With a wide range of order options, Kraken offers a high level of flexibility for exchanging currency on spot or trading currency pairs on leverage. The order options available allow you to select the currency pairs available and also by offering order types such as stop-loss and take profit you are able mitigate risk from volatile price movements. You also have the option to choose the leverage ratio which helps with risk management by allowing more control over your used margin.
To access the order forms, click "New Order" (under the "Trade" tab on your account screen). Then click "Simple," "Intermediate," or "Advanced" depending on the complexity of the order you wish to create. The "Simple" and "Intermediate" forms are limited to market or limit orders, and 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.
1. Options specifying what is bought or sold: Buy/sell, currency pair, and none/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 be selected next to the Buy/Sell option while using the intermediate and advanced order options.
The leverage ratio can be selected on the right side of the page (only use leverage when opening a position)
2. Options specifying size/volume of the order: Amount and amount currency.
3. Options specifying execution relative to price: The various order types and associated fields.
Also see other order options for more advanced options.