Curriculum

Crypto Exchanges

CEX Crypto Exchanges

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DEX Crypto Exchanges

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Liquidity & Market Cap

0/7

Crypto Cashflow

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Video lesson

Kraken.com Exchange

Kraken Desktop Crypto Trading

Welcome to this lesson on using the Kraken desktop trading platform, a powerful tool designed to elevate your cryptocurrency trading experience. The importance of trading platforms in both traditional finance and the cryptocurrency world cannot be overstated. While stock exchanges have long served as the backbone of traditional financial markets, platforms like Kraken are revolutionizing how individuals engage with cryptocurrencies, providing them with advanced tools and customizable options for trading. Understanding how to navigate such platforms not only enhances your trading skills but also allows you to utilize the full potential of your crypto investments.

Core Concepts

Kraken: A popular cryptocurrency exchange that provides a platform for buying, selling, and trading a variety of cryptocurrencies. In traditional finance, exchanges serve a similar function for stocks and other assets.
Low Latency: Refers to the minimal delay in data transmission, which is crucial for executing trades quickly. In traditional finance, high-frequency trading relies on low latency for optimized performance.
Custom Dashboard: A personalized view of trading data and charts, allowing users to focus on what matters most. Traditional finance uses dashboards for similar purposes, enabling investors to track stocks effectively.
Multi-Monitor Setup: The ability to use multiple screens to enhance trading efficiency. This is common in traditional trading environments where complex data analysis is required.
Trade Activity Module: An interface element that displays your recent trades and activities. Traditional trading platforms have comparable features to provide immediate feedback on trading activities.
Alerts: Notifications set for specific price points to inform traders about market changes. Both traditional and cryptocurrency trading platforms utilize alerts to help traders make timely decisions.
Board Management: A feature that allows users to create, save, and manage their trading layouts. In traditional finance, similar tools help investors refine their trading strategies.

Understanding these concepts is crucial for anyone delving into the world of cryptocurrencies. Mastering the Kraken platform will provide a solid foundation from which you can explore more advanced trading strategies and tools.

Trading on Kraken Desktop

1. Installation and Setup

Download the Kraken Desktop from the official website.
Install it on your chosen operating system (Windows, Mac, or Linux).
Sign in using your Kraken account credentials.

Starting your crypto trading journey requires the proper setup, much like assembling your toolkit before a DIY project.

2. Exploring Interface Customization

Access theme management to personalize your interface.
Rearrange modules by dragging and dropping them to different locations.
Resize modules by clicking and dragging their edges.

The ability to customize your trading interface is akin to using different tools or settings that suit your unique style, enhancing your overall trading experience.

3. Managing Trading Boards

Create and rename boards for different trading strategies.
Use the cloning feature to split modules for multiple asset tracking.
Save layouts and manage boards with ease.

Just like having separate folders for different investment strategies, managing your dashboards helps keep everything organized and accessible.

4. Setting Up Alerts

Select a trading pair and establish price alerts.
Configure alerts for notifications via desktop and mobile.

Setting alerts is foundational in both traditional and crypto trading, ensuring that you never miss an opportunity due to market fluctuations that change in an instant.

5. Utilizing Support Resources

Access help options directly from the platform.
Submit support tickets for issues or inquiries.

Having robust support options reassures users in both the crypto and traditional markets that assistance is readily available.

Crypto Trading

The Kraken platform is uniquely designed for cryptocurrency trading, providing features tailored to the fast-paced crypto market. While traditional trading platforms focus primarily on stocks and bonds, Kraken extends its functionality to accommodate a broad range of digital assets, reflecting the diverse needs of crypto traders.

Real-World Applications

Consider this: just as stock traders rely on terminal setups to monitor their investments in real-time, cryptocurrency traders benefit from user-friendly interfaces like Kraken. Whether you’re tracking Bitcoin’s volatility or setting trades during market hours, these tools are tailored to simplify the process.

Historically, when trading shifted from physical exchanges to digital platforms, accessibility increased tremendously. Kraken exemplifies this shift by offering an advanced online trading environment for a modern audience.

Challenges and Solutions

Challenges

Market Volatility: Cryptocurrencies can experience extreme price swings, making it difficult to execute trades effectively.
Technical Barriers: Users may feel overwhelmed by advanced features and settings on trading platforms.

Solutions

Utilizing Alerts: As mentioned earlier, alerts can help manage volatility by providing notifications at crucial price points.
Educational Resources: Engaging with tutorials and guides provided by platforms like Kraken fosters familiarity with the trading environment.

Tackling these challenges will lead you to gain confidence and competence in cryptocurrency trading.

Key Takeaways

Embrace Customization: Tailor the Kraken interface to fit your trading style for heightened efficiency.
Utilize Multi-Monitor Setups: Consider using multiple screens if available to enhance your trading experience.
Stay Alert: Setting up price alerts can help keep you on top of market changes and trading opportunities.
Seek Support When Needed: Don’t hesitate to utilize support features if issues arise.
Manage Your Trading Boards: Organizing your interface will streamline your trading process significantly.

Utilizing these takeaways can drastically improve your trading journey, both in crypto and traditional finance.

Discussion Questions and Scenarios

How does using a customizable dashboard enhance your trading strategy compared to traditional fixed interfaces?
What advantages does a multi-monitor setup give you when trading cryptocurrencies instead of stocks?
Compare the importance of alerts in both traditional finance and crypto trading.
Think about a time you missed a trading opportunity. How would you configure the Kraken application to prevent that in the future?
How does board management on Kraken compare to ways traders manage their portfolios in traditional finance scenarios?

Glossary

Kraken: A cryptocurrency exchange platform.
Low Latency: Minimal delay from command to execution, important in fast trading environments.
Custom Dashboard: A tailored view of trading data and performance metrics.
Multi-Monitor Setup: Using several screens to track various assets or strategies simultaneously.
Trade Activity Module: A feature that displays recent trades and overall trading performance.
Alerts: Notifications set for specific price points or conditions.
Board Management: The functionality to create and manage multiple, customized trading layouts.

As you continue your journey into the world of cryptocurrencies, remember that mastering tools like the Kraken desktop application can open doors to new trading strategies and opportunities.

Continue to Next Lesson

Get ready for the next installment in your Crypto Is FIRE (CFIRE) training program where we’ll dive deeper into advanced trading strategies and how to leverage them in the ever-evolving landscape of cryptocurrency!

Read Video Transcript

Getting Started with Kraken Desktop

https://www.youtube.com/watch?v=P_9PKnK812c

Transcript:

Welcome to the Kraken desktop trading platform. It’s a standalone application that is powerful, customizable, and built with the Rust programming language so that it has extremely low latency. As it has a highly responsive interface, it’s capable of trading any advanced trader strategy. It allows you to view multiple trading charts side by side.

You can also share and import custom dashboards to get started quickly. And it also supports multi-monitor setups. So if you’re ready to get started, Kraken Desktop is available now on Windows, Mac and Linux. To get started, visit kraken.com forward slash desktop to download Kraken Desktop. Then click the version you need to install.

Once it’s installed, simply sign in with your regular Kraken credentials. The Kraken desktop app is completely customizable. Click on this button here to view theme management. You can select from any of the preset themes or click here to create your own. Here you can see all the active modules on the board.

All the modules on the board can be relocated by dragging and dropping them and you can click and drag the sides of each module to change the size in the order ticket module here it’s possible to easily place buy and sell orders and they can be cancelled just as easily here in the trade activity module in any area of the screen it’s possible to split the modules simply click split module here and choose how to split the module now that we have an empty module we can configure it in the top right select a module i’ll add a ticker and i’ll scale up the size here in the options

you’ll find that every module has its own specific customization settings before i make more changes i’ll just add this module to a new group here the group number of each module is always visible in the top left of the module and it’s easy to add other groups too.

I can click split module in the ticker, and then by holding command or control, I can split and clone the current module. I can then put these new modules in other groups, and then change the tickers to other assets. Now, when I select a different group, the ticket order module will change according to the active group. After changing the board, you may like to save the layout.

Click Board Management here. You’ll see your active board with the check mark and you can click here to edit and rename your board. Click here to finish editing. At any time, you can share a board by clicking to generate a public link. And you can also choose to create a new board. You can have up to 100 saved and you can select any of the other template boards here.

If you have a multi-monitor setup, just click here to open a new window with the board of your choice. You can add as many instances as you like. In the top right, you’ll find even more options. Here, you can disable the audio. Next to this, we have the alerts.

Click Create Alert, select a pair and then enter an alert price or click here to create an alert from the current value. As you can see here, the alert is, of course, visible here on Kraken desktop. But on top of this, you can also click on the top right and click configuration. Here you’ll find the option to push alerts into your operating system as well as directly into your Kraken Pro mobile app.

And finally, in the top right, we have the screenshot feature. You can share screenshots of each module individually as well as directly into your Kraken Pro mobile app. And finally in the top right, we have the screenshot feature. You can share screenshots of each module individually as well. Just click here to download the file for sharing.

But take note that display names are visible in the screenshots, so we recommend clicking account settings to configure your username. Finally, if you have any issues, you can also click the top right and find support. Here you can quickly create a ticket so that our support team can assist you.