If your Kraken account is verified with a German address, you will need to accept a trading agreement (shown below) in order to place market and margin orders.

It is still possible to place limit orders for spot (non-margin) trades without the trading agreement.

Market orders can be emulated by placing limit orders on the wrong side of the order book.

For example, assuming a market price of $8,500, a limit buy order placed at $8,700 would be executed and filled immediately (as if the order had been a market order).

The Trading Agreement

By clicking "Submit Order", you acknowledge all of the following: Kraken is the counterparty to your transaction as described in Section 7 of our Terms of Service.

In some cases, such as market orders, orders that trigger market orders, trailing stop limit orders, and margin positions that can be liquidated with market orders, the exact unit price for the currency bought or sold depends on future market conditions and cannot be known in advance. However, in such cases, the unit currency price for buy orders will not be more than 1,000,000 USD equivalent and the unit currency price for sell orders will not be less than 0.000001 USD equivalent.

If you don't agree to these price terms, you should only use limit orders, stop loss limit orders and take profit limit orders, and you shouldn't use market orders, orders that trigger market orders, trailing stop limit orders, and you shouldn't trade on margin.

How to Accept

On Kraken.com, the trade agreement will show up the first time you try to place an order on the website.

If you trade via API, the trading agreement needs to be included in every relevant API call you make.

On the Kraken Pro mobile app there is currently no way to accept the trading agreement. Until an update is released (coming soon), German clients can only place limit spot (non margin) orders on the app.