What is a reserve order/iceberg order?

A reserve iceberg order allows you to hide the actual size of your order. Instead of displaying your entire order, which might have a huge market impact, you only show a fraction of its actual size.

The main advantage of this is that you're able to submit a significantly large order while only disclosing a portion of it. This is especially useful when the crypto market doesn't have enough liquidity to handle the order without causing a significant price impact.

Identifying potential icebergs is highly valuable and should be one of the focal points of your trading strategies. These types of orders are relatively difficult to determine, but you can spot an iceberg order by looking for bids that instantly reload soon after they're lifted.

• Helps reduce how much of a large order is displayed in the order book at one time.
• Can help reduce market impact in lower-liquidity markets.
• Can reduce how much of the total order size is visible to other market participants.
   

• A reserve / iceberg order may not fully fill if market liquidity is insufficient.
• It may execute in multiple partial fills.
   

Desktop

• Log in to Ndax and open the TRADE screen.
• Select your CRYPTOCURRENCY/CAD pair using the grey arrow in the upper-left area of the trade screen.
• Click BUY (green) or SELL (red).
• Open the advanced order type dropdown (grey arrow) and select Reserve/Iceberg (if available).
• Enter Order size.
• Enter your limit price or limit offset (as shown on your order ticket).
• Enter the display quantity (the portion of your total order size you want shown in the order book).
• Click Place buy/sell order.
   

Mobile Website

• Log in to Ndax.
• Tap the Ndax logo (top-left), then select TRADE from the dropdown menu.
• Select your CRYPTOCURRENCY/CAD pair using the grey arrow.
• Tap BUY (green) or SELL (red).
• Open the advanced order type dropdown and select Reserve/Iceberg (if available).
• Enter Order size.
• Enter your limit price or limit offset (as shown on your order ticket).
• Enter the display quantity.
• Tap Place buy/sell order.

To learn more about Reserve/Iceberg Orders, check out our blog:
Advance Trading: Bitcoin Reserve/Iceberg Order