Abra Cryptocurrency Wallet Review

Abra BTC wallet is among the most popular mobile wallet options for cryptocurrency enthusiasts. Not only is the wallet easy to use but is laden with several noteworthy features.

Abra Bitcoin Wallet Overview

Read on to learn all you need to know about Abra wallet!

History

Founded by Bill Barhydt in 2014, Abra is one of the best cryptocurrency wallets in the business. The crypto wallet is available in the form of a mobile app and can be downloaded via Abra’s website, Google Play Store (Android) and Apple App Store (iOS). Abra app was made available to US and Philippines customers in 2015. 

2016 was a landmark year in Abra’s history – the crypto wallet was launched globally and over 50 fiat currencies, Bitcoin and Ether were introduced on the platform. Over 30 new cryptocurrencies were added to the crypto app in 2017, including Monero, NEO, TRON and Cardano.

Full support for direct Ethereum (ETH) deposits and withdrawals was launched in 2018. Abra launched interest account in 2019.

Is Abra Wallet Safe?

Yes, Abra wallet is safe. Owing to the crypto wallet’s non-custodial wallet architecture, Abra is one of the most secure wallets of its kind. Abra does not store your recover seed phrase or private key. You must ensure that you safeguard your recovery phrase and private key. 

Remember, your private key is the ONLY way you can access stored digital assets in case you lose or damage your mobile phone.  

Abra ensures that your financial information cannot be hacked by imposters – Abra uses encryption technology to secure such information. What’s more, Abra ensures anonymity of transactions. 

That said, the addition of Two-Factor Authentication (2FA) will add more steel to Abra’s security.

Abra Wallet Features

Here is all you need to know about Abra wallet’s features.  

Payment methods

You can add money to your wallet via the following payment methods:

1. Bank ACH Transfer – you can deposit up to $4,000 in a single day from your bank account + no Abra fee + processed in 0-1 business days + only for US bank and Philippines bank customers

2. Bank Wire Transfer – high bank deposit limits for bank transfer + no Abra fee + processed in 1-2 business days + only for US customers

3. Cryptocurrency Deposits – BTC, BCH, ETH or LTC + no limits + no Abra fee + processed immediately

4. Visa/Mastercard (Debit Card/Credit Card) – you can deposit a maximum of $20,000 in a single day + $10 minimum deposit + via Simplex in-app and via MoonPay on the website+ processed immediately

5. Teller (deposits and withdrawals) – Philippines only + 2% fee

It must be noted that only cryptocurrency deposits and Visa/Mastercard are available globally. You can withdraw via all of the above options except Visa/Mastercard (network fees apply for cryptocurrency withdrawals). You can exchange between any 2 currencies free of cost. Money transfer to another Abra account can be done for free.

The network fee charged for cryptocurrency withdrawals depends on the network of the cryptocurrency and varies.  

Currencies Supported

Abra supports over 100 cryptocurrencies. These include the ever-popular Bitcoin, Bitcoin Cash, Cardano, Dash, Dogecoin, Ether, Ethereum Classic, Litecoin, Monero (XMR), NEO, Ripple (XRP), TRON and Zcash.

Abra makes use of smart contracts in the form of a multisignature contract (creating a crypto-collateralized stablecoin).

The all-in-one cyptocurrency app supports over 50 fiat currencies as well, including Australian Dollar, Canadian Dollar, Chinese Yuan, Euro, Hong Kong Dollar, Indian Rupee, Japanese Yen, Philippine Peso, Singapore Dollar, South African Rand, South Korean Won, Swiss Franc, UAE Dirham, Pound Sterling and US Dollar.  

You can change your display currency by clicking on the ‘Display currency’ option which is present on the main menu bar, at the top left-hand side of your screen.

Desktop/Mobile App

As mentioned before, you can download the blockchain app via the Abra website, Play Store and App Store. The Abra crypto app offers great functionality. Set in royal purple, the app comes with a slick interface, easily available options of access and great simplicity in its functionality. 

You can buy, sell, trade and hold over 100 cryptocurrencies and earn up to 10% interest annually (while holding). As advertised on Play Store and App Store, the Abra app is the favourite crypto app of over 1 million customers worldwide.  

Forbes called the Abra crypto wallet “The Robinhood of Cryptocurrency” – high praise indeed. What’s more, the crypto wallet offers an informative blog for Abra users, which covers the latest news regarding Abra’s activities. Abra also offers educative resources, investment information and an affiliate scheme.  

Unfortunately, these resources are only available on abra.com and not on the mobile app.

Here are the current Abra interest rates on your favourite cryptocurrencies (9 are available at the moment):

1. Bitcoin – 4.5%

2. Bitcoin Cash – 4.0%

3. Litecoin – 4.5%

4. Ethereum – 5.0%

5. Stellar – 4.0%

6. Tether – 10.0%  

7. USD Coin – 10.0%

8. Paxos Standard – 10.0%

9. TrueUSD – 10.0%

Countries Supported

Abra crypto wallet offers its services to customers in over 150 countries. 

These include Australia, Canada, China, Eurozone (various European countries), Philippines, United Kingdom and United States of America. To check if the Abra crypto app is available in your country, open Google Play Store (Android users) or Apple App Store (iOS users) and search for ‘Abra Bitcoin Crypto Wallet’.

United States and Philippines customers enjoy added deposit and withdrawal options.

Customer Support

Abra’s customer support service is excellent. You can contact Abra customer support via live chat, email or their social media channels (Instagram, Facebook and Twitter). We contacted a customer support representative via live chat and received a response within one minute – live chat is the quickest medium of contact.

You can make use of their FAQs section which is quite informative.

How To Setup Abra?

After you download the app, create an account and fill the required information (this includes your name, email address and phone number). No KYC is required. The Abra team will send a verification code to your registered mobile number. Enter the verification code to continue. You may have to request for the verification code to be sent again, as was the case when we tried to setup Abra. 

Once you have entered the verification code you will be asked whether you are a resident of the United States of America. Click on the option which applies to you and proceed.  

Set a PIN to secure your wallet (4 digit pin), safeguard your recovery seed phrase and commence trading. You can start your journey with an investment as little as $5. Tap on the ‘Browse Assets’ option to explore the cryptocurrencies and fiat currencies on offer at Abra. You will see your trading account, interest account and total portfolio value details on the home screen.

To add money to your account click on the ‘Add money’ option on the main navigation bar.  

Abra is one of the best crypto wallets for beginners. Not only is it easy to use but offers great resources for those still learning the trade.

Conclusion

While Abra is one of the best cryptocurrency wallets around it has some cons which need addressing. Let’s explore the cryptocurrency wallet’s pros first.

Pros

1. Over 100 cryptocurrencies on offer

2. Over 50 fiat currencies to choose from

3. Up to 10% annual interest rate on holding cryptocurrencies

4. Ease of use

Cons 

1. Payment options vary geographically – customers residing in countries other than United States and Philippines have only 2 payment options at their disposal

2. In-app purchase rates are on the higher side

3. Native support for altcoins does not exist

4. No 2FA

Our Abra wallet review rating: 8.4