With a wide range of order options, Kraken offers a high level of flexibility for spot exchanging currency (with or without the use of margin*). When creating a new order, after selecting the currency pair, you will see the different options available for your order. With many order types available you can customize your trades and attempt to mitigate risk.
To access the order forms, click New Order (under the Trade tab on your account screen). Then click Simple or Advanced depending on the order you wish to create. The Simple form is limited to market and limit orders, whereas the Advanced form allows all order types.
Back to Basics:
The three most basic elements of any order is to specify what is to be bought or sold, the size or volume of the order and how the order will execute relative to price. Below is a summary of the options in the order forms that specify these three elements.
- Options specifying what is bought or sold: Buy/sell, currency pair and leverage.
When using the simple trading form the Currency pair must be selected on the top left of the page.
Currency pair can be selected next to the Buy/Sell option while using the advanced order options.
The leverage ratio can be selected on the right side of the page (only using leverage to trade using margin).
- Options specifying size/volume of the order: Amount and amount currency.
- Options specifying execution relative to price: The various order types and associated fields.
Also see other order options for more advanced options.
*Availability of margin trading services is subject to certain limitations and eligibility criteria.