Abra Review: Should You Try It Out?

Abra Overview

Abra is an online wallet that lets you earn interest on your crypto and stablecoins in one place. Abra is built upon allowing its users to buy, sell, hold, and trade over 100+ cryptocurrencies and build a portfolio that also earns interest at the same time.

Pros

  • Extremely easy and simple to use for newbies
  • Great for on the go type of people
  • Multiple options to fund your account!

Cons

  • Fees can really stack up if you are doing lots of trades
  • No computer access whatsoever – we’d like that option

What is Abra?

Founded in 2014, Abra is a company in Saratoga, California that operates worldwide. Abra is a mobile-based crypto wallet that will work on any Android or Apple device connected to the internet. 

Their entire mission is to create a simple and honest crypto bank to enable crypto holders to grow their assets. Abra is the world’s first global investment app designed for the future of finance.

With an awesome mission statement like this, we are excited to review Abra and see if their words match their business and actions. 

Abra Desktop Image

Abra Complete Services

Abra’s main product line is based around its online wallet, typically called Hot wallet. You have the ability to simply go on the Google Play Store or Apple App Store and download Abra on your smart wallet to get access to the service. 

From there you would only need to have your details in place for how you want to fund the account then you can immediately start buying crypto through their app.

Abra’s second service that has recently been introduced as of 2020 is their Interest-Earning feature. Abra allows users to earn incredible amounts of interest through the facilitation of their crypto and earn stable coins. 

Currencies Abra Supports

Abra allows you to purchase over 100 cryptocurrencies off of its platform and is constantly increasing. A majority of the larger capitalized coins are available to purchase on their platform as well as many smaller tokens and coins. 

This is great to see as Abra is allowing users to really find options that work for them without being too restrictive. 

Abra Fees & Costs

To get started and downloading the application onto your smartphone requires absolutely no down costs with Abra. All the costs with Abra come from the fees that are associated with buying and trading your crypto as well as earning interest.

Abra uses third party exchanges to help in facilitating the orders of the cryptocurrencies on their wallet, so this means that the costs could go be more than what you bargained for if you are planning on buying and selling large quantities. 

Deposits

Abra allows multiple avenues to deposit your funds into their platform which is extremely refreshing to see. 

It’s not every day that a wallet will give you the option to deposit cash through a teller like in the Philippines or via a bank like Guatemala, but Abra does it!

But if you aren’t in these locations the most easier and cost-effective way to fund your account would be through your bank account with the ACH method which is completely free.

If you are using Visa or Mastercard then you will be going through their partner, Simplex

Withdrawal

Altcoins withdrawals will have a fee associated with it anytime you do one of these. You can expect the costs of this to be based on the network fee and a Bittrex withdrawal fee. 

  • Bittrex is their third party exchange that is facilitating all the transactions. 
  • The network fee varies depending on the altcoin that you are withdrawing and the network its part of

Keep in mind this can get very expensive if you are trading and withdrawing coins from Ethereum’s Network due to the current high gas costs of the network.

Exchanging

Abra does not charge any fees on currency exchanges, but they do keep whatever the exchange rate spread is. 

This means that if you convert your USD to BTC, there will be a small spread built into the exchange rate that you will be able to see. 

This may not seem like a very large fee from the explanation that Abra gives us here, but users complain that the costs can be very high if you are constantly exchanging currencies between each other. This sort of problem is not Abra’s alone–you can find this with many different companies, but be aware of these when you see them.

Get Started with Abra

How To Get Started?

Where Can I Get Abra?

You can access Abra anywhere in the world with no issues. There are 4 different ways to fund your account and the options that you can have access to are geo-based.

  • Cash: Currently only available to fund with cash in the Philippines
  • Credit Card or Debit Card: Available anywhere in the world
  • Bank Account: Currently only available to fund in America and the Philippines
  • Crypto Deposits: Available anywhere in the world

To be able to fund your account with cash is definitely a nice feature for any users in the Philippines. 

Pros & Cons of Abra

Pros

  • Simple and easy to use for beginners
  • Makes learning cryptocurrency fun and introduces confusing concepts well
  • Allows for the use of cash to deposit into accounts with bank tellers for the Philippines
  • Good for people that are constantly on the go

Cons

  • Fees can stack up if you don’t recognize what you are doing or if you are high-frequency trading
  • User-friendliness can become cumbersome when you can’t see what is going on in the back end
  • Need to have an official government ID to use the platform or do anything related to banking related. KYC is a must. 
  • Only able to access on a smartphone, no ways to manage your portfolio on a computer 

Frequently Asked Questions for Abra

Is Abra Safe?

Yes, Abra has been around since 2014 and has proven its legitimacy as a platform for many years now. Their wallet is backed behind a large team of programmers, leaders, and advisors to bring to the public.

Is Abra Suitable for Beginners?

Yes, Abra is suitable for beginners especially if you have never been introduced to the world of cryptocurrency before. 

However, once you’ve established your understanding of the crypto space, Abra does not cater to anyone with more in-depth desires and goals. You’re going to want to pursue other projects that give you access to more coins and more rich features.

Where can I get Abra the Abra Wallet?

On any Android or Apple smartphone, you simply have to download the Abra wallet and provide some basic details to get started. 

Our Real Review: Is Abra Worth It?

Is Abra Worth It? Does It Help Answer All Of Our Needs When It Comes To Crypto?

Yes, we would have really benefited from Abra when we first got into space and learned about Cryptocurrency. If we didn’t have access to a hard wallet, a computer, or any other better warm wallets, then we would have been all over Abra as a wallet and used it for some time. 

Now if you’re looking to really understand the space completely and you have access to things like a computer and hard wallet, then we would have skipped Abra altogether to go after a much better solution that gives us much more freedom to make decisions and much fewer fees.

If you’re interested in giving Abra a shot after this review, then you should just make sure that you have an open mind and research all options thoroughly.