Your guide to the best wallets for securely storing and managing VeChain tokens (VET).
Launched in 2015, VeChain is a blockchain platform designed to enhance and streamline supply-chain management. The VeChain token (VET) is the platform’s native token, carrying the value transfer function of the blockchain network and the activities that run on it.
If you’ve bought or are planning to buy any VET, you’ll need to find a secure wallet where you can safely hold your tokens. There are several options available, so read on for reviews of five of the most popular choices.
At the time of writing, the author holds IOTA and XLM.
Compare wallets for VeChain
What to look for in a VeChain wallet
VeChain rebranding to VeChain Thor
VeChain officially rebranded to VeChain Thor in February 2018. This means VEN tokens will eventually become VET tokens. It’s not yet known whether VEN holders will have to do anything to participate in the change, though this is unlikely. However, keep in mind that there’s a possibility that you may need to transfer your VET tokens into the official VeChain Thor wallet (scheduled to be released in the second quarter of 2018) in order to receive THOR Rewards, which are distributed to nodes that maintain the blockchain.
If you’re searching around for a VeChain wallet that matches your needs, make sure you look for the following important features:
- ERC20 compatibility. VET is an ERC20 token on the Ethereum network, so you’ll need to check that any wallet you choose is compatible with this type of token.
- Security. Research the security features the wallet offers, such as PIN protection, 2-factor authentication and multisig functionality. It’s also a good idea to check whether the wallet has ever been hacked or if there have ever been any other security breaches reported.
- Ease of use. If you’re not sure how to use a wallet properly, how can you be expected to safely store your VET tokens? With this in mind, choose a wallet with a simple user interface that’s easy to understand and navigate.
- Private key control. Your private keys are crucial passwords that allow you to access your crypto holdings. Make sure your wallet lets you control where those private keys are stored.
- Continued development. Check to see when any wallet you’re considering was last upgraded. Is it backed by a development team that’s always introducing improvements and new features?
- Customer support. If you have a problem with a transaction or your wallet malfunctions, how can you contact customer support? Do they have a good reputation for prompt and helpful responses?
- Positive reviews. Check out some independent online reviews of the wallet to find out what other users see as its pros and cons. Would they recommend it for you?
If you shop around and compare your options, you’ll be able to find a wallet with all the features and functionality you need.
Ledger Nano S (hardware wallet)
- High emphasis on security, user-friendly, support for a range of cryptocurrencies
- Cost, slightly inconvenient to use
It’s a USB device that allows you to store your cryptocurrency private keys in a secure element, which is protected by a PIN. An in-built OLED display lets you check and confirm transactions, providing an extra level of security, while the setup and management process is simple and straightforward.
The main stumbling block for some users is that the Nano S isn’t free. At the time of this writing (3/14/18), a new Nano S directly from Ledger costs around $93 plus tax.
TREZOR (hardware wallet)
- Easy to use, loaded with security features, can manage multiple currencies
- Cost, not as convenient as other options
The TREZOR is a key competitor for the Nano S and another popular choice for anyone who values security above all else. Connecting to your computer or Android device by micro USB, the TREZOR also includes a built-in screen and buttons for manually verifying transactions.
It’s also PIN protected, and each time an incorrect PIN is entered in succession, the wait time until you can try again increases by the power of two.
The setup process is easy to follow and the wallet is also quite user friendly. In addition, if you want to store other cryptos such as bitcoin, Litecoin, Dash and Ethereum, they’re supported as well.
MyEtherWallet (web wallet)
- Storing any Ethereum tokens, retaining control of your private keys
- A little confusing for crypto newcomers
The main downside of this option is that, if you’re new to the world of cryptocurrency, you might find it a little confusing at first. However, there’s a guide and a FAQ section to help you sort through any problems you may have.
Eidoo (mobile and desktop wallet)
- User-friendly interface, convenient management, stores a huge range of tokens
- Bitcoin support still to come, still a relatively new provider
A hierarchical deterministic (HD) wallet that can be backed up using a single passphrase, Eidoo lets you store your private keys on your device. The app is available on Android and iOS devices and is a suitable choice for beginners and anyone who likes convenient access to their funds.
At the time of this writing (March 2018), an Eidoo desktop app for Windows, Mac and Linux operating systems was in the beta stage. It’s also worth pointing out that this is still a relatively new wallet offering, so there are other options that have had more time to build reputations as trusted providers.
MetaMask (web wallet)
- Easy and convenient access to the Ethereum network, private key control
- Can be a little confusing for new users, not as safe as a hardware wallet
Available for the Chrome, Firefox, Opera and Brave browsers, MetaMask encrypts your private keys and stores them on your computer. You also won’t have to worry about providing any personal details to start using this extension.
However, new cryptocurrency traders may find it a little confusing at first, and if security is your main priority, then you may prefer a hardware wallet.
Storing VET in an exchange wallet
If you only need to store VET tokens for a short period, you may want to consider keeping them in an exchange wallet. This is a simple and convenient option but may not be the best option if you require long-term storage.
Cryptocurrency exchanges are an extremely popular target for hackers, and there are numerous examples of user funds being stolen. Storing your funds on an exchange also means that you don’t control your private key, so moving your tokens into a secure, private wallet is generally recommended as the best course of action.
Tips for securely storing your VET
The following are some of the simple steps you can take to maximize the security of your VET tokens:
- Consider offline storage. Cold wallets offer a higher level of security than hot wallets, with hardware wallets generally considered to be the safest option available. If you need to store a large balance of tokens, consider moving them into an offline wallet for extra peace of mind.
- Do your research. Don’t transfer funds to a wallet you haven’t researched thoroughly first. Look into the reputation of the wallet provider, the security features it provides and whether it has ever been hacked.
- Use all available security features. Whichever wallet you choose, make sure you take advantage of all the security measures it offers. For example, does it enable 2-factor authentication, use multisig support and create a secure PIN for your account.
- Set a strong password. Create a random password that features a long list of letters, numbers and other characters. If you use a lazy, easy-to-guess password for your wallet, you’re more or less asking to be hacked.
- Update your antivirus protection. Make sure you have the latest antivirus and anti-malware software installed on the devices you will use to access your wallet.
- Secure your private keys. You can’t access your tokens without your private key, so make sure it’s stored somewhere safe and secure and that you never share it with anyone else.
- Follow other safety practices. Set up a secure firewall, never click on a download link from someone you don’t trust and never access online wallets through public Wi-Fi. In addition, remember to update your wallet whenever a new version is available.