Many blockchains make use of memos, tags, or payment IDs to send and receive tokens. A memo/tag/Payment ID is a unique message assigned to accounts used to identify the recipient in a transaction.
Please note that they can be mandatory according to the receiving party. On Bitfinex, there are several listed cryptocurrencies with this technology, such as EOS, CHEX, MPC, NOT, STX, XLM, XRP, and others.
Important: If you do not include the proper memo or do not have a memo in your deposit, you will be charged a fee for the token recovery. Only users verified to Basic Plus level or above are eligible for the recovery process. Please contact our support team in case you have a missing deposit.
If you do not see the option to include a memo/tag/Payment ID on the deposit or withdrawal page of a specific token, it means it is not supported. If you would like to see this included in the future or if you still have questions, please reach out to Bitfinex Support.
How to deposit tokens with memos/tags/payment IDs on Bitfinex
1. To make a deposit, firstly log in to your Bitfinex account.
2. Then, go to Wallets > Deposits > Cryptocurrency and select the token that you will deposit.
Important: Please be absolutely sure you are selecting the token you wish to deposit and not the transport layer in this step.
3. You will be directed to a reminder page that warns you about the importance of including both your deposit address and a deposit memo for the deposit to be credited to your account successfully.
You will need to confirm your understanding to proceed to the deposit information.
4. The Bitfinex deposit address can be found at the top, and you can press on Click to generate address to get your own memo specific to your Bitfinex account.
Note: The deposit address and memo should both be copied with no additional or missing symbols/spaces.
5. With your deposit address and deposit memo/tag, you can now create a transaction to deposit to Bitfinex.
How to withdraw tokens that support memos/tags from Bitfinex
Note: Depending on where you are withdrawing to, sometimes a memo or tag may not be needed.
1. If you are withdrawing from Bitfinex to a third party, be sure to confirm with the receiving party if all funds are sent to the same address and if you need to provide a memo making the transaction.
2. If a memo/tag/payment ID is needed for the transaction, copy and paste it into the memo field on your Bitfinex withdrawal page.
Important: If no memo is provided and you are sure that none is needed, you can select the No Memo/tag in the checkbox.
3. Then, select the amount and the wallet the funds will be taken from.
4. Finally, make sure you know and agree with the terms, and click on Continue/Request Withdrawal.
If you have any questions, please feel free to contact Bitfinex Support. We will be happy to help!