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Maker Wallet Choosing Guide

Maker Wallet Choosing Guide

Maker (MKR) is one of the leading cryptocurrency tokens out there and is a key part of the constantly changing MakerDAO environment. MKR token holders get exclusive governance rights over its brother token Dai. Aside from that, it’s proven to be a solid investment over the years. So if you’re looking for a safe and efficient place to store your MKR short or long term, then you’ve come to the right Maker wallet choosing guide. 

Key talking points:

  • Learn what an MKR wallet is and how they work
  • Understand the main features of an MKR wallet
  • Learn about MKR wallet security
  • Compare different types of MKR wallets
  • Discover what MKR wallets are best for you

What is a Maker wallet?

A Maker wallet is a wallet that enables MKR hodlers to store, send, receive and potentially exchange MKR tokens. As an Ethereum based token (ERC20), there are hundreds, if not thousands of wallets to choose from but not all are created equal. That’s what this guide is for! Before we get to the recommendations though, let’s peek under the hood and see how a Maker wallet works. 

How does a Maker wallet work?

There are two main types of crypto wallets--hot wallets and cold wallets. MKR can be stored on both types. The functionality of both hot and cold wallets is quite similar with the only difference being that cold wallets can be disconnected from the internet and hot wallets are always connected. Maker wallets both come with access keys that the user needs to enter the software and transmit blockchain data. The best way to think about a Maker wallet is not as a vault to store your MKR but more like a key that lets you unlock access to the Ethereum blockchain and utilize your MKR. MKR is not secured by the wallet itself but by the private access key you hold. 

Main features you need in a Maker Wallet

When researching your Maker wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom MKR transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need a Maker Wallet to Buy or Trade MKR?

The short answer here is “yes.” If you buy MKR on a crypto exchange, then that exchange will have a built-in MKR wallet for you to hold MKR until you decide to trade it or withdraw it. Even if you manage to buy MKR with cash from your friend, you still need a wallet to store Maker.

Are all MKR wallets secure?

Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure MKR wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).

Are all MKR Wallets Free? How Much Does It Cost to Use a Maker Wallet?

Any good Maker wallet should be free. If someone is trying to sell you a Maker wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Maker wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).

How to deposit and withdraw from Maker Wallet

The crypto industry has come a long way over the years. Nowadays, Maker wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Maker using your wallet, just open up your app and find Maker in the wallet section. You should then see buttons to deposit or withdraw Maker. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Maker can do so. If you are withdrawing Maker, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Maker there. 

Types and differences of Maker wallets - How to choose the right one for you?

Maker wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop MKR wallet

As its name suggests, a desktop MKR wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile MKR wallet

More or less, a mobile MKR wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile MKR wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are MKR wallets for all types of operating systems like Android or iOS. 

Web MKR wallet

Web MKR wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Maker Wallets

There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Maker wallet.” To be honest, there is no “best MKR wallet” for us as a collective whole. However, there is a Maker wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Maker wallet? Well, that’s for you to decide. 

Best Maker Wallet for Beginners

When asking what the best Maker wallet for beginners is, it’s important to first dissect what a beginner demands from a Maker wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Maker Wallet For Advanced Maker Users & Investors

Advanced Maker users and investors also appreciate clean simple interfaces on their Maker wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Maker Wallet  for Mobile Users

Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Maker wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Maker wallets match this quality but YouHodler tries its best to. 

Best Maker Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Maker hardware wallet to use in cooperation with your mobile or web wallets. Maker hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Maker Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Maker wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Maker Wallet For Security

The best Maker wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.

Best Maker Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Maker wallets, can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Maker Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Maker wallet functionalities for your iPhone. 

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