Custom Orders on Kraken

This article is for clients using the Kraken interface (kraken.com).

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 Kraken account must be verified to the Express, Intermediate or Pro account level.

Supported payment methods and fees

It is possible to set up a recurring order with:

1
Your cash account balance.
2
Debit or credit card.
3
More payment methods will be coming soon!

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

How to set up a custom order

1
Sign in to your Kraken account on Kraken.com. Click the purple Buy button on the home page.
2
Select the currency you'd like to create a custom order for by clicking the asset shown on the top.
3
Enter the amount you'd like to purchase.
4
Change the order type to Custom.
5
Set a target price. This is the price that will trigger the execution of your order. Then, click Next.
Note: depending on different factors, e.g. market conditions, the actual price at which your order is executed may differ.
6
You'll be taken to the confirmation page to review and submit your order.
Click Confirm.

How to view, edit or cancel your custom orders

1
Sign in to your Kraken account on Kraken.com.
2
From the home page, click Transactions on the left hand side.
3
Under the Scheduled tab, you'll find your pending custom orders.
4
To review and edit a pending order, simply click the order from the Custom Orders list, and you will be presented with the order details.
5
Click Edit, if you wish to update your order.
You can update trade amount, target price, and payment method for custom orders
6
If you wish to cancel an order, click the bin icon in top right.

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).