In 2017, Abra included the functionality of trading bitcoin along with wire transfers and bank card deposits. The teller system was restricted to Philippines only.
Currently, Abra Wallet allows its users to invest in a variety of digital assets including around 30 crypto coins and more than 50 fiat currencies.
Setting Up Abra Wallet
Abra is somewhat different than your other software wallets. In order to set it up and start using, you have to go through the following steps:
- First download the Abra app from the App Store or Play Store depending on the mobile OS your smartphone has.
- Once the Abra app is installed, it will ask you to provide your email address, name, and phone number.
- After this step, you will receive a text with a verification code and you will be asked to create and confirm a 4 digit PIN.
- Then you will need to note down the seed phrase which you can use to recover your assets in the event your device is damaged or stolen.
- You will also need to confirm if you’re a US resident or not. Once you’ve gone through these steps, you can transfer funds to the app from another cryptocurrency wallet, bank card or wire transfer.
- The app has a dashboard that gives you an overview of your assets portfolio. You can send and receive cryptocurrencies from here as well.
The easiest asset to manage on Abra app are cryptocurrencies which are available pretty much anywhere. You can use them to add funds to your account but there are other methods as well including the following:
- Wire Transfer – USA bank wires (international currently unavailable)
- Local Bank Transfer – ACH in US, SEPA in EU and Philippines
- Bank Card – American Express (only US), Visa, MasterCard
- Cryptocurrency – Ethereum, Bitcoin, Litecoin and more
Abra Wallet Security
Abra provides all standard security procedures to secure wallets including phone number verification, PIN, and seed phrases. Moreover, Abra employs the use of encryption to secure personal information and does not reveal sensitive financial data including bank account number to anyone at the time of transfer.
Abra is also non-custodial which means the developers can’t access seed phrase and user funds. This ensures user control over their funds and digital assets. It also warrants that United States’ money transfer regulations aren’t applicable in this case as Abra is never in the possession of its user’s funds.
Abra Wallet is available in more than 150 countries and enables its users to trade the most popular crypto coins including Bitcoin (BTC), Ethereum (ETH), EOS, Bitcoin Cash (BCH), Litecoin (LTC), NEO, XRP, XMR and TRX. It also supports many fiat currencies including the popular ones such as USD, GBP, EUR, CNY, CAD, JPY and more. The wallet also allows users living outside the US to invest in globally desired stocks like Amazon, Facebook, Apple, Netflix and more.
With its easy to use interface, support for traditional trading and platform agnostic availability, Abra Wallet is a great option for the beginners who are just getting into the crypto game and want their coins to be secure and accessible. The UI is easy to understand and navigate and the wallet supports all cryptocurrencies that are popular among traders.