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How to use the iceberg trading bot

What are iceberg orders?

Iceberg orders are large buys or sells broken down into many smaller orders. They're beneficial when making a significant trade relative to the size of a given market. Even small orders risk moving the asset price in an illiquid market, resulting in less favorable entry or exit prices for traders. Iceberg orders are designed to mask large orders and limit the impact of price slippage.

For users who have yet to trade futures or perpetual swaps, we recommend reading OKX’s tutorials about each product before using the iceberg orders bot. This will help you to understand the risks of trading futures or perpetual swaps. In this short guide, we'll explain how to place orders using the OKX iceberg trading bot.

How to place iceberg orders using the OKX trading bot

Step 1

Navigate to the trading bots section under the 'trade' option on the main navigation bar.

Accessing trading bots web platform

Step 2

To enter iceberg mode, click 'iceberg' from the 'slicing bots tab.

Access the Iceberg trading bot

Step 3

In the iceberg section, select the product and trading pair you want to trade using the menu in the top-left corner. You can use the trading bot in the spot, perpetual, futures, margin, and options markets. Select the desired instrument and then the trading pair from the list.

Select Iceberg order parameters

Step 4

Next, enter the order amount of each limit order you want to place and the number of visible orders, defining how many orders will be placed on the order book. And, enter the order amount as the total amount you want to place with the iceberg order.

Iceberg basic info advanced settings

Step 5

OKX also provides access to advanced settings, which are optional. You can choose from different order preferences, including quick execution, price-speed balance, and passive queuing. The default mode is price-speed balance. You can also define the desired limit price to control the overall cost. Also, you can select different start conditions from instant, price trigger, and RSI trigger.

Select advanced settings iceberg

Step 6

Then, click buy (long) or sell (short) to place your iceberg trade.

Step 7

Lastly, you can see the overview of the running iceberg strategy at the bottom and click details to view more information.

View iceberg overview 1
View iceberg overview 2

If you experience any difficulties using the trading bot, feel free to contact our support team via the OKX Telegram group or our dedicated support center.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.
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