What is a destination memo?
A destination tag or memo identifies the specific user account for to receive cryptocurrency when sending to a user on an exchange such as CoinZoom. If it is not used on certain cryptocurrency transactions, it is possible to lose the entire amount of the transaction.
When sending cryptocurrencies that require a memo (see the chart below), you must always identify the wallet to send the crypto to and you must also use a destination tag or memo ID to make sure the transaction gets posted to the correct user account in that exchange.
Sometimes it is also referred to as a "memo ID," "destination ID," or "destination tag."
Which cryptocurrencies require memos?
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Why are memos needed?
For the cryptocurrencies in the list above, most centralized exchanges like CoinZoom use one address for all traders of cryptocurrencies that use Destination Tag technology. A memo is used to determine the individual account a given transaction should be assigned and credited to.
Example: The receiving address for one of these cryptocurrencies can be equated to an apartment building address. The destination memo identifies a specific apartment in the building.
How do I use destination memos on CoinZoom?
To receive a currency that requires a destination memo on CoinZoom:
- Go to the crypto you want to receive
- Choose Receive
- You’ll see both the wallet address and the destination memo. Give these to the sender.
To send a currency that requires a destination memo from CoinZoom:
- Go to the crypto you want to send (on the desktop, go to Portfolio)
- Choose Send
- Under the Wallet Address tab, you must enter a Recipient (wallet address) and Memo.
Warning: Follow these rules or you will fail to receive the crypto and the system will not warn you:
- Include a memo on all crypto that requires it.
- Do not add any additional characters to the memo. The memo is case-sensitive.
What if the destination memo is incorrect or missing?
Is a Tag/Memo always required?
Yes, when you use one of the cryptocurrencies listed above.
However, most cryptocurrencies do not require a destination memo or tag. Also, if you are sending a cryptocurrency to a private wallet, it does not need to be included, even though the token may be on the list above.
Note: Even if the destination memo is not required in some situations, it is best practice to always include it on the cryptos listed above.
A private wallet is one which the individual fully controls (has custody of) both the public and private keys. This is not the case with a CoinZoom wallet, i.e. one on CoinZoom.com. Examples of a private wallet include, but not limited to:
- Desktop: wallets downloaded and installed on a PC or laptop
- Hardware: wallets stored on a hardware device like a USB, and are stored offline
Warning: if you are uncertain about whether you are sending to a public or a private wallet, please contact the person or company you are sending to.Using a private wallet to send crypto that uses Destination Tag technology
- If you are sending cryptocurrency that uses Destination Tag technology to CoinZoom, you must input a correct memo.
- Both an address and a memo are required to receive cryptocurrency. If you send funds without a memo or with an incorrect memo, your funds cannot be credited to your account.
- If you are sending cryptocurrency off of CoinZoom to a private/personal wallet, a memo may not be required
Note: It is your responsibility to determine whether a Tag/Memo is required by your recipient wallet. If in doubt, CoinZoom strongly encourages you to send a small amount of cryptocurrency as a test send prior to attempting to send a significant amount.
Can I Recover my Funds?
It is very difficult to recover lost funds due to a missing memo ID, but you can try with the instructions below.
Crypto Sent to CoinZoom
If you sent crypto that requires a memo ID to CoinZoom and it did not have a memo ID or the memo ID was incorrect, the funds may be difficult or impossible to recover. We can try to recover it and will charge a fee of $250 if successful. There is no guarantee that it will be successful. Because of this we encourage recovery requests only on significant amounts.
If you choose to proceed to attempt recovery, please submit a ticket at https://support.coinzoom.com/support/tickets/new with the Subject “NO TAG RECOVERY REQUEST”
Please include the following information:
- If you agree to the $250 fee to attempt to recover this crypto, type "I AGREE to pay $250 to attempt to recover my lost crypto and understand there is no guarantee of success." and your initials
- Time and date of the transaction
- The wallet addresses involved in the transaction
- The quantity of crypto sent
- Screenshot of the hash from sending platform
You must also send a small transaction from the same wallet that is tagged properly to help us with identification.
Crypto Sent From CoinZoom
If you attempted to send a crypto that requires a destination memo from CoinZoom and forgot to include it, you will need to contact the receiving party to see if they can help you. Unfortunately, we have no way of reversing a transaction once it has left CoinZoom.