worth of CRO!
For this exchange, you aren’t able to trade your SGD for any of the currencies.
Instead, there are 3 main trading pairs that you can use:
So how do you go about buying VET on Crypto.com’s Exchange platform?
#1 Buy CRO directly from SGD
On the Crypto.com app, you can buy either CRO directly from your Xfers wallet.
The crypto will be credited into your Crypto.com app wallet.
#2 Transfer your CRO to Crypto.com Exchange
After you have received your CRO, you will need to transfer it to the Crypto.com Exchange platform.
The transfer between the app and the exchange platforms is free.
On the currency’s page, you’ll need to go to ‘Transfer‘,
click on ‘Withdraw‘,
and then tap on ‘Crypto.com Exchange‘.
After selecting the amount, the CRO will be deposited in your Exchange account.
#3 Select VET/CRO as your trading pair
On the Exchange platform, you’ll need to go to ‘Spot‘,
and select VET/CRO your trading pair.
#4 Select the amount and make the trade
You can choose between 4 different types of trades on Crypto.com Exchange:
- Stop Limit
- Stop Loss
After selecting the price and the amount that you wish to buy, you can make the trade.
One thing I do not like about Crypto.com’s Exchange platform is that you are unable to see the fee that you’ll incur.
Is this process really worth all the hassle? Why not just make the trade between CRO and VET in the app?
Here is the price of 1 VET in CRO in the Crypto.com app,
compared to the prevailing market rate on the Exchange platform at around the same time.
You are paying about an additional 0.0084 CRO for every VET that you buy.
While this may seem very little, it will become significant if you are trading a large sum of money!
Moreover, you are able to select the price that you want to buy your VET at with a Limit order.
The trading fees start from between 0.10% to 0.16%.
If you are looking to buy VET frequently, this method may be slightly more cost effective compared to buying via the app!
The remaining exchanges do not support SGD
For the next few methods, they do not allow you to deposit SGD into their exchanges.
This means that you’ll have to buy a cryptocurrency from one exchange, and then send it to these exchanges.
However, you’ll need to consider the withdrawal fees that you’ll incur when sending your crypto on the blockchain.
Depending on the fees, it can be really hefty!
You can consider using Gemini’s Active Trader, which charges a rather low 0.35% trading fee. You are able to purchase either BTC or ETH from Gemini.
After that, you can send your BTC or ETH to any of the exchanges below. You will not be charged any withdrawal fees for up to 10 withdrawals per month.
Binance is one of the largest crypto exchanges in the world. You are able to trade many cryptocurrencies on their platform.
You can’t buy VET using a credit card, nor directly from your SGD. As such, you’ll need to use the altcoin method to buy this currency.
First, you’ll need to buy crypto from another exchange, and then deposit it into Binance.
The best currencies to deposit are BTC or USDT. This is because they have the most trading pairs available.
When you deposit your crypto, you’ll need to make sure that the address you’re sending to is correct.
If not, your crypto may be lost forever!
You can consider using the Binance P2P platform too
Instead of sending crypto from another platform, you can consider using Binance’s P2P platform as well.
This platform allows you to buy crypto from SGD, such as:
Most of these currencies will have a trading pair with VET.
Using this method will help you to save on sending fees. However, there may be scammers that are on the platform.
As such, you’ll need to be very careful with who you’re trading with!
Make the trade from your crypto to VET
After depositing your crypto, you’ll have to buy VET on Binance’s trading platform.
Here are the trading pairs that you can trade for VET on Binance:
After selecting your trading pair, you can start to determine the details of your order.
You’ll need to decide on:
- The amount of BTC you want to trade
- The price of VET you want to buy at
Once you make the trade, VET will be credited into your account.
|Type of Fees
|Up to 0.1%
The trading fees on Binance are as low as Luno Exchange!
All of these fees will add up, and you may buy a much lower amount of VET than you initially expected!
Huobi is another crypto exchange that allows you to trade a variety of cryptocurrencies.
Since they do not allow you to deposit SGD onto their platform, you’ll need to deposit another cryptocurrency into the exchange first.
Here’s what you’ll need to do to buy VeChain on Huobi:
- Deposit a cryptocurrency into Huobi
- Select a trading pair with VET
- Select the type of order you wish to make
- Select the quantity of VET you wish to buy
#1 Deposit a cryptocurrency into Huobi
First, you’ll need to go to ‘Balances → Exchange Account‘.
This is where you will deposit your crypto to.
You can choose a wider variety of cryptocurrencies to deposit into Huobi, compared to Binance.
The safest currencies to deposit will be either BTC or ETH.
#2 Select a trading pair with VET
After depositing your crypto, you can start trading it.
If you just want to trade your crypto, you can go to ‘Spot Trading → Exchange‘.
You’ll be brought to the exchange platform, which can be rather overwhelming.
You’ll need to find a trading pair with VET, which can be done at the left hand side of the platform.
There are fewer trading pairs on Huobi compared to Binance:
You can choose to use USDT instead of BTC, but there are fewer platforms in Singapore that allow you to trade in USDT.
#3 Select the type of order you wish to make
After you’ve selected your trading pair, you would need to select the order type that you wish to make:
- Trigger Order
Limit orders allow you to determine the price you wish to buy or sell your crypto. Meanwhile, market orders will buy your crypto at the prevailing market rate.
#4 Select the quantity of VET you wish to buy
After you’ve selected your order, you’ll need to select the amount of VET you wish to buy.
Once the trade has been executed, your VET will be credited into your account.
|Type of Fee
|Up to 0.20%
|Depends on currency
While the fees are rather cheap, they are not as low as Binance (0.10%). Binance may still be the better choice if you are a frequent trader of crypto.
If you want to buy VET directly from SGD, the only way is via Coinhako.
For the remaining methods, you’ll need to make at least 2 trades to own VET.
The Crypto.com app allows you to buy currencies like CRO or BTC directly from SGD. After that, you can trade either CRO or BTC to VET.
Another way would be to buy BTC / ETH / USDT from SGD on Binance’s P2P platform, and then trade it for VET.
Both of these methods will help you to save on the sending fees that you’ll incur when sending between platforms.
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
Binance Referral (Receive 5% off your trading fees)
If you are interested in signing up for a Binance account, you can use my referral link.
You will be able to receive 5% off all of your trading fees on Binance!
Crypto.com Referral (Get up to $25 USD worth of CRO)
If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.
We will both receive $25 USD worth of CRO in our Crypto Wallet.
Here’s what you’ll need to do:
- Sign up for a Crypto.com account
- Enter my referral code: ‘x2kfzusxq6‘
- Stake enough CRO to unlock a Ruby Steel card or higher
The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.
You can read more about the referral program on Crypto.com’s website.
Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)
If you are interested in creating a Crypto.com Exchange account, you can use my referral link and enter the code “x2kfzusxq6“.
Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!
Here are the amounts that you’ll need to stake to receive the bonuses:
|1,000 – 4,999 CRO
|≥ 5,000 CRO
If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.
Are you passionate about personal finance and want to earn some flexible income?