We study the characteristics of the galaxy cluster samples expected from the European Space Agencys Euclid satellite and forecast constraints on cosmological parameters describing a variety of cosmological models. The method used in this paper, based on the Fisher Matrix approach, is the same one used to provide the constraints presented in the Euclid Red Book (Laureijs et al.2011). We describe the analytical approach to compute the selection function of the photometric and spectroscopic cluster surveys. Based on the photometric selection function, we forecast the constraints on a number of cosmological parameter sets corresponding to different extensions of the standard LambdaCDM model. The dynamical evolution of dark energy will be constrained to Delta w_0=0.03 and Delta w_a=0.2 with free curvature Omega_k, resulting in a (w_0,w_a) Figure of Merit (FoM) of 291. Including the Planck CMB covariance matrix improves the constraints to Delta w_0=0.02, Delta w_a=0.07 and a FoM=802. The amplitude of primordial non-Gaussianity, parametrised by f_NL, will be constrained to Delta f_NL ~ 6.6 for the local shape scenario, from Euclid clusters alone. Using only Euclid clusters, the growth factor parameter gamma, which signals deviations from GR, will be constrained to Delta gamma=0.02, and the neutrino density parameter to Delta Omega_ u=0.0013 (or Delta sum m_ u=0.01). We emphasise that knowledge of the observable--mass scaling relation will be crucial to constrain cosmological parameters from a cluster catalogue. The Euclid mission will have a clear advantage in this respect, thanks to its imaging and spectroscopic capabilities that will enable internal mass calibration from weak lensing and the dynamics of cluster galaxies. This information will be further complemented by wide-area multi-wavelength external cluster surveys that will already be available when Euclid flies. [Abridged]
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