When depositing coins into CoinSpot, there may be additional steps required for a successful completion of your coin deposit. Some coins may require a Destination Tag/Memo ID or a Destination Tag/Memo ID + Manual Deposit form. To ensure that the coins are sent in correctly, please also ensure the coins are sent via the correct Transfer Network.
What is in this article?
- Destination Tag/Memo ID
- Destination Tag/Memo ID & Manual Deposit
- Transfer Network
- What is an invalid Coin/Token deposit?
Destination Tag/Memo ID
A Destination Tag/Memo ID, is a unique identifier which is assigned to each recipient of a transaction.
If you are depositing coins into CoinSpot that requires a unique Destination Tag/Memo ID this can be located under the Receives Tab for that specific coin which requires a Tag/Memo.
For a visual example of locating Destination Tag/Memo ID, please have a read of our article here.
List of coins that requires users to include their unique Destination Tag/Memo ID
Figure 1. Receiving into CoinSpot - (Destination Tag/Memo ID)
*BNB (BNB), Ethereum Classic (ETC) & Fantom (FTM) - Please do note the following has multiple receiving transfer networks, if users are using BNB BEP-2 Transfer Network, a memo is required.
Destination Tag/Memo ID & Manual Deposit
When sending your coins to your CoinSpot account, please do note that some coins require you to enter your Memo ID/Destination Tag along with submitting a Manual Deposit form.
Forgetting to include your Destination Tag/Memo ID for these coins may result in loss of funds. If you do send in coins without a Destination Tag/Memo ID please contact us and our Support team will be able to assist you further.
For a visual example of Destination Tag/Memo ID + Manual Deposit, please have a read of our article here.
List of coins which requires Destination Tag/Memo ID & Manual Deposit form
Figure 2. Receiving into CoinSpot - (Memo ID & Manual Deposit form)
A variety of cryptocurrencies, like USDC and ETH, operate on multiple networks. When receiving coins into your CoinSpot wallets, please ensure that the sending wallet is sending your assets via a CoinSpot supported network.
To determine the accepted transfer networks when sending coins into CoinSpot, head on over to your coins wallet and within the Receives Tab you will be able to review the supported transfer networks.
Below we have provided an example regarding the supported transfer network when transferring ETH.
Figure 3. Receiving into CoinSpot - (Transfer Networks)
What is an invalid Coin/Token deposit?
If a deposit has been made into CoinSpot via an unsupported transfer network or is not listed on CoinSpot - this will not be reflective within your wallet and may require a recovery of assets.
Any asset deemed as an 'invalid deposit', will not be received into your CoinSpot account.
Examples of invalid Coin deposit
- Coin not listed: Depositing SFM into CoinSpot
- ICO Tokens: Receiving ICO Tokens to a CoinSpot wallet
- Wrong wallet address: Depositing BCH to BTC receiving wallet address
- Unsupported Transfer network: Depositing USDT via KCC Transfer Network
If any of the above examples apply to your coin deposit, contact us and our Support team will be able to assist you further.
For further information on our asset recovery policy please refer to the following article - 'CoinSpot's Coin Deposit Recovery Policy'
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.