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[justred]

Don't know where else to post this. Kraken seems to totally ignore support requests.

I am in Australia. The Kraken bank account form asks for an IBAN number. Australia does not use IBAN. We use SWIFT. As a result I cannot add a bank account for withdrawals.

Please can someone fro Kraken tell me what to do?

Thanks

[1714506208]

1714506208

[1714506208]

1714506208

[worjary]

Hi all,

I'm new to margin trading. I'd like to contrast my calculus to make sure I understand how it works.

Let's assume I have the following money: 1000€
Margin call level: 80%
Rolling fee calculus: 0.01%/4 hours * 24 hours/day * 30 days/month = 1.8% fee/month = 21.6% fee/year

If spend 3000€ using the 5:1 margin, 600€ of my account would be used to buy the position and the remaining 400€ will still be in €. If I buy at price of 600€/BTC, then I'd get 5BTC. So now I have 5BTC and 400€.
My concerns are about margin call level, because if bitcoin price falls and I don't add more money, the position will be automatically closed (liquidated).
To calculate the bitcoin's price at which the margin call level is reached, I've used the following formula, being X the percentage of bitcoin price drop:
(3000 * X) + 400 = 3000 * 0.8 -> X = 0.66
Then I multiply bitcoin's price when buying: 600 * 0.66 = 396€

Assuming after a month, the BTC price has moved to 395€ (or anywhere bellow 396€) the position will be closed automatically and I will lose all of my money, right? Furthermore, I should pay the rolling fee, which would be 600*1.8% = 10.8€. Is this fee also taken into account when calculating bitcoin's price at which the margin call level is reached?

I hope this also helps other users understand how margin trading works!

[Dargo]

Don't know where else to post this. Kraken seems to totally ignore support requests.

I am in Australia. The Kraken bank account form asks for an IBAN number. Australia does not use IBAN. We use SWIFT. As a result I cannot add a bank account for withdrawals.

Please can someone fro Kraken tell me what to do?

Thanks

Please send me your support ticket # by PM and I'll find an agent to help you.

[bernard75]

Don't know where else to post this. Kraken seems to totally ignore support requests.

I am in Australia. The Kraken bank account form asks for an IBAN number. Australia does not use IBAN. We use SWIFT. As a result I cannot add a bank account for withdrawals.

Please can someone fro Kraken tell me what to do?

Thanks

Actually, the EU SEPA and the Australian NPP are "built" on top of SWIFT.
All you need Is the SWIFT/BIC code, which you can find here:
http://www.theswiftcodes.com/australia/
The IBAN is a combination of your banks sort code, BSB and your account number, your bank should provide that.

Unless you want to withdraw 10k+ this is going to be extremely expensive, with Swift, intermediatary and finally conversion charges.

[Dargo]

Hi all,

I'm new to margin trading. I'd like to contrast my calculus to make sure I understand how it works.

Let's assume I have the following money: 1000€
Margin call level: 80%
Rolling fee calculus: 0.01%/4 hours * 24 hours/day * 30 days/month = 1.8% fee/month = 21.6% fee/year

If spend 3000€ using the 5:1 margin, 600€ of my account would be used to buy the position and the remaining 400€ will still be in €. If I buy at price of 600€/BTC, then I'd get 5BTC. So now I have 5BTC and 400€.
My concerns are about margin call level, because if bitcoin price falls and I don't add more money, the position will be automatically closed (liquidated).
To calculate the bitcoin's price at which the margin call level is reached, I've used the following formula, being X the percentage of bitcoin price drop:
(3000 * X) + 400 = 3000 * 0.8 -> X = 0.66
Then I multiply bitcoin's price when buying: 600 * 0.66 = 396€

Assuming after a month, the BTC price has moved to 395€ (or anywhere bellow 396€) the position will be closed automatically and I will lose all of my money, right? Furthermore, I should pay the rolling fee, which would be 600*1.8% = 10.8€. Is this fee also taken into account when calculating bitcoin's price at which the margin call level is reached?

I hope this also helps other users understand how margin trading works!

You calculated the used margin correctly, but I'm not following the rest of it.

If you open a 3000 EUR long position at 5:1 leverage, the margin used to open the position will be 1/5 of the amount, so 600 EUR (as you say).

Margin level = equity ÷ used margin

When you first open the position, ignoring fees and changes in market price, your margin level would be 1000/600 = 167%

The margin call level is 80% - at this level we send you an email asking you to either close part of your position or add funds to your account in order increase your margin level. Position liquidation is possible at this level at our discretion, but it's not something we'd generally do except in very unusual circumstances. The liquidation level is 40%, which is the level at which positions are automatically liquidated (these % levels, BTW, can change and can be different for different pairs - you can check our fees page for the most up to date information on the margin and liquidation levels for any pair: https://www.kraken.com/help/fees.)

How much could your position lose before margin call (ignoring fees)?

(1000 - X)/600 = 80% ---> X = 520 EUR

How much of a drop in price would this correspond to?

3000*X = 520 ---> X = 17.3% (then if price was at 600 EUR when you opened the position, margin call would be at 496.2 EUR)

How much could your position lose before liquidation (ignoring fees)?

(1000 - X)/600 = 40% ---> X = 760 EUR

How much of a drop in price would this correspond to?

3000*X = 760 ---> X = 25.3% (then if price was at 600 EUR when you opened the position, liquidation would be at 448.2 EUR)

I've ignored trade fees and rollover fees above, but these do matter because they reduce your account equity.

If you haven't done so already, I highly recommend that you read our trading guide, especially the section on margin trading where all of this is explained:

https://support.kraken.com/hc/sections/200560633-Leverage-and-Margin

Hope this helps!

[Dargo]

and again the site is down!
The first option I get, I will get all of my money away from you.

Every....single....time....BTC (or whatever) makes a big move.... EVERY #&^**&#% TIME!
Get your sh*t together Kraken.

EDIT: and thanks again for making me lose a trade which cost me 110 euro. 

We are still looking into this, but it appears to have been some kind of network issue that affected other sites as well.

https://twitter.com/CaptSpectacular/status/744875641993052160

And it did not affect everyone since many clients were able to access the site without issue. I understand that it's frustrating no matter the cause, but so far it looks like there wasn't much we could do about this particular incident. But as I said we are still looking into it and I'll let you know if the assessment changes.

Thanks for replying, but that doesn't get you off the hook.

Why is your site non-responsive (nor via the app) when a crash or spike occurs? Poloniex seems to do just fine on those moments.
Don't you have extra capacity available when needed? It doesn't seem so, since it can take several hours for the problem to be "resolved" (read: when the crash or spike is over and everybody simply gives up).

Going to a different exchange which trades EUR < > XXX is a no-go, so that would mean EUR < > USD (boo!)

I didn't mean to suggest that we are "off the hook" for all issues in connecting to the site. But sometimes the problem can be a network issue that has nothing to do with our capacity and is beyond our control. It appears that the incident you complained about in your first message above was in fact a network issue.

As for our capacity, we are working to improve it, but this isn't something that can be done quickly (it's not as simple as just adding more servers or something like that). We have already done many things over the past 4 months or so to improve capacity and continue to make improvements. One thing we are currently working on that will improve site responsiveness is websockets. I don't know when this project will be finished, but it is a top priority. 

[worjary]

Hi all,

I'm new to margin trading. I'd like to contrast my calculus to make sure I understand how it works.

Let's assume I have the following money: 1000€
Margin call level: 80%
Rolling fee calculus: 0.01%/4 hours * 24 hours/day * 30 days/month = 1.8% fee/month = 21.6% fee/year

If spend 3000€ using the 5:1 margin, 600€ of my account would be used to buy the position and the remaining 400€ will still be in €. If I buy at price of 600€/BTC, then I'd get 5BTC. So now I have 5BTC and 400€.
My concerns are about margin call level, because if bitcoin price falls and I don't add more money, the position will be automatically closed (liquidated).
To calculate the bitcoin's price at which the margin call level is reached, I've used the following formula, being X the percentage of bitcoin price drop:
(3000 * X) + 400 = 3000 * 0.8 -> X = 0.66
Then I multiply bitcoin's price when buying: 600 * 0.66 = 396€

Assuming after a month, the BTC price has moved to 395€ (or anywhere bellow 396€) the position will be closed automatically and I will lose all of my money, right? Furthermore, I should pay the rolling fee, which would be 600*1.8% = 10.8€. Is this fee also taken into account when calculating bitcoin's price at which the margin call level is reached?

I hope this also helps other users understand how margin trading works!

You calculated the used margin correctly, but I'm not following the rest of it.

If you open a 3000 EUR long position at 5:1 leverage, the margin used to open the position will be 1/5 of the amount, so 600 EUR (as you say).

Margin level = equity ÷ used margin

When you first open the position, ignoring fees and changes in market price, your margin level would be 1000/600 = 167%

The margin call level is 80% - at this level we send you an email asking you to either close part of your position or add funds to your account in order increase your margin level. Position liquidation is possible at this level at our discretion, but it's not something we'd generally do except in very unusual circumstances. The liquidation level is 40%, which is the level at which positions are automatically liquidated (these % levels, BTW, can change and can be different for different pairs - you can check our fees page for the most up to date information on the margin and liquidation levels for any pair: https://www.kraken.com/help/fees.)

How much could your position lose before margin call (ignoring fees)?

(1000 - X)/600 = 80% ---> X = 520 EUR

How much of a drop in price would this correspond to?

3000*X = 520 ---> X = 17.3% (then if price was at 600 EUR when you opened the position, margin call would be at 496.2 EUR)

How much could your position lose before liquidation (ignoring fees)?

(1000 - X)/600 = 40% ---> X = 760 EUR

How much of a drop in price would this correspond to?

3000*X = 760 ---> X = 25.3% (then if price was at 600 EUR when you opened the position, liquidation would be at 448.2 EUR)

I've ignored trade fees and rollover fees above, but these do matter because they reduce your account equity.

If you haven't done so already, I highly recommend that you read our trading guide, especially the section on margin trading where all of this is explained:

https://support.kraken.com/hc/sections/200560633-Leverage-and-Margin

Hope this helps!

Thank you for your precise and quick answer! It helped me a lot and now the numbers make sense  . I had already read the trading guide but couldn't find any example.

To be clear... All the charged fees are only applied to the margin (600€) used and not to the position (3000€), right?

[Dargo]

Hi all,

I'm new to margin trading. I'd like to contrast my calculus to make sure I understand how it works.

Let's assume I have the following money: 1000€
Margin call level: 80%
Rolling fee calculus: 0.01%/4 hours * 24 hours/day * 30 days/month = 1.8% fee/month = 21.6% fee/year

If spend 3000€ using the 5:1 margin, 600€ of my account would be used to buy the position and the remaining 400€ will still be in €. If I buy at price of 600€/BTC, then I'd get 5BTC. So now I have 5BTC and 400€.
My concerns are about margin call level, because if bitcoin price falls and I don't add more money, the position will be automatically closed (liquidated).
To calculate the bitcoin's price at which the margin call level is reached, I've used the following formula, being X the percentage of bitcoin price drop:
(3000 * X) + 400 = 3000 * 0.8 -> X = 0.66
Then I multiply bitcoin's price when buying: 600 * 0.66 = 396€

Assuming after a month, the BTC price has moved to 395€ (or anywhere bellow 396€) the position will be closed automatically and I will lose all of my money, right? Furthermore, I should pay the rolling fee, which would be 600*1.8% = 10.8€. Is this fee also taken into account when calculating bitcoin's price at which the margin call level is reached?

I hope this also helps other users understand how margin trading works!

You calculated the used margin correctly, but I'm not following the rest of it.

If you open a 3000 EUR long position at 5:1 leverage, the margin used to open the position will be 1/5 of the amount, so 600 EUR (as you say).

Margin level = equity ÷ used margin

When you first open the position, ignoring fees and changes in market price, your margin level would be 1000/600 = 167%

The margin call level is 80% - at this level we send you an email asking you to either close part of your position or add funds to your account in order increase your margin level. Position liquidation is possible at this level at our discretion, but it's not something we'd generally do except in very unusual circumstances. The liquidation level is 40%, which is the level at which positions are automatically liquidated (these % levels, BTW, can change and can be different for different pairs - you can check our fees page for the most up to date information on the margin and liquidation levels for any pair: https://www.kraken.com/help/fees.)

How much could your position lose before margin call (ignoring fees)?

(1000 - X)/600 = 80% ---> X = 520 EUR

How much of a drop in price would this correspond to?

3000*X = 520 ---> X = 17.3% (then if price was at 600 EUR when you opened the position, margin call would be at 496.2 EUR)

How much could your position lose before liquidation (ignoring fees)?

(1000 - X)/600 = 40% ---> X = 760 EUR

How much of a drop in price would this correspond to?

3000*X = 760 ---> X = 25.3% (then if price was at 600 EUR when you opened the position, liquidation would be at 448.2 EUR)

I've ignored trade fees and rollover fees above, but these do matter because they reduce your account equity.

If you haven't done so already, I highly recommend that you read our trading guide, especially the section on margin trading where all of this is explained:

https://support.kraken.com/hc/sections/200560633-Leverage-and-Margin

Hope this helps!

Thank you for your precise and quick answer! It helped me a lot and now the numbers make sense  . I had already read the trading guide but couldn't find any example.

To be clear... All the charged fees are only applied to the margin (600€) used and not to the position (3000€), right?

Glad it helped - all the fees would apply to the full amount of the position (3000 EUR). A margin position is just a spot trade executed through an advance financed by Kraken, so you pay the trade fees on the spot trade and you pay the rollover fees on the advance, which is the full amount of the position. The 600 EUR is not what you are advanced but rather the amount set aside in your account as a kind of "collateral" for the position (so this amount would not be available for making more orders).

[worjary]

Hi all,

I'm new to margin trading. I'd like to contrast my calculus to make sure I understand how it works.

Let's assume I have the following money: 1000€
Margin call level: 80%
Rolling fee calculus: 0.01%/4 hours * 24 hours/day * 30 days/month = 1.8% fee/month = 21.6% fee/year

If spend 3000€ using the 5:1 margin, 600€ of my account would be used to buy the position and the remaining 400€ will still be in €. If I buy at price of 600€/BTC, then I'd get 5BTC. So now I have 5BTC and 400€.
My concerns are about margin call level, because if bitcoin price falls and I don't add more money, the position will be automatically closed (liquidated).
To calculate the bitcoin's price at which the margin call level is reached, I've used the following formula, being X the percentage of bitcoin price drop:
(3000 * X) + 400 = 3000 * 0.8 -> X = 0.66
Then I multiply bitcoin's price when buying: 600 * 0.66 = 396€

Assuming after a month, the BTC price has moved to 395€ (or anywhere bellow 396€) the position will be closed automatically and I will lose all of my money, right? Furthermore, I should pay the rolling fee, which would be 600*1.8% = 10.8€. Is this fee also taken into account when calculating bitcoin's price at which the margin call level is reached?

I hope this also helps other users understand how margin trading works!

You calculated the used margin correctly, but I'm not following the rest of it.

If you open a 3000 EUR long position at 5:1 leverage, the margin used to open the position will be 1/5 of the amount, so 600 EUR (as you say).

Margin level = equity ÷ used margin

When you first open the position, ignoring fees and changes in market price, your margin level would be 1000/600 = 167%

The margin call level is 80% - at this level we send you an email asking you to either close part of your position or add funds to your account in order increase your margin level. Position liquidation is possible at this level at our discretion, but it's not something we'd generally do except in very unusual circumstances. The liquidation level is 40%, which is the level at which positions are automatically liquidated (these % levels, BTW, can change and can be different for different pairs - you can check our fees page for the most up to date information on the margin and liquidation levels for any pair: https://www.kraken.com/help/fees.)

How much could your position lose before margin call (ignoring fees)?

(1000 - X)/600 = 80% ---> X = 520 EUR

How much of a drop in price would this correspond to?

3000*X = 520 ---> X = 17.3% (then if price was at 600 EUR when you opened the position, margin call would be at 496.2 EUR)

How much could your position lose before liquidation (ignoring fees)?

(1000 - X)/600 = 40% ---> X = 760 EUR

How much of a drop in price would this correspond to?

3000*X = 760 ---> X = 25.3% (then if price was at 600 EUR when you opened the position, liquidation would be at 448.2 EUR)

I've ignored trade fees and rollover fees above, but these do matter because they reduce your account equity.

If you haven't done so already, I highly recommend that you read our trading guide, especially the section on margin trading where all of this is explained:

https://support.kraken.com/hc/sections/200560633-Leverage-and-Margin

Hope this helps!

Thank you for your precise and quick answer! It helped me a lot and now the numbers make sense  . I had already read the trading guide but couldn't find any example.

To be clear... All the charged fees are only applied to the margin (600€) used and not to the position (3000€), right?

Glad it helped - all the fees would apply to the full amount of the position (3000 EUR). A margin position is just a spot trade executed through an advance financed by Kraken, so you pay the trade fees on the spot trade and you pay the rollover fees on the advance, which is the full amount of the position. The 600 EUR is not what you are advanced but rather the amount set aside in your account as a kind of "collateral" for the position (so this amount would not be available for making more orders).

Thank you once again Dargo 

[justred]

Don't know where else to post this. Kraken seems to totally ignore support requests.

I am in Australia. The Kraken bank account form asks for an IBAN number. Australia does not use IBAN. We use SWIFT. As a result I cannot add a bank account for withdrawals.

Please can someone fro Kraken tell me what to do?

Thanks

Actually, the EU SEPA and the Australian NPP are "built" on top of SWIFT.
All you need Is the SWIFT/BIC code, which you can find here:
http://www.theswiftcodes.com/australia/
The IBAN is a combination of your banks sort code, BSB and your account number, your bank should provide that.

Unless you want to withdraw 10k+ this is going to be extremely expensive, with Swift, intermediatary and finally conversion charges.

Technically speaking, yes.

Practically speaking. no.

The local settling banks are not equipped to process inward payments into Australia on an IBAN.

I have tried this in the past (with two local banks) and it is not advisable.

The Australian banking system is set up to use a SWIFT code and a bank account number. It is not equipped to deconstruct an IBAN.

[nikwright]

I sent $1500 to Kraken and I have done transfers before with no issues but now after sending a large amount it has not hit my account, I contact support weeks ago and have had no reply at all. I rang my bank and they can't do anything and I have no idea where to go from here... does anyone have any advice? Ticket ID is #113184

[MusX]

Dargo, I just filled #115997 on issue with access to historical trades on user accounts. If you could raise the priority would be great, I believe it is quite urgent anyway.

[Dargo]

I sent $1500 to Kraken and I have done transfers before with no issues but now after sending a large amount it has not hit my account, I contact support weeks ago and have had no reply at all. I rang my bank and they can't do anything and I have no idea where to go from here... does anyone have any advice? Ticket ID is #113184

I'm sorry for the delay in responding to your support ticket, but I see an agent is helping you now and we'll try to get this resolved as quickly as we can.

[Dargo]

Dargo, I just filled #115997 on issue with access to historical trades on user accounts. If you could raise the priority would be great, I believe it is quite urgent anyway.

OK, I alerted support to the ticket.

[frenulum]

My experience with Kraken so far has been excellent.

That is all.

(drops mic)

[stereotype]

Sure Kraken seems to sometimes be unreliable, however I strongly believe everything will be ok. They always end up fixing their mistakes. That's why I continue to trust Kraken.

 I do too. Still waiting for a reply from them.

 I perfectly assume losses from wrong trading decisions, but it's a hard pill to swallow to have funds there and loose money when the website refuses work. In my case, I've sustained a massive 35 bitcoin loss while logged in, desperately trying to sell, for more than one hour, but the website simply was non-operational. What bugs me double time, is that trading still continued during all this time.

  I'm confident they'll do good by their customers.

Were your issues resolved Ghost? Dont tell me.......now a NDA matter? 

[zebulon303]

Hi,
I would like to be able to close margin position in the order I desire, do you plan to implement such an option ?
Thank you for your answer.

[birr]

I'm verified tier 3.  I can't make fiat deposits.
Support didn't respond to the ticket I opened.

[DaddyH]

Hi,

I have a missing deposit of over £2K into my Kraken account. I made the deposit 8 days ago.
I've raised a support ticket (#119352) but had no response. Can you please escalate with your support team I really need these funds?

Thanks

[GhostPlayer]

Sure Kraken seems to sometimes be unreliable, however I strongly believe everything will be ok. They always end up fixing their mistakes. That's why I continue to trust Kraken.

 I do too. Still waiting for a reply from them.

 I perfectly assume losses from wrong trading decisions, but it's a hard pill to swallow to have funds there and loose money when the website refuses work. In my case, I've sustained a massive 35 bitcoin loss while logged in, desperately trying to sell, for more than one hour, but the website simply was non-operational. What bugs me double time, is that trading still continued during all this time.

  I'm confident they'll do good by their customers.

Were your issues resolved Ghost? Dont tell me.......now a NDA matter?  

 I presented my case and it is still under revision. Still expecting a reply. An NDA would be no problem at all on my behalf of course.