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How to buy Maker (MKR) in Canada

Discover how to buy Maker in Canada. It takes just 3 easy steps and you never pay CAD deposit or withdrawal fees.
Buy Maker

What is Maker?

Maker sets out to address the key weakness of many crypto coins - their volatility. Since wild fluctuations and price differences can put off many potential investors, Maker offers DAI, its stablecoin. DAI proves more “stable” and resistant to market fluctuations because its value is tied to the US dollar.

Maker cryptocurrency is operated by its own decentralized autonomous organization, MakerDAO, which is built on Ethereum and focused on borrowing and lending. Users lock up a certain amount of Ethereum in a Collateralized Debt Position (CDP) to borrow DAI. Users can generally borrow up to two-thirds of the Ethereum they lock up, and pay interest fees on the loans. Conversely, they can also lend their DAI to get earnings off the interest.

The other Maker token, MKR, is a governance token, and owning it gives you the right to vote on changes to the Maker organization as it grows and develops. It also supports the DAI’s stability.

Maker (MKR) logo
Maker (MKR) logo

Maker (MKR)

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Why invest in Maker?

When network fees are paid, some MKR tokens are burned, which means they’re more likely to remain at a higher value due to the balance between supply and demand. Burning ensures that the MKR tokens in circulation will never oversaturate, and decreases the chance of their value going down.

Maker’s stablecoin foundation allows your investments to be protected from gross fluctuation, positioning Maker as a good cryptocurrency investment for the risk averse. Savvy investors also can manipulate their Maker investments through smart lending to make additional earnings through interest.

What are Maker’s pros and cons?

PROS

  • MKR is a fair system that gives anyone the chance to borrow DAI without needing to provide any personal information.
  • You easily can buy MKR in Canada on a crypto trading platform, like Coinberry.
  • Maker is a fully transparent ecosystem, meaning all system and performance data is public and accountable.

CONS

  • Borrowing DAI requires you to pay interest on the amount you borrow.
  • The collateral of Maker loans can be liquidated out of the blue. If the crypto’s value plummets, it may reach a lower amount than the amount borrowed.
  • Value is volatile and can change drastically from day to day in Canada.

Why does Maker stand out as a cryptocurrency?

If you’re looking for a stable, safer investment, Maker stands out as a great option. The MKR token helps keep the DAI stablecoin as close to $1 USD as possible. If the demand for DAI increases, more MKR will be burned in exchange. As a result, it’s unlikely that changes in supply and demand suddenly will devalue MKR coins.

As well, the Maker platform lets anyone take out low-interest cryptocurrency loans, without needing to provide personal information. That’s a stark contrast to bank loans, where borrowers must give personal details and pay exorbitant interest fees.

Wondering how to buy Maker (MKR) in Canada? Coinberry has you covered. Just follow these steps:

1

Create your account.

Sign up now, or download our Coinberry app from Google Play or the App Store. Like the crypto markets, we’re available 24/7.

2

Get verified.

After you sign up, you’ll need to verify your account.

Over 90% of our members get verified immediately, and then start trading right away.

3

Buy Maker (MKR).

You can buy MKR right away at the best rates.

Get started with as little as $50 CAD. You can use a bank wire or an Interac e-Transfer to fund your account.

Buy Maker

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