Kraken app refresh
This guide is tailored for clients exploring the new Kraken app interface.
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 account must be verified to a tier that supports payments with cash: Business, Intermediate or Pro.
Supported payment methods and fees
It is possible to set up a custom order with:
- •Your cash account balance
The transaction fee for custom orders is displayed on the final confirmation page of order set up.
How to set up a custom order
- 1.Tap on the Trade icon.
- 2.Tap Buy.
- 3.Select an asset you want to buy from the list provided.
- 4.Enter the amount you want to buy.
- 5.Change the order type by tapping the top right button. The default is Instant. You can set a target price here or use a default given. This is the price that will trigger the execution of your order.
- 6.Once reviewed, tap Confirm.
Please note: depending on different factors, e.g. market conditions, the actual price at which your order is executed may differ.
How to view your custom orders
- 1.On your app, go to the Activity tab.
- 2.Select Custom orders and you will see your orders listed.
- 3.You will also see in this section if there are any issues, such as adding a new payment method or needed more funds.
How to cancel a custom order
- •Navigate to the activity tab.
- •Select Custom orders and locate the order you would like to cancel.
- •Select Cancel custom order and confirm the action.
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 priceSuppose 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 priceSuppose 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.
Take profit and stop loss orders
After buying crypto on the Kraken app, you can set up a take-profit and stop-loss order. Take profit and stop loss orders are special types of custom orders that are directly linked to a previous purchase.
- •Take-profit: A take-profit order is executed when the price of your selected asset reaches a predetermined level, allowing you to lock in profits.
- •Stop-loss: A stop-loss order is triggered when the price of your selected asset falls to a specified level, helping you limit potential losses.
How do these differ from standard custom orders?
The main difference from a Custom order is that Take-profit or stop-loss orders will be directly linked to a particular instant buy transaction. For example, if you want to invest 100 USD in BTC you can monitor that specific amount as it’s linked to your Take-profit or stop-loss order.
This allows you to easily monitor and manage the risk of individual trades.
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).