How to buy Maker (MKR) in Australia

Maker (MKR) is the 48th largest cryptocurrency by market cap, valued at US$2,747,039,985.

Maker is a highly volatile asset capable of major price swings in a single day. Today MKR is trading for $2968.91 USD, which is lower than yesterday's trading price of $3,111.09 USD. Over the past year, Maker's price has seen an increase of 333%.

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.

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.

What is Maker?

Regarded as the first decentralised finance (DeFi) project in the world, MakerDAO is a lending and borrowing platform that eliminates the need for middlemen. It is built on Ethereum and makes use of smart contracts to automate all of its internal transactions as well as govern its associated stablecoin, DAI, which has its value pegged to the US dollar in a 1:1 ratio. MKR is the native cryptocurrency of the MakerDAO ecosystem and has one basic purpose – to help support the value of the DAI token, which is used in all of the platform's native lending operations. Furthermore, owners of the MKR token can also make key decisions and judgments pertaining to the ecosystem.

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.

Recent Maker developments

December 2021: MKR tokens were added to cryptocurrency trading platform tZERO.
April 2021: Maker token holders voted for MakerDAO to secure real estate as collateral for loans on the platform.

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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 ($2968.91 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.

How to trade, convert or sell Maker

You can convert or sell your MKR with the same exchange you bought it through:

1. Sign in to the exchange you have MKR on.
2. If you store your Maker in a digital wallet, compare crypto exchanges to convert or sell it on.
3. Choose Sell or Convert and place a sell order.
4. Choose the amount of MKR you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Maker.
6. Complete your transaction and move your MKR to a crypto wallet for storage.

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