How to Buy VeChain (VET) in April 2024

VeChain is a blockchain platform for smart contracts that specialises in providing software solutions tailored to businesses. Known for its product aimed at enterprise supply chain management, VeChain is developing a practical application in various industries, including food, beverage, fashion and automotive, to track shipped goods.

Its native cryptocurrency, VET, is one of the 40 largest token coins by market capitalization. In this VeChain beginner’s guide, we explore how this blockchain works, where to buy VeChain, the best place to buy VeChain, how to buy VeChain crypto, and more.

What is VeChain?

VeChain is a blockchain technology that aims to link products to consumers. It’s designed to help optimize the supply chain as well as other business processes. It has quickly established significant collaborations with several key companies, and its native cryptocurrency, VET, is among the top 40 token coins by market value.

Unlike many other universal blockchain platforms, VeChain has a clear specialisation. The basic concept is to provide a unique identifier and a dedicated sensor for detailed monitoring of a physical product. The subsequent process is to record information as the product moves through the supply chain.

The VeChain network has two different tokens: VeChain Token (VET token) and VeChainThor Energy (VTHO). The former is used to hold value across the VeChain network, while the latter is used as ‘gas’ to power smart contract transactions, similar to the popular Ethereum crypto.

According to information on its official website, the VechainThor blockchain is emerging as a leader in the business-focused Layer 1 blockchain category, leading the sustainability revolution with a smart contract platform characterised by low carbon emissions and highly efficient scalability.

Another aspect of the VeChain ecosystem is that it plans to scale to 10,000 transactions per second. Compared to other crypto assets such as Bitcoin’s 4.6 transactions per second, VeChain could be considered more scalable.

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Why should I buy VeChain?

With over $72.71 billion worth of VET in circulation, according to the source, VeChain is currently ranked #37, with a live market capitalization of $2,052,379,529 USD. One of the best reasons to buy VeChain crypto is because of the plentitude of features it has. For instance, it has compatibility with smart contracts, initial coin offerings (ICO’s), and decentralized apps.

You can also earn passive income by participating in VeChain staking, although the rewards are lower compared to other cryptocurrencies. Because it can be bought by consumers, it’s not too difficult to find where to buy VeChain. Sites such as Coinbase and Binance have the coin available for trading. These types of platforms are the best places where to buy VeChain.

So we know that VeChain connects consumers with business processes such as supply chain management. But how exactly does this work? Let’s say you want to buy a luxury bag in a store. If the bag has a QR code or NFC chip on the VeChain network, potential buyers can use an app to see all sorts of information about the item. They’ll know where it was made, how long it was in stock before it was shipped, and many other important details.

This ability to track and store information about unique items solves supply chain problems such as counterfeiting, spoilage, defects and potentially even import regulations. Another feature of the VeChain crypto is that it has an Internet of Things (IoT) token layer. Blockchain technology aims to act as a sort of middleman between the purchase of IoT devices.

All of these features, combined with the ability to scale to 10,000 transactions per second, make a compelling case for buying VeChain crypto. With the current bull run in cryptocurrencies, led by Bitcoin, there is also reason to believe in a bullish VeChain price forecast.

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How much does VeChain cost?

VeChain’s price today is US$0,02699. Users can buy VeChain through a cryptocurrency exchange broker. Because VeChain isn’t as popular as other mainstream cryptos, it might be more difficult to find VET coins in social trading platforms like the eToro app. Depending on the coin trading platform, spreads can vary, but sites like Binance charge a 0.1% spot trading fee and 0.5% Instant Buy/Sell fee.

It’s possible that other platforms similar to Binance have varying fees as well. Depending on the crypto exchange and features, they could be more expensive or much cheaper. If you are interested in day trading when you buy VeChain, consider these day trading crypto exchanges.

How to buy VeChain with PayPal

You cannot currently buy VeChain using PayPal. At the moment, the platform only allows you to buy four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum and Litecoin (LTC). If you want to buy VeChain in the USA, you have a few options, as PayPal does not offer VET yet. One of the platforms for those looking where to buy VeChain is Binance. You can pay by card, direct debit or bank transfer.

How to buy VeChain with Bitcoin

Most crypto exchanges require you to link a crypto wallet when using Bitcoin to purchase other cryptocurrencies like Ethereum, Litecoin, Cardano, etc. Use the Bitcoin in your crypto wallets and connect to a crypto exchange platform, and look for the exchange where to buy VeChain requires Bitcoin.

Buying VeChain safely

It’s very important to consider how regulated your broker is when you plan to buy VeChain crypto. In this case, there are regulations for Binance, but it is not fully regulated. However, crypto exchanges like Coinbase and Binance have millions of active users.

Also, keep in mind that it is possible to store VeChain and VeChainThor in a VeChain wallet. Ideally, you’d want a wallet that has encrypted keys and good security measures. As with all encryption, make sure not to share the encrypted keys that you use for your VeChain wallet.

Risks of buying VeChain

There is always risk, even when buying VeChain crypto. Beginners should be wary of increasing their risks, especially on platforms like Binance that offer the ability to leverage certain positions. Leveraged positions occur on platforms that use CFD trading.

It’s easy for novice traders to see the huge upside potential of trading on leverage, but users need to understand that there is also a huge downside potential. On Binance in particular, if you leverage your positions and they reach a certain price threshold, you may reach a point where your account needs to be liquidated to cover certain positions.

Basically, there are ways in which new users can instantly blow up their accounts and lose a lot of money. The rule of thumb and financial advice when trading is to only risk what you can afford to lose and to make sure that you are following a trading strategy that works for you.

Even when buying VeChain crypto, success is never guaranteed and due diligence should be followed when trading. Also, find the best place to buy VeChain – preferably a regulated or widely accepted crypto exchange platform.

Your capital is at risk.

Selling VeChain

Once you’ve gotten the hang of things like the VeChain price movement and even researched what you think the VeChain price forecast will be, you may want to consider selling VeChain.

On the Binance platform, once you’re on the VeChain page, you should see a ‘Sell’ button. This button essentially means that you want to bet against the coin and go short. However, if you already own VeChain or have it in your wallet, you can choose to sell it if you think you want to realise your profits.

Where to buy VeChain

A crypto exchange platform is the best answer to the question, ”Where to buy VeChain?”. Although Binance may seem quite overwhelming at first with its tools, we believe it is a good platform for this beginner’s guide. If you’re asking yourself where to buy VeChain in the US, Binance is a great place to start.

1. Binance – A world leader in cryptocurrency exchange

Founded in Hong Kong in 2017, Binance is one of the world’s leading cryptocurrency exchanges. There is a lot of variety in Binance, as it offers a wide range of altcoins to trade. It offers trading of over 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and, of course, VeChain (VET).

The platform allows you to view live data and history on VeChain. The price chart displayed actually has several price indicators, such as moving averages and trading volume, which is especially useful when trying to find opportune trades.

In terms of the fees for Binance, spreads are about 0.10%, but users actually reduce this by 40% simply by having BNB currency. BNB is the cryptocurrency issued by Binance which is used to transfer value among other cryptocurrencies.

The minimum deposit required for Binance is around $20 when using credit or debit cards. Note also that a minimum amount of $10 must be spent per trade. This is the threshold for the platform to execute any particular trade. As of 2018, the Binance exchange platform moved its company headquarters to Malta, EU, after China’s looming regulations on crypto. Recently, China has also been cracking down on the crypto business.

2. Crypto.com – A secure platform that shows an annual APY of up to 14%

This platform gives you a more stable annual percentage return for both types of cryptocurrencies: general and stablecoins. Thus, you get an APY of up to 14% for stablecoins and 14.5% for all other cryptocurrencies available on the platform.

Crypto.com comes with its own feature that allows crypto lending, namely Crypto Earn. This is known for its yield, but mostly for the speed and security it provides every day. Besides, Crypto.com itself is a more than safe choice, being one of the biggest and best crypto trading platforms in the world. The fact that it also implemented a platform that allows crypto credit or debit card lending is just the tip of the iceberg, as they say.

In terms of available cryptocurrencies, the Crypto.com platform provides you with more than 50 currencies, including the platform’s native currency, CRO, which users can use to increase their profits.

When you want to use the platform, three variables are taken into account: the amount of CRO you want to invest, the terms of holding the cryptocurrency, and the cryptocurrencies you want to lend. The holding term can be flexible, for one month or for three months. At the same time, there is also a loan limit you need to consider. Thus, to earn fixed or flexible holdings in USDT, you must meet the USDT 250 loan limit.

VeChain price prediction

This is the forecast for the cryptocurrency VET, based on technical analysis data. Such a picture looks very optimistic, but users must get on track with the latest VeChain news. The fall of the VeChain price in the past is explained by the general decline characteristic of the entire crypto sector. In addition, the slow development of the project was affected.

The cryptocurrency market is awaiting the Bitcoin halving in April 2024, with altcoins like VET Coin likely to achieve high trading volumes, which may come with positive VeChain news as well. If the VeChain price surpasses $0.02586, it could move above $0.03017 and $0.03274, signaling a significant upside. Bitcoin is awaiting ETF approval from the SEC, which could expose it to upside potential and protect investors from downtrends.

According to VeChain news and analysts’ forecasts, the VeChain price may grow in 2025 and 2026; the token could reach $0.052 and $0.076, and some even prophesize a price increase to the level of $0.089.

An ETF tracks Bitcoin’s price, providing protection from adverse price movements. VeChain prices will fluctuate until 2030, making it difficult to predict accurately.  Large-scale adoption and new tokens are expected to be created along the way, leading to divided public attention and forced sales.

Regulatory clarity and transparency agreements will impact the market, but prices will rise for an unspecified period. VET Coin’s potential to break the all-time high until 2030 could be possible if the market experiences another bull run, attracting more money and institutional investors. A positive VeChain price outlook for 2030 is $1.11280, with the road to $16 likely taking over five years.

Factors that may influence the course of VeChain forecast

To date, VeChain coin prices appear to be mostly influenced by the state of the overall cryptocurrency market. After the rally in 2021, the currency experienced significant losses, which continued into 2022 and into today.

• Larger adoption of cryptocurrency payments: There must be a clear reason for this. In fact, it is true that VeChain Coin is not well known except for industrial use cases. Large corporations are particularly wary of blockchain, but VeChain targets them almost exclusively. Meanwhile, the toolchain is easing this vigilance, but it also allows the use of fiat currencies, which in turn reduces the number of companies that need VET coins.
• The sentiment of investors: In 2022, investors shifted capital from risk-based assets like stocks and cryptos to safe havens like the US dollar due to rising interest rates. However, the pace of interest rate hikes is expected to slow by the end of the year, prompting a swift return to risky assets like cryptos. Identifying cryptocurrencies with strong utility could help predict VeChain’s future worth.
• The expansion of the global supply chain and VeChain ecosystem: VeChain is used by major global companies like LVMH, BMW Group, DB Schenker, Kuehne & Nagel, Groupe Renault, and BYD. In the near future, it is expected to significantly improve the global supply chain, which is expected to grow to $31 billion by 2026. This growth is driven by the need for a more updated supply chain, making it crucial for short-term traders and long-term investors to consider factors that influence the coin’s future price movement.

Your capital is at risk.

Conclusion

If you believe in the future of VeChain, such as its scalability, practical use and benefits to consumers and businesses, then you should consider buying the coin. As this is a beginner’s guide to the best place to buy VeChain, it’s always important to remember that all trading involves risk. If you are still wondering where to buy VeChain, make sure you do your research on any crypto exchange platform you are considering using.

As mentioned above, Binance is one of the platforms where you can buy VeChain, with many payment options to choose from. It is also a suitable platform for beginners, although it may seem overwhelming at first. For those just starting out, there are educational resources to help you learn how to use the platform.

Your capital is at risk.

FAQs

References

• https://coinmarketcap.com/currencies/vechain/
• https://www.vechain.org/
• https://www.oracle.com/in/scm/what-is-supply-chain-management/#:~:text=At%20the%20most%20fundamental%20level,product%20at%20its%20final%20destination.
• https://www.investopedia.com/articles/stocks/09/trade-a-cfd.asp