What is a memo/tag, and why do I need it when receiving certain crypto? (Lite mode)

A Memo or Tag is an additional address detail (usually in a numeric string) that identifies a transfer recipient on a centralized exchange. It is only needed for select cryptocurrencies that use the Destination Tag technology, such as Ripple (XRP), Stellar (XLM), Cosmos (ATOM), and more.

When you receive these crypto into your OKX portfolio, the memo or tag must be entered on the sending platform, in addition to the address. Otherwise, you risk not receiving the crypto successfully.

When you start an open order to receive crypto, the memo or tag will appear on the following screen as a required field. If you don't see it, that means a memo/tag is not needed for the transaction.