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What is MEMO in Deposit and Withdrawal

What is MEMO in Deposit and Withdrawal

2021/09/22 18:10:00

1.  What is MEMO?

MEMO, also known as Tag, does not always exist and is only for specific tokens such as XLM. On FAMEEX, everyone’s wallet address for deposit is the same. If XLM is sent to a particular user on FAMEEX, differentiating to whom the fund belongs will be challenging. Therefore, a unique MEMO (TAG) is generated for that specific user, and it is typically composed of numbers. When a user tries to deposit funds to his/her FAMEEX account, it is important to insert the MEMO so that the fund can be deposited smoothly.

2. Why would I need to insert the MEMO?

When a user tries to deposit digital assets (i.e. XLM) to his/her FAMEEX account, a MEMO could be required. For certain kinds of tokens, most mainstream exchanges would also need users to fill in MEMO to ensure the success of deposits or withdrawals. If MEMO is not filled in, a failure could be caused.


Note: Please remember to fill in the MEMO. If the MEMO is missing or incorrect, losses in digital assets could be caused. Please confirm it carefully.

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