For information on changes for our US clients, please visit our Support Center article.

Iceberg Orders
An Iceberg order, also known as a hidden order, is a strategic tool in trading that allows limit orders to be placed without causing market impact. This order type is particularly useful for traders looking to execute large trades without revealing the full order size to the market, thus maintaining a stable market price.
To use this order type, apart from a limit price, two different parameters must be set:
  • Display Quantity: This is the portion of the order that is visible to the market. The display size is set by you and represents the amount of your order that will be displayed in the order book.
    The quantity cannot be smaller than the order minimum for the trading pair, or be smaller than 1/15th of the total order size.
  • Order Quantity: This is the total amount of the order, including both the display size and the hidden portion. The hidden portion is the quantity minus the display size and represents the remaining amount of your order that will not be displayed in the order book.
Placing an Iceberg Order
When an Iceberg order is placed, only the display size is shown in the order book snapshot. As the display size gets filled, more of the hidden portion is revealed in increments of the display size. This process continues until the entire order is filled, allowing for large trades to be executed without exposing the entire quantity of the order.
Why use an Iceberg Order
Example