In the world of cryptocurrency, correctly filling out the deposit and withdrawal address is a fundamental and crucial step, whether you are making a deposit or a withdrawal. However, for certain currency, this process involves a key element known as a Memo (also known as Tag, Label, Message, or Payment ID on different platforms). A Memo is a string of numbers or characters that ensures the uniqueness of the deposit address, used in conjunction with the deposit address to accurately attribute assets.
Why is a Memo/Tag necessary?
In specific situations, such as with XRP and other currencies, all users may share the same deposit address. Thus, the Memo/Tag serves as a crucial identifier to distinguish the assets of different users. It not only facilitates the management of assets by the platform but also meets the special requirements of some blockchain projects during transfer operations.
Which currencies involve a Memo/Tag?
On the KCEX platform, some of the common cryptocurrency that require a Memo/Tag include, but are not limited to, XRP, XLM, and ATOM. When transacting with these currencies, it is critical to fill in the correct Memo/Tag.
Notes:
Accuracy: The Memo/Tag corresponds one-to-one with the deposit and withdrawal address. Incorrect or missing Memo/Tag could result in the assets not being properly credited, or even lost.
Network Consistency: When choosing a deposit network, ensure that the network from which you are withdrawing matches the KCEX deposit network to prevent asset loss.
Selective Use: Not all currencies or networks require a Memo/Tag. When depositing or withdrawing, decide whether to fill in based on the actual situation. If a Memo/Tag is not needed, select the “No Memo/Tag” option; if it is needed, you must fill in both the address and Memo/Tag.
How to view a Memo? - For deposit
Go to the deposit page, select the currency XRP, choose the transfer network, and then click on "Show Address".
After the address is generated, copy the "Deposit Address" and "Memo/Tag" to the corresponding withdrawal platform.
How to fill in a Memo? - For withdrawal
Go to the withdrawal page, choose to withdraw to an address, fill in the "Address" - "Transfer Network" - "Memo/Tag" - "Amount", and click "Submit". (If your XRP address does not require a Memo, you can select no Memo and then proceed with the operation.)
We hope this guide helps you better understand and use Memos/Tags to secure your assets. If you have any questions during the transaction process, please feel free to contact the KCEX customer service team. We are committed to providing you with a safe and convenient cryptocurrency trading service.