Balconies are limited on space, and directly attached to your living area. Both of these present some issues when it comes to composting. The smaller area means you're limited on the size of your pile and therefore how much waste you can compost.
Can you compost on a patio?
In a patio garden a “conventional” compost bin should be positioned, if practicable in a sunny part of the garden on bare soil but if this is not possible in a slabbed or courtyard garden a few slabs could be removed to create a space for the bin allowing direct access to soil.
Should you compost outside?
Worm bins can be used indoors or out, as long as the temperature isn't lower than 55 degrees. You'll also want to keep your outdoor worm bin out of the sun to prevent temperatures that will harm your wigglers (85 degrees and higher). Or just empty out the bin, worms and all, in your compost heap or garden.