Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Maker. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!

Sign up with Swyftx

Maker

Australia has a good amount of reliable and regulated crypto trading platforms, so it’s quite easy finding an exchange that has Maker. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.

Let’s get into it!

How to Buy Maker in Australia

There are only 4 main steps involved and it’s pretty straightforward:

  1. Choose a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with AUD
  4. Buy Maker

1. Choose a crypto exchange

As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Maker in its list of cryptocurrencies.

Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.

And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.

So for this guide on buying Maker, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Maker.

You can also check out our comparison of the cheapest crypto exchanges in Australia If you’re curious to know more about which ones we would recommend.

2. Sign up with the crypto exchange

Once you’ve decided on which exchange to use, it’s time to sign up.

Sign up with Swyftx and grab $20 free BTC.

Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.

Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.

Once done, it’s time for the next step.

3. Funding your account with AUD

To buy Maker, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.

Swyftx Deposit Methods

4. Buy Maker

The final step is to go to their asset list, find Maker, navigate to the buy section, and then trade your AUD for some MKR. Once you’ve bought Maker, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.

Where to Buy Maker (MKR)

ExchangeRatingCryptocurrenciesSite
Swyftx logo5/5300+ cryptocurrenciesVisit Swyftx
CoinSpot logo4/5200+ cryptocurrenciesVisit Coinspot
binance logo3/5400+ cryptocurrenciesVisit Binance

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

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How to Sell Maker

If you’re thinking about selling Maker, just follow the steps below.

  1. Sign in to the cryptocurrency exchange (like Swyftx).
  2. Click on Maker in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
  3. FInd the sell section and sell Maker for AUD, or trade it for another cryptocurrency.

Frequently Asked Questions

Is buying Maker in Australia legal?

Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.

How to buy Maker with PayPal?

Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Maker. Have a look on their site first, you might be lucky.

How to buy Maker with a credit card or debit card?

Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Maker with your credit/debit card.

About Maker

Maker (MKR) is the governance token for MakerDAO/Maker Protocol. It's a decentralized organisation and a software platform that uses Ethereum blockchain. It allows users to issue the DAI stablecoin and manage it.

Maker was created in 2015, and fully launched in December 2017.

MKR tokens, a type voting share that the organization manages DAI, are an example of this type. They don't pay dividends but they grant their holders voting rights to the development Maker Protocol. You can expect them to increase in price as DAI's success.

The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene: the industry that seeks to build decentralized financial products on top of smart-contract-enabled blockchains, such as Ethereum.

DAI (a stablecoin, which is cryptocurrencies whose prices can easily be pegged to USD), was the most-in-demand cryptocurrency in October 2020. It is the 25th most-popular cryptocurrency, with a market cap of more than $800 million. It has more active addresses than USDT, which is the largest stablecoin.

MKR's unique characteristic is its ability to directly participate in governance of DAI. Maker token holders can vote on any number changes to Maker Protocol. The size of their MKR stake will determine how much they can vote. These are the aspects of the protocol that can be voted on by holders:

  • This protocol can now be extended to allow users to submit new collateral assets.
  • Modify the risk parameters of existing collateral asset types.
  • DAI token holders have the option to change the DAI Savings Rate. They can also lock them in a contract and save money. Contract profitability is affected by the Savings Rate.
  • Choose the oracles entities that provide trustworthy off-blockchain data to the Maker ecosystem.
  • Upgrades to the platform

MKR tokens are valued because they can manage one of the most valuable stablecoins.

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