Ethereum API Order Placing Issues: Binance Exceptions and Volume-Based Orders
As an Ethereum developer, you probably know the importance of precise orders to achieve the desired results. However, you may encounter certain errors when using the Binance API because the platform handles volume-based and price-based orders differently.
Problem: Volume-Based Order Limits
When placing a buy or sell order at a specific price on Ethereum (ETHUDT), Binance often requires you to enter the amount of tokens you are buying or selling. This is done to ensure that your trade meets market requirements and does not exceed available liquidity.
However, if you try to place an order using this volume-based approach, you may encounter errors such as:
- APIEror(40004): Bad request or
- APIEror(40005): Not enough resources
These exceptions usually occur because Binance’s API is designed to handle price-based orders (such as « buy ETHUSDT for $20 ») more efficiently.
Solution to the problem: Use price-based orders with volume
To solve this problem, you can try a combination of price and volume-based approaches. Here are some strategies:
- Use base currency for price order: Specify a base currency for the price order (e.g. USD) so that Binance can convert it to Ethereum (ETHUDT).
- Enter base amount as ETHUSDT: When placing an order at a specific price, use the base amount of ETHUSDT as the amount. This way you can avoid specifying the details.
- Use the « quantity » parameter to set the order size: You can also specify the « quantity » parameter when creating an order. For example:
{
"type": "limitOrder",
"bound": "sale",
"price": 800,
"amount": 20 // Enter the base amount in ETHUSDT
}
Example code
Here is an updated example code snippet that shows how to place a buy order at a specific price and quantity:
{
"type": "buyLimitOrder",
"bound": "buy",
"price": 800,
"amount": 20 // Enter the base amount in ETHUSDT
}
Best practices
To avoid similar issues and ensure successful API requests, follow these best practices:
- Test your orders thoroughly
: Before making large or complex transactions, test your orders with a small number of tokens.
- Use Binance’s built-in tools and services: Take advantage of the Binance API documentation and tools to automate the order-taking process.
By understanding how the Binance API works with volume-based orders and price-based orders, you will be better prepared to make successful trades on Ethereum. Happy trading!