Custom orders allow you to specify a target price at which your order will be executed.
Supported payment methods and fees
It is possible to set up a recurring order with:
- 1Your cash account balance.
- 3More 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
- 2Select the currency you'd like to create a custom order for by clicking the asset shown on the top.
- 3Enter the amount you'd like to purchase.
- 4Change the order type to Custom.
- 5Set a target price. This is the price that will trigger the execution of your order. Then, click Next.Please note: depending on different factors, e.g. market conditions, the actual price at which your order is executed may differ.
- 6You'll be taken to the confirmation page to review and submit your order.Click Confirm.
How to view or cancel your custom orders
- 2From the home page, click Transactions on the left hand side.
- 3Under the Scheduled tab, you'll find your pending custom orders.
- 4To review a pending order, simply click the order from the Custom Orders window, and you will be presented with the order details. If you wish to cancel this order, the option is presented below the order details.
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.