What Are Maker (Post Only) Order, Time in Force Order, and Iceberg Order

When you place an order on Binance.com, you can select from an array of order types to fulfill your different needs. 

1. Limit Order - Maker (Post Only)

When placing a limit order, you can check the [Post Only] box and your order will not be executed immediately in the market. It will exist as a maker order on the order book, but never match with orders that are already on the book. Maker orders add liquidity to the market. You will only be charged a maker fee, not a taker fee, when your placed order is executed.

However, if you want to execute part of the order immediately, for example, you want to buy an asset at a price above the current market price, the system will automatically cancel your order upon the order placement.

2. Time in Force Order

Time in force indicates how long your order will remain active before it is executed or expired. This allows you to be more specific about the time parameters, and you can customize the time when you place an order. 

 At Binance, you can place GTC (Good-Till-Cancel), IOC (Immediate-Or-Cancel), or FOK (Fill-Or-Kill) orders:

• GTC (Good-Till-Cancel): the order will last until it is completed or you cancel it.
• IOC (Immediate-Or-Cancel): the order will attempt to execute all or part of it immediately at the price and quantity available, then cancel any remaining, unfilled part of the order. If no quantity is available at the chosen price when you place the order, it will be canceled immediately. Please note that Iceberg orders are not supported.
• FOK (Fill-Or-Kill): the order is instructed to execute in full immediately (filled), otherwise it will be canceled (killed). Please note that Iceberg orders are not supported.

3. Iceberg Order

Iceberg orders are large orders split up into a series of small limit orders. Typically, they are placed in this way to avoid disrupting the market with a single large order. Iceberg orders consist of visible and hidden orders, only a small portion of it is displayed on the order book. When the visible orders are executed, the hidden orders will then transition to the order book. 

Iceberg order will split the original order into several orders on the orderbook, only after the current one is completed, the next one will be placed. The number of icebergs = Order Amount / Iceberg Amount (cannot be higher than 10).

For example, you wish to sell 1,000 BNB with limit order, you can place your order by checking the [Iceberg] button. Fill in the total amount you want to sell and your order will be divided into small orders (e.g. 100 BNB per order). After the initial order is filled, the other orders will be executed progressively.