Introduction to Memo Tags
Memo Tags (also called Destination Tags) are essential identifiers used in certain cryptocurrency transactions. They act like reference numbers, ensuring your funds reach the correct account—especially on exchanges that pool deposits into a single wallet address.
👉 Why Memo Tags Matter
- Prevent Lost Funds: Missing/incorrect tags can make transactions unrecoverable.
- Exchange Compatibility: Required by platforms like Binance, Kraken, and Coinbase for XRP, XLM, etc.
When to Use Memo Tags
✅ Sending Crypto to Exchanges
Most exchanges require Memo Tags for deposits to allocate funds to your account.
✅ Receiving Crypto from Exchanges
Include the tag when withdrawing to your personal wallet (e.g., Ledger).
Step-by-Step: Sending XRP with Memo Tags
- Open Ledger Live → Select "Send" for XRP.
- Enter Recipient Address: Paste the exchange’s XRP wallet address.
- Add Memo Tag: Input the unique tag provided by the exchange.
- Verify Details: Double-check address and tag before confirming.
💡 Pro Tip: Save the tag in your address book for future use.
Receiving XRP with Memo Tags
- Generate Deposit Address: Request XRP deposit details from your exchange.
- Note Memo Tag: The exchange provides a unique tag for your account.
- Share Address + Tag: Send both to the sender (e.g., when withdrawing from an exchange to Ledger).
FAQ Section
Q: What happens if I forget a Memo Tag?
A: Funds may be lost permanently. Contact the exchange’s support immediately.
Q: Are Memo Tags needed for all cryptocurrencies?
A: No—only assets like XRP, XLM, and BNB require them on most exchanges.
Q: Can I reuse the same Memo Tag?
A: Yes, if it’s tied to your account (e.g., exchange deposits).
Recap & Security Tips
🔹 Always verify Memo Tags before sending crypto.
🔹 Bookmark exchange instructions for future reference.
🔹 Use Ledger Live’s address book to store tags securely.
Stay safe with Ledger’s hardware wallets for end-to-end transaction control!
👉 Explore more crypto guides on Ledger’s official site.
Disclaimer: This guide is for educational purposes. Always follow your exchange’s latest guidelines.