How To Buy Maker (MKR) In The UK

A Beginner’s Guide to Buying and Selling Maker Cryptocurrency in the UK

Last Updated May 10th 2024

6 Min Read

If you’re based in the UK and wish to buy Maker – the process is very simple. All you need to do is find a regulated exchange, deposit some funds, and decide how many Maker tokens you want to buy.

Maker is a cryptocurrency that is used by MakerDAO. DAO stands for decentralized autonomous organization). MakerDAO is built on Ethereum, which is a blockchain that allows developers to build different projects.

The coin also features its own stable coin, DAI. All of this runs on Maker's smart contracts. The Maker Protocol enables you to redeem Dai in return for depositing Ethereum-based tokens as collateral.

In this guide, I will take you through the process of buying Maker tokens in the UK, as well as every other detail you need to know about the token. The guide is comprehensive and elaborate to ensure that even a beginner can understand all the processes involved.

However, before you start buying Maker tokens, you need to understand the nature of the crypto market. Cryptocurrencies are very volatile, and investing in them can be very risky. As an investor, you need to ensure that you invest in caution. You can also seek professional advice from a financial expert to fully grasp how to invest in this sector.

How To Buy In Maker In The UK – Quick Guide

To help you buy Maker coins as quickly as possible, we broke the process down into a few easy steps:

Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time.
Step 3: Deposit – Fund your new eToro account with a minimum of $10.
Step 4: Search for Maker on eToro – Search for MKR or Maker in the eToro crypto market.
Step 5: Buy MKR – Enter the amount of the worth of Maker you want to purchase in United States Dollars (USD), then click Open Trade.

That’s it! By following these easy steps, you can invest in Maker in The UK in less than 5 minutes.

Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.

Where To Buy Maker (MKR) In The UK

Are you searching for how to buy Maker in the UK? Well, there are hundreds of crypto exchanges and brokers in the UK. This can make it hard to know which platform is right for you.

List of the best Exchanges to buy Maker in the UK:

Looking where to buy Maker in the UK right now? Below you will find 4 of the best brokers that allow you to buy MKR in the UK.

eToro - Best broker to buy Maker (MKR) in the UK
Binance - Best exchange to buy Maker UK for asset diversity
Coinbase - Best exchange to buy Maker (MKR) for beginners
OKEx - Best broker to buy Maker UK for low-cost

How To Buy Maker (MKR) In The UK - A Step-By-Step Guide

To buy Maker tokens, follow this well-detailed guide:

Step 1: Open an exchange account

The first thing you need to do is open an exchange account to buy the Maker tokens. The UK is home to many crypto exchanges, which is why you need to be careful when choosing one. Ensure that the exchange you settle for can support Maker tokens.

Opening an account is a less detailed process than opening a bank account. Your full names, address, and contact details, such as the telephone number and email address, are all you will need. Depending on the exchange, you may be required to verify the information that you have provided. This will involve submitting documents such as a government-issued ID and a proof of address.

To set up security for your account, you need to set a two-factor authentication process to keep your tokens safe inside the exchange.

Step 2: Fund the account

The second step involved funding the account so you can buy Maker tokens. If the exchange you have selected permits the use of the GBP, you can link your bank account to the exchange and transfer the funds you want to use. However, not all exchanges have this option.

The second way of funding your account is by using other cryptocurrencies. An exchange may not allow you to change fiat currency into Maker tokens directly. Still, it will allow you to buy other popular cryptocurrencies such as Bitcoin using fiat currency. If you hold BTC or any other supported crypto on the exchange, you can directly change them to Maker tokens.

Step 3: Buy Maker

The most important step is to buy Maker tokens using the funds you have deposited into the account. Go to the 'buy side' on the exchange account page and enter the amount you want to purchase to buy the tokens. Once you confirm all the details of your transaction, you will receive a notification that will inform you that your purchase has gone through successfully.

Sometimes the price of Maker tokens may be too high for you to buy at the prevailing prices. To purchase tokens at the prevailing prices, you will have to go with a market order, but to buy at your chosen price, you can select a limit order. With a limit order, your purchase will automatically be completed when prices hit a certain price.

Don't Miss: Maker Price Predictions

Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.

Step 4: Store your Maker coins in a crypto wallet

The fourth step is for you to store Maker in a crypto wallet. Once you have Maker tokens on the exchange, you can transfer them to a hot wallet like the one offered by exchanges through mobile apps. Hot wallets are stored online, making it easier for you to retrieve tokens whenever you need them.

If you do not want to store it in a hot wallet, you can store it in a cold wallet. The cold wallet can store your Maker offline, so you don't have to worry about its safety online. A cold wallet is perfectly suited for those who are holding large amounts of Maker tokens.

How To Sell Maker (MKR) Tokens

If you decide that it is time for you to sell Maker tokens, you can go through the same process as the one involved in the purchase. Go to the 'sell side' at the exchange account and enter the number of Maker tokens you want to sell. Confirm your details, and you will receive a notification that your sale has been processed successfully.

You can sell Maker tokens for fiat currency, or you can sell them for other cryptocurrencies. Once your sale goes through, the following step is to withdraw your money back into your bank account.

Which Wallets Can I Use To Hold Maker (MKR)?

To hold Maker tokens, you can use either hot wallets or cold wallets. Hot wallets are preferred by those with small Maker holdings and people who want to regularly trade the token. Cold wallets are preferable by those who want to hold large amounts of the token and those who do not want to trade any time soon.

How Maker (MKR) Works

MAKER works in just the same way as other cryptocurrencies. It is based on the blockchain system, and this makes the transactions secure and fast. The token is mainly used for speculation where people buy and sell depending on the token’s market prices.

The Maker tokens are also used to power the Maker network. In addition, they can be used for developing other DeFi protocols.

Check Out: 15 Reasons Why You Should Invest in Maker (MKR) Today

Key Things To Consider Before Buying Maker (MKR) In The UK

It would help if you considered these factors before buying Maker tokens:

Availability

You should only choose to buy crypto if it is highly available. To check availability, evaluate how many tokens have already been mined and how many are in supply. A highly available token will make it easier for you to trade.

Performance

Like with other forms of investments, you need to evaluate the performance of an asset before you can make a decision. The performance of Maker is judged by how the token has done in recent months in terms of price.

Adoptability

You also need to check whether the token can be adopted for other purposes, such as supporting DeFi projects and being used for online purchases.

Conclusion

Maker tokens are some of the most valuable cryptocurrencies. The tokens are very new in the sector, but this has not overshadowed their potential. It is among the top 200 cryptocurrencies in the world, and it is rapidly gaining popularity. Buying and selling Maker is an easy process, but you also need to be cautious when investing in crypto.