Custom orders on the Kraken app

Custom orders allow you to specify a target price at which your order will be executed.

Requirements
To be eligible to set up a custom order your account must be verified to a tier that supports payments with cash: Express, Intermediate or Pro. 
Supported payment methods and fees

It is possible to set up a custom order with:

  • Your cash account balance
  • Digital wallet (Apple Pay or Google Pay)

The transaction fee for custom orders is displayed on the final confirmation page of order set up.

How to set up a custom order
  1. 1
    Open the Kraken app and navigate to the Home tab. Select an asset and tap Buy.
  2. 2
    Enter an amount.
  3. 3
    Change the order type to Custom.
    KrakenApp_CustomerOrdersSelectCustomorder.jpeg
  4. 4
    Set a target price. This is the price that will trigger the execution of your order. 

    Please note: depending on different factors, e.g. market conditions, the actual price at which your order is executed may differ. 

  5. 5
    CustomOrders_SetTargetPrice.png
  6. 6
    Tap Continue to confirm your order.
How to view your custom orders
  1. 1
    Open the Kraken app and navigate to the Account tab.
  2. 2
    Select Recurring and Custom orders and you will see your custom orders listed.
    CustomOrders_ViewYourOrder.png
How to cancel a custom order
  1. 1
    Open the Kraken app and navigate to the Account tab.
  2. 2
    Select Recurring and Custom orders and locate the order you would like to cancel.
    CustomOrders_CancelOrder.png
  3. 3
    Select Cancel custom order and confirm the action.
    Screenshot_2022-10-21_at_09.27.02.png
Order types and examples

When creating an order you will be asked to set the target price, which can be above or below the current price. If you have no pending custom orders you will see a screen displaying the following order types:

Buy the dip: set a lower target to buy when the price falls below the current price

Suppose you want to buy BTC at the dip and anticipate that BTC price will drop 40% before going back up. You set your target buy price at 40% below the current market price. Once the price of BTC drops 40%, your order will be executed.

Join the rally: set a higher target to buy when the price starts to rise.

Suppose you see that ADA is ranging between $1 and $2 and anticipate that once it surpasses the upper bound, it will be the start of a new uptrend. You set your target buy price at $2.10, slightly above the upper bound of the range. Once the price reaches $2.10 your order will be executed.

Take the profit: sell when the price target is above the current price

Suppose you bought some BTC when the price was $20k, and anticipate that BTC will reach $100k. You set your target sell price at $100k to take profit. Once the price reaches $100k your order will be executed.

Stop the loss: sell when the price target is below the current price

Suppose you bought SOL when the price was $20 and want to protect yourself from any losses greater than 50%. You set your target sell price at $10. If the price of SOL drops to $10, your order will be executed.

What happens after the trigger price is reached?
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.
Failed or declined transactions
If your custom order fails it may be due to the following reasons:
  • Insufficient funds in your Kraken account balance.
  • Adverse market conditions.
  • System error (check status.kraken.com to see if known system issues exist).