Looking to buy Maker tokens? Here’s a detailed guide on it. Launched in 2017, Maker (MKR) is a key part of MakerDAO, the largest decentralised application on the Ethereum blockchain. MKR acts as a governance token, giving holders voting rights to manage the Maker protocol, which supports the DAI stablecoin.
Just like owning shares in a company, MKR holders help shape the future of this decentralized ecosystem. In this guide, we’ll walk you through how to buy Maker and become part of this transparent and stable crypto network.
How to Buy Maker in 4 Easy Steps
Like any cryptocurrency, Maker coins can be bought using two methods. The first method is the traditional one using fiat currencies such as US dollars, Euros or INR. The second and a bit unconventional method is buying stablecoins or altcoins first with fiat currency and exchanging them to buy Maker coins.
Step 1: Choose a Crypto Exchange Platform
To buy Maker, the first step is to select a crypto exchange platform that supports Maker token trading such as Binance, OKEx, Uniswap, and Coinbase Pro.
It’s better to choose a familiar platform for smooth and easier operations. Each one of the platforms has its uniqueness. So depending on your needs choose one that accepts your preferred payment methods, has hands-on customer support and ensures a seamless transaction process.
Step 2: Register on any of the Platform
After choosing a crypto exchange of your choice, you need to register on the platform. Firstly, you have to provide your details, such as your name, email address, phone number, and permanent address.
To complete the Know Your Customer (KYC) process and verify your identity the exchange will ask for your valid ID proof. As ID requirements can vary based on your location, keeping the necessary documents ready will help ensure a smooth registration and verification process, making you ready to be the Maker coin holder and enabling you to participate in the decision-making of MakerDao.
Step 3: Buy The Cryptocurrency Using Your Feasible Payment Method
Once the exchange account is set up all you have to do is to buy Maker tokens. First things first, deposit funds into your account using your preferred payment method. A wide range of options are at your disposal such as bank transfers, credit or debit cards, digital wallet transfers, or third-party payment services.
You can buy Maker using both stablecoins and fiat currencies. The fiat currencies you can use are USD on Kraken, Coinbase Exchange and Bitfinex, and Euro on Kraken, OKX, and Bitvavo. If you are an Indian user, you can buy MKR with INR on CoinDCX, WazirX and Zebpay.
Alternatively, you can use stablecoins such as USDT (Tether), and BTC (Bitcoin) as trading pairs to acquire Maker on exchanges like Binance, Bybit, MEXC, Kucoin and Bitfinex.
All you have to do now is search for ‘Maker’, select the amount you wish to purchase and complete the transaction. You are done with the process of buying Maker. Let’s move to the last step of this short process.
Step 4: Store the Cryptocurrency in a Wallet
To store your Maker coin securely transfer the tokens from the exchange to a safe wallet. Find the withdrawal section of your exchange account where the Maker is listed. Choose a compatible wallet like Trezor Wallet, MetaMask, Atomic Wallet and Zengo Wallet for the transfer. Fill in your wallet’s public address ensuring it supports Maker tokens.
Specify the amount you want to move and confirm the transaction. Now your Maker token is stored securely, hedging it from potential risks associated with crypto exchange platforms.
Also read: How to stake SifChain (ROWAN)
Popular video guides on buying Maker (MKR)
Also read: Are you guys into crypto?
Where to buy Maker (MKR)
WazirX, established in 2018, is an Indian cryptocurrency exchange platform co-founded by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. Currently recognized as one of the top crypto platforms, WazirX is also the fastest-growing cryptocurrency exchange in India. With its user-friendly interface, it attracts both beginners and seasoned traders, making it one of the most sought-after platforms in the market.
Factsheet
|
Operational Since: |
2018 |
|
Deposit Methods: |
Mobikwik Wallet, P2P trading, crypto-to-crypto wallets |
|
Deposit Fees: |
None |
|
Cryptos Listed: |
80+ |
|
Trading Fees: |
Maker Fee: Depends on WRX tokens (ranges from 0.40%-0.10%) |
|
Fiat Currencies Supported: |
USD and INR |
|
Trustworthiness: |
Safe and reliable |
Founded in 2017 by Chun Gan, Ke Tang, Michael Gan, and Johnny Lyn, KuCoin has quickly become one of the largest cryptocurrency exchange platforms in the market. It offers a diverse range of services, including the buying, selling, and trading of various cryptocurrencies. Additionally, KuCoin provides features such as margin trading, futures trading, and peer-to-peer (P2P) trading, catering to the needs of both novice and experienced traders.
Factsheet
|
Operational Since: |
2017 |
|
Deposit Methods: |
P2P Trading, Debit/Credit Card, Third Party Payment, Bank Transfer |
|
Deposit Fees: |
Free |
|
Cryptos Listed: |
700+ |
|
Trading Fees: |
0.005-0.01% depending on your tier level |
|
Fiat Currencies Supported: |
28+ |
|
Trustworthiness: |
Safe and Reliable |
Founded in 2018 by Ben Zhou, Bybit is headquartered in Singapore and provides a professional trading interface with rapid transaction speeds. The platform is known for its exceptional multilingual customer support, making it one of the most accessible crypto exchanges for users from diverse backgrounds.
Factsheet
|
Operational Since: |
2018 |
|
Deposit Methods: |
Credit/Debit Card Payment, P2P trading, Third party payment and fiat deposits. |
|
Deposit Fees: |
No charge |
|
Cryptos Listed: |
100+ coins |
|
Trading Fees: |
0.04% for Makers and 0.01% for Takers |
|
Fiat Currencies Supported: |
60+ fiat currencies |
|
Trustworthiness: |
Safe and reliable |
Frequently Asked Questions
Where Can You Buy Maker With A Credit Or Debit Card?
You can purchase Maker (MKR) directly with your credit or debit card on several crypto exchanges, including Coinbase, Kraken, and CoinDCX. If these options aren’t available, an alternative approach is to buy other cryptocurrencies, such as Bitcoin (BTC) or Tether (USDT), using your card. Once you have these cryptocurrencies, you can trade them for Maker on an exchange that supports MKR. This method provides a straightforward way to acquire Maker tokens.
What Will You Need To Buy Maker?
Let’s have a quick go-through over the process of buying a Maker.
- Sign Up on a Cryptocurrency Exchange: Choose a crypto exchange that supports Maker. Register and verify your account on the exchange. The list of documents you’ll need for verification includes a government-issued ID, proof of address, and sometimes a tax registration number.
- Choose a Payment Method: Select a payment method you prefer that is accepted by the exchange as well. This could be a credit or debit card, bank transfer, or other options provided by the exchange.
- Get a Secure Crypto Wallet: Obtain a secure crypto wallet that supports the Maker. This wallet will ensure the secure storage of your Maker coins.
These three steps are the key to unlocking an easy and smooth buying of Maker.
What is the easiest way to buy Maker?
To buy Maker (MKR) easily, begin by selecting a reputable exchange that supports it. You can utilize bank transfer methods, such as PayPal, or opt for debit or credit cards for your transaction.
Once you’ve chosen your exchange, create an account and complete the verification process. Before making your purchase, be sure to check for any gas fees or withdrawal charges. This will help ensure that you get the best value for your Maker tokens.
Best wallets to store your Maker (MKR)
If you want to keep your Maker safe, consider these top wallet options:
- Metamask: While primarily known for Ethereum, Metamask also supports Maker. It offers a user-friendly interface and easy integration with various decentralized applications (dApps).
- Atomic Wallet: This wallet provides a sleek design and allows users to manage multiple cryptocurrencies, including MAKR. It also features built-in exchange capabilities for seamless transactions.
- Trezor Wallet: A hardware wallet that prioritizes security, Trezor offers robust protection for your MAKR. It is ideal for users who want to store their assets offline for added security.
- Zengo Wallet: This innovative wallet combines convenience and security with its mobile app. Zengo offers biometric authentication and features like backup recovery to ensure your Maker remains safe.
Each of these wallets comes with unique features designed to keep your Maker secure and easily accessible.
