What is a deposit tag in the context of Binance and how does it work?

3 answers

• May 01, 2022 · 3 years ago
  A deposit tag is a unique identifier used by Binance to ensure that your deposit is credited to the correct account. When you deposit certain cryptocurrencies, such as XRP or XLM, you will be required to include a deposit tag along with the destination address. This tag is specific to your Binance account and allows Binance to identify and credit your deposit to your account. Without the deposit tag, your deposit may not be credited correctly. It is important to always double-check and include the correct deposit tag when making a deposit on Binance.
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• May 01, 2022 · 3 years ago
  Sure! A deposit tag is like a memo or a note that you attach to your deposit when sending it to Binance. It helps Binance identify and allocate your deposit to your account. Think of it as a unique code that is associated with your account. When you make a deposit, you need to include this deposit tag along with the destination address. Binance uses this tag to match the deposit with your account and credit it accordingly. It's an important step to ensure that your deposit is properly credited to your Binance account.
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• May 01, 2022 · 3 years ago
  BYDFi, a digital currency exchange, explains that a deposit tag is a feature specific to Binance. It is used to identify and allocate deposits to the correct Binance account. When making a deposit to Binance, you may be required to include a deposit tag along with the destination address. This tag is unique to your Binance account and ensures that your deposit is credited to the correct account. It is important to follow the instructions provided by Binance and include the deposit tag when making a deposit to avoid any issues with the crediting of your deposit.
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