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Ways to invest in Maker
The first thing you want to do is to sign up with either an exchange or an online broker. These services function in different ways and have different pros and cons, though they both provide the same outcome: allowing you to buy, sell and trade cryptos like Maker.
The options don’t end there. You can also invest in other ways, such as an ETF that features Maker coin, or even a crypto-focussed mutual fund with an eye for this particular currency. The links below help you learn about each method for investing in MakerDAO in more detail.
What is Maker?
MakerDAO is an Ethereum-based platform that is used to generate a stablecoin called DAI, which is tied to the value of the US dollar. Maker’s native cryptocurrency (MKR) is an Ethereum token that governs the entire platform. While DAI does not vary in price, MKR has the potential to be just as volatile as any other cryptocurrency.
If you have only just started learning about cryptocurrency, make sure you read our Bitcoin 101 course to ensure you understand the primary market dynamics of the crypto space. To keep delving into MakerDAO and the different investment procedures you can deploy, simply read on.
How to invest in Maker
You have plenty of choices when it comes to investing in Maker. We have outlined the most popular and accessible options below, providing links where appropriate to explanatory information that can strengthen your investment knowledge.
- Brokers. If your intention is to own Maker outright and you want to do so quickly and affordably, you should consider signing up to a broker. These are popular online platforms that allow users to buy, sell and trade a variety of cryptos. Just make sure the platform you choose supports Maker trades, else you won’t be able to get involved.
- Crypto exchanges. Exchanges typically have lower fees than brokers, though they can be more complex to navigate. Think of them as giant online marketplaces for all the cryptocurrencies you can think of. Users then buy and sell cryptos to each other at a price of their choosing.
- ETFs. Right now, you will struggle to find an ETF that includes Maker coin; the Maker platform simply hasn’t achieved the popularity necessary for mainstream investment exposure just yet. This page will be updated in due course when this changes, so bookmark it and check back occasionally to find out first.
- Funds. The interest of large institutional funds in cryptocurrencies has grown rapidly in recent times, though how much of that interest is being directed at Maker is open for debate. In general, the average investor has a hard time investing in funds of this scale because the minimum amount of capital you need can be sky-high.
- Mutual funds. A much more accessible approach for retail investors is mutual funds. They function by pooling the capital of investors together and handing the reins to a financial expert known as a mutual fund manager. This can be a good way to formulate a diverse portfolio, including Maker, without relying on your own investment experience and expertise.
- Trusts. Trading on the stock market, trusts allow investors to gain exposure to assets by owning them through the trust itself. There are currently few if any trusts offering exposure to Maker coin, though when this changes, hear about it here first.
- Debit cards. If you want to spend your Maker coin like a regular currency, such as at a shop or at the petrol station, Maker debit cards can help. They store your coins and immediately swap them for fiat money any time you need to pay for something. Fees are high for this technology right now, though this should change as time progresses.
- Maker apps. If investing in Maker while you are on the move is something that intrigues you, there are many crypto apps that can help you accomplish this. Most online brokers now have a connected app that you can download on your smartphone or tablet, meaning you can control your portfolio unhindered by your location.
- Maker wallets. For long-term investors who want to keep their coins secure, opening a crypto wallet could be a good move. They come in both software and hardware form, and they can protect your Maker via encryption. Using one is not a necessity, since you can store your coins in your broker or exchange account, but if you want to maximise your protection from fraud or loss, they are a great option.