Review of Abra
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Founded in 2014 and headquartered in Silicon Valley, Abra is a financial services app that has grown in popularity with the crypto boom. It offers 100+ cryptocurrencies, ranging from the top coins to more obscure altcoins.
Pros & Cons
What can I do with Abra?
Abra was originally founded in 2014 as a money exchange app. It has since transitioned into a full crypto exchange, offering over 100 cryptocurrencies and 70 fiat currencies to trade. In 2019, the exchange introduced the opportunity to invest in stocks, commodities, and ETFs to its international users.
If you sign up, it is unique in that it also offers an interest account, which enables you to earn up to 10% interest on cryptocurrencies and US dollar stablecoins.
Abra cryptocurrencies and trading options
What cryptocurrencies can you trade on Abra?
Abra allows you to trade over 100 of the most popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple among many others.
Major cryptos traded on Abra
- Bitcoin Cash
- USD Coin
- Basic Attention Token
Abra core currency pairs
All Abra trading options
Abra provides a multitude of trading options, including over 100 cryptocurrencies, 70 fiat currencies, as well as stocks and ETFs.
Can I trade with leverage on Abra?
No, Abra doesn’t currently allow you to trade with leverage.
What are the spreads?
Abra makes money from the spread between cryptocurrencies and fiat currencies. The company doesn’t currently charge fees on currency exchanges, but it does generate income on the spread between different currencies, which goes to cover some of the app’s costs.
The spread is fixed at 1%, which is slightly higher than what other similar brokers would normally charge.
Fees, limits, and payment options on Abra
What are the deposit and withdrawal fees, limits, and speeds?
Abra allows you to deposit or withdraw funds via various sources, including credit cards, cryptocurrencies, and wire transfers. However, some of the fees it charges are rather high, as opposed to other similar exchange platforms.
Currently, Abra doesn’t allow users the option to deposit or withdraw to debit cards. Keep in mind that Abra makes use of Coinify and Simplex to help facilitate transfers. The Wire Program sets limits for bank wire transfers of $500-$40,000 per day with no Abra fee.
$1-$40,000 per day
$10 flat fee or
|Wire transfer (US only)|
$1-$40,000 per day
$1-$30,000 per day
3-5 business days
|EU wire transfer (SEPA)|
$1-$40,000 per day
2-3 business days
$1-$40,000 per day
3-5 business days
How much are Abra’s fees and commissions?
Abra makes money from the mark-ups on the spread, which unfortunately are not specified. It also earns fees from credit card transactions.
|Fee type||Fee amount||Commission|
Abra trade sizes and limits
The Abra crypto app is specifically designed for smaller volume traders, which means it comes with certain limitations. All cryptocurrencies except Bitcoin and Litecoin have a maximum trading volume of 5 BTC per trade, per day, but there are no limitations to how much Bitcoin, Bitcoin Cash, and Litecoin you can trade.
Peer-to-peer transfers have no limits either.
|Product||Minimum trade||Maximum trade|
|Cryptos except for BTC/LTC||$5||5 BTC|
|Cryptos (BTC/LTC)||None||No limit|
|Stocks, ETFs||$5||No limit|
Abra trading platform
What devices can I use Abra on?
The Abra trading platform is currently available only as a mobile app, so you can download it on smartphones and tablets. The app is available both for Android users in Google Play and for iOS (iPhone) users in the App Store.
- Android mobile devices
- iOS mobile devices
Can I use Abra in my country?
Abra is available in over 150 countries and territories worldwide, including the United States. However, residents of Connecticut, New York, and Hawaii will not be able to perform trades on Abra. Select your country from the list below to see if it is available where you are.
Is Abra available in my language?
Currently, the Abra app is only available in English.
How easy is it to use Abra?
Abra is an all-in-one exchange and wallet app with a user-friendly, easy-to-use interface. The app is designed to meet the requirements of and is oriented towards beginner traders, with its easy access to its main exchange and buying/selling features.
It can be used to make money transfers or to transfer funds from one Abra account to another without any fees, while the wide array of over 100 cryptocurrencies makes it suitable for all traders.
Unfortunately, it lacks the interface of a professional trading platform and it doesn’t provide a desktop or online version either, so the only way to access it is through a mobile app. However, as far as a simple way to exchange fiat into crypto or vice-versa, Abra offers an easy, convenient way to do so.
Abra’s all-in-one exchange and payment app has several notable features, here are just a few.
Interest Earning Accounts
Compound your capital simply by holding your crypto or USD stablecoin assets in Abra’s interest bearing account.
Availability in 150+ countries
Download the Apple iOS or Android app and start trading from early anywhere in the world, including the United States, Canada, United Kingdom, Hong Kong, and many others.
Intro To Crypto Course
If your platform or exchange is targeting beginner to intermediate traders, this is a must and Abra more than delivers with a complete course defining crypto, outlining the most popular cryptocurrencies to invest in today, how and why cryptocurrencies gain value, and more.
Security and regulation
Is Abra safe?
Abra makes use of standard security protocols to help secure accounts. Mobile number verification, PINs, and even seed recovery phrases are used during the setup process to make the app as secure as possible.
Am I and my cryptocurrency protected?
Abra uses encryption to secure users’ information and doesn’t disclose sensitive data such as bank account numbers to the recipient when making a transfer.
Abra is also a non-custodial wallet, meaning it doesn’t have access to its clients’ funds or recovery phrases. This helps clients maintain 100% user control over their funds and it also means that the US money transfer regulations don’t apply since Abra never takes custody of its users’ assets. In other words, all your funds and cryptocurrencies are as close to 100% protected as possible.
Is Abra regulated?
No, currently Abra is not regulated in any country. It also faces “regulatory uncertainty and restrictions” in the United States and has been forced to make some changes to the services it provides to U.S. clients as a result of this.
Do I have to verify my account with Abra?
Yes, Abra runs a Know Your Client (KYC) policy and requires verified personal information in order to allow you to trade. This includes uploading a copy of a valid, primary photo ID, secondary ID with your present physical address, such as a utility bill and verifying the same with a selfie of you holding up your ID.
As an exchange dedicated to traders just starting out, it provides a lot of educational resources for free on its website. From its main page, you can head to the Resources section where you will find a series of guides, a full intro to crypto, a podcast, and a crypto course.
There is also a FAQ section to answer clients’ most frequently asked questions and a blog, where you can read the latest news regarding the platform.
Tools and charting
Abra provides limited tools and charting as it is mainly designed to work as a mobile app and not an integrated trading platform.
There are no APIs or trading bots available at the moment either, as functionality and ease of use take priority over advanced trading features.
The quickest way to get answers to your questions from Abra is by checking the company’s comprehensive FAQ page. If you have any account-specific issues, you can choose to contact customer support via either live chat or email.
While there is no direct phone support provided, Abra is present and active on their main social media accounts: Facebook, LinkedIn, Instagram, Twitter, and YouTube, and you can also contact support to answer your questions directly through any of these channels.
Abra is an all-in-one exchange enabling you to buy, sell, trade, and earn interest on cryptocurrencies. It’s simple layout and functionality is designed specifically with beginner and intermediate traders in mind.
It boasts a plain, but easy to use interface that is effortless to navigate and very user-friendly. While it isn’t the cheapest app-based exchange, as there are many fees throughout the deposit and withdrawal process. One of Abra’s main advantages is the 100+ cryptocurrencies, 70+ fiat currencies, and 50+ stocks and ETFs it makes available for trading.
Unlike other similar platforms, it also allows access to U.S. and Canadian clients. This is primarily due to the fact that it doesn’t have access to its clients’ funds or recovery phrases, keeping them completely segregated. Although it lacks the depth and features of a classic trading platform, Abra’s main purpose is to make crypto trading and exchange accessible for everyone, which it does a very good job at.
How to buy and sell cryptocurrency on Abra
How to buy crypto on Abra
- Sign In to your account
- Go to the “Buy Bitcoin” section on top of the main page
- Enter the amount or quantity of your preferred crypto and choose the payment method
- Select your method of payment
- Click “Buy BTC Now”
How to sell crypto on Abra
- Log into your Abra app
- Tap on “Exchange” at the bottom of the screen.
- Select the cryptocurrency you wish to sell and your preferred deposit destination for receiving funds (to sell crypto for US dollar cash, select TUSD/True USD in the Abra app).
- You will now see the exchange rate. Select how much you would like to sell/exchange for TUSD.
- Click “Review”. Review your order and hit “Confirm”.
Abra was founded in 2014 and is owned by Bill Barhydt, a serial entrepreneur with over two decades of payment industry experience. The company is headquartered in Silicon Valley and also runs an operational office in Manila, Philippines. Barhydt remains the CEO of Abra.
Abra makes money by charging fees and commissions for withdrawing/depositing funds into your account. It also charges a 1% spread fee on most trades/exchanges.
Depending on the country of your residence, you might be asked to pay taxes on your Abra profits. Check your local tax regulations for more details.
If you wish to delete your Abra account, simply get in touch with customer support via email and they will guide you through the process.
Abra does not currently allow leveraged trading or shorting on its exchange.
If you’ve lost your Abra PIN code, you can recover it by using the recovery phrase. This will help you set a new PIN.
No, Paypal is not currently a supported payment method.
If Abra goes down while you have an open exchange transaction or crypto stored in your wallet, Abra will continue processing your transaction and your crypto will appear in your wallet once the service is back up.
Should Abra cease operations altogether, it is not insured in any jurisdiction and does not guarantee client funds from loss.
Open your Abra app to the main screen, and tap the icon in the upper left corner to go to the menu screen. Tap “Transaction History” and you can also tap the “Export transaction history” button.
Yes, Abra does offer the ability to pay directly in supported crypto coins.
You can earn up to 10% interest on USD stable coins or cryptos when trading with Abra. The exchange also offers up to $25 for each new client you refer through its Abra Affiliate program.
Simply choose the ‘send’ option in your crypto wallet, fill in all the required data and provide an external Crypto wallet address (Abra). You will then receive a QR code to complete the transaction.
No, Abra doesn’t offer the opportunity to trade anonymously. You will have to register with your personal information, including a primary photo ID, secondary ID, and selfie of you with your primary photo ID.
Abra offers a non-custodial wallet and does not have access to user funds or recovery phrases.
- Log in to the Abra app
- Tap “Transfer funds to Trading TUSD” to transfer USD
- Enter the amount you wish to transfer
- Tap Done and Review & Confirm
It can take up to 7 days to complete the withdrawal but all interest accrued during the process will be included. The minimum amount you can withdraw is $5 or the equivalent of $5 into any fiat/cryptocurrency.
No, there is no publicly available info that Abra has ever experienced a significant hack. It is also a mobile app and doesn’t hold any information or funds on its own servers. This makes it virtually unhackable, but you do need to secure your phone and your Abra app to keep your funds protected.
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