This article is a review of Abra. What is ABRA? a Safe or Not Safe place to keep your investment? This is just a few of the questions we help you answer today! Let´s go!
Name of the platform: Abra
Official Website URL: https://www.abra.com/
CEO: Bill Barhydt
Overall rating: (3 / 5)
Recommended? : Yes
The main objective of this review is to bring to light the manner in which Abra operates and to come up with a solid conclusion whether it can be trusted. This is achieved by having answers to the following questions provided:
- What is Abra?
- How does Abra work?
- What products and services is it offering in the market?
- Can it be viewed as trustworthy?
- Are there any investment and money-generating opportunities that one can take up with Abra?
- Which are the most outstanding pros and cons that one can expect to face when working with it?
- Are there better alternatives?
All the answers given will be essential in helping you arrive at a better standpoint as to whether the services provided through Abra are viable and whether they can be recommended to those who want to rely on them.
What is Abra?
Abra is a renowned cryptocurrency wallet App that works on both iOS and Android devices. This app facilitates the exchange of 54 fiat currencies as well as 20 cryptocurrencies between its users, through a peer-to-peer model. This decentralized approach is curated in such a manner that Abra is not the custodian of the fiat currency and cryptocurrency assets owned by its clients.
This approach makes the customers’ accounts, and consequently their money, less viable to loss through hacking. Abra does not actually regulate any money transfers within the platform.
Abra was first rolled out in the Philippines before being launched in the US. In the USA and the Philippines, Abra is integrated with the banking systems. This makes it possible for the users of this platform to conduct quick transfers of the regular currencies to their Litecoin wallets. In this way, the users of this app can earn revenue from doing currency trades within the app.
Abra, therefore, is a mobile app that facilitates:
- Cryptocurrency investments
- Cryptocurrency exchange.
- Fiat currency-to-cryptocurrency gateway
- The storage of a number of cryptocurrencies.
Bonus tip: Abra stands for A Better Remittance App.
How does it work?
Abra thrives on the basis of efficiency and simplicity. As a new user of this app, you will be ready to start accessing all its features in very few steps. The steps to be followed are as listed below:
- Download the Abra Wallet app and install it on your Android or iOS phone.
- Upon downloading the app, you will be requested to enter your phone number as well as 4-digit pin that is meant to help you secure your wallet.
- You will then have your generated account address created for you. You are required to deposit an amount of money, say $10 or $15 to activate your wallet.
After you have activated your app, it is time to begin accessing the features in it. If you are a new user, you are required to do the following:
- Fund your Abra Wallet-You can use cryptocurrency, Visa, MasterCard, and banks transfer approaches to fund your wallet.
- Build your portfolio –In this step, you can start purchasing varying proportions of the best performing crypto stocks, ETFs as well as emerging global markets.
- Easily move assets-You can eventually begin transferring your assets in the form of currencies and stocks within the app.
Products and services offered?
Since Abra is an app that serves various purposes, it can be perceived as a service-based platform. It does not have any uniquely branded product. All that Abra does is to enable clients to:
- Invest in cryptocurrencies and to move various assets as they please
- To make cryptocurrency exchanges.
- To access a fiat currency-to-cryptocurrency gateway
- To buy, sell and store a number of cryptocurrencies.
Clearly, Abra is a one of kind platform that lets its users gain access to and to control their various assets in the form of various currencies and stocks. This makes it a unique platform in itself since there are not many apps that can enable users to make the above-listed operations.
Is it legit?
Abra is a genuine app that enables its users to carry out a number of investment, currency exchange, and stock trade operations within it. Those using this platform have provided differing opinions about the quality of the services offered through this platform. On CoinIQ (https://coiniq.com/abra-review/), there is a very comprehensive review of this app, with the major advisors and investors in this app being revealed to build the credibility of this platform.
On Cryptosteem (https://www.cryptosteem.com/abra-wallet-review/), Abra has an average rating of (5/5) stars. The review is given on Trustpilot (https://www.trustpilot.com/review/abra.com), however, points to this platform being one that takes a very restrictive approach towards some operations, such as the deposit of Fiat currency. Forex Brokerz (https://www.forexbrokerz.com/brokers/abra-review) only has two reviews given on Abra. The two people who reviewed the app gave it an average rating of 2 stars.
The revelation from these online review sites is that Abra is a genuine app, which is receiving a number of varied reactions from its users, most of which can be addressed appropriately in a bid to clean up the bad reputation.
Abra offers its users an opportunity to invest in cryptocurrencies. They can purchase the cryptocurrencies and take advantage of the fluctuations in the market to make an income. Since it allows for the movement of assets in the form of stocks, currencies and alternative currencies, one can also leverage on the various market forces to make an income from their initial investment. A person who is therefore equipped with the necessary skillset to trade in cryptocurrency stocks, and with Forex skills can go ahead to invest using this app.
Pros and Cons
It is always wise (and recommended) to compare the positive sides against the negative ones before you make any purchase decisions. As always in our reviews we provide you with some clear ones on both sides of the spectrum:
-It is very easy to use.
-the remittance costs are low since cryptocurrencies are involved
-One can exchange a number of currencies within the app
-It is an online wallet (off-line wallets are most safe)
-One can only access it on a device that supports Android and iOS.
-It is one device one account app.
-Only Seems to favor people living in the USA and the Philippines.
Are there better alternatives?
I would say yes, personally I am a big fan of safety, especially when it comes to Bitcoin and other Cryptos. What you want to do is to take your investment off-line, into a so-called cold storage wallet.
There are different options for this like the Ledger wallet for example, or if you are planning to invest a larger amount, why not use Regal Wallet, the world´s safest Bitcoin wallet.
Final words and verdict
Verdict: Legit (But Not recommended for bigger investments)
Overall rating: (3 / 5)
Ok, I think that sums up the overall view of this wallet pretty good, it might be a good alternative for you to store amounts that you could afford to lose. It is easy to use and works well.
However, if you plan to invest “bigger” I would absolutely recommend an off-line wallet.
What I would recommend?
There are different off-line alternatives out there, that allow you to be safe from hacker attacks and online theft.
The cheapest option would be a Ledger Nano S, wallet, that you can keep in your house or wherever you would like to. If you plan to invest and store 5k-10k+ or more and do it in the most simple way possible I would recommend that you look at Regal Wallet.
It is the world´s safest Bitcoin (and other cryptos) storage option right now, and your investment will even be insured.
I hope you found this short review of ABRA to be helpful and that you now have a better understanding of what it is and if it is for you. Please, if you have used it yourself then share your experience in the comment section below! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com