Introduction: How to Order a Floatwheel

By

Purchasing a Floatwheel can be a daunting process if you have never used crypto before, I just went through the payment process and thought I’d make a writeup of my experience, hoping I can help someone else. Below is the order of steps I believe makes the smoothest experience.

Supplies

Requirements:

  • A desktop computer or mobile phone
  • Identification
  • A bit of patience

Helpful Links:

Step 1: Download Coinbase/Link With Bank

Either on iOS/Android or through their website, signup for coinbase and link your account to your financial institution.

Tutorial links from coinbase if you have any issues or questions:

https://www.coinbase.com/wallet/articles/getting-started-mobile

https://help.coinbase.com/en/coinbase/getting-started/add-a-payment-method/payment-methods-for-us-customers

Step 2: Purchase Necessary Funds

Go to https://floatwheels.ru and choose the floatwheel model you'd like to purchase (make sure to account for shipping to your country). Once you have everything added to a cart, find the grand total and purchase that amount in USDC + around $10 in cushion.

If this is your first time using coinbase, they will let you buy USDC immediately, but will hold your funds for 7 - 10 days before allowing you to make a purchase with the crypto. The email confirmation from coinbase when you buy USDC will state exactly when the funds will be available to send off of coinbase. Funds will be available to transfer/use for a purchase at 4pm PST the day that coinbase states in the confirmation email.

You can get updates on when your USDC will be available to send by using the coinbase app and navigating to: "My Assets" tab at the bottom of the home screen > "My Balance" at the top > Click on "Balances" at top > Tap on "Available to Withdraw" at the bottom

For reference: USD Coin (USDC) is a digital currency that is fully backed by U.S. dollar assets. USDC is a tokenized U.S. dollar, with the value of one USDC coin pegged as close to the value of one U.S. dollar as it can get. The value of USDC is designed to remain stable, making USDC a stablecoin

Frequently Asked Question: Does payment method change how long coinbase holds my funds?

Yes and no, this hold period is calculated based on many factors such as account history, payment activity, and transaction history. If this is your first time using coinbase, it generally won't matter what payment method is used for buying USDC, they will hold your funds regardless since it's a new account (although it is possible to get around this, see below).

Exceptions: There is a way you can use federal wire transfer (FedWire) to purchase USDC and send it to floatwheel same day (even with a new account) as long as coinbase receives everything from your bank before 1pm PT on a business day. You'll need to first request a wire transfer from your bank, then go to coinbase >assests>add cash> add payment method > wire transfer. This method is more complicated and you will be charged an extra fee from your bank as well as coinbase (around $20 total) but it is possible!

Another option (only for Canada residents as far as I know) is to use an Interac e-transfer which reduces the wait period from 7-10 days to 1-2 hours without any extra fees, check your payment methods section in your app to see if that is an option available to you.

If your account is already established with previous transactions and there are no existing restrictions on your account, debit card purchases of crypto and wired funds from your bank to your coinbase US dollar balance can be used to purchase crypto to send off of coinbase immediately. If you'd like to learn more about the details, visit: https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/available-balance-faq

Step 3: Verify Identification With Coinbase

This is a commonly missed step, as coinbase will give you a green check mark next to "Verify Your Info" on their website, but verifying your information is different than verifying identification!

Immediately after buying USDC, attempt to transfer it. In the app, on the home screen you click “transfer” , “send crypto”. On the website you go to the home screen in the top right you click the button “send and receive” this should prompt an ID Verification, upload your driver's license. By doing this step immediately after purchasing USDC, you will have the 7-10 day waiting period to make sure your ID is verified before making the purchase.

Note: I had problems with this step which required contacting coinbase support, if you're in the US, the number for this support line is: 1 (888) 908-7930

Step 4: Place Order for Floatwheel

Through https://floatwheels.ru place the order for your floatwheel, this will create an order number and keeps your place in line. No payment is required for this step.

Creating an account with floatwheel is optional but helpful and recommended.

Step 5: Open the Payment Link

Once you receive the email from Tony with a link to make the full payment, when you're ready, click on the link (It is recommended to do this on a desktop computer, particularly a Mac for added security).

Once the link is opened, it will prompt you to enter Name/Email/Shipping address, then asks if I’d like to express checkout by paying with coinbase or pay with another wallet.

Note: If you take longer than 1 hour to complete the purchase after opening the link, the session will expire. You can simply close out of that window and open up the link again to start a new session.

Step 6: Express Checkout With Coinbase

Select "Pay with Coinbase" which opens a new window and promts to enter your login to Coinbase. Once it says connected to coinbase, go back to the checkout window.

Step 7: Verify Correct Details and Submit Payment

At the checkout screen it now summarizes the transaction before you submit, it defaults to Polygon as the network (the recommended network from Floatwheel).

For reference, a $1869 order has a network fee of 4 cents.

Submit by clicking “send now” and it will send you to a confirmation screen with an order number. You will then receive an email from coinbase summarizing the completed full payment.