MakerDAO is an Ethereum based decentralized organization for lending and borrowing cryptocurrencies. The popular protocol eliminates the need for a centralized intermediary by using smart contracts to manage the whole process.
Maker is behind a duo of native cryptocurrencies, which it uses to regulate loan values. Maker is one of the two native tokens on the platform, and the other is DAI. In this guide, we explain how to buy Maker in less than 10 minutes.
Maker is a Defi coin, and so there is no better way to buy it than through a decentralized exchange (DEX) like Pankcakeswap. Buying from a DEX means that you don’t need a third party to facilitate the process, and thus – you can get your Maker tokens with ease.
With the following steps, you can conveniently buy Maker within 10 minutes.
Now, input the number of Maker tokens you want to buy, and select the ‘Swap’ button to complete the process.
Once the transaction is completed, the Maker tokens go into your Trust Wallet and are stored there. You can also use the Trust Wallet app to sell the tokens whenever you wish.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
If you have never used decentralized exchanges before or are not familiar with Defi coins, it might take more than a quickfire guide to get the hang of the process. This is to say that the process involved in buying Maker can be challenging, especially if this is your first time using Pancakeswap.
Therefore, we go further to describe, step-by-step, how to buy Maker.
You need a wallet to interact with Pancakeswap and store the tokens you buy. There are several wallets you can use for this purpose, but none of them are quite as user-friendly and secure as Trust Wallet. Both crypto newbies and veterans can easily use it, and it is backed by the largest cryptocurrency exchange in the world, Binance.
The first thing you need to do is download the app for your mobile. Whether you are using an Android or iOS device, the app is available for download on Google Playstore or Appstore. Once it is installed, you need to open it and create your login credentials.
Your login details will generally include a PIN, but you will also need to note down a 12-word passphrase. This passphrase is relevant for recovering your wallet if you forget the login details or lose your phone. Therefore, you must keep it safe after writing it down.
After the setup process is complete, you need funds to start a transaction. So, the next thing is to deposit some funds into your Trust Wallet. Then, you will be able to use the funds to buy Maker on Pancakeswap. As earlier stated, there are two ways you can do this.
Transfer Digital Assets from Another Wallet
If you have another wallet with cryptocurrency in it, you can transfer the tokens into the Trust Wallet. Doing this is quite simple, and here are the steps.
The tokens will appear in your Trust wallet in a few minutes.
Buy Crypto With Your Credit/Debit Card
If you are a crypto newbie learning how to buy Maker for the first time, you likely don’t have any digital tokens to hand. In that case, you will need to buy some to proceed. Interestingly, you can do that on Trust Wallet using your credit/debit card. Here are the steps for doing this:
For this process, the crypto will appear in your wallet immediately.
Now that you have digital assets in your Trust Wallet, you can head over to Pancakeswap and buy Maker through a direct swap process.
The equivalent in Maker of the number of tokens you entered under the ‘You Pay’ tab will be displayed, so you can see the amount of MKR you will get. Now click the ‘Swap’ button to complete the transaction and buy Maker. With this simple process, you have bought Maker tokens using Pancakeswap.
If you are buying any cryptocurrency, you are most likely doing it to make some profits later on. When that time comes for you to sell your Maker tokens, you can do so through various means.
How you sell will depend on what your end target is.
An excellent example of such an exchange is Binance. You can transfer your Maker tokens into Binance, sell them for fiat currency, and request to withdraw the money back to your bank account.
However, before you can withdraw fiat currency on Binance, you will need to complete a KYC process. This is in compliance with anti-money laundering laws.
Even though the circulating supply of Maker has not yet surpassed 1 million tokens, its market cap is already in the billions of dollars. This means it is very popular with investors and subsequently listed on several crypto exchanges.
This gives you several options as to where you can buy MKR. But of all the available options, Pancakeswap is still the best place for you to buy Maker, and below we will show you why.
The primary advantage of Pancakeswap is that it offers decentralized services. This means you don’t need a third party to complete a transaction. Instead, you just swap your chosen digital token into Maker.
The first step to use Pancakeswap is to get a compatible wallet. Several crypto wallets fall into this category, but as we have stated, Trust Wallet is the best option. Regardless, some other options you can use include MetaMask, SafePay Wallet, TokenPocket, and MathWallet.
After selecting a provider and connecting it to Pancakeswap, you will need to get funds into the wallet to buy Maker. Of course, the easiest way is to transfer cryptocurrency from another wallet. However, if you’re using Trust Wallet, you can still choose to buy tokens with your debit/credit card.
This option allows you to purchase crypto with fiat money. Generally, you will have to complete a KYC process if you’re using a credit/debit card. Pancakeswap is the place for all kinds of tokens. Apart from Maker and other popular coins such as Ethereum and Bitcoin, it also supports heaps Defi coins.
Another impressive thing about Pancakeswap is that it lets you earn rewards on the tokens you’re not using. This happens because idle tokens provide the exchange with liquidity, making you eligible for staking rewards. This gives you the best of both worlds – not least because you can earn income while watching your crypto tokens increase in value!
If you want to buy Maker tokens, there are multiple ways to do it. The option you choose is all about your preferences, such as the type of crypto exchange you desire or the method you want to use for payment.
Presently, there are various ways you can buy Maker. We discuss the best methods below.
When using a decentralized exchange like Pancakeswap, you won’t be able to use fiat money. Instead, you will need to first buy a common cryptocurrency such as Bitcoin or Ethereum. Then, you just swap this cryptocurrency for Maker through Pancakeswap.
With that said, you can buy a cryptocurrency via the Trust Wallet with your debit/credit card and then link this up with Pancakeswap through the ‘Connect’ button.
It is important to note that you will need to complete a KYC process if you are buying crypto with your debit/credit card. This is simply a case of uploading a copy of any means of identification issued by your government. Usually, this needs to be a driver's license or passport. Essentially, this means your transaction will not be anonymous.
The other option is to buy Maker using crypto. But you can only do this if you already have a digital asset in another wallet. In this case, you just need to connect to Pancakeswap and swap the asset into Maker.
Notably, however, you will need to first transfer cryptocurrency to a wallet that is compatible with Pancakeswap. Trust Wallet is your best choice here.
The decision to buy Maker should be one you arrive at after doing adequate research on the token. By doing so, you will be able to see the coin for what it really is.
Doing independent research where you can consider a coin’s pros and cons will help you make informed decisions on whether to add it to your portfolio.
But we understand this can be challenging. So, to help you narrow your focus, here are some relevant considerations to make when considering how to buy Maker.
Maker was created in 2017 to serve as the governance token of the MakerDAO. It also stabilizes DAI, which is the stablecoin of the platform. By the end of January 2017, Maker was worth $22.10. Since then, it has enjoyed a steady rise.
Maker reached AN all-time high on May 03, 2021, when one token was priced at just over $6,339. That represents over a 28,000% increase in value in less than four years. This means that those who bought the coin back in 2017 would have enjoyed a superb ROI.
To put this in perspective, if you had put $10 in Maker in January 2017, you would have over $2,800 back in May when it reached its all-time high. Its price has since dropped substantially. At the time of writing this article in July 2021, Maker is priced at just over $2,900. Yet, that is still over a 12,500% increase from its 2017 price.
Unlike some Defi coins with billions of tokens in circulation, the maximum supply of Maker is just over 1 million. Just over 900,000tokens are currently in circulation. This low supply means that it cannot be inflationary in nature, meaning there cannot be too many tokens in the market that supply will exceed demand.
The common wisdom in the crypto market is that the best time to enter is at the bearish stage. Compared to the first part of the year, when almost every coin was scaling fast, many have now lost nearly half their all-time high value.
Maker is not left out, with a 55.9% drop from its all-time high in May. Even though the token is still relatively high at over $2,000, if you are interested in adding it to your portfolio, now might be a good time.
Crucially, you don’t need to invest $2,000 to buy Maker. On the contrary, you can purchase a small fraction of one token when using a DEX like Pancakeswap.
Cryptocurrency is a volatile asset class, and Maker is no different. Maker is highly speculative, and there is no established pattern. This makes it difficult to predict the price of the token accurately.
However, in your independent research, you’ll come across various price predictions. You must note that they are mostly nothing more than mere market speculation.
When investing in cryptocurrencies, the first thing you must be aware of is the risk involved. The primary risk is that the price of Maker could fall after you buy, and if you choose to sell at that point, you will get bacl less money than you initially invested.
However, you can manage this risk by:
You need to store the Maker tokens you buy in a safe and secure wallet. While there are several Maker wallets in the market, you should be specific about your needs. The focus should be on security and ease of use.
In that regard, here are the best Maker wallets:
When it comes to storing your Maker tokens, this is the best wallet you can get. It combines security with convenience and ease of use. You can download the app on your phone to start using it.
What makes it even better is that it connects with Pancakeswap DEX seamlessly, and you can buy crypto using your debit/credit card.
If you are planning to buy a large number of Maker tokens and need a wallet to store them safely for a long time, go for Ledger Nano. It is a hardware wallet which means it remains offline and therefore not visible to hackers.
It is highly secure, and if it should ever get lost, damaged, or stolen, you can recover your Maker tokens using a paraphrase.
This is a web-based wallet for storing Maker, which operates differently from others. Instead of keeping your keys on third-party servers like other web providers, it is stored on your desktop.
While this means your Maker tokens are very safe, it also means you have to back up the wallet on a regular basis to ensure you remain secure at all times.
Maker is one of the most valuable Defi tokens in the market presently. There are several options to use if you want to buy it, but none beats using a decentralized exchange like Pancakeswap.
This guide has comprehensively explained how to buy Maker using Pancakeswap, thereby eliminating the need for third-party intermediaries.
The price of Maker tokens is not stable, just like all other crypto tokens. But as of the time of writing on 6th July, 2021, it is worth just over $2,900.
Whether Maker is worth investing in is a personal decision that you must make based on in-depth research. By doing this, you will be aware of its pros and cons. While Maker has seen incredible gains since its launch in 2017, it remains a speculative and volatile asset.
You can buy any amount of Maker. Essentially, you can buy as much as you want or as little as you can afford. This is crucial, as a single Maker token is still trading in the thousands of dollars.
Maker reached its all-time high on May 03, 2021, when it was priced at $6,339..
For you to buy Maker with a debit/credit card on Pancakeswap, you will need to first purchase crypto. You can easily do this on Trust Wallet and then swap the crypto for Maker via the Pancakeswap DEX.
The coin has a fixed total supply of just over 1 million tokens and a circulating supply of over 990,000 tokens. Its market cap, as of July 2021, is over $2.5 billion.
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