If you are new to cryptocurrency trading, you may have doubts about destination tags. If you do not enter this tag when trading Ripple, it will be difficult to distinguish, so be careful of omissions.
What is a destination tag?
The destination tag is the information required for Ripple remittance. This is the information to determine whether the remitted XRP is yours, so if you do not enter this, the remittance will fail. Untagged XRP cannot be confirmed and will not be reflected in your account, so input is a mandatory condition. Of course, this is the information you need when making XRP remittances with MEXC.
Why you need a destination tag
There is no destination tag for general cryptocurrency remittances, but the reason why a destination tag is required for XRP transactions is that there are multiple destinations. XRP is capable of high-speed transaction processing, and if multiple users are trading XRP on the same exchange, the remittance address may be the same. In that case, if you do not use the destination tag, the transfer may not be performed correctly. If you enter the destination tag incorrectly, your transfer may fail, so be careful.
How to use destination tags and notes
When sending XRP, you need to check the destination tag format used by your exchange and enter the destination tag accordingly. Destination tags can vary by exchange, so check the format of the destination tag used by your exchange. In some exchanges, the support center or help page explains how to handle destination tags. Therefore, we recommend that you always read it before sending money. Destination tags cannot be reused once used. If the transaction is canceled, you will need to generate a new destination tag.
Steps to send XRP
I will explain how to transfer XRP from MEXC. First, select “Wallet” from Home. From there, select “Send money”.
Source : MEXC
If you select XRP as the currency, you will be prompted to enter the network address and tag, so be sure to enter them. If you forget it, you will not be able to send money. When you have finished entering the information, click Submit to complete the transaction.
Source : MEXC
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MEXC can open an account for free. The process is very simple and will be over in no time. There is no risk, so open an account and try trading.