Key Takeaways
- MKR (Maker) is a governance token used by MakerDAO for managing Dai, a stablecoin on the Ethereum blockchain.
- MKR can be bought in Australia through various crypto exchanges, with CoinSpot being a recommended option due to its security and extensive cryptocurrency support.
- The process of buying MKR involves signing up with a crypto exchange, verifying your account, depositing money, navigating to the Buy section, selecting the desired amount of MKR, confirming the purchase, and storing the MKR securely.
- CoinSpot provides a wallet where users can keep their purchased MKR, but for additional security, users can transfer their MKR to a personal wallet.
Believe it or not, the Maker protocol is among the first autonomous, decentralised organisations built on the Ethereum blockchain. This governance token is known as MKR and is used by MakerDAO for managing Dai, the platform’s stablecoin. In order to understand how exactly MKR works, we should start with a brief overview of the Maker protocol.
The MakerDAO uses the combination of smart contract capabilities and the blockchain technology, making lending and borrowing cryptocurrencies way less risky and easier. MakerDAO enables the autonomous running of the protocol, taking the smart contract concept to a new level. This way the verification or and oversight from the central authority is not required.
Not to forget that DAI is quite a common trading pair in the DeFi system and over 400 exchanges and apps now use Dai. Still, as Dai is collateralised, it could be impacted by other crypto’s value. The idea for Maker was developed back in 2014 by Rune Christensen. However, Dai was launched in 2017 by Christensen and his team.
If you believe in the potential of MKR (Maker), then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy MKR (Maker)?
MKR is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy MKR (Maker), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 410+ different cryptocurrencies supported, including MKR
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy XMKR
How to buy MKR (Maker)?
7 easy steps
Buying MKR (Maker) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own MKR in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some MKR (Maker). Click on Buy/Sell in the menu along the top, then search MKR. Click on Buy MKR and you will see the purchase screen, like the screenshot below. The price of MKR is shown clearly in the middle of the screen.
5. Select how much MKR you want to buy
Select how much AUD you want to spend on MKR, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy MKR (Maker)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some MKR!
7. Store your MKR safely
Now that you have made your purchase of MKR (Maker) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much MKR you own, and the value in AUD. You can leave your MKR in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your MKR to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own MKR (Maker) in Australia.
Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can click here to open an account with Swyftx, or read our full review here first.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy MKR in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy MKR (Maker) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of MKR.