How to play Kraken leverage trading on mobile phones

How to Play Kraken Leverage Trading on Mobile Phones

Kraken, one of the world's leading cryptocurrency exchanges, offers a mobile app that allows users to trade cryptocurrencies with leverage. Leverage is a powerful tool that can both magnify profits and losses, so it is important to understand how to use it properly before getting started. Here is a step-by-step guide on how to play Kraken leverage trading on mobile phones:

Step 1: Create a Kraken Account

First, you will need to create a Kraken account. This can be done by visiting the Kraken website or by downloading the Kraken app. Once you have created an account, you will need to verify it by providing your personal information and a government-issued ID.

Step 2: Get the Kraken App

The next step is to download the Kraken app to your mobile phone. The app is available for both iOS and Android devices.

Step 3: Pick an Asset

Once you have the app installed, you will need to select an asset to trade. Kraken supports a wide variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Once you have selected an asset, you will be presented with a trading chart and a list of order types.

Step 4: Choose a Leverage Level

Now it is time to choose a leverage level. Leverage is expressed as a ratio, such as 2:1 or 5:1. The higher the leverage level, the greater your potential profits and losses. For beginners, it is recommended to start with a low leverage level, such as 2:1 or 3:1.

Step 5: Place an Order

Once you have selected a leverage level, you can place an order. There are two types of orders you can place: market orders and limit orders. Market orders are executed immediately at the current market price, while limit orders are executed at a specified price or better.

Step 6: Manage Your Risk

It is important to manage your risk when trading with leverage. This means setting stop-loss and take-profit orders to limit your potential losses. You should also monitor your trades closely and close them out if necessary.

Step 7: Withdraw Your Profits

Once you have made a profit, you will need to withdraw it. You can do this by selling the assets you have traded and withdrawing the proceeds to your bank account.