How to deposit ETH from Coinbase to Incognito

[Tryche]

This will be a walk thought of a small transaction from my Coinbase account to my Incognito Privacy Wallet. I currently maintain basically a zero balance on Coinbase as I only use this account to purchase my Crypto and then immediately transfer it wherever I want those funds to go.

Please read this tutorial before making a deposit just to minimize possible mistakes.

I will need to fund my account for this ETH purchase. I have done the KYC process so I will fund my Coinbase account with my bank account so I can make this Crypto purchase. I will be buying ETH and then transferring it to my Incognito wallet “Account 0” under the “Assets” tab in the app. I do not hold any crypto in my “Account 0” it all goes to staking once it’s with Incognito.

Open your coinbase account on your browser, or use the app. (I am going to use the app for the walk though in this tutorial) You will see your account home page.

If you do not have an account - you can open one here it is free to open an account and you can actually earn free Crypto from Coinbase by being a member. Kinda a nice perk!

Alright, now I will assume you already have a balance in your coinbase account that you would like to move to your Incognito privacy wallet. In my case, I will transfer all my ETH to my Incognito privacy wallet. To begin transfer of your ETH from Coinbase to Incognito click on whichever coin you are transferring, were using ETH. in the center bottom of the screen, you see a blue button with ← → type arrows open that button and you get this screen.

We are going to be sending Crypto so click the “send” tab.

You will then see the following screen.

In my case, I am sending all my ETH from Coinbase to my Incognito wallet. You choose how much you want to send. Click “continue” to bring up this screen

PLEASE note! Make sure you send your ETH held in your Coinbase account to your Incognito wallet’s generated ETH deposit address! You find this address by opening the “Assets” tab. Click on “shield” this will bring up a list of coins you have addresses already created to make deposits to (if a coin is not listed here, you can add it) For this transaction we of course want to make a deposit from one ETH wallet (Coinbase) to another ETH wallet (Incognito) so scroll to where you see Ethereum in your list. You can also simply click the “Shield” button, and scroll to Ethereum as well. Either way will bring you to this screen.

This generated deposit address can only be used for one transaction. You will have to generate a new deposit address in case you want to deposit multiple ETH amounts.
You see a countdown timer. Do not worry about this. I have never had any transaction take any longer than 40 minutes to confirm, and transfer from Coinbase to my Incognito wallet. Just my experience. ETH transactions tend to be slowest. Copy your (Not mine in the pic! Its incomplete anyway) wallet address from your incognito wallet back into you “send to” wallet address in you “Send” window on Coinbase.

Please make sure if you are doing ETH transactions, to have GAS fees covered/accounted for. Gas is not a transaction from Incognito just so were clear.

I am going to track exactly how long this transaction took for a working example in the tutorial. Please note. I generally purchase Bitcoin, due to the ETH blockchain, I do expect ETH transactions to be a bit slower. Especially during congested times like currently going on. Personally, maybe it’s because I am older and I remember a time before we all expected everything immediately! So I am fine with waiting a bit for the transaction to confirm. Just like being an active trader, sometime patience is worth the wait!

Coinbase transaction from my ETH deposit to my Incognito wallet started at 10:59AM

@ 11:10AM pending[4]

@ 11:22am pending [5]

@ 11:28AM transfer complete!

If you wish to move your ETH around in your Incognito Wallet (for example, to trade or stake) you will need to have a tiny amount of PRV to cover fees.

I am no editor by trade, so I really hope this is clear, and really does help!

[Tempestblack]

That short tutorial was very cool and straight to the point…you might to note to the person that they have to have enough ethereum in their coinbase ethereum wallet to pay for any gas fees as well associated with the transfer into the Incognito network

[Tryche]

@Tempestblack Thank you! I edited to reflect your suggestion. I did forget to cover that! Thanks!

[Tempestblack]

No problema…

[Revolve]

Hopefully you are using coinbase pro, as regular coinbase hits you with the mega fees. Coinbase pro uses the same account, I think there is also a coinbase pro app, but I mostly use the web version.

If your buying lots of crypto, you will lose so much money in fees from using the normal coinbase app.

[Tryche]

currently, I only do small transactions on Coinbase. When I find a better option I will switch. I use Coinbase Pro for trading. But these days thanks to my states laws I do not actively trade do to the restrictions.

remember, it was done as a tutorial, not as “Hey Coinbase is the best”.

[Tempestblack]

Costly are the fees on regular coinbase…and well Coinbase Pro does charge alot less when making trades or puchasing/selling crypto…but then Coinbase regular is really simplified interface and it’s like buying something on amazon…but with Coinbase Pro the person needs to have an idea about what a trading platform is and the differences between regular Coinbase which is like going to walmart or amazon to get your crypto…lol…but when going to Coinbase Pro…well it’s like hitting the roulette table in Vegas…lol…no no only kidding but yea it’s different…I would advise a total newbie to the crypto verse and all to take those first steps in regular Coinbase before going onto their Trading platform…

[Ssmccul]

@Tryche I wouldn’t advise to send any ETH or other assets directly from your Coinbase account to the Incognito wallet. Coinbase’s wallets are under custody, meaning you DO NOT control the private keys. If a transaction fails or has some other issue, you must deal with Coinbase support and wait for them to fix your issue.

I would reccomened that you send ETH from Coinbase to a wallet you control first (Not incognito) before you send it to Incognito. You may even want to make a few hops between other wallets to extend the trail, moving the ETH to 4-5 brand new wallet addresses before depositing would lower the ability of a company like Chainalysis from automatically detecting where your ETH went.

By sending the ETH directly from Coinbase to Incognito wallet, you’re probably immediately flagged by their analytics department and set at a higher level of suspicion.

[Tryche]

Thank you for sharing. Again, it was a tutorial not a recommendation to use coinbase. I have no issue with being flagged. I’m not doing anything shady. If anyone wants to sweat me over a total of 1k bough in a year. Fine by me. I’m not trying to hide.

[Tempestblack]

LOL…agree totally with you Tryche on that point…but definitely like Ssmccul’s advice if one decides to do the extra work…thank you Ssmccul for advice…will keep in mind…

[andrey]

@Ssmccul your advice sounds quite reasonable and useful. Pretty sure quite a lot of people are looking for a way to anonymize their BTC.

Think about the idea to make a big post or video on how to do it. I might be very useful to many people.

[Tryche]

@Tempestblack That is why I did the Tutorial. I also feel if someone in New to cryptocurrencies, and they want to start buying, I highly recommend they start with Coinbase they they are comfortable enough to branch out!

[Tryche]

@everyone with ETH GAS fees being so high when the ETH blockchain gets busy. I may create a tutorial on how to buy ETH though Incognito for far less in fees. I will be playing with tranasctions to determine lowest price options and potentially create another Tutorial.

[Joan]

Can I deposit ETH from Metamask, is it the same process?

[andrey]

Hey @Joan welcome on the forum!

Yep, currently, the process for Metamask is the same as for other wallets. Simply make a transaction to a shielding address you got in the Incognito app.

If you are active Metamask user, you might find interesting. We just published a new road map, where we aim to make integration with Metamask:

@andrey

|pMetamask (Shield directly from Metamask)|Q1 2021|

Such integration will make shielding/unshielding process easier and faster.

[tangiblebitcoin]

I tried to withdraw bitcoin from coinbase and it failed… or was it eth… nonetheless ill have to read this more thoroughly

[Chucky]

@tangiblebitcoin Hey, let us know how that goes.