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Explanation of spot transactions on margin
This article is for clients located in Germany. If you are not based in Germany, visit this article.
Fiat and Stablecoin margin lending is not available. However, crypto asset margin lending is available and you can reopen orders and positions that were closed during the re-verification process.
Spot transactions on margin allow you to make spot purchases and sales of cryptocurrencies, using funds that may exceed the balance of your account. For example:
Suppose you fund your account with $5,000. Using an extension of margin, you could buy or sell $10,000 worth of ETH/BTC on the ETH/BTC order book with this account.
By using a margin extension, you incur corresponding obligations. For example, you will need to pay certain fees, maintain sufficient collateral in your account to satisfy minimum maintenance margin requirements, and return the amount of the margin extension to Kraken through position settlement or one or more closing transactions. We refer to the circumstance where you have entered into a margin transaction, but not yet satisfied these corresponding obligations, as an “open position.” (If, in the example above, you used the margin extension to buy ETH, that is referred to as “opening a ‘long’ ETH position”; if you used the margin extension to sell ETH, this is referred to as “opening a ‘short’ ETH position.”)
Margin transactions involve a high degree of financial risk and are not suitable for everybody. Among other things, using margin to support spot purchases and sales of cryptocurrencies can amplify your gains as well as your losses, and can even rapidly wipe out your account if you aren't careful or the market moves against you.
Sensible risk management should be employed when trading using margin extensions. For example, you should consider setting both a stop to limit loss and a profit target for every open position.
Before using margin extensions to trade cryptocurrencies please take time to fully understand it and the unique risks involved. There are a lot of concepts to learn, but this is your money at stake, so it's worth your time to walk through everything carefully.
How to open a spot position on margin on Kraken Pro

To create an order to spot trade using margin first select the Margin tab - then enter everything in the order form just as you would for a regular spot trade (the "Amount" field still determines the size of the order, the price parameters for the various order types work the same, etc.)
Using leverage means that the order, if executed, will execute through a “two-step” process, involving: first, an extension of margin from Kraken to you; then second, an immediate spot trade between you and one or more counterparties on the Kraken(where you use the margin extension received from Kraken to settle your side of the trade with the counterparty).
Note: In order to open a spot position on margin, you will need to hold a sufficient balance of at least one Collateral Currency. If you only hold funds in non-collateral currencies, you will not be able to spot trade on margin until sufficient collateral currency is deposited in your account or acquired from the market.