When it comes to trading cryptocurrencies, one of the most popular exchanges is Binance. Binance offers a number of different order types for traders, which can be confusing for those who are new to the platform.
One of the more popular order types is the iceberg order.
So, what is a Binance iceberg order? An iceberg order is a type of limit order that allows traders to place large orders without having to show the full order size on the order book. This can be helpful for those who want to avoid moving the market with their large orders.
To place an iceberg order on Binance, you first need to create a limit order. Then, you will need to enter the total size of your order and the size of each sub-order.
For example, if you wanted to buy 1,000 ETH with an iceberg order, you might enter a total size of 1,000 ETH and a sub-order size of 100 ETH.
Once you have entered this information, you will need to click on the “Iceberg” button under the “Type” column. This will convert your limit order into an iceberg order.
Finally, you will need to click on the “Submit” button to place your iceberg order. It’s important to note that iceberg orders are not always filled immediately.
This is because they are placed as limit orders and will only be filled at the specified price or better.
Overall, an iceberg order can be a helpful tool for traders who want to avoid moving the market with their large orders. If you’re new to Binance and cryptocurrency trading, be sure to do your research before placing any trades.