How to buy Maker (MKR) in Australia
Learn how to buy Maker (MKR) on 24+ crypto exchanges in our step-by-step guide.
Maker (MKR) is the 51st largest cryptocurrency by market cap, valued at US$2,050,627,288.
Maker is a highly volatile asset capable of major price swings in a single day. Today MKR is trading for $2220.46 USD, which is lower than yesterday's trading price of $2,242.25 USD. Over the past year, Maker's price has seen an increase of 188%.
So before you buy Maker, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Maker.
How to buy Maker in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Maker is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
You can now exchange your funds for Maker. On beginner-friendly exchanges, this is as simple as entering the AUD or MKR amount you want to purchase and clicking "buy".
Secure your Maker
Consider transferring your MKR to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Maker in Australia
Find an exchange to buy, sell and trade MKR by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
How we keep this Maker guide up-to-date
- MKR price data is regularly updated through data feeds so you always have the latest information.
How do I find the best places to buy Maker?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Maker?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Maker.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing MKR with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Maker?
Once you've created an account, you will need to deposit funds to buy MKR with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy MKR:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase MKR by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for MKR on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Maker?
The easiest way to buy MKR is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying MKR, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Maker has been performing recently.
Best Maker wallets to store your MKR
You can keep your MKR on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your MKR below.
Ledger Nano X Wallet
Trezor Model T Wallet
SafePal S1 Wallet
See more of the best crypto wallets
Recent Maker developments
April 2021: Maker token holders voted for MakerDAO to secure real estate as collateral for loans on the platform.
Is Maker a good investment?Below are the aspects you should consider before investing in MKR:
- Trustless operations: The platform works without the need for users having to undergo any identity or credit checks. This is made possible via the deployment of a unique liquidation mechanism wherein the ETH being used as collateral to take loans is sold off in order to pay back the borrowed DAI - plus penalties and fees. This prevents users from borrowing too much money from the system, thus allowing the platform to remain stable. Furthermore, in certain cases where the value of ETH dips a lot or a large number of liquidations are witnessed simultaneously, new MKR tokens are created and sold off in order to pay back any outstanding loans. There should always be enough MKR tokens in supply to cover any liquidated loans.
- Novel stability mechanism: The total number of MKR tokens that are created or burned is largely dependent on how stable DAI is in relation to the US dollar. If, for example, the value of DAI is stable, then MKR is burned, reducing its overall supply ratio. On the other hand, if DAI's value fluctuates too much from its 1:1 peg, then MKR tokens are created in order to introduce more stability into the system.
- Governance rights: MKR holders have the right to vote on a number of key governance decisions affiliated with the MakerDAO protocol. For example, owners have a say in things like how high the system's native fee rates should be as well as which assets should be accepted as collateral. One MKR token directly equates to one vote within the ecosystem and thus users with large MKR holdings have a massive bearing on voting outcomes and subsequently on how the platform is governed.
Today's Maker price versus ATH
Compare today's price of Maker ($2220.46 USD) against its all-time-high price of $6292.31 USD on 03 May 2021. The closer the bar is to 100%, the closer MKR is to reaching its ATH again.
ATH date: May 03, 2021
Maker ATH: $6292.31 USD
How to trade, convert or sell MakerYou can convert or sell your MKR with the same exchange you bought it through:
- Sign in to the exchange you have MKR on.
- If you store your Maker in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of MKR you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Maker.
- Complete your transaction and move your MKR to a wallet for storage.
How to buy other cryptos
Disclaimer: Cryptocurrencies, including Maker, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of MKR is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Maker or any other cryptocurrency discussed.
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