How to Buy Maker (MKR) with Credit Card, Debit Card, PayPal, Wire Transfer & More

Want to know where to buy MKR instantly? This beginners’ guide will list the brokers and exchanges safe to invest in MKR. We'll also explain how to buy MKR using the most secure payment methods like Debit Card, Credit Card, and PayPal.

Author: Usman Ahmed   -   Last updated: 17/07/2022
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Introduction

Are you looking to invest in MKR but not sure where to start? Don’t worry. This simple guide will discuss everything in detail, including what is Maker? and how to buy Maker instantly from the best MKR exchanges in 2022 via safe payment methods like Credit Card, PayPal & More. We’ll also list some best brokers to buy MKR in popular countries like Australia, the U.K., and the USA.

Here is a quick summary to help you get started. Maker (MKR) is an ERC-20 token created by the Maker Protocol, a decentralized financial initiative that lets users leverage assets to generate Dai (A decentralized currency to track the USD price). It also acts as a governance token that enables holders to vote on MKR protocol functioning. Please continue reading below to find more details on Maker.

Top 4 Platforms Where You can Buy Maker (MKR) in 2022

  • Min Deposit: $200
  • Number of Coins: 20+
  • Supports Multiple Languages
  • Regulated by FCA, ASIC & CySEC
  • Paypal, Debit & Credit Card Accepted
Card CashBankGiro PayMastercardNetellerPayPalSkrillUnionPayVisaWire CardYandex
Visit eToro

Capital At Risk

  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Regulated by SEC, & FinCEN
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
Giro PayMastercardNetellerSkrillUnionPayVisaYandex
Visit Coinbase

Capital At Risk

  • Min Deposit: 1 $£€
  • Number of Coins: 1500+
  • High Number of Coins
  • Accepts Fiat Deposits
  • Trade on Spot and Futures
Card CashMastercardSkrillWire Card
Visit Binance

Capital At Risk

  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Highly transparent exchange
  • Competitive Bitcoin trading fees
  • Highly secure
Card CashGiro PayMastercardUnionPayVisa
Visit Kraken

Capital At Risk

How to Buy Maker (MKR) Instantly in Three Quick Steps

Step 1: Create an account

The first step is signing up for an account with a crypto exchange or a broker listing MKR. Most platforms offer a seamless registration process, and the entire process doesn’t take more than a couple of minutes. However, make sure that the intermediary you select to buy MKR tokens is legitimate. Try looking for a well-reputed exchange.

Step 2: Fund the account

To buy MKR, you need cash in your account. Depending on your location and the broker or exchange you choose, you can use several payment options. Bank wire transfers, Skrill and Neteller, are popular methods likely to be available on almost all platforms.

Step 3: BuyMaker (MKR), with or without leverage

After funding your account, you may purchase MKR with or without leverage. With leverage, you trade crypto derivatives. If you want to trade MKR CFDs instead of buying actual coins, you need a small investment to get started. On the other hand, buying MKR coins, however, requires you to invest more money. Some hybrid brokerage firms like eToro have both options available. You can either buy MKR coins or trade MKR CFDs on eToro.

Step One
Open A Free Account
eToro Logo
Step Two
Deposit Funds
Card CashBankGiro PayMastercardNetellerPayPalSkrillUnionPayVisaWire CardYandex
Step Three
Buy Cryptocurrency
Buy Now

Capital At Risk

What Is Maker (MKR)?

MakerDAO is a decentralized cryptocurrency lending and borrowing organization. MKR protocol eliminates the role of centralized mediator by employing smart contracts. The platform comprises two native coins to govern loan prices, including MKR and DAI.

The Maker Protocol has a diverse group of developers, and its administration is in the hands of the global decentralized autonomous organization (DAO) of MKR holders. These MKR token holders can stake their MKR tokens to vote on proposed Maker Protocol modifications and ensure Dai’s efficiency, transparency, and stability.

Despite its many peculiarities, buying MKR is similar to purchasing stock in a firm where shareholders reserve the right to vote on its operation. As a result of decentralized governance, the Maker ecosystem was amongst the pioneer DeFi ventures to gain substantial success.

How Does Maker (MKR) Work?

The Maker system created an Ethereum token called Dai that users can trade on exchanges for exactly $1.00. Maker (MKR) tokens were the first tradable Ethereum tokens created in 2015. Unlike the stable token (DAI), MKR serves as a utility token. Financial markets require DAI (stable token) with low price swings to enable holders to plan long-term. MKR keeps Dai steady against the dollar.

Maker Vaults employ smart contracts to produce new Dai. These contracts have various online U.I.s and applications operating as network gateways (i-e, Oasis Borrow, Instadapp). Users must first pay back their Dai plus a stability charge to get their collateralized coin back from the smart contract.

The MKR token holders may govern the Maker Protocol. Voting proposals are smart contracts that any Ethereum address may deploy. The MKR holding community can then vote on the proposal they want to pass, and the Ethereum address with the most MKR votes wins administrative rights to amend the Maker Protocol.

History of Maker (MKR)

The MakerDAO was the initial stage in the Maker ecosystem’s existence. Rune Christensen, a Danish businessman who graduated from Copenhagen University, founded it in 2014. Christensen co-founded Try China after studying business and biological studies.

In 2017, Dai officially premiered on the Ethereum network, followed by the Maker Foundation, which aims to grow the ecosystem and promote decentralization. The foundation’s board includes Christensen (CEO), Steven Becker (President & COO), and Shefali Roy (Economist).

Initially, the Maker Protocol could only collateralize Ethereum, and resulting Dai was called Single-Collateral Dai (Sai). After incubating the Multi-Collateral Dai (MCD) system, the network protocol allowed users to deposit any Ethereum-based asset accepted by the MKR community.

How is Maker (MKR) Different from or similar to Bitcoins?

MKR and BTC are pretty similar yet have some differences as well. The Maker vs Bitcoin duel appears to be a mechanical tie since both may coexist while having different aims. Let’s have a quick look at the factors that make them different.

Market Capitalization

Bitcoin (BTC) is now the most popular and widely used cryptocurrency. Besides having the first-mover advantage, BTC has the largest market capitalization of over $665 billion.

With a market capitalization of just $1.78 billion, Maker appears to be too little compared to Bitcoin.

Transaction speed

Bitcoin transactions require many confirmations before all miners agree on the result. Because miners seek to avoid double-spending, it may take a while for consumers to complete a transaction. Usually, BTC takes roughly between 10-15 minutes for doing so.

Although Maker (MKR) also undergoes multiple confirmations before adding a new block to the network, it is comparatively faster than BTC and may only need 5 minutes to complete a transaction.

Mining feature

You can earn bitcoin without paying for it by mining. Bitcoin miners get paid in bitcoin for adding “blocks” of validated transactions to the blockchain.

Holders can’t mine MKR like other cryptocurrencies. Instead, the network mints and burns it. The MakerDAO started with a 1M MKR supply, but the Maker price and market cap keep fluctuating as the Maker ecosystem mints or burns MKR.

Maker (MKR) Historical Price Performance

MKR coins initially launched for $24.45 in 2017. The crypto witnessed a massive surge during the year and hit $1,000 before the year-end. It didn’t stop there and continued its bullish run while climbing over $1,500 in January 2018. On January 18, 2018, the coin printed an all-time high of $1,654.82. However, it could not sustain its position for long and dropped below $600 over the next quarter. For instance, the MKR was worth around $503.57 as of April 4, 2018.

Maker (MKR) Historical Price Performance

The maker token’s price trend shows a stable value for the next three years. However, MKR witnessed a rise once again in 2021. On May 3, 2021, MKR reached a new high of $6,012.46. However, the coin dropped again to $1974.73 the next month. Notably, the crypto coin surged one last time to $3876.78 in 2021. Since then, MKR seemed trapped in the bears and hovers around $1998.17 as of January 30, 2022.

However, industry experts believe that MKR has massive potential to grow once again. Also, people’s confidence consolidated with the idea that more MKR means more voting power. With DAI’s stable coin management, the community regained trust in the token, increasing the MKR coin value.

Currently at moment when we wrote this review, there are 977,647 coins in circulation. According to CoinMarketCap, it is the 60th most valuable cryptocurrency.

What factors influence Maker (MKR) price?

Many conventional elements, such as project announcements and advancements, market mood, the movement of cryptocurrencies on exchanges, and the overall economic outlook, can impact Maker pricing. However, unlike most cryptocurrencies, Maker’s price is majorly affected by the market’s fluctuation that involves minting and burning of MKR, changing the overall MKR value and supply.

Moreover, the value of MKR coins is also directly proportional to the health of the DAI ecosystem and the broader crypto market attitude. The MKR tokens increase in value as the DAI ecosystem improves. This incentivizes MKR token holders to regulate the ecosystem efficiently.

Holders with more MKR coins have more voting power. In addition, the capacity to control one of the most significant stable coins also drives its value.

How to invest in Maker (MKR)?

Since you’ve developed a basic understanding of how Maker (MKR) works and what factors can drive its prices, It’s time to look at the numerous methods you might consider investing in MKR.

Buy and Hold Maker (Long-term)

HODLing is one of the most practiced investment strategies of all time. You buy an asset i-e MKR coins, at current market value and hold them until their prices surge. Selling them for a higher value can help you generate substantial profit.

Being a top runner in the bull markets last year, MKR holds the vast potential to grow in the future. Therefore, it is an excellent time to buy MKR tokens.

Maker (MKR) CFD trading

Trading MKR as CFDs is also a popular investment methodology. Should you not have enough funds to buy a large volume of MKR coins, you can trade them as CFDs. While CFDs trading involves limited capital investment, you can generate sound returns using leverage. However, besides increasing your profit-earning potential, leverage multiplies the risk of loss. Traders, especially newbies, should use it with caution.

Day Trade MKR tokens

Day trading helps clients generate quick profits. A day trader opens and closes MKR deals during the same day, rather than keeping their positions open overnight. Whether you trade actual MKR coins or open a CFD position, the main idea is to close all your positions by the end of the day. Although day trading is relatively a complex market, you can opt for copy trading services or hire a professional fund manager.

Staking MKR coins

Finally, staking your MKR coins can earn you interest and other benefits. Most importantly, you do not need to monitor your position actively. As a passive source of income, you can stake your MKR coins with a decentralized platform for a fixed tenure and earn interest or rewards at maturity. Expect to realize the reward as allocation of more MKR tokens. Not to mention, shariah practicing traders might not wish to opt for this option, so they can certainly consider the rest of the choices.

How to Buy Maker (MKR) Guide

Nearly all major crypto exchanges list MKR tokens. Before we look at the best brokers and crypto exchanges to buy MKR tokens, let’s first understand how you pay for it.

Buy Maker (MKR) With e-Wallets (Skrill, Neteller)

eWallets (Skrill, Neteller) are popular methods to pay for MKR tokens on platforms like eToro. Besides being simple to use, e-wallets involve low transaction costs. Deposit minimums may vary depending on your selected brokerage firm and chosen payment method. For instance, eToro asks for a minimum deposit of $200 to get started.

Buy Maker (MKR) with a Credit or Debit Card

Buying Maker (MKR) tokens with credit or debit cards is quick and straightforward. While most exchanges support this as a payment method, some platforms may impose limitations on selected countries. EToro supports credit card ad debit card deposits worldwide. Customers can either buy real MKR coins or trade CFDs after depositing cash.

Buy Maker (MKR) with a Credit or Debit Card

Moreover, the broker doesn’t charge any deposit fees on payments through Credit or debit cards, except for the spread charge. However, transaction costs imposed by credit card companies may vary. The minimum deposit on eToro is $200. Please note that eToro also applies non-USD conversion charges on funds transferred in a currency other than the account’s base currency.

How to Buy Maker (MKR) With PayPal

eToro also accepts PayPal deposits. You may use your PayPal funds directly or link your PayPal account with a bank or debit card. In addition to being easy to use, PayPal transactions are done instantly for a fractional cost. The minimum deposit for payments through PayPal stays the same, i-e, $200.

How to Buy Maker (MKR) With Bank Wire

Clients can also buy MKR tokens using a bank transfer method. However, the minimum deposit amount required for bank wire is $500 on eToro. Despite it being the safest method to buy MKR coins, people sometimes don’t opt for it due to the time it takes to process your funds. Usually, payments done via wire transfers take 3 to 7 business days to reflect in your trading account.

How to buy Maker (MKR) Anonymously (Without ID verification)

While most brokerage firms and crypto platforms don’t allow consumers to deposit cash or buy MKR tokens without completing the KYC process.

The eToro case is a little different. Although the company is compliant with strict regulations and abides by AML rules, it allows you to get your account verified within two weeks of registration. Hence, clients can buy up to $2250 worth Maker (MKR) tokens without verifying their identity.

What are the Pros and Cons of Buying Maker (MKR)?

Pros

  • A high degree of decentralization

All cryptocurrencies rely on decentralization, the most crucial component of digital currencies. It gives all participants equal flexibility and the chance to influence a blockchain’s choices. This independence implies no individual enjoys the ultimate authority, as in centralized financial systems. Maker’s management committee and the team of developers have long defended the Protocol’s decentralization.

The DeFi stakeholders and the crypto community seem to be highly interested in the MKR network. According to market statistics from sites like DeFi pulse, consumers want to lock more assets on Maker protocol than others. Uniswap, WBTC, Compound are similar to MKR. However, MKR has overtaken them because of its focus on decentralization.

  • Highly Secure

Security is vital in any investment, including cryptocurrency. Many hackers and scammers keep looking for flaws to harm digital currency ventures. MKR is a very secure DeFi protocol. Aside from two-factor authentication, the MKR protocol heavily invested in online security measures to deter hackers. Despite having numerous challenges, its developers have done everything possible to keep the network safe.

  • Transparency

MKR is one of the protocols that seeks absolute transparent industry. Most stable currencies, like Tether USD, lack transparency and rely on users’ reserves. Investors are subject to the whims of third parties, similar to relying on centralized agencies.

MKR aims to alter this practice by dismantling concentrated power. No third-party reports are required to trace the MKR network on the blockchain. The corporation also makes all protocol reports and staff meetings available to all attendees.

  • Maker Allows Lending Markups

Maker has a mechanism that allows DAI holders to receive interest on lendings. Holders can also invest in other assets and profit from their development. Besides the Protocol’s decentralization, the interest-bearing lending mechanism entices many crypto enthusiasts to join this project.

  • Demand And Supply Stability

The Maker protocol uses a unique supply and demand mechanism to balance token supply and demand. One, they use a deflationary approach to preserve their token’s value. Whenever a CDP smart contract is closed, the Protocol burns a portion of the interest earned via lending or borrowing. This technique maintains the asset’s supply and demand and its value. Unlike other comparable initiatives, it is susceptible to inflation due to its rewarding procedures.

Cons

  • Vulnerable to network congestion

A long-tail systemic risk to Maker was the historic fall of Ethereum prices in March 2020 and associated network congestion. The system failed to work as expected, causing some consumers to lose all collateral.

  • Risk of censorship

Maker now supports numerous collateral types, including stable coins and assets, to lessen reliance on Ether alone. Centralized collateral might lower price volatility, but it can set grounds for new censorship threats.

  • Volatility factor due to excessive collateralization

Due to over-collateralization and Maker system incentive mechanisms, DAI is more volatile than fiat-backed alternatives. Therefore it seldomly trades for exactly $1.

What Do You Need Before You Buy Maker (MKR)?

Buying cryptocurrency in the U.K. or anywhere else in the globe is simple. Since more trading platforms have started dealing in cryptos, entities have explored methods to streamline the process and remove bottlenecks. To buy MKR tokens, you need three things.

Verified trader account

Create an account with a suitable crypto exchange or a broker. You also need to verify your account before opening a trade. Hybrid brokers like eToro allow you to trade CFDs or buy real MKR tokens.

Capital investment

You also need to have some funds in your account to buy MKR coins. Depending on your trading preferences, you may need more or less capital funding. For instance, opening a CFD position requires less initial capital than buying genuine MKR tokens.

Crypto wallet

Finally, you’ll need an MKR-compatible digital wallet to store your MKR coins. The exchange provided or software wallets might work fine for day traders. However, long-term investors should opt for offline storage space.

How Much Do You Need to Buy Maker (MKR) tokens?

There is no set minimum amount necessary to buy MKR in the U.K. or anywhere else. MKR tokens aren’t too expensive compared to Bitcoin and Ethereum. Still, people can buy them in small fractions. Another factor affecting how much you need to acquire MKR is accessible leverage for trading MKR derivatives. i-e, CFDs, and Futures.

Moreover, your selected trading platform might establish the minimum investment in MKR. The minimal investment on eToro, for example, is $200. As of this writing, the amount you need to buy a real MKR coin is $1944.83.

Your discretionary income, crypto trading exposure, and risk tolerance level can also influence how much you invest in MKR.

Where Can You Buy Maker (MKR) Today?

Now that you know how to purchase MKR using several payment options, the benefits and drawbacks of staking your interest in MKR coins, and the minimum amount you need to purchase MKR tokens internationally. Let us list the most popular platforms to buy MKR coins.

Crypto exchanges

Crypto exchanges enable you to buy or sell MKR tokens online. Unlike brokerage firms, crypto exchanges allow you to purchase cryptocurrencies for fiat currency or crypto assets. These platforms are ideal for sophisticated traders hoping to profit on MKR price volatility.

Brokers

Brokers usually offer financial derivatives across multiple asset classes, including forex, indices, commodities, shares, ETFs, and cryptocurrencies. In simple terms, clients can open a CFD (Contract for difference) position with a broker and speculate over the prices of underlying assets to make profits. Unlike buying real cryptocurrencies from exchanges, traders only need a small investment to buy a crypto CFD.

Not to mention, crypto CFDs involve leverage, hence these tokens are non-transferable. That means you don’t own the actual asset. Instead, you can only make profits through price speculation. However, some hybrid brokerage firms like eToro do have both options available. Clients can either buy actual MKR coins or trade CFDs on eToro.

P2P Transactions

Peer-to-peer trading systems have emerged, eliminating the several bureaucracies of brokers and crypto exchanges. For example, you may buy Maker (MKR) tokens directly from an independent merchant and receive ownership through private keys. However, it can be a little riskier than buying an asset from an authentic exchange. Therefore, necessary precautions are mandatory.

MKR ATMs

You may now buy MKR coins at crypto ATMs worldwide. However, there aren’t as many MKR currency ATMs as Bitcoin or Ripple ATMs.

What to Look For in a Maker (MKR) Trading Platform?

Since many brokerage firms list Maker (MKR) these days, finding the most legitimate entity might become challenging, especially for newbies. Below are some tips you may consider while signing up with a platform.

Reputation

A well-reputed broker doesn’t only provide you with transparent trade execution, but it also tends to remain fair even in disputed matters. For instance, clients facing deposit or withdrawal issues are more likely to be served on a timely basis, unlike the intermediaries who don’t care once you have funded your account. You can check a broker’s reputation on third-party platforms such as TrustPilot. Moreover, you can also read reviews of existing customers to ascertain whether to sign up with it or not.

Funds Protection

You would certainly like to choose a legitimate trading platform that safeguards your digital assets. Therefore it is critically important to figure out the prevailing security measures of your prospective platform before signing up with it. For instance, you could check whether the exchange or broker employs SSL encryption and two-step authentication to prevent unauthorized access. Also, you might wish to check if it offers a multi-signature wallet where you can store your cryptos.

Transaction Cost

Review the transaction fees and other hidden expenses such as inactivity fees or overnight swap charges. You can also compare the pricing structure of multiple platforms and determine how much each trading platform charges. In short, do your homework and evaluate the costs carefully before opening an account with an exchange.

Payment Methods

Fintech enterprises that accept multiple payment methods can be an effective option to start. Opt for one that supports the most prevalent payment methods, such as Debit cards, Credit cards, Wire transfers, Skrill, Neteller, PayPal, Webmoney and other local payment options. Do not forget to check the associated cost for each payment method.

1. eToro – Best for Social Trading

Available Coins: 20+
Margin Trading: YES
Minimum Deposit: $200
Visit eToro

Capital At Risk

Since 2007, eToro has been one of the most appraised social trading platforms serving clients worldwide. The broker is headquartered in Israel and operates through its registered entities in Australia, Cyprus, and the U.K. In addition to holding multiple regulations from the world’s most prestigious organizations, such as CySEC, ASIC, and FCA, the company is also compliant with AML and CFT guidelines.

Initially, the brokerage facilitated clients to trade in forex, stocks, indices, and commodities. However, it now supports crypto trading and allows you to buy more than 50 crypto coins or trade them as CFDs. The company allows a leverage of up to 1:2 across all crypto assets. The list of supported cryptocurrencies on eToro includes BTC,  XRP, DASH, LTC, ADA, MIOTA, COMP, LINK, UNI, YFI, and FLR. The broker keeps its spreads pretty competitive with average market standards. Clients can buy or sell Maker (MKR) for a fixed spread of 1% on eToro. Despite 14 crypto-crosses available to trade on eToro, you won’t find any of them pairing up with Maker. Therefore, the only option is to buy or sell MKR against USD (MKR/USD) on eToro.

eToro Home Screen

eToro’s onboarding procedure is simple. The company provides multiple payment options that make it quick for clients to get started. Available options for deposits and withdrawal on eToro include credit cards and debit cards, bank transfers, Paypal, eWallets (Skrill, Neteller), and Sofort.

While the payment options are convenient, they are equally cost-effective. eToro stipulates a minimum deposit of $200 ($50 for U.S. citizens) and doesn’t charge any fees on deposits. The company also offers a demo account for clients to practice unlimited trading strategies without risking their real funds. eToro’s multilingual customer service is also commendable. Although clients can reach customer support via multiple channels, such as email, phone, or social media, the live chat feature is only available for eToro’s club members. You can read the full review of eToro on our website.

Pros and Cons of Buying Maker (MKR) on eToro?

Pros

  • Rich product portfolio: eToro allows clients to access a wide range of tradable instruments across multiple asset classes, including forex, indices, commodities, stocks, and cryptocurrencies. Clients can trade more than 20 crypto assets on eToro.
  • Funds insurance: eToro offers a funds insurance plan in registration with FSCS. Clients can claim their financial losses up to a specific limit if they go into liquidation. The compensation amount depends upon clients’ jurisdictions and the concerned authority.
  • Social trading: eToro’s social trading platform allows MKR investors to connect with other professional traders and easily replicate their profitable trades.

Cons

  • High Non-trading cost: eToro’s notable exceptions are the withdrawal and conversion costs that makes it an expensive option for traders, especially newbies, are likely to suffer the most.
  • One base currency: Although the company supports multiple fiats, clients can only have their account’s base currency in USD.
  • Limited research tools: eToro doesn’t offer advanced research tools, limiting the scope of professional traders looking for deep fundamental and technical analysis.

How to Buy Maker (MKR) on eToro – Step By Step Guide

  1. Get started today and visit eToro’s official website at www.etoro.com.
    Step-by-Step Process Of Buying Maker (MKR) on eToro
  2. Enter your username, email address, and password on the registration screen, and click Create Account.
    Step-by-Step Process Of Buying Maker (MKR) on eToro
  3. Login to your trading account and finish the KYC procedure. You can potentially bypass KYC and afterwards verify your identity. However, you must not delay it more than two weeks from the date of registration.
  4. Choose from various payment options, such as credit cards, debit cards, e-wallets (Skrill, Neteller), and bank transfers.
    Step-by-Step Process Of Buying Maker (MKR) on eToro
  5. Enter the deposit amount and confirm the transaction. You can start trading after you have funds in your account.
  6. On the dashboard, choose “Trade Markets” then “Crypto.” Fund MKR using the search bar, enter the required quantity of MKR, and click “Open Trade”.
    Step-by-Step Process Of Buying Maker (MKR) on eToro

Note: Clients can deposit up to $2250 without I.D. On eToro, clients can transfer non-leveraged tokens between wallet and account.

2. Coinbase – Best for Beginners

Available Coins: 50+
Margin Trading: No
Minimum Deposit: 1 $£€
Visit Coinbase

Capital At Risk

Coinbase is a US-based crypto exchange founded in 2012. Because of its simplicity and ease of use, it is a great crypto exchange for retail and institutional clients. The company offers more than 50 cryptocurrencies besides Maker (MKR), such as BTC, AVAX, USDC, ETH, MATIC, SOL, ADA, USDT, DOGE and more.

The Coinbase signing up process is easy. However, the crypto exchange requires clients to fulfill KYC requirements before purchasing any crypto assets. Traders may fund their accounts in various ways, including debit cards, credit cards, wire transfers, e-wallets (Skrill, Neteller), PayPal, etc.

Coinbase Home Screen

Although the trading costs at Coinbase appear a little higher, it is still more competent than most other crypto exchanges. Clients may start with as little as $1, although the company recommends a $50 initial deposit. The crypto exchange also provides a USDC utility coin to avail discounts and a free custodial wallet for safekeeping your digital assets. Check out our full Coinbase review to get started.

Pros and cons of buying MKR on Coinbase

Pros

  • Liquid exchange: Coinbase is one of the world’s sufficiently liquid exchanges that allow clients to fill their orders without significant pricing gaps.
  • Easy UI : Coinbase offers a user-friendly trading interface, making it easy for even newbies to navigate around conveniently.
  • Free wallets: The firm offers custodial storage wallets for clients to store their crypto assets.
  • Utility token:  Coinbase also offers clients a USDC utility token for discounted purchases.

Cons

  • Transaction cost: Coinbase transaction fees are still higher than other crypto exchanges. Thus, high-volume traders may be concerned.
  • Customer service: The company’s customer service team is slow in responding to consumer inquiries and issues.

How to Buy Maker (MKR) on Coinbase – Step By Step Guide

  1. Go to the Coinbase website and click the Get Started icon in the upper right corner.
  2. Fill up your details on the registration form, such as email Id and password and click open an account.
  3. Click the Deposit Funds option under the Portfolio tab on the dashboard. The broker accepts multiple payment methods, including credit cards, debit cards, eWallets (Skrill, Neteller), bank transfers, etc.
    Step-by-Step Process of Buying Maker (MKR) on Coinbase
  4. Select your preferred choice, indicate your desired amount, and confirm transaction details.
    Step-by-Step Process of Buying Maker (MKR) on Coinbase
  5. Select your preferred crypto asset, such as MKR, from the list of available currencies by right-clicking it.
  6. Enter the required MKR amount. To buy, click the Buy button.

3. Binance – Best for Low Fees

Available Coins: 1500+
Margin Trading: YES
Minimum Deposit: 1 $£€
Visit Binance

Capital At Risk

Founded in 2017, Binance has been the industry leader in the crypto niche so far. While it has outperformed customers’ expectations in terms of pricing (0.02% – 0.10%), it is one of the most liquid crypto exchanges of all time. Clients can trade over 250 digital currencies on Binance.

Binance offers a hassle-free registration process, though KYC is mandatory. Clients can use multiple payment options for deposits while most of them are free, for instance, SEPA transfers. The minimum deposit for a verified account varies based on the selected payment method. The company’s current policy allows for a minimum deposit of $15 and a minimum transaction of $1.

Binance Home Screen

Binance automatically transfers MKR tokens into your exchange’s provided wallet. Binance sets a monthly limit for MKR purchases for anonymous and confirmed accounts. Our complete Binance Review has everything you need to known to get started. Be sure to check it out.

Pros and Cons of Buying Maker (MKR) on Binance

Pros

  • Highly liquid: Binance’s colossal trading volume makes it sufficiently liquid to fulfill massive MKR orders.
  • Funds insurance: Binance has an Insurance Fund to protect your crypto deposits from theft or loss.
  • Low transaction fees: Binance has one of the lowest transaction and processing fees. You may get a 25% discount while paying with BNB coins.
  • Efficient customer support: Binance is a customer-friendly platform with a responsive customer support team

Cons

  • User interface: It has a complicated user interface that may be difficult for new traders.
  • No telephone support: Binance exclusively offers customer help through chat or email with no support over the telephone.

How to Buy Maker (MKR) on Binance – Step By Step Guide

  1. Visit Binance.com to access the registration page.
  2. Click “Register Now” in the upper right corner of the page.
    Step-by-Step Process of Buying Maker (MKR) on Binance
  3. Fill up your details on the registration form.
    Step-by-Step Process of Buying Maker (MKR) on Binance
  4. Upload relevant documents to complete the KYC process, such as your National ID Card, Drivers License, or Passport. You may also need a copy of your bank statement and a utility bill for address verification.
  5. Log in to your account and use the dashboard’s “Buy Crypto” option to add money to your account. Decide on your currency and payment method from available choices, including bank transfers, debit cards, credit cards, P2P trading, and third-party payment network (Simplex).
  6. Navigate to the dashboard, click on the markets tab, tap the all crypto assets button, find MKR using the designated search bar, and select it.
    Step-by-Step Process of Buying Maker (MKR) on Binance
  7. Enter the quantity of MKR coins you desire to buy, authenticate your transaction details and click continue. After the payment is successful, Binance transfers MKR tokens into your account right away.
    Step-by-Step Process of Buying Maker (MKR) on Binance

4. Kraken – Best for Safe MKR Storage

Available Coins: 50+
Margin Trading: YES
Minimum Deposit: 1 $£€
Visit Kraken

Capital At Risk

Kraken is a popular US-based cryptocurrency exchange serving traders for over a decade. Besides having many advanced features, the company’s listed products are accessible in almost every corner of the world. Clients can trade over 50 cryptocurrencies on Kraken, including MKR. Kraken offers a seamless signup process that doesn’t take more than a couple of minutes. However, completing the KYC process is mandatory before buying any crypto asset. The crypto exchange accepts multiple payment methods, including credit cards, debit cards, eWallets (Neteller, Skrill), SEPA transfers, PayPal, etc. The minimum first deposit on Kraken varies per fiat currency. Currently, Kraken accepts USD, AUD, EUR, CAD, JPY, GBP, and CHF. You can place withdrawals requests via SEPA, SWIFT, domestic and bank wire transfers.

Kraken Home Screen

Please note that Kraken charges 0.5% on online banking transactions and 3.75% + 0.25 EUR for credit card transactions. While the basic version of the Kraken exchange offers you three account levels, including starter, intermediate, and pro, there is a PRO version of the business that comes with more sophisticated features and better pricing.

Pros and Cons of Buying Maker (MKR) on Kraken

Pros

  • Low trading fees: Kraken has low trading cost compared to other crypto exchanges.
  • Security: Kraken employs advanced security protocols to protect clients’ funds and personal data.
  • Rich product portfolio: The company allows you to exchange your MKR for over 50 cryptocurrencies and 07 fiat currencies.
  • Liquidity: Kraken maintains a high-liquidity pool to facilitate large-scale crypto traders.

Cons

  • Not suitable for newbies: Beginners may struggle to use Kraken’s sophisticated trading tools.
  • Limited customer support: Getting help from Kraken is a time-consuming process.

How to Buy Maker (MKR) on Kraken – Step By Step Guide

  1. On www.kraken.com, click on the get started button to access the registration page.
  2. Choose a verification level and upload the required verification documents. While Stater level verification requires a phone number, Intermediate level verification requires an I.D. card and a selfie. To get to the PRO level, you need a bank statement and a copy of your utility bill.
  3. Go to the fund your account option available on the dashboard.
    Step-by-Step Process of Buying Maker (MKR) on Kraken
  4. Select your desired payment method (debit cards, credit cards, Giro Pay, wire transfers) and click add money to your account available on the dashboard.
    Step-by-Step Process of Buying Maker (MKR) on Kraken
  5. Choose your preferred currency and enter the desired deposit amount. Clients may deposit in USD, GBP, CHF, CAD, AUD, JPY, and CHF.
  6. Go to the dashboard, find MKR using the search bar under the markets tab, and click it.
  7. After choosing your preferred value, enter the transaction details and click the purchase button. After successfully authorizing your payment details, Kraken instantly transfers to your Kraken account.

Other Ways Of Getting Maker (MKR)

Aside from purchasing MKR tokens from traditional platforms, i-e, crypto exchanges and brokers, let us enlist a few more ways of getting MKR coins below.

Gifts and Rewards

MKR is making it’s market pretty fast, and people might think it is the best gift they could give to someone. Therefore, you may get MKR as presents or gratuities from crypto friends, family, or colleagues. Moreover, if you run a business, you may receive MKR incentives, prizes, or contributions in exchange for your products or services. Since the coin is worth around $1900, you will likely receive fractional bits.

Maker Faucets

Crypto faucets are becoming one of the simplest methods to get free digital tokens. You can also get some MKR tokens for free through MKR faucets. All you might need to do is take surveys, play games, post advertisements, or watch videos. By doing so, you may end up building an outstanding MKR portfolio.

How Can You Use MKR tokens?

Now that you know how to get MKR coins, you may want to know how to utilize them in the best possible way. Let’s see how you may use your MKR coins for good.

HODL is a Speculative Asset

HODLing refers to storing your MKR tokens for the foreseeable future, anticipating a rise in their value. However, this strategy is only feasible if you believe MKR prices will ultimately skyrocket. But there’s no assurance that the crypto market will constantly rise. Prices may still fall, resulting in losses.

Day Trade MKR Coins

Anyone wishing to benefit from their MKR coins might also consider day trading them. Day trading means liquidating your positions on the same day. Various trading tactics and platforms are available to help you profit from market volatility. However, day trading is relatively a riskier market. Newbies should opt for copy trading services unless they become experienced.

DeFi Stakes

You can stake your MKR tokens in a decentralized financial platform that may lend your MKR tokens and pay you interest on them for a fixed tenure. Staking your coins in the blockchain world works like loans and debentures in traditional banking, where you deposit crypto assets and earn income by lending them to other MKR investors.

Buy Goods & Services

You may also use your MKR coins to purchase on supported merchant websites and outlets worldwide. MKR retailers may accept MKR tokens against gift cards, vouchers, and other services, such as lifestyle and entertainment.

Pay for charity

Many Non Governmental Organizations (NGOs) and trust charities accept crypto donations these days. You can also donate some of your MKR coins to such organizations and help those in need.

What do Reddit & Quora Users Say About Buying Maker (MKR)?

Maker (MKR) Reddit Reviews

We came across multiple threads on Reddit and found people actively discussing investment prospects in Maker. While some were new to the Defi world and seemed curious to know more about MKR, others seemed concerned about MKR’s deflationary aspect. We ascertained that people were confused concerning MKR’s inconsistency with burning more coins to keep the coin’s supply limited and preserve or raise the coin’s value.

Maker (MKR) Reddit Reviews

The most significant advantage to some members is the voting right to maintain the DAI price. Although that’s fascinating, it still seems like an effort. On the other side, the risk of holding MKR tokens is related to the price drop of the DAI-USD token. In such a case, the financial obligation rests on MKR holders to fund the shortfall. In short, people didn’t seem convinced if the associated cost exceeded the advantage of being allowed to vote.

Maker (MKR) Reddit Reviews

Quora

We found the Quora community divided into two groups concerning investment in MKR. While one group of people favored investing in MKR and the other opposed it. According to a member who favored investment in MKR, it has more uses than BTC. Plus, it promotes the concept of DeFi and is driven by a team having prior knowledge and expertise, she added. Further, it is similar to starting again with BTC but with better developers and management. However, she suggested people should learn more about the crypto coin before investing in it.

Maker (MKR) Quora Reviews

On the other hand, people against MKR say that MKR doesn’t seem to be offering substantial returns over a year or two while it has just begun to gain traction. They claim it to be just another untested and overhyped coattail rider.

Maker (MKR) Quora Reviews

Bottom Line

While there are more than 4,000 digital currencies with various functions available in the market, most of them are pump and dump projects with no defined use cases. Maker is a worthwhile project that introduces a whole new concept of Decentralized Financing (DeFi) besides a few other similar coins.

With Maker, customers or participants can get low-interest loans using crypto collateral. The Protocol uses dollar-pegged DAI, almost equivalent to $1. MKR system is decentralized, open-source, and based on the Ethereum blockchain. It aims to remove consumers’ limitations and hardships while applying for consolidated financial loans. The network allows anybody with ether tokens to borrow readily. Also, borrowers frequently repay loans with interest, giving MKR tokens more value. This practical purpose makes Maker (MKR) a viable investment option in the crypto space.

Frequently Asked Questions (FAQs)

MKR is a digital currency that lets you stake your crypto assets to help secure the network. It’s also used to provide incentives for participating in governance and helps pay for fees associated with transactions on the network. In short, MKR is a vital part of the Maker Protocol.

It’s not easy to decide whether or not Maker is a good investment. It depends on a number of factors, including your personal financial situation, your investment goals, and your tolerance for risk.

Maker is worth $929.64 at the time of writing

MKR makes money by taking a commission on the transactions that occur on its platform. For example, if someone were to use MKR to create a smart contract, MKR would take a commission on that transaction.

MKR is a cryptocurrency used for payments and governance on the MakerDAO platform. MKR is used to stabilize the Dai stablecoin, and holders of MKR are able to vote on proposals that affect the stability of Dai. MKR is also used as a collateral asset to generate Dai.

It’s hard to say what will happen with the MKR coin, as its value is largely based on speculation. However, some factors that could potentially affect its value include how well the MakerDAO protocol is received by the market, government regulation of cryptocurrency, and overall market sentiment towards cryptocurrency.

MKR is a cryptocurrency, but it isn’t just any cryptocurrency. MKR is an ERC20 token that runs on the Ethereum blockchain. MKR is minted through a process called collateralized debt positions (CDPs).

Yes, Maker crypto is proof of stake. In fact, all Maker cryptos are proof of stake! That’s because the entire Maker ecosystem is built on top of the Ethereum blockchain, which uses a proof of stake algorithm to secure its network.

It’s impossible to say for certain if Maker is a good investment in 2022, but there’s a good chance it is. The maker movement is growing in popularity, and the technology is becoming more sophisticated every day. As more people become interested in making their own products, the demand for maker-friendly tools and supplies will likely continue to grow.

There’s no telling how high Maker can go – it’s had an incredible run so far, given the present market conditions. There’s potential for it to reach new all-time highs in the near future. Stranger things have happened in the world of cryptocurrency, so anything is possible!

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