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Abra Wallet Review 2024
In this Abra wallet review, we will analyze this mobile app that provides various services, including crypto trading, a secure wallet, and additional features such as crypto staking and borrowing.
Table of content
Abra App Review Highlights
✔️ Abra Evolution: Abra started in 2014 as an app for sending money and transformed into a platform for crypto investments with secure storage by 2017, now combining Abra exchange and wallet features.
✔️ Multi-Currency Support: Abra supports a variety of popular cryptocurrencies, making it a convenient wallet for storing and trading major digital assets.
✔️ Custodial Shift: Abra switched from a non-custodial wallet, where users held their private keys, to a custodial wallet, where assets are stored with a third-party custodian, Bittrex.
✔️ Instant Purchases & Currency Support: Users can instantly buy cryptocurrencies with fiat money on Abra, which supports over 70 global currencies, facilitating easy deposits without extra fees.
✔️ Abra's Services & Fees: While Abra doesn't charge usage fees for its wallet service, trading includes a price spread, and additional fees can apply depending on the payment method for deposits and withdrawals.
Abra Wallet Key Features
From its multi-currency support to instant purchase options, we'll delve into what makes Abra a preferred choice for crypto enthusiasts:
✔️ Multi-Currency Crypto Wallet
Abra is a multi-currency crypto wallet offering users a convenient storage solution for their digital assets. It supports a variety of popular coins and tokens, making it suitable for the average crypto trader who focuses on major top cryptocurrencies.
✔️ Custodial Solution
Initially, Abra operated as a non-custodial wallet, giving users control over their private keys stored on their mobile devices.
However, it later transitioned to a custodial solution, storing user assets in the crypto vaults of a trusted third-party custodian, Bittrex.
While Bittrex is known for its high level of security, custodial storage carries more risk than non-custodial wallets.
✔️ Curated Cryptocurrencies
Although Abra does not offer a vast selection of hundreds of cryptocurrencies like some leading USA exchange platforms or popular software wallets, it provides a thoughtfully curated collection of the top crypto projects in the market.
Users can buy, sell, exchange, and store over 75 digital currencies, including Bitcoin, Binance Coin, Aave, Dai, Litecoin, Ape Coin, Axie Infinity, Algorand, Ethereum, Compound, Civic, Elrond, Polkadot, Dogecoin, Enjin Coin.
✔️ Instant Purchases
One notable feature of Abra is that all the supported coins can be instantly purchased through the app. Unlike many popular crypto wallets, Abra allows users to buy any available coins using fiat currency.
Additionally, crypto Abra wallet supports over 70 global fiat currencies, surpassing the offerings of many exchange platforms and crypto wallets.
How To Withdraw?
To withdraw coins from your Abra wallet, follow these steps:
- Open your Abra app and navigate to your Trade screen (purple screen).
- Tap on ‘Withdraw'.
- Select ‘Send To Crypto Wallet'.
- Choose your coin.
- In the third-party wallet you're withdrawing to, find the QR code or coin public address.
From Payment Service to Crypto Platform
Abra crypto wallet started as an online money transfer service in 2014, allowing app-based money sending.
It later evolved into a cryptocurrency investment platform, providing safekeeping for users' crypto holdings.
In 2017, Abra reinvented itself by launching a new app that merges the functionalities of a cryptocurrency exchange with that of a digital wallet tailored for mobile crypto investment.
Users can conveniently perform all their crypto operations through a single interface.
Abra Currency Deposits
Abra stands out in the crypto wallet landscape, providing users a seamless way to manage their digital assets.
This chapter will look at what makes Abra special, like its easy currency deposits, wallet service, and the range of fees for different payment ways.
Currency Deposits Without Conversions and Fees
Abra, a multifunctional app, allows users to deposit their local currency into their Abra accounts without costly conversions and additional fees.
With support for over 60 different currencies, including major ones like EUR, USD, CAD, GBP, and AUD, users from more than 150 countries can utilize Abra, excluding residents of New York.
Crypto Wallet with No Usage Fees
Abra operates as a custodial crypto wallet, meaning users do not incur any fees for using the service. The expenses of the custodial storage service are covered by Abra, with the platform generating revenue from its crypto exchange and trading business.
While there are no specific fees for trading assets on Abra, each trade rate includes a built-in market spread, typically around 1%.
Additional Fees Based on Payment Method
Additional fees may apply depending on the payment method used. For example, payment card deposits carry a 4% fee, while bank account deposits range from 0 to 0.25% based on the bank's policy.
However, users can withdraw money to their bank accounts for free, although the bank may impose charges. Crypto deposits and withdrawals also incur fees, varying depending on the specific currency and blockchain transaction fees.
Simplified Crypto Investing
In this section, we're diving into the simplicity of crypto investing with Abra, showing how the platform makes purchasing and managing digital assets a breeze.
Here's what we'll cover:
Easy Cryptocurrency Purchases and Deposits:
- Select the desired cryptocurrency and purchase immediately.
- Deposit funds for future use or buy crypto directly.
- Payment options include bank transfers, payment cards, Google Pay, and Apple Pay.
- Facilitated by trusted payment gateways like Banxa, Wyre, Ramp, and MoonPay.
- Users compare offers from different payment providers.
- Personal information and ID details are required for purchases.
Withdrawing and Cashing Out:
- Withdraw fiat currency directly to personal bank accounts.
- No need for an intermediary exchange.
- Abra Boost: Earn annual percentage rates on popular cryptocurrencies.
- Abra Borrow: Take out crypto-collateralized loans.
⭐ Is Abra wallet legit?
Abra works as a wallet where only you control your money and recovery passwords, not the company. But Abra does collect some personal information because the law in some places says they have to. So, if you want to keep your wallet secret and not share any personal details, Abra might not be the best choice for you.
⭐ How do I withdraw from Abra?
To take out Bitcoin from your Abra wallet, follow these steps:
- Open your Abra wallet app and navigate to your Trade screen (purple screen).
- Tap on ‘Withdraw'.
- Select ‘Send To Crypto Wallet'.
- Choose your Bitcoin.
- In the third-party Bitcoin wallet you're withdrawing to, find the QR code or Bitcoin public address.
⭐ Is Abra an exchange or a wallet?
One of Abra's key features is its role as a crypto wallet that safely houses your Bitcoin (BTC). Your private keys are securely stored within the Abra app on your device, ensuring that Abra never has access to them. This gives you complete control over your assets.
⭐ Does Abra need an ID?
To enhance the limits for banking transactions in the U.S., users must provide a photograph of a valid, government-issued identification. Acceptable forms of ID include a driver's license, state ID, or passport.
⭐ How do I verify my Abra wallet?
To set up an Abra wallet, confirm your mobile phone number using an SMS verification service. Typically, the verification code will be delivered within 30 seconds. Please note that occasionally, local telecommunications companies may restrict the speed at which they process these messages.
Security and Future Plans
Now, we'll explore the importance of security in safeguarding user funds at Abra and take a sneak peek into the platform's exciting plans, including releasing a crypto debit card for US customers.
Security and User Funds
Abra crypto wallet prioritizes security and implements measures in line with industry standards to ensure the safety of user funds. Opening an Abra account is similar to creating a crypto wallet, providing users with a secure platform for crypto storage and investment.
Future Plans: Crypto Debit Card for US Customers
In the future, Abra plans to issue a crypto debit card for US customers, allowing them to connect their Abra wallets to the card and spend crypto at retail locations.
Abra's Security Measures
Abra, a cryptocurrency trading platform, allows users to use two-factor authentication for enhanced security.
However, there is a debate surrounding the safety of custodial storage compared to non-custodial storage.
- Security Measures in Place
When viewed as a trading service, Abra has standard security measures in place.
It is fully regulated and registered with the US Department of Treasury Financial Crimes Enforcement Network (FinCEN) to provide fiat to crypto services. This licensing demonstrates Abra's trustworthiness as a trading platform.
- Custodial Storage vs. Non-Custodial Storage
If we consider Abra solely as a wallet, the fact that it is custodial may be seen as a drawback compared to popular non-custodial wallets.
However, to date, there have been no public records of security breaches or hacks on Abra.
Comparing Abra to Other Platforms
When comparing Abra to other popular crypto exchanges and multi-currency wallets, there are some notable differences.
Coinbase, another well-known platform, offers similar investment options but supports twice as many cryptocurrencies (150+). However, Coinbase is known for its higher fees, typically around 1% per trade.
On the other hand, Abra has an advantage over Coinbase with its Abra Boost section, which provides more staking options and higher staking rewards.
|75+ curated digital currencies
|150+ cryptocurrencies, broad selection
|Custodial, transitioned from non-custodial
|Custodial wallet, no direct control over keys
|Ease of Purchase
|Instant fiat-to-crypto purchases
|Easy fiat-to-crypto transactions
|Fee-free wallet, trading incurs spreads
|Trading fees, payment method fees may apply
|Standard security, fully regulated
|Robust security measures, insurance coverage
|Wallet and exchange integration
|Comprehensive services, including staking
|150+ countries (excluding NY for Abra)
|Available globally, service variation by region
|Abra Boost (earn APR), Abra Borrow (loans)
|Staking, recurring buys, Coinbase Earn
|User-friendly for all experience levels
|Intuitive design, user-friendly interface
|Crypto debit card for US customers
|Ongoing expansion, focus on innovation
Trust Wallet is a popular multi-currency solution that offers a wider range of storage options compared to Abra. It supports dozens of blockchain networks and thousands of coins and tokens.
Trust Wallet also has an integrated dApp browser for decentralized apps and DeFi platforms and allows users to store NFTs. However, it does not support cashing out crypto to fiat or crypto loans like Abra cryptocurrency wallet.
Abra Wallet Review: Conclusion
Abra wallet is an easy-to-use app to trade cryptocurrencies, store them in a wallet, and use other crypto services. It's good for people who like crypto because it works with many different cryptocurrencies and regular money.
But remember, buying cryptocurrencies can be risky, and you might lose money.
Abra keeps your trading safe with extra security steps and follows the rules set by trusted financial authorities. Even though there are some downsides to having Abra hold your crypto for you, you can still turn your crypto into cash and get loans with it.
Compared to other apps like Coinbase, which has more cryptocurrencies, and Trust Wallet, which has more ways to store them, Abra has its benefits.
Always think about the ups and downs of investing in crypto, as it can be unpredictable, and choose what's best for you after understanding the risks.