Example and Explanation:
- Cause: This error occurs when your account does not have enough balance to complete the requested trade or action.
- Trade Attempt: You try to place an order to buy 0.1 BTC and the price of Bitcoin is $60000, requiring $6,000.
- Balance: If your account balance is less than $6,000, the order will fail.
- Error: Since your account balance is insufficient, the order will not be processed.
How to Fix:
- -Verify Account Balance: Log into your Binance account and check your available balance.
- -Make sure funds are in correct wallet. If you are using spot trading, funds should be in spot wallet. If you are using USD-M Futures trading, funds should be in USD-M Futures wallet.
- Check your alert message:
account=spot symbol=btcusdt side=buy quantity=0.5
This message means you are trying to buy 0.5 BTC, so you need $30,000 in your spot account.
- Adjust Order:
- Reduce the quantity of the asset you are trying to buy or sell.
- Ensure the total value of the order does not exceed your available balance.
By ensuring you have sufficient balance before placing an order, you can avoid this error and successfully complete your trades on Binance.
