Abra is an all-in-one wallet that can store up to 28 different cryptocurrencies (for now), although that’s not the feature that sets it apart the most from other wallets.
In Abra, in addition to storing cryptocurrencies, there is the possibility of exchange for 50 different fiat currencies, among which are currencies such as the euro and the dollar. This aspect of Abra allows its users to perform an exchange, for example, from BTC to USD in a few steps and without using external services, such as an independent exchange.
In addition to the possibility of internal exchange, with Abra you can also make deposits or withdrawals in fiat currency. Of course, all of this is covered by anti-money laundering (AML) policies, so we are faced with a reliable portfolio in this sense.
On the other hand, this portfolio becomes an excellent option in bear markets, as those who follow the world of cryptocurrencies understand how desperate it can be to see the price of our crypto asset fall and not have the ability to quickly switch. fiat money
The first thing we will need to use Abra will be an e-mail and a phone number, to which a verification code will be sent.
Installation and configuration of Abra
It’s open app that only works on Android or iOS devicesso we can find them in the respective app stores of each of the operating systems.
Likewise, from director of the portal, we can find direct download links. We also have the option of entering a phone number to which we will receive an SMS with a download link.
For now, all we have to do is download and install.
When the application starts, this will be the first thing that will be shown to us. Here we will have options Sign in, which allows you to create a new account within Abray Restoring, to restore a previously created wallet via phone number and backup.
Since in our case we want to create a new account, we will choose the Registration option.
The first step in creating an account within Abra is to enter your first and last name. Pretty simple, but you have to keep that in mind we should not put false informationas they will be used when depositing or withdrawing funds in fiat currency within the application.
The next thing is to set up your email. This obviously needs to be valid and not previously registered on the platform.
One of the last steps in registration is enter a phone number. After this step, we will receive a verification code via SMS that allows us to confirm that the specified number is active and valid.
If we don’t get the code, we can press Resend the code to receive the SMS again with a validation code.
Then we have to set a security PIN that serves as a protection for the application inside our device. That is, every time we open the application, we will have to enter this PIN.
After the PIN, we finally come to the most important step in creating a wallet: filling backup via recovery phrase. These words guarantee that we will have full control over our funds. Which means that, in the hypothetical case that Abra stops working, we can, through this phrase, regain access to our funds in another compatible wallet.
The first thing is to select Show my phrase now. This will immediately show us 13 words that match our support. The second step is to copy these words on paper and keep them in a very safe place. Let’s remember that our money is at stake if the privacy of the seed is compromised.
The next thing is to confirm, but something special is happening here. In the previous part, when we saw the phrase on the screen, we have to leave it selected and copy it to the clipboard. In the confirmation section we will paste the phrase and select Confirm Phrase. In particular, it seems quite strange to me, because if we copy to the clipboard, we compromise the seed.
With a supported phrase, we’re good to go. All you have to do is press OK, it takes me to my dashboard and that’s it, now we’ll have our account ready to go.
Explore the Open
Abra, as I mentioned at the beginning, is much more than a simple digital wallet, because we will need to store up to 28 cryptocurrencies, which can be exchanged for 50 different fiat currencies.
In addition to all this, we also have the option of depositing funds either in crypto assets or in national currencies. We can too buy cryptocurrencies using credit or debit cards within Abra, thanks to the implementation of Simplex.
These are some of the things we can do within Abra. So, let’s start exploring each of its sections starting with the Dashboard.
Here we will find each of the portfolio balances we will manage. Obviously, the ones shown at the beginning are not the only ones available, we can add more using the Edit button which is located at the top.
This list is where we can add more cryptocurrencies or sovereign currencies to our portfolio. To do that, just select the currency we will add and press the Save option (Save), which will appear when we make changes to the list.
In case you want to remove a currency from the list, the procedure is similar; We just have to click on the currency or cryptocurrency to cancel it and press the save option.
At the beginning, if we select one of the wallets, we will be able to see more details about it. Here we will find only the details of the transactions made with the selected wallet. In other wallets we would generally find buttons that allow us to receive and send funds, but in Abra it happens a little differently.
Add funds to Abri
In Abra, it will be possible not only to add funds using cryptocurrencies, but also through bank deposits or Visa/Mastercard cards. Let’s start by going to the section Add money.
It is recommended to add funds using any cryptocurrency accepted by Abra. Source: Abra
As you can see, these will be the available methods that allow you to add funds to your Abra wallet.
Let’s start with BTC. For this We will click on the Use Bitcoin (BTC) option.. This type of deposit is commission-free, apart from the commission generated by mining, and the waiting time will depend on how long it takes for the transaction to receive a single confirmation within the Bitcoin blockchain.
This will be the address to which we will receive payments, along with its abstraction in a QR code. It is important to note that we should not send bitcoin cash (BCH) to this address, as indicated in red letters, as we may lose the funds sent.
Another option that we have at hand is to deposit using Visa or MasterCard cards, although what we will do is not exactly a deposit, but shopping through the Simplex service using our credit cards or debit. Once this is clear, we will select the Visa/MasterCard option.
Before buying, the first thing we will do is copy the BTC address to the clipboard and then go to the web browser which will open the Simplex portal. As for the commissions, they are 8% on the total purchase.
We will then follow the steps outlined to finalize the purchase and subsequent deposit within Abra. Here we have to keep in mind that we will have to share bank details, so it is recommended to: Please do not use this service if we are connected to a public network, as they may have access to your data; Do not use if we use VPN service, because we are talking about sharing banking information and we can see that our security is compromised.
Finally, we can add funds through bank deposits, but this option is only available for US and Philippine banks.
In order to access this option, we must select a bank ACH transfer. It should be noted that This option is quite slow compared to the previous ones, because we have to wait 1 to 2 working days for the deposit or transfer to be confirmed; although, in our favor, we will not have to pay any kind of commission.
This is a list of banks added to Abra. In case the one we are using does not appear in the list, we have an option Don’t see your bank? which allows you to send a report with a request to add the bank we use.
On the other hand, we have the option to change the country that is at the end of the list. When we proceed with adding a bank, it will be necessary to verify our identity, in order to confirm that we are indeed a legal entity and avoid illegal money movements.
Withdrawals can be from cryptocurrency wallet balances or from any fiat currency managed by Abra. For this we have to go to the Withdraw section in the bottom menu.
Once you are here, the next thing will be to choose a withdrawal method. Let’s start with bitcoin (BTC), although the process is the same for litecoin (LTC) and bitcoin cash (BCH).
In this step, we have to select the wallet from which we want to withdraw. In case we choose a non-BTC wallet, a replacement will be made in our case. For example: if we want to withdraw dollars via BTC, the exchange of USD to BTC is done first, and the funds are subsequently sent to us. This process is completely automatic.
In the Bitcoin address section, we will enter the address to which we want to send the funds. We can also, if we click on the icon on the right, scan the QR code belonging to the wallet address. At the bottom, specifically in Amount we will indicate the amount in BTC to send.
Click Preview to continue at the top.
Finally, we have to perform one more check before processing the shipment. The first thing is to check if the indicated amount is, in fact, the amount we want to send. Another thing is to see the commission that we will cancel on the shipment. As you will notice, something special happens here, the commission is deducted from the total amount to send, not from the balance that remains in our wallet.
After confirming that this information is correct, we will select Confirm withdrawal.
One of the most striking features within Abra is power we exchange our balance between cryptocurrencies and fiat currencies, without leaving the application, in a simple and fast way. This is possible thanks to the internal currency exchange. To access it, just select Exchange from the bottom menu.
In this section we will see all the cryptocurrencies we have added to our portfolio. In order to make an exchange, it is only necessary to select a portfolio with a positive balance; in our case BTC.
In this step we will select the currency or cryptocurrency we want to receive in exchange. By default, at the top we will find the option to open an exchange in dollars; This is just in case we haven’t configured multiple portfolios in our portfolio. At the bottom there will be an option that allows you to open an exchange with another pair. Selecting will open a list of all available currencies.
What we will do this time is exchange BTC for USD, although for any type of exchange the form is not different at all.
Let’s start with the amount (Amount). Here we will set the total amount of our BTC we want to exchange. Below is an option that allows you to exchange the total funds you have in that currency or cryptocurrency. At the bottom, we will be shown the exchange rate, as well as the total amount in dollars that we should receive for the BTC that we want to exchange. Since the transaction will be done with cryptocurrency, this can generate mining commission.
To continue, we must click on Preview, at the top.
This is a brief overview of the exchange we will be making. After confirming that all the data is correct, we will click on Confirm continue.
When we return to the portfolio, we can see the balance obtained after the exchange, although the available balance (Available) of our portfolio in dollars will appear at the bottom of the portfolio. That’s why it is necessary to wait for the confirmation of the transaction on the blockchain, before these funds are available in our portfolio. In the meantime, we will not be able to exchange or withdraw newly received funds.
Additional Abra options
Another interesting feature of Abra is the ability to set price alerts, which will notify us when the cryptocurrency in question reaches the assigned limit, whether it increases or decreases. This option will be available in the settings menu. To access it, we must select the button in the upper left corner.
When we are here, we choose an option Price warning.
Here we’ll find all the alerts we’ve set up, but since we haven’t configured any yet, it appears empty. To create it we have to choose Add a warning.
The first thing is to select the cryptocurrency we want to set an alert on. After that, we have to choose whether the warning will be when the price is below (below) or above (above) the price we will set. On the right side, we put the price expressed in dollars. The last thing will be to select Save to save this alert.
Conclusions about Abra
The first thing to highlight is the option offered by Abra to be able to exchange cryptocurrencies for government currencies without intermediaries, with the option of withdrawing in fiat. Of course, These withdrawals are not 100% guaranteed as we will depend on the banking systemwhich can distract us.
As for the negative aspects, instead of negative, they seem rather “curious” to me. One of them is the use of the dot “.” and a comma “,” to separate decimals. In English, a period is used as a decimal separator and, if we have our phone configured in Spanish, the numeric keypad will show us a comma as a decimal separator. This makes putting decimals in the amounts practically impossible, because we will have a comma, which is not supported. The solution to this problem is to copy them elsewhere using a dot and paste them into the amount.
Another thing, which is not a negative aspect, but something to take into account, is that when exchanging, the funds will not be immediately available. We have to wait a certain amount of time before we can exchange these funds again or remove them.
In short, we found a good wallet, although I wouldn’t recommend it as a main wallet, due to the fact that we have to enter our phone number and email. However, it can be very useful to avoid big losses in bear markets.
Featured image by: Abra