When transferring digital assets to or from a cryptocurrency wallet or exchange, users are typically required to provide a correct deposit or withdrawal address. However, for certain cryptocurrencies, an additional piece of information—known as a Memo or Tag—is also mandatory. A Memo is a unique number or string that pairs with a deposit address to ensure accurate fund allocation. It may also be referred to as a Tag, Label, Message, or Payment ID, depending on the platform.
Failing to enter the Memo correctly—or omitting it entirely—can result in failed transactions, uncredited deposits, or even permanent loss of funds. Therefore, understanding and accurately using Memos is critical when handling supported cryptocurrencies.
Why Is a Memo Required?
Some blockchains, such as XRP (Ripple), use shared deposit addresses across multiple users on the same exchange. Instead of generating a unique address for each user, the exchange assigns a distinct Memo to identify individual accounts. This combination of a shared address and unique Memo ensures that incoming funds are credited to the correct user.
For example, if two users send XRP to the same deposit address without including their respective Memos, the exchange cannot determine which user owns which funds. This could lead to delays, misallocation, or irreversible loss of assets. Hence, the Memo acts as an account identifier within a shared address system.
Additionally, certain blockchain protocols or projects require Memos (or similar identifiers) to support enhanced transaction metadata, enabling better tracking and reconciliation of transfers.
👉 Learn how to securely manage your crypto deposits and withdrawals with proper tagging.
Common Cryptocurrencies That Require a Memo/Tag
Not all digital assets require a Memo, but several major ones do—especially those built on networks that support shared addresses. The following are commonly traded cryptocurrencies that typically require a Memo or Tag during deposit and withdrawal processes:
- XRP (Ripple)
- XLM (Stellar Lumens)
- ATOM (Cosmos)
- CRO (Crypto.com Coin)
- HBAR (Hedera Hashgraph)
- EOS (EOS.IO)
- BTS (BitShares)
- TON (The Open Network)
Always verify whether a specific coin or network requires a Memo before initiating any transfer. Failure to do so may result in lost funds.
Key Guidelines for Entering Memos Correctly
To avoid costly mistakes, follow these essential best practices when dealing with Memos:
1. Memo and Address Must Match
Each Memo is uniquely paired with a deposit address. Entering the correct address with the wrong Memo—or vice versa—can send funds to the wrong account. Always double-check both fields before confirming a transaction.
2. Network Consistency Is Crucial
Ensure that the withdrawal network selected on the sending platform matches the deposit network on the receiving exchange. For example, withdrawing XRP via the Ripple (XRP) network to an XRP deposit address on MEXC is correct—but using another network like Ethereum (ERC-20) would result in asset loss.
3. Know When a Memo Is Needed
Not every cryptocurrency or blockchain requires a Memo. If the receiving platform does not require one, make sure to deselect any Memo field or check the “No Memo” option where available. Conversely, if a Memo is required, leaving it blank will likely cause your transaction to fail.
👉 Discover how top platforms streamline secure crypto transactions with smart tagging systems.
How to Find Your Memo When Depositing Funds
Let’s walk through how to locate your Memo when depositing XRP into an exchange like MEXC.
On Web:
- Navigate to the Deposit section.
- Select XRP from the list of cryptocurrencies.
- A notice titled “Ripple (XRP) Deposit Guidelines” may appear—read carefully and click I Understand the Risks.
- Choose the XRP transfer network.
- Click Show Address and Memo.
- Copy both the Deposit Address and the Memo/Tag.
- Paste both into the corresponding fields on the platform you’re withdrawing from.
- Confirm that the transfer network matches (e.g., Ripple/XRP).
On Mobile App:
- Go to the Assets page and tap Deposit.
- Search for XRP and select the correct token.
- Acknowledge the risk warning by tapping I Understand.
- Tap Show Address and Memo to generate your unique details.
- Copy both the Address and Memo/Tag.
- Ensure the withdrawal network on the sending platform matches (e.g., XRP network).
- Verify whether you're depositing to your Spot Account or Contract Account, then complete the transaction.
How to Correctly Enter a Memo When Withdrawing Funds
Now let’s look at how to include a Memo when withdrawing XRP from an exchange.
On Web:
- Go to the Withdrawal page.
- Choose To Address as the destination.
Fill in:
- Recipient’s wallet Address
- Select the correct Transfer Network (e.g., XRP)
- Enter the required Memo/Tag
- Input the Withdrawal Amount
- Review all details carefully.
- Click Submit.
Note: If the recipient address does not require a Memo, ensure you check the No Memo box before proceeding.
On Mobile App:
- From the Assets screen, tap Withdraw.
- Search for XRP and select it.
- Choose On-chain Withdrawal.
Enter:
- The external wallet’s Withdrawal Address
- Select XRP as the network
- Input the Memo/Tag ID provided by the recipient wallet
- Specify the amount
- Confirm all information is accurate.
- Tap Confirm.
Reminder: Some wallets or exchanges may label this field differently—such as “Destination Tag” for XRP or “Memo” for XLM—but they serve the same purpose.
Frequently Asked Questions (FAQ)
Q: What happens if I forget to enter a Memo?
A: If a Memo is required and you omit it, your funds may not be credited, or they could be lost permanently. Always verify requirements before sending.
Q: Can I reuse the same Memo for multiple deposits?
A: Yes—for most exchanges, your Memo remains consistent for a given cryptocurrency and account. However, never assume this; always check your deposit page for confirmation.
Q: Is a Memo the same as a transaction ID?
A: No. A Memo is an identifier used before sending funds to direct them correctly. A Transaction ID (TXID) is generated after the transfer is completed and serves as proof of transaction.
Q: Do Bitcoin or Ethereum require Memos?
A: Generally, no. BTC and ETH use unique addresses per user and do not require Memos. However, certain stablecoins on other chains (e.g., USDT on XRP) may require one.
Q: Can I change my Memo?
A: Typically, no—exchanges assign fixed Memos per user and asset pair. Contact customer support only if you suspect an error.
Q: Are Memos secure?
A: Yes, Memos are not secret keys and do not grant access to your funds. However, always keep full transaction details private to prevent social engineering attacks.