An iceberg order is an order strategy that hides the full order size from the order books by breaking a large order into many smaller limit orders.
Keeping your order intentions secret can help you gain an edge with trading.
Placing an order
To execute an iceberg order on OKCoin, go to to the trading section.
On the right hand side of the page, click on the order type bar. Select iceberg order in the drop down menu.
(Using Spot account as an example)
Iceberg orders have 4 inputs: the total order size, price variance, average order size amount, and the price limit for execution.
The total amount is the order size for all combined orders.
Price variance is the distance you want to place your orders from the last traded price. Selecting 0.1% while the price of ETH is at 463.54 means that your buy orders would be placed at 463.07.
Average amount is the average size of each smaller limit order that you want to be placed.
The price limit is the price level where you want the strategy to stop executing. When price returns above or below this level, it will resume again.
After entering in all of the inputs, click Buy or Sell to start executing the order.