If you’re based in the USA and wish to buy Maker – the process is very easy. All you need to do is find a regulated exchange, deposit some funds into your account, and decide how many Maker tokens you want to buy.
Investing in cryptocurrencies in the USA does not need to be a complex process. With this guide, you will have all the details you need to know about investing in cryptocurrencies. You will also understand some of the important things you should consider before starting your journey in this field.
There are many cryptocurrencies worldwide, and to diversify your portfolio, you need other digital assets such as Maker. Maker (MKR) is the main utility and governance token for the decentralized lending platform Maker. It can be seen as an Ethereum based decentralized autonomous organization (DAO). DAO facilitates lending and borrowing of cryptocurrency without credit checks.
Before you go any further, you must understand that cryptocurrencies are very risky to invest in. They have high market volatility because their prices keep changing, and sometimes you can lose your money, and at times you can make quick profits.
What’s in This Guide?
- QUICK GUIDE: HOW TO BUY MAKER IN THE USA
- A Step-by-step Guide to Buying Maker
- Store in a Crypto Wallet
- How to Sell Maker
- Things to Consider when Buying Maker in the USA
QUICK GUIDE: HOW TO BUY MAKER IN THE USA
- Open an account with cryptocurrency exchange in the US
- Verify your account
- Go to the deposit section
- Go to the platform and select Maker
- Enter how many Maker tokens you want to buy
- Check the details and confirm your purchase
A step-by-step guide to buying Maker in the USA
To buy Maker tokens in the USA, follow these simple steps:
Step 1: Open an exchange account
The first step is to look for an exchange in the USA to buy Maker tokens. There are several exchanges in the USA, and to select one, you need to ensure that it can support Maker tokens.
If you are a new trader, you also need to determine whether the exchange has a good support system to guide you through all the processes. You can also check if the exchange has educational materials that can help you advance your trading skills.
When you have chosen an exchange that you want to use, the next step is to open an account using your details. You can use information such as the name, phone number, and email address. You also need to verify your details using supporting documents such as a driver’s license, social security number, and others.
Opening an exchange is a very simple process that will only take you less than five minutes.
Step 2: Deposit funds into your account
The next step is to deposit funds into the exchange account to start buying Maker tokens. Depositing the funds is a very easy process that will also take a few minutes. All you need is to link your credit card or bank account to the exchange and then choose the number of funds you would like to invest.
Some exchanges do not allow the direct purchase of Maker tokens using USD. In this case, you will need to fund your account using other cryptocurrencies such as Bitcoin and Ethereum. Simply deposit funds to the exchange and then choose another token you can purchase with USD and later exchange that token for Maker.
Step 3: Buy Maker
The third step is to buy Maker tokens using the fiat currency or cryptocurrency you have deposited in the exchange. Buying Maker is very easy. Just go to the buy section on the exchange and then input the amount you want to purchase. You will receive a prompt asking you to confirm your transaction. After confirmation, a notification will be sent to you informing you that the transaction has been settled.
There are two ways for you to fulfil your order on the exchange account. You can either select to buy using a market order or a limit order. The market order is for transactions that will be settled instantly using the current market prices.
However, if you think that the current market prices for Maker are too high for you to buy the token, you can use a limit order. The limit order allows you to set a low price that you will buy Maker tokens. When Maker tokens reach that price, your order will be settled instantly.
Store your Maker In a wallet
After you have bought Maker tokens, the next thing you need to do is to store them in a crypto wallet. There are several crypto wallets that you can choose to store your Maker holdings. Exchanges usually give you online wallets, also known as hot wallets. The wallets will store your cryptocurrencies online, and this way, it will be easy for you to trade regularly. However, online wallets are not secure.
The other type of wallet is a cold wallet that stores your cryptocurrencies offline. Cold wallets are more secure than hot wallets. However, storing your crypto in a cold wallet will make it difficult for you to trade MKR tokens regularly. It is, therefore, suitable for those holding large amounts of Maker tokens.
How to sell Maker
To sell Maker tokens, you can follow the same process as one buying the tokens. Login to your exchange account and then enter the amount of Maker that you would like to sell. Afterwards, confirm your transactions, and just like in the purchase process, you will receive a notification in your email detailing your transaction.
You can sell your Maker tokens for USD that you can later withdraw from the exchange or exchange with other cryptocurrencies such as Bitcoin. You can later exchange with money. It is also possible for you to withdraw the funds you have sold the tokens for from the exchange and into your bank account.
Things to consider when buying Maker in the USA
Some factors that you need to consider when buying Maker in the USA include:
The first thing you should consider is the availability of the token. You need to check if there are enough Maker tokens in circulation. This will create liquidity that allows you to buy any time.
You also need to check price volatility in assessing whether to invest in Maker. All cryptocurrencies are highly volatile, so you need to ensure that you can manage the volatility and the high risk associated with crypto investments.
You also need to check the usability of Maker tokens before investing. Usability involves the token being used for activities other than trading. For example, Maker tokens are used to power the Maker protocol, which protects its future.
Maker tokens are becoming very popular despite being introduced in the market recently. To buy Maker tokens, open an exchange account and then choose a wallet to store your tokens. It is important to consider several factors before buying the tokens to ensure you make the right decision.