Custom Orders on Kraken
Custom orders allow you to specify a target price at which your order will be executed.
To be eligible to set up a custom order your Kraken account must be verified to the Express, Intermediate or Pro account level.
It is possible to set up a custom order with:
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Your cash account balance.
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More payment methods will be coming soon!
The transaction fee for custom orders is displayed on the final confirmation page of order set up.
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Sign in to your Kraken account. Use the Instant widget found on the right hand side.
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Select the token you'd like to create a custom order for by clicking the asset shown on the top.
Expand the Buy now drop down at the bottom of the trade widget and choose the Custom order option, you can then set a target price. This is the price that will trigger the execution of your order.
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You can also click chart to set a custom trigger price.
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Enter the amount you'd like to purchase. Then, click Buy + asset.
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A confirmation screen will appear. If all looks good, click Confirm.
Note: depending on different factors, e.g. market conditions, the actual price at which your order is executed may differ.
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That's it.
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Sign in to your Kraken account.
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On the left hand side, click on Activity.
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Click on the Custom card under Orders. You will see a list of Open orders on the Custom orders page:
- Click on Manage next to the order you would like to edit or cancel.
- Click Cancel to cancel the order or Edit to edit.
- Clicking on Edit will update the trade/ instant buy widget on the right hand side with the order details filled in. Change the price, asset, or quantity.
After buying crypto on Kraken Web, you can set up a take-profit and stop-loss order. Take profit and stop loss orders are special types of custom orders that are directly linked to a previous purchase.
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Take-profit: A take-profit order is executed when the price of your selected asset rises to a specified level, allowing you to lock in profits.
How do these differ from standard custom orders?
The main difference from a Custom order is that Take-profit or stop-loss orders will be directly linked to a particular instant buy transaction. For example, if you want to invest 100 USD in BTC you can monitor that specific amount as it’s linked to your Take-profit or stop-loss order.
This allows you to easily monitor and manage the risk of individual trades.
How to set up on the Kraken Web
On your Kraken Web homepage:
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Click the Buy button.
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Set up an instant buy. Once you have bought crypto, you will see the option to set up a take-profit or stop-loss order.
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Next you can select your target price. You can choose one of the quick selections, or select your own custom target price.
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Once you choose a target price, you will see a review screen. Click Confirm if all looks good.
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The View order at the bottom, shows the price you originally bought (to easily keep track of that trade's performance), and clicking on it links to the transaction receipt of your original purchase.
Once the target price is reached, Kraken will try to execute an order at the current price. It's important to note that the target price is not guaranteed to be the execution price.
If your custom order fails it may be due to the following reasons:
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Insufficient funds in your Kraken account balance.
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Adverse market conditions.
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System error (check status.kraken.com to see if known system issues exist).