In using any trading platform, including Binance, users may encounter unexpected errors but do not know why. When performing cryptocurrency transactions on Binance, users may receive an insufficient Binance balance error message. The following article provides information about the cause and how to fix this error.
What does an insufficient Binance balance mean?
When trading cryptocurrencies on Binance Spot, some people encounter the message of insufficient balance. This error indicates that the binance balance is not sufficient to execute the transaction.
Sometimes an insufficient Binance balance error can occur even if the account balance is sufficient.
The cause of the Binance account insufficient balance error
There are many different reasons why an account receives an insufficient balance message. Perhaps, because the user account balance is too small, not enough to open a transaction. In addition, there are many other reasons as follows:
After a user transfers money to a Binance account and a server error occurs, the connection timeout is too long, indicating an insufficient account balance error. In the event of a server failure, users have to wait a few minutes for the system to return to normal.
Each Binance account has different types of wallets to make other transactions. For example, Spot wallet for Spot trading, financing portfolio for P2P trading… If the balance is in the Spot wallet, the user cannot execute a P2P transaction and will get the insufficient balance error of the Binance account. Users should check if the balance is in the correct wallet by making the corresponding transaction.
When trading on Binance, users usually pay a small commission. Suppose the user opens an exchange with the exact amount of the balance in the account without considering the transaction fees. So the transaction may not be possible and there is not enough balance error. When trading, users should open a trade with less volume than the available balance in the account. The trading volume should be about 1% lower than the balance and check Binance’s trading fee on the homepage.
How to Fix Insufficient Balancing Error
When the “Insufficient Balance” error occurs, the Binance system has detected that the user’s account does not have enough money to pay for the transaction. Users should try some of the following fixes:
- Double check the deposits made to your Binance account in the last three days.
It is possible that there has been an error in the process of sending money to your Binance account and the transaction has not been successfully confirmed. You cannot make further transactions because your balance is locked at that time. Therefore, double check any previous deposit before you want to buy or sell on Binance.
- Make sure your current account balance is more than 130% of your trading volume.
Before making a deposit to a Binance account or making a transaction on Binance, users must ensure that the balance in the payment account is sufficient to pay for the transaction. If an error occurs, the user attempts to trade with a smaller volume.
- Delete your old payment method and reconnect
In some cases, your system may not work and may not be able to connect or pay with a previously connected payment method. When an error occurs, users can try to remove and relink the payment method to resolve the issue.
Binance users often do not experience insufficient balancing errors caused by the system. Usually, users get this error because the balance is not in the correct wallet to make the transaction, or the user opens a transaction with a large volume without considering the costs incurred. Therefore, users can perform some of the above checks before submitting a support request to resolve it. If not, you can send support by following these instructions:
- Log in to your Binance account and click the Support window in the lower right corner of the screen. Or visit the Binance customer support link.
- Select the issue you need support for and include photo or video proof of the problem you’re experiencing.