Updated: Dec 20, 2019
Abra is a crypto app and mobile wallet that allows people to invest in both traditional, digital and crypto assets, including stocks and ETFs. It also allows users to manage their portfolio on the go. The app is available to both iOS and Android users, making it simple for beginners to start trading.
The user interface on the Abra app is very straightforward and you can easily find the features that you are looking for. Abra is the go-to app for beginners, looking to purchase Bitcoin since they can do it straight through their credit or debit card.
Crypto trading, involving equity investing and purchasing crypto coins comes with a learning curve that requires attention, care, and prudence to generate the best results. The Abra team takes things a step further for newbies, by making a wide range of useful resources available, which includes their guides, research, Bitcoin 101, and FAQ section.
This user guide will explain what Abra is all about, its features, pros, cons, a list of supported coins, trading fees and the process of getting started on Abra.
Who they are and what they do?
Abra was founded by Bill Barhydt and Pete Kelly in 2014. Since then they have managed to attract some noteworthy investments from numerous venture capital funds, including Arbor Ventures, Jungle Ventures, and American Express. The team is based out of Silicon Valley and also retains an office in Manila.
The platform originally incorporated a network of Tellers in multiple locations, including the Philippines and the United States, which allowed Abra users to make remittance payments and cash transfers through face-to-face meetings.
In 2017, it started allowing US Dollar bank transfers and deposits via American Express cards. The platform also began allowing users to trade Bitcoin, around the same time while limiting their Teller payment system in the Philippines. Today, Abra supports around 30 cryptocurrencies and over 50 fiat currencies to invest in stocks/ETFs and cryptocurrencies.
Pros of Abra
Easy to use mobile app
Can be used to make money transfers
All-in-one exchange and wallet
Wide range of funding options
A wide selection of cryptocurrencies, fiat currencies, and stocks/ETFs
Cons of Abra
No native altcoin support
Banking services are geographically limited
Higher in-app purchase rates
Additional Bittrex exchange fee
Why Should You Consider Abra?
Abra is an easy to use crypto trading app that allows people, especially beginners to interact with stocks, ETFs and cryptocurrencies. It allows easy funding of wallets with fiat, such as USD, GBP, EUR or cryptocurrencies such as Bitcoin to invest in other assets.
Abra is a non-custodial wallet, which allows users to remain in control of their funds and easily exchange assets. The reason Abra is a solid choice for anyone looking to start in the world of crypto investing, as it offers a simple platform and valuable online resources. It also offers access to more traditional investment options making it suitable for the average trader.
One major drawback of this app is that it does not natively support altcoins at this time. The service relies upon Bittrex, to exchange BTC for other altcoins and this can incur significantly higher fees.
Despite this, a lot of people prefer Abra over other apps and exchanges since it provides a simple, straightforward and easy-to-use service. It is a fantastic option for people looking to buy-and-hold assets. Active users or day traders who find the services unsatisfactory may prefer centralized exchange apps that offer more advanced tools.
List of Digital Currencies Accepted in the US
When using the app, Abra gives you access to around 30 cryptocurrencies including Augur (REP), Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Cardano (ADA), Dash (DASH), DigiByte (DGB), and Dogecoin (DOGE).
You can also trade in EOS (EOS), Ether (ETH), Ethereum Classic (ETC), Golem (GNT), Litecoin (LTC), Lisk (LSK), Monero (XMR), NEM (XEM), NEO (NEO), OmiseGO (OMG), QTUM (QTUM), and Ripple (XRP).
Other notable currencies on the Abra wallet include Siacoin (SC), Status (SNT), Stratis (STRAT), Stellar (XLM), TRON (TRX), Verge (XVG), Vertcoin (VTC), Zcash (ZEC), and 0x (ZRX).
You can get a complete list of all supported coins here. Currently, only natively supported cryptocurrencies can be directly deposited or withdrawn on the Abra app. However, the team is working towards changing this.
Abra Trading Fee
Abra offers cryptocurrencies on some of the most competitive rates. There are no fees for adding or withdrawing funds to your bank. There is a 4% fee if you add funds via Amex cards. Funds via MasterCard or Visa are added through Simplex and they may charge a fee.
Transaction for exchanging between two currencies is free on the Abra wallet, as is sending funds to another Abra wallet. However, Abra will take a cut of the exchange spread. This is the money Abra saves traders by exploiting global cryptocurrency fluctuations.
You can get a complete fee structure on Abra here.
How to Get Started on Abra
You need to download the Abra app from either the Google Play Store or Apple App Store. The next step is to enter basic information, including our name, email address, and mobile phone number. Abra will then send a text that contains a unique verification code. You will also be prompted to create and confirm a four-digit pin to protect the security of your Abra wallet.
You will be asked to confirm whether you are a resident of the United States or not, and prompted to create a recovery phase in case you lose your phone. Make sure to make a note of your recovery phase since this will allow access to your wallet if you lose your phone.
Funds can be added to the Abra app immediately once these steps are completed. You can add funds to your Abra wallet via a bank transfer, credit card, or from any other crypto wallet.
The app allows easy view and management of the crypto portfolio from within the app. You are now all set to exchange cryptos or withdraw funds to another crypto wallet or your bank account.
How to Fund Your Abra Account?
To begin making transactions, you need additional funds after installing and setting up your wallet. In the US, you have the option to link a U.S. bank account, use a Visa or MasterCard credit or debit card. You can also use your American Express card transfer cryptocurrencies from any other external crypto wallet.
Abra also offers the option to set up wire transfers through a U.S.-based bank, for making deposits and withdrawals. However, there is a limit of $500-$40k per day, depending upon the account type with no Abra fee. Also, your bank may choose to levy an additional fee.
Abra makes dealing in cryptocurrencies very simple and efficient. The fact that Abra makes use of standard security protocols to help secure user wallets, makes it one of the safer options. Not to mention, PINs, mobile number verification, and seed recovery phrases during the setup process help in making your account more secure.