As USDT and most other stablecoins in the crypto realm keep slipping further below their desired pegs (and others keep getting embroiled in controversies), MKR, the token behind USDT’s biggest competitor, DAI, has been gaining traction, leading investors all over the globe to wonder how to buy Maker.
The competitive nature of DAI and USDT connects these two stablecoins’ value as well as their backing tokens’ in an exciting manner. When one falls, the other’s potential to rise increases significantly.
Today, DAI is considered the safer bet between the two competitors, and for good reason. This beginner’s guide to the currency will take you through everything you need to know about Maker, the difference between the maker network and the MKR token, the role that Maker MKR plays in the system, as well as different places you can get it today.
Let’s jump into this.
How to Buy Maker – Overview
If you’re short on time and don’t think you’ll be able to read through the entire guide, here is an overview of how to set up an account and buy Maker tokens. Alternatively, check out our should I invest in Litecoin guide.
- Step 1: Register with Binance – First, create an account with Binance. The registration process should only take a few minutes.
- Step 2: Verify Account: Once you’ve set up an account, Binance will require you to verify that you’re who you claim to be. That means supplying some personal info, like a form of ID or contact details, before using the platform.
- Step 3: Deposit Funds – You can now add money to your new verified Binance account via a bank transfer or debit/credit card payment.
- Step 4: Buy Maker (MKR) – Armed with your funded account, search for Maker on the platform using its unique ticker symbol, MKR. Multiple pairs will show up, representing the price of Maker in different denominations. Pick the pair that corresponds with how you’d like to pay for it and enter the rest of the details.
What is Maker?
Maker is an Ethereum token that describes itself as a “governance token, utility token, and recapitalization resource of the Maker system.” This Maker System, also known as MakerDAO, is a decentralized finance, or DeFi, ecosystem serving several functions, one of them being facilitating borrowing.
Maker DAO has two main maker crypto assets, the Maker MKR Crypto token and Dai. Dai is a stablecoin that seeks to trade on exchanges at a value of precisely $1.00. Maker (MKR), however, is a more volatile option.
What’s more? Since the MakerDAO is made up entirely of MKR holders from around the globe, these holders are allowed to stake their MKR tokens and vote on proposed changes to the Maker Protocol. This, in turn, ensures the DAI’s stability, transparency, and efficiency.
DAI Stablecoin
What else makes the MKR token so unique? The fact that it helps keep its partner stablecoin, the DAI, at the same value. Allow me to elaborate.
The DAI has a stable value soft-pegged to the US dollar, which implies that each DAI is worth a dollar at all times. Individuals who use DAI have to lock up other digital currencies like Ethereum and Bitcoin. This collateral awards inherent value to their DAI and all other DAI coins in the system.
That said, if the coins used as collateral lose value for some reason, new MKR coins are created and sold to settle the debt. Conversely, however, if said cryptocurrencies used as collaterals rise in value (as most of us are confident they will in the long term), MKR coins are destroyed because they’re not needed anymore, and individuals who hold Maker MKR will find that their coins are now worth more.
This system has been proven to work repeatedly, demonstrating why Maker is a critical part of the growing sector of decentralized financial institutions (the DeFi community.) At just over $1,000 as of the writing of this article, Maker MKR is a must-buy for many.
The Brief History of Maker
The Maker ecosystem has gone through various stages throughout its existence, the first of which was the MakerDAO stage. Rune Christensen, a graduate of the University of Copenhagen and renowned entrepreneur, first created MakerDAO in 2014
Before his Blockchain endeavours, he had co-founded Try China, a recruitment company, after studying biochemistry and international business back in school.
Christensen and his team went on to officially launch the DAI on the Ethereum network in 2017, followed by the creation of the Maker Foundation the following year. The Maker Foundation aimed to fuel the ecosystem’s growth and spearhead efforts to decentralize development. As of the writing of this article, Christensen is still the CEO of the Maker Foundation. Others on the board include Steven Becker, the founder of Cubit Capital, and Shefali Roy, the economist. Becker serves as the president and COO.
Initially, the only asset that users could collateralize through the Maker protocol was Ethereum, explaining why Dai stablecoins generated back then were referred to as Sai or Single-Collateral Dai. Fortunately, the Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, was implemented in 2019, which allowed users to generate Dai by leveraging any collateral assets approved by “Maker Governance.”
Moving forward, MKR aims to act as a hedge currency that offers traders a stable alternative to most coins on the market while simultaneously solving volatility issues for the crypto realm.
Where to Buy Maker
Having gone through the basics of what Maker is and its history, let’s look at several platforms you can use to buy maker crypto.
Binance – The Overall Best Exchange to Buy Maker
Binance is, without a doubt, the best exchange platform to buy maker coins if you know your way around a crypto exchange. Do not worry if you’ve never used one before. Below, you’ll find a detailed guide on how to buy Maker MKR crypto coins on Binance.
At Binance, you’re awarded the opportunity to trade via the platform’s advanced interface, which awards you access to an array of tools any seasoned investor will appreciate. These include, but aren’t limited to, everything from drawing tools and technical indicators to customized charts and advanced orders.
Regarding the best way to buy DAO maker at Binance, I suggest paying for your token instantly using your credit or debit card. Note, however, that, like with all other crypto exchanges, you’ll be required to go through a quick Know Your Customer (KYC) standard procedure before depositing your funds in US dollars.
Moreover, when using a credit or debit card on the platform, you’ll be charged up to 2 percent by Binance, plus the standard 0.50 percent buy charge for instant Buy or Sell. To avoid the 2 percent charge, opt for the free bank wire deposits or fee-free ACH. The only downside with these options is that you’ll need to wait for the funds to clear before buying maker coins.
If you’re already a crypto holder, arguably the easiest way to buy maker coins is to deposit funds via cryptocurrencies. This option not only fast-tracks the KYC process but also implies that Binance won’t charge you any deposit fee.
FTX – Excellent Alternative Exchange with Low Fees
The second exchange in our guide also happens to be the world’s second-largest centralized exchange by market share. What’s more? FTX offers plenty of trading options and features, so it’s no wonder most seasoned investors narrow the race down to these two crypto exchanges.
The first unique selling proposition (UPS) of FTX is its low transaction fees. The maker fee structure on FTX ranges from 0.00 percent to 0.10 percent, depending on your 30-day trading volume. Note: Since FTX uses maker-taker models, you pay maker fees on trades that aren’t filled immediately by an order already in the exchange’s order book and pay the taker fee on transactions that are filled.
Regarding crypto security, FTX prioritizes safety and has an excellent track record to date. The platform offers a two-factor authentication feature, which I suggest you activate immediately after you buy MKR crypto.
Crypto.com – Massively Popular Exchange with Powerful Features
The next exchange to consider when thinking about how to buy Maker is Crypto.com. This platform offers many crypto-related services and products, making it more than a mere exchange. For starters, in addition to the Maker MKR crypto, Crypto.com also offers an NFT marketplace.
Regarding the best way to buy maker coins here, the easiest and quickest option is to use your MasterCard or Visa. These two options allow the platform to process your transaction instantly. Note, though, that this purchase option on Crypto.com will attract a flat transaction fee of 2.99 percent.
If this is your first account with the platform, then that fee will be waivered for 30 days after you first register your account.
Additional reasons to consider crypto.com when buying your Maker MKR crypto include the fact opening an account is extremely easy, and you can complete the Know Your Customer (KYC) verification process in under two minutes. You’ll also love that the platform offers 255+ cryptocurrencies on the platforms and also supports crypto lending.
Coinbase – Beginner-Friendly Crypto Exchange
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase is an exchange, a wallet, and a set of crypto tools for traders and investors, all built onto one platform. Today, the exchange is awarded a blue-chip status among crypto platforms, where traders and investors can meet to trade, store, sell, and buy digital currencies. That includes those interested in learning how to buy maker tokens.
Coinbase was also one of the first crypto exchanges in the world to find mainstream popularity and was the first startup to attain “unicorn” status in the crypto realm. That means the platform was the first to be valued at more than $1 billion.
Today, Approximately 98 million verified users and 230,000 ecosystem partners in over 100 countries trust Coinbase to securely and efficiently invest, earn, save, use, and spend crypto. That’s why it’s a must-to-consider for those wondering, “where can I buy maker crypto.”
KuCoin – Community-Focused MKR Exchange
KuCoin is an international crypto exchange platform that primarily caters to investors and traders. The firm was established in 2017, and today, users can trade up to 400 distinct cryptocurrencies using the interface.
You can also gain a lot from this platform’s many features as a beginner besides the standard crypto platform fare and a smooth, convenient UI; KuCoin also offers margin, P2P, and futures trading.
Best of all, KuCoin has one of the lowest base fees among the leading crypto market exchanges, which is one of the main reasons the exchange rose to prominence so fast. In other words, if you’re scouring the internet looking for beginner-friendly crypto exchanges with cheap transaction fees and robust trading environments, KuCoin is worth considering.
Maker Price History
Maker MKR’s price history began at its launch in 2017, when the token traded for $22.10.
The token would go on to rally to between $800 and $1,500 in the last two weeks of December 2017. This was around the same time major hype was forming around the crypto world due to Bitcoin’s crazy rally to an all-time high of $20,000.
In February of the following year, MKR’s value dipped to below $815, followed by more dips over the next two months. After bottoming at $480 in April 2018, the token would start making small gains for the remainder of the month. It peaked at around $1,200 on May 5.
Unfortunately, the remainder of the year wasn’t so good for Maker. The Price fell to about $300 by November before slightly climbing back above $450 by the turn of the year.
For 2019, Maker hit its $780 peak at the start of April but spent the rest of 2019 in decline. The token was at sub $450 at the end of 2019. Even worse, 2020 want too good either. After gaining over 60 percent in Jan and Feb 2020, the coin hit an all-time low in March 2020 when it dipped to $161. Maker gradually recovered throughout the year and sold at $535 in December 2020.
This brings us to the most exciting year in Maker’s history.
As shown above, Maker had a bombastic beginning in 2021, as the Price rallied to as high as $6300 from just $500. And it did this in record time. Unfortunately, the May crash dragged the price down by nearly 65 percent, which dipped the Price to below $2,000.
From there, the token maintained a remarkable upward trajectory but couldn’t hit levels above $4,500. Just before the end of 2021, the MKR price plunged heavily, losing up to 18 percent of its value. Needless to say, the asset used every resource to recover its losses, but the bears dragged the Price lower over the next six months until the Price hit a low of $732.8 on June 6, 2022.
The Price has been slowly recovering since then.
Maker Price Prediction
As for Maker price predictions, experts believe that the token still presents a golden chance for crypto investors and traders. This sentiment across multiple financial platforms is further reinforced by the fact buying prices are in a range for most individuals.
Most importantly, MakerDAO’s fundamentals have also been projecting a bright future, and not just due to expert price analyses. The DAO protocol has been joining forces with other market giants to fund their ventures and improve their scope in the industry.
Several partnerships that prove the extent of Maker’s value in the crypto realm include their collaboration with the World Bank, REINNO, Althea, OKEx, NodeBrick, DexFreight/Centrifuge, Airtm, Taringa, Celer Network, and Axie Infinity.
With that in mind, before getting into Maker price predictions, let’s look at the token’s significant levels, breakouts, and factors that caused significant rallies in recent history. All these should tie together and be the basis upon which you base all your crypto predictions.
Technical Analysis
The short-term and long-term technical and fundamental forecasts for the Maker price are incredibly bullish because most indicators point toward a buy signal. The last Doji Star indicator for a bullish trend change appeared on July 21, 2022, and was quoted at $976.88. A Doji Star signals uncertainty in a trendline, suggesting a possible end to a downtrend or uptrend.
Regarding support and resistance levels, the support is currently received by the Maker price at the $880.81 price level, and the Price is holding at 21.5 percent above this. The last high of $1,177.47 is from July 30, 2022. This high is 9.280 percent below another significant resistance of $1,286.74.
So, should the price break through the $1,177.47 high, the MKR price could climb higher to at least the $1,286.74 price level. Additional resistance levels to watch out for in the near future are $1,620, $2,289, and $3,260.
To top off the bullish sentiment, the currently quoted Maker (MKR) Price is at $1,078.75, which is above the 50, 100, and 200 EMAs (exponential moving average). This is considered a significant bullish signal.
What are the Analysists Saying?
According to Digital Coin Price’s 2022 Maker price prediction, the forecast data analysis shows that MKR’s Price is expected to cross its $1,355.32 level within the year. By the end of the year, the Price is expected to strike a minimum fee of $1,285.43. For 2023, the MKR price prediction from Digital Coin Price shows that the Price is expected to cross the $1,607.03 level within the year and hit a maximum price level of $1,841.86 by the end of the year.
According to Price Prediction’s 2022 MKR price prediction, MKR’s Price is predicted to reach a minimum price level of $1,572.58 within the year. The platform’s deep technical analysis of Maker’s past price data also projected that the expected maximum price level for 2022 is $1,726.63, whereas the minimum is $1,572.58.
For 2023, the Maker price prediction from Price Prediction’s technical analysis and forecast price expects the Price to cross an average level of $2,373.43 within the year. The projected minimum price value of the token by the end of the said year is $2,308.09, whereas the maximum level is $2,711.94.
According to Trading Beast’s Maker price predictions for 2022, a combination of linear and polynomial regressions shows that MKR’s Price is expected to hit an expected average of $1,078.884 within the year. The platform also placed Maker’s maximum and minimum price predictions for 2022 at $1,356.435 and $904, respectively.
For 2023, Trading Beast’s MKR price prediction projects the Price will hit a minimum price of $840.523 or a maximum of $1,306.192 within the course of the year.
How to Buy Maker – Step by Step
Have you settled on Binance but don’t know how to get started creating an account and buying maker MKR crypto? Let this section of the article be your guide.
Register with Binance
After visiting Binance’s homepage, click the register button and enter your email address, create a password, accept Binance’s terms of use, and click “create account” when you’re done. A confirmation email will be sent to your address. Open the message, and click the link provided to prove it’s you.
Verify Account
Before you can buy a maker coin or any other cryptocurrency on the Binance platform, you’ll be required to verify your identity. To verify your account, log in to your account, head to the User Center, and click Identity Verification.
Once in there, pick personal, and fill in your details. Pick an ID type for document verification, like a driver’s license or passport, and take a photo or upload an already-saved file of your document. Next, please take a picture of yourself and upload it.
Once you’re done uploading the required photo and document, click confirm. Binance will review your submissions as quickly as possible and get back to you via email.
Deposit Funds
Once your account is verified, the next step is to fund the account. Binance offers three funding methods you can use, namely wire transfer, credit/debit card, and bank account (ACH.) The speed it takes for transactions from these methods to be processed is 1-3 days, instant, and 1-3 days, respectively.
Buy Maker (MKR)
Once you’ve funded your account and the amount has been reflected, head to the homepage and click on “P2P trading” to enter the express trading mode. Next, select the crypto you want to buy, and enter the amount you want to get. Tap with zero fees, and Binance will match the orders based on the best crypto price available on the P2P markets.
Alternatively, you can also choose P2P mode to trade and manually select advertisements posted by users or merchants.
Congratulations, you’ve just bought your first Maker MKR crypto coins.
How to Buy Maker – Conclusion
Maker is not only one of the most exciting projects in the crypto realm but is also a viable contender for the top spots in the realm of crypto tokens. The token went on a massive run in 2021 and appears to have an equally promising future and roadmap heading into 2023 and beyond.
If you’re ready to take the plunge and jump in on the action, I suggest completing your initiation into the Maker crypto realm with our recommended exchange, Binance. Setting up your account should take no more than 5 minutes, after which you’ll be ready to make your Maker (MKR) Purchase using Bitcoin, EUR, GBP, and USD.
FAQs
Below is a summary of some of the most Frequently Asked Questions (FAQ) across the internet about the Maker Coin.
Where Can I Buy Maker Crypto
A cryptocurrency exchange is usually the best place to buy Maker. That’s particularly true if you’re a beginner in the cryptocurrency industry. Exchanges are simply platforms that bring buyers and sellers together in an online marketplace. The top exchange that offers a market at the moment is Binance.
Should I Buy Maker Coin?
Whether you should buy the maker coin depends on how you feel about the general decentralized finance system it is part of. The Maker coin is a part of MakerDAO, a platform that allows people to access financial services in the crypto realm that are usually only available through conventional banks. Owning a Maker coin is equivalent to owning a stock of the Maker system. You’ll even get the right to vote on matters that could affect the platform’s future.
How to Buy Maker
To buy Maker, visit our recommended platform to buy the token by clicking this link. Next, enter your details in the empty boxes, and click create a new account when you’re done. To buy the actual Maker token, you’ll be required to fund the account using your preferred payment method and confirm your new balance. Once done, pick Maker, select an “Instant/Market Order” to buy instantly, enter the amount you wish to spend, and confirm your order.