Prateek AroraVeChain is a cryptocurrency that isn’t talked about much in 2022 – and further back ever since its ticker symbol was renamed from VEN to VET in 2018 – but it did quietly have a bull cycle in 2021. The VET price opened 2021 at around $0.02 and hit $0.28 by April – a 14x gain.
Since then it corrected back to around $0.03 by mid 2022 – does it have another bull run in its future? What is VeChain exactly? We’ll review the use case of VET and where to buy VET in this guide.
How to Buy VeChain – Quick Steps
- ✅ Step 1 – Visit Crypto.com and create a free account – verify it with your personal info and ID documents to be able to make withdrawals.
- 💳 Step 2 – Deposit funds in your account: Using a debit / credit card, bank transfer or other payment methods to top up your new account with the money you want to invest in VeChain.
- 🛒 Step 3 – Buy VET: Search for VET in the top search box on the exchange – you’ll see spot trading pairs and perpetual futures pairs – more on those below.
Where to buy VET – Best Platforms
Considering its solid fundamentals, loyal Reddit following, and increased application in the business world, many consider VET to be a good investment. It may take time for the market to reflect its utility however – currently the VeChain price is in a clear bearish downtrend.
If you do decide to buy VET at the current low prices, the best places to invest in VET are:
1. Crypto.com – Spot & Margin Trade VET
Crypto.com has a VET/USDT pair (to spot trade against stablecoin Tether, pegged to the US dollar), a VET/USDC pair, a VET/BTC pair (to buy VeChain with Bitcoin and sell VET back into Bitcoin), and a perpetual futures pair.
The VETUSD-PERP pair is suited to advanced, experienced traders who’ve used margin and leverage – set a stoploss to avoid liquidation.
VET has been integrated into the Crypto.com Wallet and Card App, allowing customers to purchase VET at a true price using USD, EUR, GBP, and 20+ fiat currencies by credit card or bank transfer.
Vechain has also been added to Crypto.com’s staking, thereby letting customers of the Crypto.com Exchange to earn up to 2% per year on VET deposited and remaining on the exchange.
We also reviewed the signup bonus on Crypto.com. If you’re interested in trading NFTs, Crypto.com also has its own NFT marketplace.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
2. Binance – Trade VeChain at 0.1%
Binance, one of the largest crypto exchanges, is well-known for its high trading volume, liquidity and having over 600 of the best altcoins listed. Binance added VEN / BTC and VEN / ETH trading pairs in November 2017.
Today there’s also a VET/GBP and VET/EUR pair to trade against those fiat currencies. There’s also a VET/TRY pair for the Turkish Lira. For stablecoins, there are VET/USDT and VET/BUSD trading pairs.
The switch from VEN to VET happened in July 2018 and then Binance adjusted all trading pairs.
Trading fees on the Binance platform are low – a maker/taker fee of 0.1% – and that’s lowered more if you buy Binance coin to pay the fees with and sign up using a Binance referral link.
Being home to the most number of altcoins, Binance is used by more than 100 million crypto traders across the globe. Like Crypto.com you can margin trade VET – on 3x cross margin or 5x isolated margin.
The VET withdrawal fee on Binance is 20 VET (under $1) and the minimum withdrawal amount is 40 VET.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
3. eToro – Best Platform Overall to Buy Crypto
Regarded as the leading and most regulated crypto platform to buy cryptocurrency, eToro hasn’t yet listed VeChain but may do in 2023 as it supports over 60 crypto assets.
eToro is open to the United States and most of the world, regulated by the FCA, CySEC and ASIC (being open to Australia too).
Bitcoin, and many DeFi coins and metaverse coins are available to buy on eToro – with the widest variety of deposit methods accepted including Paypal, Skrill, Neteller and more alongside the usual debit and credit cards or bank wire.
eToro supports crypto staking as well on Ethereum, Cardano and Tron which are listed there.
The Copy trader function available on this platform can also help users learn to trade and do so with low risk – eToro also offers an investment management tool called Smart Portfolios, which offer pre-built investing portfolios based around a certain crypto market sector.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
4. Changelly – Buy VeChain Without ID
Founded in 2016, this simple in-browser web based crypto exchange is often used by beginners to crypto.
Changelly combines cryptocurrency deals from trusted fiat suppliers, including MoonPay, Banxa, Indacoin, Coinify, Mercuryo, Simplex, and Wyre, enabling customers to compare current prices when purchasing VET.
Changelly offers a wide range of deposit and withdrawal options to its users whenever they want to buy cryptocurrency or convert any crypto asset to another in a quick, simple swap without needing to submit KYC documents.
You can buy VET anonymously on Changelly using multiple payment options, including debit, credit, virtual, or prepaid card, bank transfer, or Apple Pay.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
What is VeChain?
VeChain is among the few cryptocurrencies that go beyond just being a digital asset to serve enterprise-level clients. It’s a supply chain management-focused cryptocurrency and smart contract platform that enables businesses to put sensors to their goods, such as RFID tags, which can then collect information on the VeChain blockchain.
The VeChain blockchain is a public blockchain aimed at “mass adoption by businesses.” VET and VTHO are the two native tokens available on the platform.
VET is a cryptocurrency that can be purchased on the exchanges we reviewed above and held as an investment for those that are bullish on the VET project. It is open to the entire public to invest in.
Within the VeChain blockchain, VET functions as a value increment. It is also how users pay for transactions on the VeChain blockchain-based Dapps.
While VET is used for storing and transferring value, VTHO is used for transacting on VeChain blockchain.
The VeChain token (VET) is a type of “smart money” that is used to carry value from smart contracts. VET is used in decentralised application transactions that take place on VeChain’s blockchain.
VeChain Price
Since the VeChain price hit an all-time high of $0.28 in April 2021, VET has retraced to as low as $0.024 as of mid 2022, a 91.5% retracement. The VET price opened 2022 at $0.082.
Vechain price chart – monthly candles
Currently the VET price is trading around $0.03 with a market cap of $2.1 billion – the #32 largest crypto by market capitalization on Coinmarketcap.
VET Price Prediction
The wider crypto markets entered a bear market after November 2021 (when Bitcoin hit $69,000) which affected the price of all altcoins. VET has corrected deeply and may be overdue for a bounce to at least retest the 21 EMA on the monthly chart above at around $0.06.
That would also line up with the 0.786 Fibonacci level – that Fib already acted as resistance earlier in 2022.
A $2 billion market cap is still on the high side – you may want to wait for confirmation of a clear bullish market structure and new uptrend before investing in VET. If you do buy VET, consider dollar cost averaging into a position slowly to get a better average entry.
One bullish case for VET is that 84% of its total supply is unlocked and in circulation. The VET circulating supply is now over 72.5 billion VET tokens. Also see our VeChain price prediction post.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
VET Wallets
Using an exchange wallet – as long as the crypto exchange has a good reputation – is often more simple and straightforward for beginners to store cryptocurrency assets, than using a hardware wallet.
Crypto.com was our recommended broker to buy VeChain – a dedicated crypto exchange.
They also offer customers their own crypto wallet – which they refer to as a DeFi wallet as it also supports yield farming – to safely and securely store VET tokens and any of the other 250+ coins they have listed so far on their exchange platform. So for convenience after buying VET you can store your VET coins there.
Is VET the Best Crypto to Buy in 2023?
VET has corrected 91% so far, but even the best altcoins can correct 95% – Ethereum did, during its bear cycle from $1,440 to $80. VET retracing 95% would be a retest of the 2021 low and not unrealistic – the market cap would also still be $1 billion.
Some investors prefer to invest in low market cap coins – around the $100 million level – like Lucky Block (LBLOCK). Launched for trading on Pancakeswap on January 26th 2022, it had a 65x bull run from a price of $0.00015 at presale, to its current all time high of $0.0097 around the time it was listed on LBank exchange.
LBLOCK can now also be bought with fiat currency on the Lucky Block website – and future exchange listings could help the price rise.
LBLOCK began to flip bullish again in the run-up to its debt prize draw on May 31st, 2022. That jackpot prize pool will award $1 million to an entrant in its inaugural crypto jackpot, and $1 million to a holder of one of its NFTs – which have been a top selling NFT collection in 2022.
The aim is to create a 100% decentralized crypto games and competition platform where ‘everyone’s a winner’ – with fairer, more transparent odds.
The play to earn crypto – bounced strongly after the mid 2022 crypto crash, being one of the first digital assets to recover.
Below is how to buy LBLOCK on Pancakeswap:
- Set up a Crypto Wallet: Setup a BSC-compatible crypto wallet such as Metamask
- Buy BNB: Add Binance Coin (BNB) to your wallet. BNB can be bought on eToro
- Connect Wallet: Visit PancakeSwap’s home page and click ‘Connect Wallet’.
- Buy Lucky Block: Use the contact address (0x2cD96e8C3FF6b5E01169F6E3b61D28204E7810Bb) to get the correct asset, LBLOCK, then choose BNB to make the exchange. Select the amount of BNB you want to swap and confirm the order.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
Conclusion
Many investors are still bullish on VeChain, optimistic about strategic partnerships the VeChain project have made in business and industry over the years.
Although we still recall in 2018 the VeChain Reddit being excited over possible partnerships with Coca Cola, the tobacco industry, and others – and the VET price has retraced since those days. Many of those early investors will have capitulated.
VeChain should be considered a long term investment if you do decide to buy it – and the low prices in 2022 could be a good time to invest. Don’t go ‘all in’ on one altcoin though, and consider low cap cryptos like LBLOCK that will have an easier time moving up in valuation.
Lucky Block - Undervalued Crypto
- Listed on Gate.io, LBank, MEXC, PancakeSwap
- NFT Competitions, Jackpot Draws
- Powers Casino & Sportsbook Platform - luckyblock.com
- 10,000 NFTs Minted
- $2M+ in Prizes Awarded
FAQs
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This article was written for Business 2 Community by Prateek Arora.
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