Looking to store your Velas (VLX) coin in a wallet?
This article will show you how to set up your Velas wallet and deposit it with VLX, step by step, with illustrations.
Related Post: GUIDE to Velas (VLX) cryptocurrency coin
- How to set up a new Velas (VLX) wallet
- How do I make a deposit transfer of VLX coins from an exchange?
How to set up a new Velas (VLX) wallet
There are many wallets that can be used to store VLX. In this article, we will use the official Velas software wallet.
To do so, follow the steps below;
Step 1. Create a new wallet
The official Velas wallet supports various operating systems such as Windows, macOS, Linux, Android and iOS. However, this article will use the web wallet as it is faster and more convenient.
Go to the Web Wallet and select your preferred language on your wallet.
If you previously had a Vela’s wallet, you can restore it by clicking <RESTORE>, upon which you will be asked to provide your 24-word seed phrase.
Click <CREATE> to set up a new Velas wallet.
Step 2. Set your Wallet PIN
The wallet PIN must be at least six (6) characters long and accept alphanumeric characters and symbols.
Click <SETUP> to continue.
Step 3. Write down Your 24-word Wallet Seed Phrase
You will be shown your wallet’s 24-word seed phrase.
Every word has its corresponding number assigned to it. For best practices, write them down on paper and keep them in a secure location, preferably under lock and key at home.
- Please do not share this seed phrase with anyone, as only the wallet owner (you) should know it.
- Please do not take photos or save them digitally. This is to minimise cyber hacking attacks and cyber theft.
- Anyone accessing your seed phrase could take away all your crypto assets. Please keep it safe.
Step 4. Verify Your Wallet Seed Phrase
You will be asked to verify each 24-word seed phrase in random order. Key in the correct word for the corresponding number.
Step 5. VLX Wallet successfully setup
Once done, you will be brought to your new Velas (VLX) wallet interface. You can start using your wallet now.
How do I make a deposit transfer of VLX coins from an exchange?
In this article, we will be using KuCoin as an example.
Get Your Deposit Address from the Velas web wallet
On your VLX web wallet, select <Receive> to copy your wallet deposit address.
Withdraw VLX from your Exchange
In this example, we will be using the KuCoin exchange.
Click your wallet menu (on the top right-hand side of the homepage) and select <Main Account>.
Select the <Withdraw> tab and choose VLX from the dropdown menu. Fill in the withdrawal details as shown. Pay attention to the <Network> field and choose <VLX> and not VLXEVM.
Do note that there is a 10 VLX fee for withdrawal using KuCoin. This is considered the norm standard for crypto withdrawals as plenty of other altcoins require much higher withdrawal fees.
VLX can process up to 75,000 transactions per second; therefore, your transaction will appear on your web wallet within a few seconds.
That is all you need to do. Your Velas (VLX) wallet has been successfully funded with Velas (VLX) coins. Remember to explore staking your VLX coins to earn VLX interest. Staking features can be found inside the wallet’s interface.