Last update: Jun 6, 2022

How to Buy Maker (MKR)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Maker. Depending on where you live, you’ll have a few crypto exchanges to choose from.

In this guide, we not only cover the top 3 global cryptocurrency trading platforms, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Maker

How to Buy Maker – 4 Easy Steps

1. Choose a crypto exchange

Finding a crypto exchange isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Maker of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger trading platforms.

4. Buy Maker

Now that you have what you need to buy Maker, head over to the market or buy section of the crypto trading platform and buy some MKR.

If the crypto exchange doesn’t have any Maker on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Maker first), and trade your Ethereum for Maker.

Where to Buy Maker (MKR)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Maker

  1. Sign into the crypto exchange where you bought Maker.
  2. Move your Maker to the right place on the crypto exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Maker.

 

Crypto trading

How to Buy Maker (MKR) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Maker in Australia, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Maker if it’s available. If the exchange doesn’t have Maker. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Maker), and trade your ETH for Maker.

It’s also possible to take a look at our analysis of the top exchanges to buy and sell cryptocurrency in Australia if you’re interested in learning more about which ones we would recommend.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Maker (MKR) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Maker in Canada, the process remains the same:

  1. Find a cryptocurrency exchange below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Maker if it’s available. If the exchange doesn’t have Maker. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Maker), and trade your ETH for Maker.

It’s also possible to check out our comparison of the best cryptocurrency brokers in Canada if you’re looking to learn more about the exchanges we prefer.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Maker (MKR) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Maker in the UK, the process remains the same:

  1. Find a crypto exchange below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Maker if it’s available. If the exchange doesn’t have Maker. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Maker), and trade your ETH for Maker.

Or, if you’d like to learn more about the exchanges we like, check our comparison of the trusted crypto exchanges in the UK.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Maker? MKR Rundown

Maker (MKR), the governance token for MakerDAO and Maker Protocol, is a decentralized organisation and software platform based on Ethereum blockchain. It allows users to issue and control the DAI stablecoin.

Maker was originally created in 2015 and launched fully in December 2017.

MKR tokens are a type of voting share that the organization manages DAI. While they don't pay dividends, they give their holders voting rights over the development Maker Protocol. They can also be expected to appreciate in price in line with DAI's success.

The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene: the industry that seeks to build decentralized financial products on top of smart-contract-enabled blockchains, such as Ethereum.

DAI, a stablecoin (cryptocurrencies whose prices can be pegged to the USD) is the most in-demand cryptocurrency as of October 2020. It is the 25th most popular cryptocurrency with a market capitalization of over $800 millions. Additionally, it has more active addresses that USDT -- which is the largest stablecoin.

MKR's unique feature is that its holders can directly participate in the governance of DAI. Each holder of Maker tokens can vote on any number of changes to Maker Protocol. Their voting power is dependent on how large their MKR stake. The protocol's aspects that holders can vote on include:

  • The protocol can now be extended to include new collateral asset types, which allows users to submit new cryptos to make more DAI.
  • Modify the risk parameters for existing collateral asset types.
  • The DAI Savings rate can be changed: DAI token holders can save money by locking them into a contract. The Savings Rate has an impact on the contract's profitability.
  • Select the oracles, entities that aim to provide trustworthy off-blockchain data for the Maker ecosystem.
  • Upgrades to the platform
  • The ability to manage one of the most valuable stablecoins is what drives MKR tokens' demand and, correspondingly, their value.

Related:

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.