Orders & Execution
Advanced
Iceberg Order
Also called: hidden order, reserve order
A large order that displays only a small portion to the market at a time, hiding the true size.
Definition
An iceberg order splits a large order into smaller visible slices. As each slice fills, the next is revealed — the total order size stays hidden from other participants.
Used by institutions to enter or exit large positions without driving price against themselves. Available on some ECNs and FIX-API connections.
Example
A bank wants to sell 200 lots EUR/USD at 1.0805. They send an iceberg showing only 10 lots at a time. The market sees a steady seller, not a 200-lot whale.