VeChain Trading 2024 – Tutorial And Brokers
VeChain is an enterprise blockchain solution and cryptocurrency that has been around since 2016 and was developed to bring accountability, transparency and efficiency to trading and business operations. Originally a fork of the Ethereum codebase, it is now its own fully-fledged blockchain network designed to optimise supply chain management and business processes. This article will review how VeChain works, compatible brokers and the latest token news. Find out how to start trading VeChain today.
VeChain Brokers
#1 - Eightcap
Why We Chose Eightcap
Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: $12 (BTC)
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Regulator: ASIC, FCA, xCySEC, SCB
Pros
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
#2 - Skilling
Why We Chose Skilling
You can trade 50+ crypto pairs via leveraged CFDs. The list of tokens is longer than many rivals, including Vantage with only 30+, and you can get started easily with just $100.
"Skilling maintains its position as a top pick for beginners looking for a competitive zero commission account with direct access to a copy trading feature. It will also serve experienced strategy providers looking to earn commissions, or anyone looking to trade forex during extended hours."
- DayTrading Review Team
- Coins: ACM, APE, AVE, ATM, AVA, AXS, BTC, BAR, BNB, BTC, BSV, XBN, ADA, CHZ, ATOM, CRO, DASH, MANA, DOGE, EOS, ETH, ENJ, XET, ETC, FTM, ONE, HT, IOTA, JUVE, LTC, LNK, XLC, XMR, NEO, OMG, PSG, CAKE, DOT, MATIC, QTUM and many more
- Crypto Mining: No
- Auto Market Maker: Yes
- Crypto Spread: BTC 0.5
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Skilling Trader, MT4, cTrader, TradingView
- Regulator: CySEC
About Skilling
Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of day trading instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. You can sign up and start trading in three easy steps.
Pros
- Skilling continues to strengthen its investment offering recently introducing weekend forex trading on 7 currency pairs
- The Skilling Copy solution is accessible directly from the cTrader web terminal, making it easy for strategy providers to manage their portfolios
- The €100 deposit and zero commissions in the Standard account are accessible for beginners
Cons
- Skilling trails alternatives like IG when it comes to research tools that can help day traders make informed decisions
- You can only access shares in the Skilling Trader platform and fewer instruments are available overall in the MT4 accounts
#3 - CMTrading
Why We Chose CMTrading
Trade 23 of the most popular cryptocurrency assets, including BTC, ETH and SOL, in CFD pairs with USD and spreads from 0.02. Traders will not own the underlying tokens with these derivatives.
"CMTrading is a great choice for traders based in South Africa looking to access highly leveraged forex and CFDs, plus copy trading tools and short-term signals."
- DayTrading Review Team
- Coins: BTC, LTC, ETH, XRP, LINK, XLM, XMR, XDG, SOL, BCH, ADA, DOT, UNI, SHIB, VET, TRX, XEM, THT, BNB, MATIC, MANA
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: From 0.02
- Crypto Lending: No
- Crypto Staking: No
- Platforms: CMTrading Webtrader, MT4
- Minimum Deposit: $100
- Regulator: FSCA, FSA
About CMTrading
CMTrading is one of South Africa's leading online day trading brokers, offering trades with leverage up to 1:1000 on the MetaTrader 4 and browser-based Sirix platforms as well as a bespoke copy trading service. The brokerage launched in 2012 and holds a license with South Africa’s Financial Sector Conduct Authority (FSCA).
Pros
- The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature
- There's a decent array of educational resources for beginners on the online academy
- Clients can access free short-term forex signals from the broker's platform
Cons
- The broker's market coverage is limited, including only 100+ stocks
- There are no additional third-party analysis tools such as AutoChartist
- Spreads are uncompetitive across accounts compared to competitors
#4 - Pocket Option
Why We Chose Pocket Option
Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
- DayTrading Review Team
- Coins: BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: N/A
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Web, MT4, MT5
- Minimum Deposit: $50
- Regulator: MISA
About Pocket Option
Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
Pros
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
Cons
- The MISA is a weak regulator with limited investor protection for retail traders
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
#5 - Uphold
Why We Chose Uphold
You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.
"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."
- DayTrading Review Team
- Coins: BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: Up to 1.5%
- Crypto Lending: No
- Crypto Staking: Yes
- Platforms: Desktop Platform, Mobile App
- Minimum Deposit: $0
About Uphold
Uphold is a digital asset platform offering a range of services, from crypto trading and staking to payment cards that provides rewards and easy multi-currency payments. The company was established in 2015 and has enabled $4+ billion in transactions. Uphold is now active in 180+ countries and deals in 200+ crypto and fiat currencies.
Pros
- UK users can get the Uphold card with up to 2% cashback in XRP
- Uphold is 100% reserved which helps to protect client funds
- Two-step authentication bolsters user security
Cons
- The charting analysis features on the platform trail specialist exchanges
- Customer service is slow based on tests, with limited contact options
- There is a 2.49% fee if you want to use debit or credit cards
What Is VeChain?
VeChain is a utility blockchain platform from China that works to streamline information flow for complex supply chains using distributed ledger technology (DLT). It also aims to administer governance and Internet of Things (IoT) technology to make an ecosystem that avoids some of the major issues with traditional supply chain management.
The idea and real-world use of VeChain is to boost traceability, efficiency and transparency in supply chains whilst lowering costs and providing more control to individual users. The foundation is also involved in other DeFi enterprises, like NFT trading, and undergoes regular updates.
VeChain has several integrated tokens that can be traded externally with the altcoin tickers (abbreviations) VEN, VET and VTHO.
History
VeChain was conceived back in 2015 as the product of creator, co-founder and owner Sunny Lu, an IT executive. Lu has become well-known within the cryptocurrency industry, drawing attention towards the ability of blockchain technology for improving transparency. Lu argued that it can create “trust-free” structures that do not suffer from corruption when playing a part in the supply chain.
This has aided other supply chains in the market and, in some ways, VeChain has paved the way for logistical blockchain enhancement. Furthermore, having launched as a coin in 2016, it is also one of the oldest dedicated blockchain supply chains on the market.
More recently, VeChain was involved in the E-HCERT application that used blockchain technology to accurately and efficiently archive COVID-19 test results and vaccination certificates for Cyprus.
Live Price Chart
All the live price charts on this site are delivered by TradingView, which offers a range of accounts for anyone looking to use advanced charting features.
The above charts can be altered for different charting types, indicators and timeframes, such as a daily line graph, though there is no yearly chart option. You can also click the trading symbol ‘VETUSD’ to look for other valuations, such as the GBP max price.
For more details on the VeChain tokens, CoinMarketCap is a useful website. This tool can give you information on the all time high, lowest dip, max token supply and announcements for upcoming events.
Features
VeChain’s platform contains two different network tokens: VeChain Token (VET) and VeChain Thor Energy (VTHO). VET is used to transfer through the blockchain’s network, predominantly for payments and voting, whereas VTHO is used as energy to power smart contract transactions.
Beyond these two tokens, there are several other core properties within the protocol, the first of which is Thor: the core blockchain present for account management, transactions and smart contract development. Then there are VeChain IDs, which consist of digital identities affixed to goods in a corporate supply chain that allows tracking via NFC (Near Field Communication) and RFID (Radio Frequency Identification) chips and QR codes.
VeChain also hosts a useful explorer API that lets users search transactions, addresses and activities occurring on the blockchain.
Governance
VeChain departs from many traditional cryptocurrencies in its governance regime. The blockchain platform is semi-centralised, where most are fully decentralised. The impact of this is to remove some of the immutability proffered by others, though it allows the company to offer business services and provisions.
Additionally, VeChain follows a proof-of-stake validation system, rather than the traditional high energy consumption proof-of-work mining regime. This allows traders and investors to get involved in staking or yield farming by locking up some of their tokens for validation of any blockchain transactions for token rewards.
Staking can be done through Binance or directly on the network and transforms your connection into a node. The white paper on the foundation’s website outlines several node classifications.
Authority Nodes
Sitting at the top of the node hierarchy, there are 101 authority nodes that are responsible for the validation of blockchain transactions. These nodes are selected by the VeChain foundation and require a full application procedure with know your customer (KYC) checks (though their identities are kept secret). The minimum token requirement is 25 million VET, meaning only the top supporters can earn authority node status.
Authority nodes dedicate hardware to the blockchain network and receive the greatest VTHO generation rate, VET rewards and voting rights.
Economic Nodes
VeChain economic nodes do not validate any transactions on the blockchain or dedicate hardware to the network, though they do help provide stability to the system. Economic nodes must hold more than 1 million VET and must simply place their tokens into a traceable wallet so they can start earning VET and VTHO rewards.
Economic nodes are split into strength nodes (1 to 5 million VET), thunder nodes (5 to 15 million VET) and Mjolnir nodes (15+ million VET). Each node type has different reward rates and maturity periods. Users can upgrade and downgrade freely between node types.
X Nodes
The x node program is a newer addition to the VeChain node system and aims to reward dedicated supporters. There are four x node classifications: the VeThor x node (600,000 to 1.6 million VET), the strength x node (1.6 to 5.6 million VET), the thunder x node (5.6 to 15.6 million VET) and the Mjolnir x node (15.6+ million VET).
X nodes are much like economic nodes, with each offering its own reward rates and maturity periods. However, there can be no downgrading from x node status or from one x node down to another. If, at any time, your wallet level drops below the minimum requirements of the x node you currently belong to, you lose x status forever. X node holders also have access to the VeChain ICO’s whitelist.
There is a limited quantity of x nodes and no more can be added to the ledger. Each is represented by an x node token, which must be bought from a marketplace. There will be no more VeChain x node stock sales in future.
An x node staking calculator is available on the VeChain website, providing full details on reward yields and requirements, plus a guide to running a node, for those interested.
Pros Of Trading VeChain
There are several notable advantages to getting involved with VeChain:
- Automated Product Tracking: Simplifies product tracking for partners through automation.
- Secure Partnerships: VeChain has strong industry links to Ripple (XRP) and partnerships with companies like PwC, Microsoft, Viseo and Renault.
- Growth Roadmap: The path for the blockchain’s future is very clear, it has grown rapidly and looks ready to continue to do so following its roadmap.
- Improved Trust: Removes the need for implicit trust between parties’ transactions as the blockchain handles security and tracing.
- Quality Control: Aids companies in maintaining consistent product standards throughout the supply chain.
- Transparency: Allows a clear insight and visibility into products and transactions.
- Strong Team: CEO Sunny Lu has extensive experience in IT and luxury brands (previously CEO for Louis Vuitton).
- Efficiency: Completely decentralised blockchains can be slow, so VeChain uses a semi-centralised model for efficiency.
- Old: As an early business-focused blockchain solution, VeChain is well established.
Cons Of Trading VeChain
Despite the above, there are some drawbacks:
- Governance Centralisation: The blockchain has a committee, which makes the public blockchain more private and centralised than other competitor platforms like Ethereum.
- Breadth Of Application: VeChain works with many different industries and so it can be a challenge to deliver high results for every niche.
- Not Decentralised: Proof of authority relies on 101 nodes to validate transactions. The system is therefore not completely decentralised and issues could arise if nodes are corrupted.
- Fast-Paced Growth: VeChain has grown at an extremely fast pace, which comes with risks if there isn’t proper guidance in place.
Why Choose VeChain?
What makes VeChain unique is its transparency. It has been created to interrupt traditional supply chain models in an industry that had little progress before the arrival of blockchain. The use of transparent technology allows for greater efficiency, security and ease of tracking and using products, all the while lowering costs thanks to automation.
The model that VeChain uses is appealing to businesses looking to reduce supply chain friction and provide clients with more transparent transactions. The dual-token setup is one of the blockchain’s key features, providing liquidity to its supporters in return for rewards.
How To Buy VeChain
Buying VeChain (VEN/VET) is a two-step process. The first step is to purchase Bitcoin (BTC) or Ethereum (ETH) from an exchange that accepts credit/debit card or bank account transfers. Exchanges such as Gemini, Coinbase or Coingecko allow you to buy major cryptos with ease.
You will then need to transfer your cryptocurrency to a marketplace that offers VEN/VET sales in exchange for BTC or ETH. This transfer can be done via Binance, Gate.io, Huobi, Bithumb and many more exchanges.
Many derivatives brokers also offer CFDs and other instruments on VeChain and VeChain Thor against the US dollar and other currencies, such as eToro.
How To Store VeChain: Best Wallets
Once you have purchased your tokens, you will need a wallet to store them in. Tokens can be stored in the default desktop wallet VeChain Sync. Alternatively, any ERC20 wallet is compatible and many in the community opt for MyEtherWallet, which is well known for its high level of community trust.
The tokens also work with offline hardware like Trezor and Ledger Nano S, if you want an added physical layer of security.
There are several wallet recovery processes that you can use, if required, with all information held on a virtual keystore.
Final Word On Trading VeChain
VeChain has shown significant investment and capitalisation since its inception in 2016, with ever-growing market demand. The blockchain’s vision is ambitious but exciting, bringing positive advertising to the DeFi community and improving businesses as a whole. If you are looking for secure, efficient and transparent trading with a crypto that has a bright future, then VeChain could be a sensible option. See our list of brokers that offer VeChain trading to get started.
FAQs
What Is VeChain?
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline information flow for complex supply chains through the use of distributed ledger technology (DLT).
Where Can I Buy VET?
Many exchanges support trading in VET, including Huobi and Binance. For a full list of the top supported exchanges, see here.
What Will VeChain Be Worth In 2025?
The WalletInvestor forecast predicts that the VeChain value could go up to $1 by 2025 while others think it will be going to the moon soon, though it should be noted that there is no such thing as a realistic price prediction as the movements of financial instruments are never certain. For example, some latest news posts could be released today that could cause a massive boom or drop in the VeChain price.
Are VeChain And VeChain Thor The Same?
In February 2018, the blockchain rebranded to VeChain Thor. The rebrand moved the company beyond the supply chain into more general enterprise dapp solutions, similar to Ethereum. The new platform uses two different tokens: VeChain Tokens (VET) and VeThor Tokens (VTHO).
Is VeChain Better Than Cardano?
VeChain is 1.6 times more volatile than Cardano and trades about 0.17 of its potential returns per unit of risk. Cardano is currently generating about 0.07 per unit of risk.
Does VeChain Have A Competitor?
Yes, VeChain’s top competitors include PIVX, Orchid Labs, Vertcoin, The Open Application Network, Chainlink and Jelurida.
Where Can I Learn More About VeChain?
There is a wealth of additional information online to answer any more questions you may have. The foundation’s website is a good starting place for any major issues or insider queries regarding the use case, dividend payments explained, fees or merchandise. There are also YouTube channels like BitBoy crypto that discuss the blockchain’s highest price quote, rich list and even price prediction and opinions as to whether it is a good investment in 2024, 2022 or many years in the future.
Is VeChain A Good Investment In 2021?
There is no sure way to say what a VET token might be worth later on in 2021 as no price prediction could be fully accurate, given to the inherent unpredictability of the financial markets. However, VeChain does currently have a growing interest from retail traders and major companies alike, which could suggest a potentially positive outlook.