What Is an Iceberg Order

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An iceberg order splits a large order into several smaller orders on the order book to minimize market impact and increase trading efficiency. After one is filled, the system will automatically place another until all the icebergs have been filled.

Please note that you can only use iceberg for limit and stop-limit orders.

How to place an iceberg order on the Binance website?

1. Log in to your Binance account and go to [Trade] - [Spot]. Iceberg orders are only supported in advanced mode on the web platform. Click the [Settings] icon on the top right, select [Layout] and choose the [Advanced] mode. Select a trading pair, such as BTC/USDC. Then, select [Limit] or [Stop-limit] order.

2. Check the box next to [Iceberg] and enter the total amount of BTC to buy. Then, enter the amount of BTC for each iceberg.

Please note that you can only place a maximum of 10 icebergs. For example, your total order amount is 10 BTC. This means the amount of each iceberg cannot be lower than 1 BTC (10 BTC / 10 orders = 1 BTC/iceberg order).

3. Enter the limit or stop-limit price for your order and click [Buy]. If you’ve enabled the order confirmation function, you’ll need to click [Continue] on the confirmation pop-up.

Your order will be automatically executed when the market price reaches your desired limit or stop-limit price.

4. To view your open iceberg orders, scroll down to [Open Orders].

To view your filled iceberg orders, go to the [Trade History] tab. They will be shown as “Limit” or “Stop-limit” orders.

How to place an iceberg order on the Binance App?

1. Log in to your Binance App and go to [Trade] - [Spot]. Choose a trading pair, such as BTC/USDT. Then, select [Limit] or [Stop Limit] order.

2. Check the box next to [Iceberg] and enter the total amount of BTC to buy. Then, enter the amount of BTC for each iceberg.

Please note that you can only place a maximum of 10 icebergs. For example, your total order amount is 10 BTC. This means the amount of each iceberg cannot be lower than 1 BTC (10 BTC / 10 orders = 1 BTC/iceberg order).

3. Enter the limit or stop-limit price for your order and tap [Buy]. If you’ve enabled the order confirmation function, you’ll need to tap [Confirm] on the confirmation pop-up.

Your order will be placed on the order book. It will be filled following the trading rules of limit or stop-limit order.

Notes:

• The iceberg amount must be lower than the order amount.
  • For example, if the total order amount is 1 BTC, the iceberg amount must be lower than 1 BTC. You won’t be able to place the order when the iceberg amount ≥ the order amount.
• You can only place a maximum of 10 icebergs.
  • Number of icebergs = Order Amount / Iceberg Amount
  • For example, your total order amount is 10 BTC. This means the amount of each iceberg cannot be lower than 1 BTC (10 BTC / 10 orders = 1 BTC/iceberg order).
• The amount of the last iceberg will be the remainder of (Order Amount / Iceberg Amount).
  • For example, you place a buy order for 10 BTC and enter the iceberg amount as 3 BTC. The first, second, and third iceberg amounts will be 3 BTC, while the last one will be 1 BTC.
• All icebergs will be filled at the limit/stop-limit price you entered.
• Iceberg orders follow the regular Spot trading rules, including the minimum order size, trading fee rates, etc.