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I just bought Monero on Binance exchange and a warning came up saying I need both a payment address and payment ID, or my money spent will be lost. This didn't happen with other transactions.

Please help me. I can't afford to lose my investment in Monero!

Thank you!!!

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2 Answers 2

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Typically when you 'join' an exchange, everyone's coin is in a single address/wallet run/owned by the exchange. The payment ID is a way to keep records of who owns what. Kinda like a sub wallet. Or your account number. The exchange should give you a payment ID to use for the transfer.

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  • Thanks Dave! Do you think it is OK to click the "I Understand. Continue." button to deposit my Monero purchase on Binance? And when will Binance give me the Payor ID? Upon deposit, or when I want to sell/trade?
    – Stopher
    Commented Jan 10, 2018 at 14:40
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Looks to me that you need a wallet for XMR. You can use wallet from freewallet.org for yours phone so you will get payment address and payment ID when yours wallet is activated.

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    Thank you Amit. This answer came from Dave: 'Typically when you 'join' an exchange, everyone's coin is in a single address/wallet run/owned by the exchange. The payment ID is a way to keep records of who owns what. Kinda like a sub wallet. Or your account number. The exchange should give you a payment ID to use for the transfer." Do you think it is ok to click the "I Understand. Continue." button to deposit my Monero purchase on Binance to get it deposited?
    – Stopher
    Commented Jan 10, 2018 at 14:35

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