This guide will teach you all about memos (sometimes called deposit memos or other names) and how to use them for the cryptocurrencies that require them on Coinstore
1. What is a Tag/Memo?
A memo is an identifier code required in addition to a receive address when sending certain cryptocurrencies. Each memo code is tied to a unique wallet and helps to ensure that the transaction is sent to the correct recipient.
Using a memo for the cryptocurrencies that require it allows Coinstore to identify a deposit and credit the appropriate account. If you do not enter a memo, your transfer may not arrive at the destination without additional action.
Still a little confused? Think about it like sending a letter to a PO box at the post office. If your receive crypto address is the address for the post office, then your memo is your specific PO box number. If you were to send a letter to the post office's address without including the PO box number, the post office wouldn't know which box to put the letter in.
In the same way, if you send crypto to an address that requires a memo, you will need to be sure to include the memo so that your deposit can be credited to your specific wallet.
2. Which coins require a memo?
A memo is required for certain coins such as:
XRP
XRPAYNET
EOS
WORTH
XBIBLX
ERTH
XEM
SBET
XSPECTAR
TKG
XZVO
SEI
FINA
XRPH
TIA
IOST
3. Do I need to use a memo for withdrawals as well?
You must confirm whether or not the receiving address requires a memo. This should be done using the platform or wallet your are withdrawing to. Importantly, if a memo is required and it is not filled, or filled incorrectly, the asset may be lost.
Please keep in mind that other platforms or wallets may refer to a memo as a tag, tag name, memo, digital ID, label, or note.
4. What if I forgot to add the memo?
If you forget to add a memo there is a chance the funds may be lost. However, if you've forgotten to include the memo on a withdrawal intended for another wallet, please contact the wallet owner's support team.
5. How to Use a Deposit memo
Please note: General information on depositing cryptocurrencies to your Coinstore wallet is available here. This section will deal specifically with how to use a Deposit memo for cryptocurrencies that require it.
This example refers to making a deposit, however, memos may be required for withdrawals as well. You must check whether the external receiving address requires one.
1. Navigate to your "Asset" page and click the deposit button.
2. Select the cryptocurrency you would like to deposit that requires a memo.
3. A notice will be shown to make sure you are aware that the chosen cryptocurrency requires a memo as well as an address.
4. You will be shown the Deposit Address and Deposit memo for your Coinstore wallet for the specific cryptocurrency you have chosen. Copy and Paste both the address and memo into the relevant fields when sending that crypto type from an outside wallet to your Coinstore wallet.
Note: You must input both the correct address and memo when creating the transaction to transfer the tokens successfully to your Coinstore account.