Kraken
| Current price | $1,409.23 |
|---|---|
| All-time high | $6,292.31 |
| All-time low | $168.36 |
| 1-year price change | ▼ -25.12% |
| Market cap rank | #null |
| Total volume (24h) | $0.31M |
| Max supply | 1,005,577 |
| Network | Ethereum |
| Where to buy MKR | Buy on Paybis |
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
The whole process of buying MKR can take as little as 15 minutes, and all you need is a smartphone or computer, an internet connection, photo identification and a means of payment. Follow these five steps to learn how to buy Maker in Canada:
The easiest way to buy Maker is through a cryptocurrency exchange. Choose an exchange that offers low fees, a user-friendly platform or 24-hour customer support. You can easily see top picks in our guide to the best crypto exchanges in Canada, or compare options below.
To create an account on an exchange, you will need to provide an email address, come up with a strong password and verify your identity through a process called KYC, which requires government-issued photo ID.
Once verified, you can deposit CAD using the payment method that best suits you. Common methods like Interac e-Transfer, bank wire and debit card payments are widely accepted on Canadian-friendly exchanges.
You can now exchange your funds for Maker. On beginner-friendly exchanges, this is as simple as searching for the coin name (Maker) or its crypto code (MKR), entering the CAD or MKR amount you want to purchase and clicking "Buy."
Consider transferring your MKR to help protect against hacks, scams, platforms going bankrupt and other risks of keeping crypto on an exchange.
We've curated a list of legitimate crypto exchanges below where you can buy Maker in Canada to help you compare deposit methods, supported fiat currencies and fees.
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score, the better the exchange—simple.
The Maker (MKR) coin price is $1,409.23 USD, which is +2.79% higher than the previous day's trading price of $1,370.95 USD. Over the past 30 days, MKR's price has changed by +16.91%, from $1,205.35 USD to the current price of $1,409.23 USD. Compared to this time last year, Maker's coin price has seen a decrease of -25.12%.
Maker reached its all-time high price of $6,292.31 USD on May 3, 2021, which was a +3,637.41% increase from its previous all-time low price of $168.36 USD, which it reached on March 16, 2020. It has since landed at its current price of $1,409.23 USD.
Yes, you can buy Maker in Canada. Simply open an account with a crypto exchange that operates in Canada and supports Maker—like the ones in our curated list above—and place a "buy" order. For example, Paybis supports Maker and is a registered crypto exchange in Canada.
Because Maker is decentralized, it isn't tied to any single country. That means you can buy and sell it from anywhere in the world, including Canada, as long as you have internet access.
Regarded as the first decentralised finance (DeFi) project in the world, MakerDAO is a lending and borrowing platform that eliminates the need for middlemen. It is built on Ethereum and makes use of smart contracts to automate all of its internal transactions as well as govern its associated stablecoin, DAI, which has its value pegged to the US dollar in a 1:1 ratio. MKR is the native cryptocurrency of the MakerDAO ecosystem and has one basic purpose – to help support the value of the DAI token, which is used in all of the platform's native lending operations. Furthermore, owners of the MKR token can also make key decisions and judgments pertaining to the ecosystem.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy Maker with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload government-issued photo ID, and, in some cases, a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Several crypto exchanges in Canada accept credit cards as an instant purchase method. However, before buying Maker with a credit card, you should be aware of the additional cost and risks involved.
For instance, credit card fees are usually higher than bank transfers or e‑Transfers. Some card issuers may even block cryptocurrency transactions or treat them as cash advances, which are more expensive. Plus, if you don't pay off your credit card within your statement period, you may end up paying interest on your card balance and losing money if the price moves quickly.
For example, if you were to use a credit card to buy Maker, you could end up paying this:
If it took you three months to pay off your Maker purchase at a credit card interest rate of 19.99% APR, you would pay an additional $5.15 USD in interest on top of what you originally paid to buy Maker.
This example can help you compare the relative cost of buying Maker with a credit card versus other lower‑fee methods like Interac e-Transfers.
You can check the table of Canadian crypto exchanges above to see which ones accept credit cards for buying Maker, or visit our guide on buying crypto with a credit card for more details.
Yes, it is possible to buy Maker with a debit card, as most Canadian crypto exchanges accept debit cards as an instant payment method.
To buy Maker with a debit card, you'll typically need to go through the standard steps to purchase crypto on your preferred platform and then select debit from the list of payment options (e.g. Interac e-Transfer, debit card, credit card) before completing your purchase.
Just note that there are often higher fees for crypto purchases with cards (both debit and credit) compared to paying with Interac e-Transfer or with another cryptocurrency.
Below are the aspects you should consider before investing in MKR:
Trustless operations: The platform works without the need for users having to undergo any identity or credit checks. This is made possible via the deployment of a unique liquidation mechanism wherein the ETH being used as collateral to take loans is sold off in order to pay back the borrowed DAI - plus penalties and fees.
This prevents users from borrowing too much money from the system, thus allowing the platform to remain stable. Furthermore, in certain cases where the value of ETH dips a lot or a large number of liquidations are witnessed simultaneously, new MKR tokens are created and sold off in order to pay back any outstanding loans.
There should always be enough MKR tokens in supply to cover any liquidated loans
Novel stability mechanism: The total number of MKR tokens that are created or burned is largely dependent on how stable DAI is in relation to the US dollar. If, for example, the value of DAI is stable, then MKR is burned, reducing its overall supply ratio.
On the other hand, if DAI's value fluctuates too much from its 1:1 peg, then MKR tokens are created in order to introduce more stability into the system
Governance rights: MKR holders have the right to vote on a number of key governance decisions affiliated with the MakerDAO protocol. For example, owners have a say in things like how high the system's native fee rates should be as well as which assets should be accepted as collateral.
One MKR token directly equates to one vote within the ecosystem and thus users with large MKR holdings have a massive bearing on voting outcomes and subsequently on how the platform is governed
There are two main options for storing Maker once you've bought it—keep it on an exchange or store it in your own personal wallet. Take a look at our guide to the best crypto wallets in Canada to see our top picks.
While it can be more convenient to leave your Maker on an exchange, you're vulnerable to risk if the exchange gets hacked or compromised in another way.
It's generally much safer to store your crypto on a software or hardware wallet, which gives you full control and custody of your coins.
Like all crypto, Maker is considered a commodity for tax purposes by the Canada Revenue Agency (CRA). That means it will be taxed similarly to other investments like stocks and ETFs.
Money you get from selling Maker can be treated as income or capital gains. That said, the CRA will tax crypto profits differently if you're a casual Maker buyer than if your crypto profits are classified as business income.
You can learn more about how crypto taxes work in our guide to crypto tax in Canada.
Keep in mind that buying Maker can be risky. But if you decide to invest in Maker, look for a regulated crypto exchange in Canada that supports MKR, and make sure to store your crypto securely.
Once you've bought Maker, think about your short and long-term goals. Crypto markets can be very volatile, so keep an eye on Maker's price over time to decide whether to keep it on an exchange, sell it or move it to your wallet.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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