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
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.Navigate to the Home tab. Select an asset and tap Buy.
- 2.Enter an amount.
- 3.Change the order type to Custom.
- 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.
- 6.Tap Continue to confirm your order.
How to view your custom orders
- 1.Navigate to the Account tab.
- 2.Select Recurring and Custom orders and you will see your custom orders listed.
How to cancel a custom order
- 1.Navigate to the Account tab.
- 2.Select Recurring and Custom orders and locate the order you would like to cancel.
- 3.Select Cancel custom order and confirm the action.
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.
Take profit and stop loss orders
After buying crypto on the Kraken app, 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.
- •Take-profit: A take-profit order is executed when the price of your selected asset reaches a predetermined level, allowing you to lock in profits.
- •Stop-loss: A stop-loss order is triggered when the price of your selected asset falls to a specified level, helping you limit potential losses.
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 App:
- 1.Tap the Buy button and buy your crypto of choice.
- 2.Once you have bought crypto, you will see the option to set up a take-profit or stop-loss order.
- 3.Next you can select your target price. You can choose one of the quick selections, or select your own custom target price.
- 4.Once you choose a target price, and confirm your order, you will see the success screen. Here you will be shown the View order button, which will take you to the custom order overview.
- 5.Alternatively, you can view these orders by navigating to Scheduled orders card on home screen, or Account > Scheduled orders.
- 6.By tapping the custom order you will be able to view and manage the take-profit/stop loss order you previously created.The Bought at link 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.
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).