1. 1

   Select the currency pair you'd like to trade

   Decide which assets you want to trade, such as buying Bitcoin (BTC) with US Dollars or selling Ethereum (ETH) for Euros. Select your chosen pair from the market selector button in the top left corner of the Trade tab.

   From here you can select any of the trading pairs.

   For more details on currency pairs, see: Cryptocurrencies available on Kraken. The first currency in a pairing represents the base currency, while the second currency represents the quote currency.

   In the BTC/USD currency pair, BTC is the base currency, and USD is the quote currency.

   In a Buy order: You pay the quote currency, and receive the base currency.

   In a Sell order: You sell the base currency, and receive quote currency.
2. 2

   Fill out the order form

   After selecting your trading pair, you can fill out the Order form to submit your trade.

   Here you’ll see three text boxes and the option to use a market or limit order. Before we input values into these boxes, knowing how a market or limit order works is necessary.

   A Market order is meant for immediate execution, as it will match with limit orders that are already available on our order books. Market orders will always incur a slightly higher fee known as a taker fee (the second percent beside your 30 day volume). With market orders you can only input the volume you would like to buy or sell and not the price.

   Limit orders will execute at the price you’ve set or better, once the market reaches your limit price. They can be subject to maker or taker fees depending on when it executes. If a matching order already exists and it’s executed immediately, then taker fees will be charged.
3. 3

   Submit order

   Once you’ve decided on if you’re looking for a market or limit order, you can select your choice with the buttons above the Total field.

   After things look good you just need to press the large buy/sell button and your order will be submitted.

   You'll notice an order summary is located directly above the buy/sell button.

   Note: The order confirmation page will truncate (not round) the amount of cryptocurrency to spend/receive based on that cryptocurrency's price precision (rather than the volume precision). The extra volume not shown is still included in the order.
4. 4

   Wait for order execution

   If a market order is selected, the trade will happen instantly and your balance will change. Funds can be withdrawn or used to trade again right away. You can view successfully executed (closed) market orders on the Orders tab.

   Limit orders may not be filled right away but you can view their status in the Orders tab. In the below example, the BTC/USD price would have to reach $26,000 for the limit buy order to be executed.

   If your order has not yet been executed you are able to edit or cancel the order by selecting the edit/cancel buttons on the right side of Open Orders.

• Spot or margin selector: Choose between a spot order or a margin order. This distinction is important for traders who either want to use their available funds directly for a spot order, or leveraged funds for trading.
• Buy/Sell Toggle: Select whether they want to buy or sell the base currency. In the example above, you would be selecting whether to buy or sell Bitcoin. (BTC/USD)
• Order Type Selector: A dropdown menu within the order form that allows you to choose the specific type of order you want to place. This function offers various options such as market orders, limit orders, and others to match different trading needs.
• Market Price and Quantity: The market price of the base currency (in this case, Bitcoin) and the quantity you wish to buy or sell. The total amount in USD, the quote currency, is calculated automatically.

  If a Limit Order is selected, you will need to input the limit price manually.
• Percentage Slider: The slider allows you to quickly set the order size as a percentage of your available balance. Moving the slider changes the quantity field proportionately.
• Available Balance: The available balance is displayed, showing how much of the quote currency is available to use for a buy order. In a buy order, the quote currency is displayed because you are using that to purchase the base currency. (Buying Bitcoin with USD in this example)

  In a sell order, the base currency is displayed as your available balance. This is because in a sell order, you are selling the base currency to obtain the quote currency. (Selling Bitcoin for USD in this example)
• Estimated Fee: An estimate of the trading fee for the transaction.
• Conditional Order Option: Various conditional options that allow you to set specific conditions under which your orders will execute. These options help you manage your trades by setting price levels for triggering buy or sell actions, whether to limit potential losses or lock in profits as the market moves. This flexibility ensures that your trading strategy can adapt to changing market conditions without needing constant manual adjustments.
• Execution Button: At the bottom, there is a button to confirm and execute the order, labeled "Buy BTC/USD" in this example, which finalizes the trade when clicked.

• Manage favorites: Select the market pairs in which you'd like displayed for 1-click trading by adding them to your favorites.
• Order Type Dropdown: Located in the upper right corner of the widget, this dropdown menu allows you to choose whether you'd like a Market Order or a Limit Order.
• Market overview: Displays the selected market pair in the top left corner, a line chart showing recent price movements, the 24-hour trading volume, and the percentage change over the last 24 hours. It provides a quick overview of key market data to help you assess the current environment.
• Quantity Input Field: The quantity input field allows you to specify the amount of the asset you want to buy or sell.
• Enable Margin Toggle: A toggle switch that enables or disables margin trading.
• Buy and Sell Buttons: The widget features prominent "Buy" and "Sell" buttons, each displaying the corresponding action's price. Clicking either button executes the trade instantly, making this a true "1-click" experience.
• Spread: At the very bottom of each market card, you'll see the spread which is the difference between the highest bid price and the lowest ask price in the market for the selected trading pair.

• Spot/Margin Toggle: Located at the top, this toggle allows you to switch between placing spot or margin orders.
• Buy/Sell Toggle: Select whether they want to buy or sell the base currency. In the example above, you would be selecting whether to buy or sell Bitcoin. (BTC/USD)
• Market/Limit Dropdown: This dropdown allows you to choose between a Market Order (executing immediately at the current market price) or a Limit Order (executing at a specific price you set).
• Market Price and Quantity: The market price of the base currency (in this case, Bitcoin) and the quantity you wish to buy or sell. The total amount in USD, the quote currency, is calculated automatically.

  If a Limit Order is selected, you will need to input the limit price manually.
• Percentage Slider: The slider allows you to quickly set the order size as a percentage of your available balance. Moving the slider changes the quantity field proportionately.
• Available Balance: The available balance is displayed, showing how much of the quote currency is available to use for a buy order. In a buy order, the quote currency is displayed because you are using that to purchase the base currency. (Buying Bitcoin with USD in this example)

  In a sell order, the base currency is displayed as your available balance. This is because in a sell order, you are selling the base currency to obtain the quote currency. (Selling Bitcoin for USD in this example)
• Buy/Sell Confirmation Button: This large button at the bottom of the form places the order once all details are set.

❇️ Good for:

• Getting a quick, immediate execution, especially in fast moving markets.
• Guaranteeing execution of the full quantity of your order.
• Prioritizing speed over price improvement, especially in highly liquid markets where the bid-ask spread is small.

🔺 Watch out for:

• Larger quantity orders can have a market impact, and therefore a higher cost, especially in high volatility conditions. This is because larger orders trade with multiple levels of the order book to reach their desired quantity, and therefore the achieved price is an average of the price and quantity executed at each level.
• Market Orders incur taker fees, which are higher than maker fees.

❓How to use Market Orders

❇️ Good for:

• Aiming for a specific target price, which the market may get to while you're not at the helm.
• Knowing what price you will get. Limit orders guarantee you will never be matched with a worse price than your specified limit price.
• Controlling your order’s participation in the order book.

🔺 Watch out for:

• Limit orders with prices better than the current market price may not be fully executed as the market price may not reach your limit price.
• Limit orders with prices that are worse than the current market price will start executing immediately.

❓How to use Limit Orders:

❇️ Good for:

• Defining your maximum losses in advance.
• Managing your risks for open positions or holdings.
• Having peace of mind even when you are not actively watching your portfolio.

🔺 Watch out for:

• Larger quantities may have a market impact, and therefore higher cost. Consider a Stop Loss Limit to control this.
• Short-lived price swings on a specific order book can lead to your order triggering, even if the price reverts immediately after. Consider using an index price trigger to avoid this, as this aggregates prices from multiple providers and is less sensitive.

❓How to use Stop Loss Orders:

❇️ Good for:

• Defining your maximum losses in advance.
• Managing your risks for open positions or holdings.
• Having peace of mind even when you are not actively watching your portfolio.
• Better control over execution price than a standard stop loss order.

🔺 Watch out for:

• Limit orders may not execute in full. If your stop loss limit is not fully executed, some of your risk of loss remains for the un-executed portion.
• Short-lived price swings on a specific order book can lead to your order triggering, even if the price reverts immediately after. Consider using an index price trigger to avoid this, as this aggregates prices from multiple providers and is less sensitive.

❓How to use Stop Loss Limit Orders:

❇️ Good for:

• Defining your profit targets in advance.
• Gradually taking profit on long term trades.
• Managing your risks for open positions or holdings.
• Having peace of mind even when you are not actively watching your portfolio.
• Creating a target risk-reward ratio, with the usage of Take Profit together with Stop Loss orders.

🔺 Watch out for:

• Larger quantities may have a market impact, and therefore higher cost which can erode your profits. Consider a Take Profit Limit to control this.
• Short-lived price swings on a specific order book can lead to your order triggering, even if the price reverts immediately after. Consider using an index price trigger to avoid this, as this aggregates prices from multiple providers and is less sensitive.

❓How to use Take Profit Orders:

❇️ Good for:

• Defining your profit targets in advance.
• Gradually taking profit on long term trades.
• Managing your risks for open positions or holdings.
• Having peace of mind even when you are not actively watching your portfolio.
• Creating a target risk-reward ratio, with the usage of Take Profit together with Stop Loss orders.
• Better control over execution price than a standard Take Profit Order.

🔺 Watch out for:

• Limit Orders may not execute in full. If your take profit limit is not fully executed, some of your exposure remains in the market and you may not lock in all the profits you had planned to.
• Short-lived price swings on a specific order book can lead to your order triggering, even if the price reverts immediately after. Consider using an index price trigger to avoid this, as this aggregates prices from multiple providers and is less sensitive.

❓How to use Take Profit Limit Orders:

❇️ Good for:

• Executing orders that are large compared to the usual market volumes and order book levels.
• Maintaining confidentiality of your full order quantity, and limiting information leakage to other market participants.
• Trading in illiquid markets where larger orders can have a significant market impact, and therefore higher cost.

🔺 Watch out for:

• Display sizes that are too small may not attract sufficient taker interest and therefore lead to the order taking a longer time to execute.
• As any order with a limit instruction, your order is not guaranteed execution. and your full quantity may not be executed.

❓How to use Iceberg Orders:

❇️ Good for:

• Locking in profits by auto-adjusting the stop price as the market moves in your favor.
• Limiting losses by auto-adjusting the stop price when the market dips.
• Allowing you to retain your desired loss protection, whilst following a favourable price trend.
• Automating risk management. No need to manually change Stop Loss prices as market conditions change.

🔺 Watch out for:

• Larger quantities may have a market impact, and therefore higher cost.
• Short-lived price swings can lead to your order triggering ‘early’.
• Trailing amounts that are too tight can lead to your order triggering ‘early’.

❓How to use Trailing Stop Orders: