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Maker is considered one of the most important cryptocurrency in terms of market capitalization. It has many potentials and can be used for different purposes, but there are also some risks involved with this coin. Rune Christensen created Maker on May 21st, 2013, as an Ethereum-based token that would allow users to create their decentralized autonomous corporations. The idea behind DAC’s is pretty simple:
- You give someone money.
- They build something useful or cool.
- You get paid back when people use your service.
This way, no single person owns any part of the company; instead, everyone gets rewarded based on their value to society.
The first version of Maker came out in 2014, and since then, many other versions have been released. In 2017, the team decided to use Ether as its currency and started working on Dai, which uses stable coins like Tether. Since then, DAI has become more popular than ETH because it offers better stability and liquidity. However, while ETH is still being traded at $1 billion per day, DAI only trades around $100 million per day.
How can I buy Maker?
You can’t directly purchase MKR through Coinbase. It would be best to go through another exchange such as Binance, KuCoin, OKEx, etc. If you want to trade on these exchanges, make sure you sign up before opening a position, so you don’t lose all your funds if the price drops. If you’re looking to invest in Maker, we recommend starting small until you learn about crypto investing. Once you feel ok, you can start increasing your investment size.
PayPal
Maker supports Paypal. To deposit via PayPal, click “Deposit” under the wallet tab. Then select “PayPal.” After entering your email address, choose whether you’d like to receive notifications regarding deposits made into your account. Click “Next,” enter your bank information, and confirm your payment method. Your balance will appear after two business days.
Buying Maker with a credit card
The Maker does not support credit cards yet. But you can always sell your tokens on an exchange and transfer them to your wallet. For example, you could send your Ether to Kraken, sell those tokens, and then withdraw the cash equivalent of your holdings. Maker is currently trading at USD 0.26. At current prices, you’ll earn 0.0005% interest daily. That means if you hold 1M MKR for ten years, you’ll end up owning 5.8K MKR.
Bank Transfer
Maker accepts Bank transfers to its main net contract. Please note that the Maker Foundation cannot guarantee the safety of your private keys during transfers. We strongly advise against sending large amounts of ETH/DAI to our contracts due to security reasons. This is why we do not accept payments larger than 100k DAI. In case of failure, be sure to get in touch with us immediately! Their customer support team is always available 24 hours a day, seven days a week. We try to process transactions within 30 seconds. Sometimes, however, things happen beyond our control.
Where to buy Maker?
There are a lot of places online where you can buy Maker. Here are four examples:
Bittrex
This platform allows you to buy both Maker and Ethereum. They offer two types of accounts: Basic and Premium. A basic understanding gives access to 3 markets, whereas premium accounts let you place orders without limits. Both versions come with free withdrawals. The fees depend on how much money you’ve deposited. Prices range between 0.25%-4%.
Kucoin
This platform also lets users buy both Maker and Ethereum, but they charge higher transaction costs. It’s important to know that there are no withdrawal restrictions here.
OKex
This platform charges lower fees compared to others. Their price ranges between 0.15%-0.35%, depending on the amount of money you’ve deposited. Withdrawals take around one hour.
Bitfinex
Bitfinex offers similar features to other platforms. However, their fees vary from 0.05%-0.20%. There are no limitations when withdrawing or depositing. Bitfinex has recently announced plans to launch Dai Stablecoins backed by tangible assets.
Conclusion
Maker is carrently on a beta phase so expect some bugs along the way. But it is still good enough to use as long as you don’t need instant liquidity. Suppose you want to trade more actively. But all said and done. It is a worth coin to invest in. You should be able to find out what exchanges have listed Maker through Etherscan.io. You may even be able to see which ones allow margin trading because there are plenty of options.
