What is a Destination Tag (Memo)?

A Destination Tag (or Memo/Payment ID) is a supplementary identifier required for certain cryptocurrency transactions.

Purpose: Destination Tags are essential for accurate allocation of funds, especially when Ecex utilizes shared wallets for specific cryptocurrencies. The tag directs deposits to the correct user account within the shared wallet.

Importance: Required for cryptocurrencies such as EOS, Ripple (XRP), Stellar Lumens (XLM), Binance Coin (BNB), and Monero (XMR).

Consequences of Omission: Without a Destination Tag, funds may be routed to Ecex’s general wallet but will not automatically reach your account. Fund recovery may be complex and is not guaranteed.

Recommendation: Always provide the accurate Destination Tag/Memo for designated cryptocurrencies to ensure proper deposit and prevent potential loss of funds.