Generally speaking, a Memo or Destination Tag is almost exactly the same thing. They are unique identification codes used to determine the receiver of a transaction. Centralized exchanges like Binance and Coinbase, utilize this system because it is easier for them to manage a single address for every user on their platform. The Memo or Destination Tag will be used to correctly route the transfer of tokens to the intended receiver.
It is the users responsibility to determine the Memo or Destination Tag of the receiving wallet. Without the correct information, your tokens might not be credited to your account or it could even get lost.
On the receiving platform, the Memo or Destination Tag will be shown on the Deposit screen. Here are some examples from Binance Exchange.
Here are some assets that Trust Wallet supports that require a Memo or Destination Tag when sending them to a centralized exchange.
- Ripple (XRP)
- Stellar (XLM)
- Binance Coin (BNB) and BEP2 tokens
- Cosmos (ATOM)
- Kava (KAVA)
Trust Wallet is a decentralized wallet and it does not require a Memo or Destination Tag. When sending these tokens to Trust Wallet, a Memo or Destination is not required. All you need is the address.
The user has to contact the support team of the receiving wallet or exchange. Trust Wallet team has no way to reverse transactions once it is confirmed on the blockchain.