Why you need to fill Memo (Tag) when make transaction to exchange platform?

 

Generally speaking, when making EOS transaction, we must fill the sending address and the receiving address. As memo, tag is optional to fill.

 

As most of the exchange platform is centralized. Users don’t have the right to control their private key which means you won’t have your own EOS account in exchange.

Generally, exchange platform will offer one or several accounts for users to make deposit. But in this case, the centralized platform won’t be able to identify the user who make deposit. Thus there become tag.

 

Tag is used to identify the transaction made by users. Most of the centralized exchanges will generate specified tag for every user thus the platform will know who make the deposit.

 

If you don’t fill this tag when you transfer to exchange platform, your EOS will be transferred to the account of the exchange rather than your account.

 

Please do remember to fill tag or memo when you make transaction to your exchange account.