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How to open contracts in Kraken

Opening a contract on Kraken necessitates account creation, identity verification, funding, contract selection, order entry, submission, and monitoring to execute trades on the platform.

Nov 16, 2024 at 11:18 am

How to Open Contracts in Kraken

Opening contracts in Kraken is a straightforward process that can be completed in a few simple steps.

Step 1: Create a Kraken Account

To open a contract in Kraken, you will first need to create an account. You can do this by visiting the Kraken website and clicking on the "Create Account" button. You will then be asked to provide some basic information, including your name, email address, and password.

Step 2: Verify Your Identity

Once you have created your account, you will need to verify your identity. This is a requirement for all Kraken users and helps to ensure the security of your account. You can verify your identity by providing a government-issued ID card, such as a passport or driver's license.

Step 3: Fund Your Account

Before you can open a contract, you will need to fund your account. You can do this by depositing cryptocurrency into your Kraken account. Kraken supports a wide variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Step 4: Open a Contract

Once your account is funded, you can open a contract. To do this, click on the "Trade" tab at the top of the Kraken website and then click on the "Contracts" link. You will then be presented with a list of all of the contracts that are available to trade on Kraken.

Step 5: Select a Contract

To select a contract, click on the "Symbol" column header. This will sort the contracts by their symbol. You can then find the contract that you want to trade and click on the "Trade" button.

Step 6: Enter Your Order

Once you have selected a contract, you will need to enter your order. You can do this by specifying the following information:

Order type: The type of order that you want to place. Kraken supports market orders, limit orders, and stop orders.
Quantity: The number of contracts that you want to buy or sell.
Price: The price at which you want to buy or sell the contracts.

Step 7: Submit Your Order

Once you have entered your order, you can submit it by clicking on the "Submit" button. Your order will then be sent to the Kraken exchange and will be executed as soon as possible.

Step 8: Monitor Your Order

Once your order has been submitted, you can monitor its status by clicking on the "Orders" tab at the top of the Kraken website. You will be able to see the current status of your order, as well as its execution price and quantity.

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