For those who have issues withdrawing IOTX from Coinbase

I see many Coinbase users are having issues withdrawing their IOTX tokens from the Coinbase platform, trying to send them directly to their ioPay wallet.

:raised_hands:t2: First of all, no worries: as long as you don’t delete the address from ioPay, your tokens are not lost. Please read more to learn how things work.

In short

IoTeX runs its own blockchain, where native IOTX tokens live. But there also exist IOTX tokens on Ethereum (ERC20) as well as on other blockchains. Coinase trades ERC20 IOTX tokens, so you can only withdraw those tokens to the Ethereum chain, and you need a wallet connected to the Ethereum chain to see those tokens, while ioPay is connected to the ioTeX chain.

What happened

Keep in mind that when you withdraw or do any blockchain wallet transfer, you don’t transfer tokens into a specific wallet app (e.g., into ioPay, or into Metamask, or into Trust, or whatever): blockchain tokens always live on a blockchain , a “transfer” simply transfers the ownership to a different address on the same blockchain, it doesn’t move the tokens themselves in any way. The tokens always sit on the same blockchain as the sender (whatever the recipient address is, whatever wallet you used to generate the address).

So if you withdrew from Coinbase, since Coinbase trades the ERC20 IOTX token on the Ethereum blockchain, whatever address you set as the withdrawal recipient, your tokens were assigned to that address but on the Ethereum blockchain. This is not an issue with ioPay, or Coinbase: this is just how blockchain works. If you want to see the tokens in your wallet, you should use a wallet connected to Ethereum, because you are withdrawing an Ethereum token.

Recover access to your tokens

So, now you don’t see your IOTX in ioPay simply because ioPay is not looking at Ethereum (it’s looking at the IoTeX chain), and to get access to them you need to access the recipient address on the Ethereum blockchain, and you need an Ethereum wallet for that like MEtamask, not ioPay.

Now, since you created that address in the ioPay app, this means that after all you own the private key for the address: just **visualize the key in ioPay:

and import it in Metamask**:

(make sure Metamask is connected to the Ethereum mainnet) and there you’ll find your IOTX.

Maybe you have to add the IOTX custom token to the Metamask Assets to see your IOTX. In case, add a custom token to Metamask using the IOTX token contract address on Ethereum:

0x6fb3e0a217407efff7ca062d46c26e5d60a14d69

Optionally, swap them to the IoTeX Mainnet

If you want to stake your IOTX tokens, you must swap/convert them to native IOTX, i.e. you need to move them from the Ethereum chain to the IoTeX chain. Moving tokens between different blockchains cannot be achieved by simple wallet transfers: you need a blockchain bridge for that. IoTeX provides ioTube.org: a decentralized bridge that connects IoTeX to Ethereum, BSC and Polygon (so far).

  • Just select Ethereum as the source chain
  • IoTeX as the destination chain
  • connect your Metamask to ioTube
  • click “MyAddress” to send to the same Metamask address but on the IoTeX Blockchain
  • make sure you have some ETH to pay for the gas on Ethereum
  • send your tokens

After the tx is confirmed on Ethereum, in a few minutes you’ll find your Wrapped IOTX in your ioPay wallet.

Unwrap WIOTX to IOTX

As you created a new ioPay account, you should have received a 0.1 IOTX airdrop for your first transactions gas. You can easily unwrap your IOTX directly in iotibe at ioTube V5 - Beta by first swapping WIOTX to CIOTX, then CIOTX to IOTX.

Althernatively, you can use mimo.exchange to swap WIOTX to IOTX directly in ioPay:

  • access the “Discover” tab
  • find mimo among the Dapps
  • use mimo to unwrap your WIOTX to IOTX
  • Check your new balance in ioPay
  • Use the STAKE button to start staking
3 Likes

I’m soooo confused. This is what I don’t understand. Why create a Ledger Live app that is not 100% compatible with IOTX??? You have to climb Mount Everest, Download an app, then use 3 other apps to wrap/unwrap then convert, then use Metamask to then use a bridge in order convert to native token. That is absolutely ridiculous. Might as well delete that Ledger Live App as it accomplishes absolutely nothing when trying to add or connect to the ioPay app. NEVER have I encountered such a problematic coin to deal with/stake. EVER! The ONLY way to withdraw these tokens from Coinbase is with an Eth address which complicates things and forces the user OUTSIDE of the Ledger Live ecosystem and forces you to generate private keys with nightmare apps like Metamask. Metamask is the crypto equivalent of Facebook. I will NEVER use that app. Till the staking process of this coin is simplified and made more user-friendly I highly doubt there will be mass adoption of this coin. You guys need to take a few pages off of Lido’s book. Let me explain: Open Lido app on ledger live, Lido app detects how much eth is in the wallet, Lido asks how much eth you want to stake, user enters amount and hits one button. DONE!! Eth is staked in less than 2 minutes. Another example: ADA/Daedalus/Ledger: Download Daedalus, pair with Ledger ONE TIME, transfer balance and delegate to a pool. Once Daedalus wallet is fully downloaded and synced the process literally takes less than 5 minutes. If you guy are aware that any transfers from coinbase will be with an Eth address, why not create an app that automatically converts this token to the native token when connected to ioPay? On this platform you have to complete 15 Top Secret missions for the CIA, download 5 apps/wallets to then be connected to a bridge in order to convert the coin and make it usable on the native blockchain. Lazy development.

2 Likes

:grin: It does seem like they had rushed to have this token listed on Coinbase. I agreed with you on this and gave up transferring my tokens to my IoPay wallet. The concept behind IoTex tokens sounds like a good idea, but I don’t think it’s going to take off, so no need for me to bother with it.

1 Like

Yeah, it looked good on paper, till you actually get involved in the ecosystem. Wasted several hours of my life that I’ll never get back trying to figure it out. I ended up converting the tokens to ADA and staking it on the Daedalus wallet. Funny thing though, they were busy editing and removing lines from my comment that they found to be undesirable, but didn’t bother to address not one single point/issue in the comment. Shows the kind of leadership they have. Might have dodged a bullet here. I’m not looking back.

I’m afraid it’s how blockchain work :man_shrugging:t3: Most likely you “have never encountered such a complicated token” before because you only dealt with projects that were ERC20 only, or native only.

But ioTex has a big ecosystem: not only its own mainnet with its governance, staking and tokenomics, but the token also extends to other blockchains like Ethereum, BSC and Polygon.

Now As you withdraw from Coinbase this means you are dealing with the ERC20 IOTX token on Ethereum. That’s what Coinbase decided to list, sure not an IoTeX fault. Anyway, This is no different from any other Ethereum token that you are used to: you just withdraw it to your favorite Ethereum wallet (with or without ledger, up to you) and you are fine. You can hold it there. Of course Ethereum is not the native IoTeX chain so you cannot do much with your IOTX on Ethereum.

if you want to leverage the full IoTeX ecosystem then you must “send” your IOTX ERC20 tokens to the IoTeX blockchain: that has nothing to do with any “early listings” or “IoTeX faults”: this is plain simple blockchain. In theory you cannot “transfer” a token from one blockchain to the other, ever. But thanks to our iotube.org you can do such cross-chain transfers: transfer your IOTX from Ethereum to IoTeX and that’s it.

Of course, if Coinbase would have listed the native IOTX token, things would have been easier. I guess this will require some more time.

Just let us know what your issue was: I don’t remember you asking for any help (yet you spent time posting a negative comment with no details, hm… :thinking:).

Feel free to ask your question and you will get your doubts clarified. IoTeX has one of the most advanced staking mechanisms, and a multi-chain multi-asset decentralized bridge, tons of frontier-research achievements in the IoT + Blockchain space ready to be delivered in the next releases. I can only highly recommend you to spend 10 minutes and learn how to stake. Also join our telegram community Telegram: Contact @iotexgroup

2 Likes

Thank you Sir, I’m not a total noob, but I loused this one up initially. Thank you for the guidance.

1 Like

Hello. When you use mimo to unwrap and deposit into ioPay and then send it to coinbase, I would have to convert it back into eth by using iotube, correct?

Hello. When you use mimo to unwrap and deposit into ioPay and then send it to coinbase, I would have to convert it back into eth by using iotube, correct?
Correct.

Don’t send native IOTX to Coinbase from ioPay: Coinbase only accepts ERC20 IOTX tokens (on the Ethereum network). ioPay is connected to the IoTeX Blockchain (not Ethereum) so what you see in ioPay is IOTX on IoTeX chain (Native IOTX). If you want to send to Coinbase, you need a cross-chain transfer to send them to Ethereum first.

Cross-chain is quite expensive, it’s done through a “bridge network”, IoTeX provides the ioTube bridge for this: iotube.org

Thank you for your response. Looking forward to staking soon!

2 Likes

If you have access to Binance, and you want to withdraw from Coinbase to ioPay, there is a better alternative then going through iotube:

You just withdraw from Coinbase (ERC20) to your IOTX Binance wallet address (ERC20), then from Binance you withdraw to ioPay directly (make sure you input the ioPay address starting from io1, such that Binance understands you want to withdraw to the IoTeX native chain), and you are done: quick and cheap :wink:

If you don’t have access to Binance, then you must do Coinbase->Ethereum Wallet->iotube->ioPay (as WIOTX)->mimo.exchange (unwrap WIOTX to IOTX)

2 Likes

Thank you. That would be easier. Would it matter which Binance is used (u.s. vs non u.s.)?

2 Likes

@zimne Hello. I think I may have sent my converted iotex to the wrong iopay wallet. My 364.4 wrapped iotex went to a different address. I tracked down the other, or incorrect wallet address, using etherscan.

How could I go out about getting it into my iopay wallet?

Thank you

1 Like

Actually, I got the address it went to by looking at the Receiver Address using tube.iotex.io.

It listed my correct MetaMask wallet address, so I assumed it was going into my iopay wallet address.

When I copied the other io address into iopay, it gave a warning about view only but it shows the 364.4 that used to be in my MetaMask iotex wallet.

1 Like

Not sure I understood the situation, in any case keep in mind that the iotube sends the token to the receiver address that you set.

So assuming you set your Metamask address as the recipient, and that you sent to the IoTeX chain, you should simply import that Metamask account in ioPay to get access to it on the iotex chain.

But you don’t have to import the address of the account (that’s a read-only import): delete the one you imported address-only (settings->manage wallets->swipe left to delete)

Then export the private key of the address in Metamask and import it (the private key) in IoPay

1 Like

@zimne

I figured it out! Thank you very much for your assistance!

I just needed to import it by using the key.

1 Like

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