[Instructions] Depositing & Withdrawing IOTX with Coinbase

larrypang · August 11, 2021, 7:04am

Depositing & Withdrawing IOTX to Coinbase

We’re honored to be the first Blockchain & IoT project listed on Coinbase, the world’s largest exchange. In this thread, we explain how to deposit/withdraw ERC20-IOTX to/from Coinbase.

IMPORTANT: Coinbase only accepts deposits/withdrawals of ERC20-IOTX (from Ethereum). Do NOT send native IOTX (from IoTeX) directly to Coinbase – this will result in loss of funds.

Depositing IOTX to Coinbase

To deposit to Coinbase, use the ioTube cross-chain bridge to convert your native IOTX (on IoTeX) to ERC20-IOTX (on Ethereum). After you have ERC20-IOTX on Ethereum, you can send directly to your deposit address on Coinbase.

Access the ioTube cross-chain bridge from either Desktop or Mobile:
a) For ioPay Desktop users, first open the ioPay Desktop app and unlock your wallet. In your browser, visit the ioTube v4 website and click “Connect Wallet” to sync your ioPay Desktop app.
b) For MetaMask Desktop users, first configure your MetaMask for the IoTeX Network using these instructions. In your browser, visit the ioTube v5 website and click “Connect Wallet” to sync your MetaMask.
c) For ioPay Mobile users, open the ioPay Mobile app and unlock your wallet. Select the “Discover” tab, and click the ioTube Dapp icon. (Don’t see the “Discover” tab? Follow the instructions here.)
In ioTube, select IoTeX as the “source” blockchain and Ethereum as the “destination” blockchain, and select IOTX from the drop-down menu. Enter how much IOTX you wish to convert, as well as the Ethereum address where you want to receive these tokens. (IMPORTANT: make sure you have the private key of this Ethereum address, do NOT use an exchange address). Once you complete all fields, click “Convert” (note: there is a 2,000 IOTX bridge fee to pay for smart contract gas). Please wait up to 5 minutes for the conversion to complete.
Once you have ERC20-IOTX in your Ethereum address, send your ERC20-IOTX to your Coinbase account. You can follow these instructions.

Withdrawing IOTX from Coinbase

To withdraw from Coinbase, first withdraw your ERC20-IOTX to your Ethereum address. Then use the ioTube cross-chain bridge to convert your ERC20-IOTX (on Ethereum) to native IOTX (on IoTeX).

From your Coinbase account, withdraw your ERC20-IOTX to your Ethereum address. You can follow these instructions.
Open your MetaMask Desktop and unlock your wallet. In your browser, visit the ioTube v5 website and click “Connect Wallet” to sync your MetaMask.
In ioTube, select Ethereum as the “source” blockchain and IoTeX as the “destination” blockchain, and select ERC20-IOTX from the drop-down menu. Enter how much ERC20-IOTX you wish to convert, as well as the IoTeX address where you want to receive these tokens. (IMPORTANT: make sure you have the private key of this IoTeX address, do NOT use an exchange address). Once you complete all fields, click “Convert” ( note: there is a a small bridge fee to pay for smart contract gas). Please wait up to 5 minutes for the conversion to complete.
After conversion, you will receive Wrapped IOTX (WIOTX) in the IoTeX you submitted. To unwrap WIOTX to native IOTX, visit mimo DEX, go to the “Swap” tab, and choose WIOTX in the first drop-down menu and IOTX in the second drop-down menu. Click “Convert” (this is a 1:1 swap and free) and you will receive native IOTX in your account.

For questions on ioTube, please reach out to us on Discord.

For any other questions, please contact Coinbase Support.

Bwag · August 11, 2021, 11:10am

Where was this 8 hours ago lol. Thanks for saving others from losing their money.I know they appreciate it.

robertmagee1989 · August 12, 2021, 4:31am

I need help. I didn’t see this till now. Can my funds be saved? What can I do. I sent coins from hotbit exchange to Coinbase pro.

Gordon · August 12, 2021, 11:24am

Wonder if you have any advice.

I did a small test transfer from coinbase to my iopay wallet using the eth address last night but it doesn’t show. It does show the tokens on etherscan.

Can you clarify if its a metamask ethereum address I should send to initially?

I think I may have made a mistake there.

sheepdogconcept · August 13, 2021, 7:08pm

LarryPang while your post is insightful it is lacking real details in the process that prevent anyone from actually performing the task. Myself and others have tried numerous times in various combinations to follow your vague instructions and there are just far too many gaps and omissions in your instructions.

What would be useful is a transfer to and from Coinbase that actually works without a retail user having to become a professional software engineer. I wonder if the IoTex team understands what impact this fallacy is going to have on it’s image as a retail investment product?

i can see my funds in metamask and i can connect to iotube, from there it would be helpful if there were some screen shots. it seems iotube does not recognize any of my funds at all. mark

update got up to the point of “Please wait up to 5 minutes for the conversion to complete” after several 30 minute rejections for various reasons still not able to get the conversion done no matter how much i pay which is unlimited.

i never get a chance to confirm the fee and latter it always says Insufficient funds. tho i have a good amount in there. i can never confirm the fee that is being charged, the icon is greyed out.

sheepdogconcept · August 14, 2021, 3:45pm

Warning: IoTex ioPAY App will not accept Coinbase Pro transfers. You may lose all your Crypto.

What is this post about in summary:

If you are using Coinbase Pro and transfer your IoTex to the ioPAY App, your IoTex will not make it to the ioPAY App even though ioPAY gave you the address to send it to.

You will now be lost is a sea of 3rd party App’s to try and recover your funds.

What you expect:

You expect that you can transfer from Coinbase Pro to ioPAY App but you might lose your cryptocurrency completely to 3rd party App’s.

It’s not that Coinbase Pro fails to send your Crypto - it’s that ioPAY App will not accept the Crypto at the address they give you to send it to.

What is ioPAY:

ioPay is the official IoTeX secure mobile wallet - a great option for users who frequently send tokens, vote for Delegates, interact with XRC20 tokens or smart contracts. ioPay is the secure mobile wallet for IoTeX Network.

My story and information that may help others…

All excited about IOTX I bought about 10,000 IoTex on Coinbase Pro at the very highest price which is not a big deal as I like the project and think it will do very well as a investment. That is if the IoTex team will respond to public feedback on fixing the failed convoluted transfer method to ioPAY App.

Saga continues read on…

Transfer from Coinbase Pro to IOPAY Fail.

Learning I could stake IoTex I promptly sent the funds to my ioPAY App only to see that the funds never made it, they are now lost in 3rd party App limbo land.

What you will learn if you use Coinbase Pro is that the address ioAddress will not be accepted when trying to withdraw IoTex, instead you will have to use the Web3Address found under settings within the ioPAY App. Coinbase Pro will then send your IoTex to the ioPAY furnished Web3Address, but big surprise the IoTex never show up and you have now go looking where your money went.

So within Coinbase Pro you can go to the withdrawal transfer and click on the Destination Address: and the Transaction Hash: to see your precious hard earned money is at least recognized by someone if not the IoTex team and their software.

Saga continues read on…

How to visit your missing funds that failed to be received by the IoPay App.

Elsewhere you may find in a help section of IoTeX Community instructions for Depositing & Withdrawing IOTX to Coinbase , which while insightful is lacking many details you need to actually be able to accomplish any task.

IoTex recognizes there are investors who’s cryptocurrency is now lost, possibly only to be found by 3rd party app’s clearly by the posted help thread above.

This is the responsibility of IoTex to fix if they plan on having any public success beyond developer involvement in the project.

Myself for now just see my IoTex crypto in other 3rd party wallets with no idea when or if IoTex will work to resolve not accepting transfers to an address that they themselves handed out. This is not the retail users responsibility to fix otherwise IoTex should not claim to be in the retail arena such as being listed on Coinbase Pro.

Mark

Jrynkiew · August 16, 2021, 2:02pm

You don’t understand what you’re doing doing, don’t blame others for your fallacies. It is clearly written in Larry’s post that the tokens you bought on Coinbase are Ethereum ERC-20 tokens. The native IoTeX blockchain doesn’t work on Ethereum, nor does it have any connection to Ethereum, other than through an ioTube bridge.
If you want to send your tokens to you ioPay app, which uses native IoTeX blockchain, you need to use the “bridge”. It bridges IoTeX and Ethereum (plus some others).

So follow larry’s instructions, and recover your tokens, since even you write, that you can see them in your MetaMask account…

concreterainbow1 · August 18, 2021, 1:11am

I did the same thing. I used the etherium address and sent etherium from coinbase. Looks like I lost the etherium

ioguyguy · August 18, 2021, 3:16pm

So i am in a similar situation, i had wanted to transfer IOTX from bitmart to coinbase. From what i gather, bitmart is native IOTX and that is why i could not send it to CB?
So I was able to move it from bitmart to trustwallet, but how can i exchange native iotx to iotex-E for CB? the iotube doesnt seem to let me choose native IOTX to convert to IOTX-E. what am I doing wrong or am i going about it wrong?

Jrynkiew · August 18, 2021, 10:02pm

If we understand you correctly, you are attempting to send your native IOTX tokens from Trust Wallet to Coin Base.

This operation is quite complex, since it involves sending tokens from one blockchain to another. Trust Wallet uses native IOTX blockchain, while Coin Base uses Ethereum blockchain ERC-20 tokens called IOTX-E which represent native IOTX tokens in a 1:1 ratio.

This can be done from an Android phone or Desktop Metamask compatible browser.

For example, for Desktop:

You need to install Metamask - it will generate a new account for you. (You can also use your current account if you already have Metamask, in that case just skip this step)
Go to ioTube V5 - Beta, connect using your Metamask - it should ask you to add the IOTX rpc to your Metamask account. Accept it
Convert your Metamask Web3 address you just created to IOTX native address using Tools - IoTeX (paste in the Metamask address which begins with something like 0x…, click convert, and you should get the native IoTeX representation of that address, which begins with something like io…)
Send your native IOTX tokens from Trust Wallet to this converted address (io… address)
You have now sent your tokens from native IOTX Trust Wallet to native IOTX Metamask. The fact that in Metamask your address has a “Web3” or “Ethereum-like” representation doesn’t mean you sent the tokens to Ethereum. It is still on the native IOTX blockchain, the only difference is how the address is cryptographically represented in order to be compatible with “Ethereum based” tools like Metamask. IoTeX use a babel-api tool to emulate Ethereum-like behaviour on native IOTX chain, thus allowing us to use Ethereum tools like Metamask to perform native chain operations.
Now that you have your tokens in your Metamask wallet on native IOTX blockchain, you can send them through ioTube to any compatible blockchain, in your case Ethereum, since you want IOTX-E to send to Coin Base - ioTube V5 - Beta - Simply select IoTeX to be on the left and Ethereum on the right in the interface.
Select your tokens, enter the amount, enter in your ETHEREUM address (the real Ethereum blockchain address you want to send your tokens to, not just any Ethereum-like Web3 wallet)
Pay for any fees associated with the operation, and in some minutes your should get your tokens on Ethereum as IOTX-E

Note for points 7-8: Sometimes when you want to send IOTX from IoTeX blockchain to another blockchain using ioTube, you will not find IOTX in the list of tokens you want to send. In those cases look in the destination blockchain token list and see what compatible coins it allows - is it CIOTX or WIOTX or just IOTX. You can use mimo V2 to convert your IOTX to WIOTX, and ioTube V5 - Beta to convert your IOTX or WIOTX to CIOTX.

Hope this helps you and any future readers

CryptoKnight · August 26, 2021, 10:09pm

Oh, so it’s the user’s fault that any withdrawals are made on the Ethereum block chain and not the native block chain?!? I had similar issues BEFORE they posted the “fix”. So what do u have to say about that?!? They posted this fix, which consists of downloading 12 Apps, completing 15 top secret missions for the CIA, and then connect to a bridge to get ur funds back, after possibly hundreds if not thousands of users encountered issues. This is a poorly ran project and it’s doomed to fail. I ended up dumping this bag of useless tokens, converting to ADA and staking there. They shouldn’t expect users to go through all these hoops to move their crypto. If the Eth address wasn’t a good look for them, they should have supplied a native address for their blockchain. They were quick to rush a listing on COINBASE, but then neglected to tell everyone the headaches they’d encounter when purchasing the token on Coinbase. Not the user’s fault. Bottom line. Don’t blame users for a poorly ran and executed project. If they don’t fix things quick, this will all just be one big shit coin among the thousands of others.

Jrynkiew · August 27, 2021, 10:31am

OK. Not the user’s fault, point taken, but buying and moving tokens is not for the faint hearted, and you should have done some research on the token / project before moving it out of Coinbase.
Don’t blame others for your lack of understanding, is my point.
Either way, your tokens are not lost even if you made this “mistake”, so what are we even talking about?

zimne · August 27, 2021, 1:25pm

As pointed out by other users, please notice that this is not a limitation/fault of IoTeX or Coinbase. Rather, this is a lack of knowledge of blockchain basics and what you are buying on the exchange. e.g., you cannot transfer a token from one blockchain to another, ever. What you buy on Coinbase is an Ethereum ERC20 token: you cannot expect to withdraw it to a blockchain other than Ethereum. Period.

Now this is not the case where you will loose your tokens because you withdrew to an address for which you own the private key (see this post for more: For those who have issues withdrawing IOTX from Coinbase - #3 by trengen), but if you are not aware of this basic concept about blockchain you are most likely going to lose your funds, whatever token you pick.

So my suggestion is to be very careful before you make any token transfer: ask in the communities if it’s fine to send to a specific account, exchange or contract. Learn the basics of blockchain, some excellent videos here:

Finally, don’t hesitate to contact us and other community members for help.

Cheers

CryptoKnight · August 27, 2021, 1:45pm

“Don’t blame others for your lack of understanding”. So you still don’t get it?!? You just somewhat retracted the statement, but then turn right around and blame the users again. I’ll repeat: IT IS NOT THE USER’S RESPONSIBILITY TO BE A DEVELOPER OR SOFTWARE GURU! Most people on Coinbase just wanna buy/sell crypto. They don’t want to complete CIA missions or download 15 Apps to accomplish what other tokens do natively. They rushed it into Coinbase, without a proper bridge to their native block chain. Lazy development. Bottom line. Project/Company’s fault, not the user. I’m in IT and I’m pretty good around tech and software and I COULD NOT get their Native Wallet to recognize the tokens on my Ledger device. Their own app on the ledger device doesn’t work. I guess that’s the users fault as well? Again, I don’t know what your angle is, maybe you’re staff, or maybe you think brown nosing on their forum will gain you some tokens or something, I don’t know. BUT, to blame the users for bad compatibility and lack of proper development before release is ridiculous. No other token or coin I have ever dealt with was this problematic. And trust me, I have plenty of “understanding” and most likely will run circles around you when it comes to software/tech.you and the other guy make a cute blame couple. He’s going on about it’s not IoTeX OR CoinBase’s fault that they use a ERC20 Token. And it’s not their fault for not announcing the nightmare it would be if u use CoinBase to trade the tokens. They released this silly article after many people ran into issues. Again, this is all the user’s fault. This project is doomed.Kinda glad I experienced this early enough to just dump it. Took some losses with gas/fees, but I’ve seen worse days.

Jrynkiew · August 27, 2021, 3:21pm

You have no constructive feedback, and once again you mention only the failures of others. Please stop ranting, and provide some constructive feedback on what could have been done better

ingwald · October 22, 2021, 11:34am

Sooooooo, am I able to reclaim my lost IOTX or not? I did a transfer from Crypto.com to Coinbase and although it was a month later, this article did not come across my screen. There were no alerts or anything from either application when I made the transfer. I am able to see the funds in IoTeXScout, but not in Coinbase.

Does the above-mentioned solution work if the funds were already sent?

AleCR · November 3, 2021, 8:08pm

HI, today I sent my IOTX from Binance to Coinbase through Binance Smart Chain (BEP-20) because that is the adress that appears to me when I choose to receive IOTX in Coinbase, so I did it and Binance approved the transaction in a few minutes and now I have been waiting for some hours but my IOTX doesn’t reach Coinbase, did I lose my funds? Thanks in advance for your help.

RickyDA1 · November 4, 2021, 1:10am

Same here…did it ever show up?

rudolph1994 · November 4, 2021, 2:56am

As sad as it is to see this happen, its somewhat comforting to know i am not the only one. I transferred my IOTX from Crypto.com into coinbase. I am new to this whole concept of transfering a native coin to an Ethereum based coin. I just assumed that because I have transferred ATOM between Crypto.com & Coinbase before, that this would be no different.

I would greatly appreciate any help or insight into how I could go about getting my funds back (if at all possible).

I have all the information regarding this transfer that is available to me from the Crypto.com App. I dont know if this is enough, but I can see all the information of the transfer, being the transaction hash, both sending and receiving addresses, and the amount being transferred. Coinbase is NOT being helpful in anyway and everytime I submit a ticket for help, they hit me with an automatic message. See below:

RickyDA1 · November 4, 2021, 8:26am

Hi…yes, the same here. Coinbase is terrible. I keep getting the same auto bounce back with no help.

I am out 8K coins, which will probably be much more valuable in the coming weeks.

Not sure what I can do.

I may try to contact a real person at coinbase…not sure how yet.