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Best VeChain (VET) wallets
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. There are several options available where you can safely hold your tokens, and we cover five of the most popular choices.
Compare wallets for VeChain
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What to look for in a VeChain wallet
If you’re searching around for a VeChain wallet that matches your needs, make sure you look for the following important features:
- Compatibility. You will naturally need to select a wallet that supports VeChain tokens.
- Security. Research the security features the wallet offers, such as PIN protection, two-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.
Find out more about securely storing your cryptos in our guide to wallets.
Ledger Nano S (hardware wallet)
- High emphasis on security, user-friendly, support for a range of cryptocurrencies
- Cost, slightly inconvenient to use
If security is your priority, most crypto users would recommend forking out for a hardware wallet. The Ledger Nano S is one of the most popular hardware wallets going around at the moment.
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.
Read our full review of the Ledger Nano S
The Nano S also allows you to store a wide variety of other tokens, including bitcoin, Ethereum and Bitcoin Cash.
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.
VeChainThor (software wallet)
- Has both Android and Apple apps, easy to use and officially supported by VeChain developers
- Primarily made to store VET, so you’ll want other wallets if you own a diverse collection of coins
The VeChainThor wallet can store your VET, VTHO and a small collection of other crypto assets. This wallet has features that support:
- Balance checking and management
- Reward claiming
- X Node transfers
Because the VeChainThor wallet is a software wallet, some of its major security flaws will depend on how secure your mobile device is. Because of this, you’ll absolutely want to set up passcode locks, remote device wiping and similar features to prevent your VET from being stolen if you lose your mobile device.
To use the VeChainThor wallet, navigate to the official VeChain website and find download links there. Download the VeChainThor wallet through the official VeChain website, never through a third-party website.
Must read: Storing VET in an exchange wallet
If you want to actively trade VeChain tokens, you may need to keep them in an exchange wallet. This is a simple and convenient option for the short term, but may not be the best option if you require long-term storage without active trading.
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 reputability 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, enable two-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.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
At the time of writing, the author holds IOTA and XLM.
Images: Shutterstock
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