Address tags, also known as memos, destination tags, or payment IDs, are additional identifiers used in certain cryptocurrency transactions to specify the recipient beyond just the wallet address. In other words, along with the public address, some coins require a second piece of data (a tag/memo) to ensure the funds go to the correct user.
Please note: On Cointree’s platform, the term “address tag” on desktop is the same as “memo” on the mobile app.
Cryptocurrencies that use Tags and Memos
When depositing to or withdrawing from Cointree here are the following coins we support that need a tag/memo.
- XRP (Destination Tag)
- XLM (Memo)
- HBAR (Memo)
- ATOM (Memo)
- KAVA (Memo)
- IOST (Memo)
- RUNE (Memo)
Why are Address Tags/Memos Needed
Cryptocurrency exchanges and some platforms often use a shared deposit address for multiple users. Tags and Memos functions as a unique account number for each user. Omitting or entering an incorrect tag can delay the transaction or prevent the funds from being credited.
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When a Tag/Memo is required
You need to include a tag/memo anytime you send a coin mentioned in the list above. This can be when you are withdrawing from your Cointree Wallet to another exchange/ wallet or transferring crypto to Cointree from an external exchange/wallet.
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When a Tag/Memo is not required
You don't need to include a tag/memo when sending crypto to a privately controlled wallet. This includes wallets on desktops or hardware devices that are fully managed by the individual. Most importantly, the individual controls both the public and private keys. If you are unsure if you are sending to a private or public wallet, please contact Cointree Support.
What Happens If You Forget the Tag/Memo?
Failing to include the required memo or address tag can be serious. Always double-check the destination tag before sending funds to Cointree. Omitting or entering an incorrect tag can delay the transaction or prevent the funds from being credited. In the worst case, the funds may be unrecoverable, especially if you sent to a third-party wallet that cannot credit you without a tag.
If you accidentally enter the wrong destination tag when you send funds to Cointree, contact our support team. They may be able to assist you with recovering these funds.
Extra Tips and Information
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Address Tag vs Memo: Different platforms might call it different names (destination tag, memo, message, payment ID, etc.), but they serve the same purpose
On Cointree, remember “Address Tag” = “Memo”.
- Where to find the Tag/Memo: The exchange or wallet you’re sending to will usually display the memo or tag in the deposit section for that coin. It’s typically a numeric code or a short text string. Copy this exactly, do not alter it.
- If Not Required: Many cryptocurrencies like Bitcoin, SOL, Ethereum, and most ERC-20 tokens never require memos. If you are unsure what cryptocurrencies need a memo please check the list provided in this article.
Address tags and memos are simple yet crucial extra details for certain cryptocurrencies. They ensure your funds go to the right place when using shared addresses. Always remain vigilant: check if a memo/tag is needed for the coin you’re sending, and if so, copy it exactly. By doing so, you’ll avoid lost transactions and enjoy hassle-free crypto transfers.
Happy trading, and stay safe!