Insufficient Balance error on Binance and how to fix it
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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 a Binance insufficient balance error message. The following article learns about the cause and how to fix this error.
What does insufficient Binance balance mean?
When trading crypto on Binance Spot, some people encounter the message of insufficient balance. This error means that the Binance balance is insufficient to execute the transaction. Insufficient Binance balance error can sometimes occur even though their account balance is sufficient.
The cause of the error of insufficient balance of the Binance account
There are many different reasons why an account receives an insufficient balance message. Maybe, because the user account balance is too small, not enough to open a transaction. In addition, there are several 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 error of insufficient account balance. With server failure, users need 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, Funding wallet for P2P trading… If the balance is in Spot wallet, the user cannot do a P2P transaction and will get the error of insufficient balance of Binance account. Users should check if the balance is in the correct wallet making the corresponding transaction.
When trading on Binance, users usually pay a small fee. Suppose the user opens a trade with the exact amount of the balance in the account without considering the transaction fees. Then the transaction may not be possible, and there is not enough balance error. When trading, users should open a trade with a volume smaller than the available balance in the account. The trade volume should be about 1% less than the balance, and check the Binance trading fee on the homepage.
How to fix not enough balance error
When encountering the error “Not enough balance”, the Binance system has found 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 the Binance account in the last three days.
It is possible that there was an error in the process of sending money to your Binance account, and the transaction was not confirmed successfully. You cannot make further transactions because the balance is locked at that time. Therefore, double-check any previous deposit before you want to buy or sell on Binance.
- Ensure the checking account balance is more than 130% of the trading volume.
Before making a deposit to a Binance account or making a transaction on Binance, users need to ensure that the balance in the payment account is sufficient to pay for the transaction. If an error occurs, the user tries to trade with a smaller volume.
- Delete old payment method and reconnect
In some cases, it is possible that the system fails and cannot connect or pay with a previously connected payment method. When an error occurs, users can try to remove and reconnect the payment method to fix the problem.
Binance users do not often experience insufficient balance 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 fix 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 problem you need support with and include a photo or video evidence of the problem you encountered.
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