Your June 22 guide to Abra products and services

Your June 22 guide to Abra products and services

Share this article

Jonathan
Jonathan

An editor at Coincrop


23 Jun 2022 | 21 min read
35,321 views

T

he investment landscape is shifting. It's starting to get better. And this Abra product and service guide will demonstrate how the Abra corporation accomplishes it. Previously if someone decided to invest their hard-earned income, they would have to acquire investment properties, call a stockbroker, or build up their retirement fund. Crypto assets, smart contracts, and organizations like Abra are changing everything. 

Here we will try to help you with everything you need to learn about Abra, including how to utilize it and begin earning money on your cryptocurrency.

What is Abra?

Abra is a financial solutions and services corporation that runs a cryptocurrency wallet system that offers a trading platform for purchasing and selling crypto assets. It is an interest-earning platform for digital currencies and a borrowing provider for getting a loan against cryptocurrency securities. Abra has been on a goal to build a simple and trustworthy platform that will allow millions of cryptocurrency owners to maximize the benefits of their cryptocurrency holdings.

Abra provides a convenient application that helps customers earn interest, purchase, trade, and exchange cryptocurrencies in a single spot. Their objective is for a world financial system that is available and transparent to everybody. Abra provides customers in over 150 nations the ability to invest in hundreds of digital currencies. Abra's peer-to-peer functionality enables people to send and receive cash quickly to anybody anywhere globally. 

Abra provides people with the flexibility and independence to develop and manage cryptocurrency in their style. It offers a complete range of digital currencies within one platform and the option to exchange every cryptocurrency for other ones with no trade pairing constraints.

Abra works like any other cryptocurrency wallet: you can keep your crypto assets in the wallet for a long time, and your secret keys are stored on your smartphone inside the Abra application. Abra never receives your encryption information, and as long as you have your private keys, you have total control over your crypto assets. 

What is the history of Abra?

Bill Barhydt and Pete Kelly created Abra in 2014, and the company has received considerable funding from a variety of venture capital firms. Abra has secured around $35.5 million in investment from American Express, Jungle Ventures, and Arbor Ventures. The firm is situated in Silicon Valley, California, with a branch in Manila, Philippines.

Abra began with several Tellers in numerous regions, the US and the Philippines, and the Teller setup allows Abra customers to perform money transfers and remittance transactions in person.

Nevertheless, in 2017, it started letting customers purchase and sell Bitcoin and accept US Dollar money transfers and deposits using an American Express card. The company restricted the Teller payment mechanism to the Philippines alone during the same period. Abra now allows users to invest in crypto-assets and stocks/ETFs, and it offers hundreds of digital currencies, more than 50 fiat currencies, and credit card transactions.

How do I use Abra?

Here's a step-by-step instruction for installing and using Abra if you are a beginner:

Abra is available for free on iOS and Android. Establish a wallet and deposit money. You may recharge your Abra wallet from everywhere with a money transfer or a credit card.

You may also use any one of the 200+ accepted cryptocurrencies to conduct a coin deposit. Wire transfer is an option for US bank customers. Customers in the Philippines can transform money into cryptocurrency by accessing an approved teller site of Abra.

You can begin investing in all of Abra's approved financial assets after the money has been deposited to Abra. Keep in mind that there are various amount limits on bank withdrawals and deposits per day.

Abra would then show the recovery phrase after setting up the application on your device. This 13-word recovery code is distinctive to your device. Whenever you lose entry to the machine on which the Abra application is running, you can recover entry using this code. You can also obtain it by tapping the 'Backup' option in the app's menu bar. 

Please make a copy of the recovery code and hold it in a safe place. If someone sees or discovers it, they will have direct access to all of your crypto assets.

After saving the recovery keyword, select the 'Confirm Phrase' button to confirm it. You will get a confirmation email if you input the keyword correctly. Your wallet is now completely secure.

You can maintain the account and purchase assets after funding your wallet. Tap 'Add' in the application to include investments in your account. It has digital currencies, equities, ETFs, and much more. 

Select the asset you wish to include in your portfolio. The support will be shown on your homepage. Click the exchange icon on the homepage and choose a financing option.

To exchange assets, first choose the cryptocurrency you wish to trade. If the coin doesn't appear on the main screen, click "See all assets."

Examine the deal and the price. Next, complete the transaction.

You may fund and take from the Abra account, like banks, tellers, and cryptos. The authorized Abra website has precise guidelines for trading different cryptocurrencies, withdrawing through various deposit types, and executing additional operations.

Can I borrow from Abra?

Abra's borrow function, officially released in March 2021, helps users keep holding their crypto investments. For example, if you have to cash out or trade your bitcoins, you may skip out on a market value increase. Abra Borrow is now available in a few regions, with more to come.

Abra Borrow allows you to take loans against your cryptocurrency amount at interest rates varying between 0% to 9.95%. The interest rate is set for the loan duration and is computed depending on how much cryptocurrency security you submit to the loan and how long you want to keep it. If you hold more collateral and take a smaller loan, the interest rate will be lower. 

Furthermore, there are no charges for repaying the loan earlier. You can only utilize Bitcoin or Ethereum as security. Abra offers loans in US currency stablecoins, which are less unstable than other digital currencies because one stablecoin can always be redeemed for $1. 

It requires a few clicks to get going with the Abra Borrow program. If you already have an Abra account, you may finance the loan with the existing Bitcoin or Ethereum quantity. If you're a newcomer to Abra, create and load your wallet with Bitcoin or Ethereum, purchase them using the application, and arrange the loan. You can also pick a six, twelve, eighteen, or twenty-four-month loan duration. You may borrow up to $500,000 in total. The actual amount varies based on where you live.

Can I earn interest in Abra?

Abra's Earn offering allows qualified users to earn income on their cryptocurrencies and USD stablecoins. You can receive payment on your asset by moving funds from the trading profile to the interest profile.

Consider it a high-yield savings profile for cryptocurrency. Your everyday earnings are determined by your minimum daily asset and the yearly interest rate. You can currently receive interest on various coins such as Bitcoin and Ethereum. CPRX kept in Abra Earn will now accept a 3% return.

Client holdings are paired with liquidity demand from commercial borrowers to determine the interest rate given to the customers. The rate of return is modified regularly depending on the market for the crypto asset in consideration. This service has no Abra charges, making it an excellent option to generate income on cryptocurrency that you do not regularly trade.

How much can I earn from Abra?

The following table lists products that pay interest on a flexible terms basis:

Deposit assetsReward assetsAPY Rate

Deposit USDP StablecoinUSDP Stablecoin (USDP)

Earn USDP StablecoinUSDP Stablecoin (USDP)

7.50% - flexible

Deposit TrueUSDTrueUSD (TUSD)

Earn TrueUSDTrueUSD (TUSD)

7.50% - flexible

Deposit Bitcoin CashBitcoin Cash (BCH)

Earn Bitcoin CashBitcoin Cash (BCH)

2.00% - flexible

Deposit StellarStellar (XLM)

Earn StellarStellar (XLM)

2.50% - flexible

Deposit PolygonPolygon (MATIC)

Earn PolygonPolygon (MATIC)

6.00% - flexible

Deposit LitecoinLitecoin (LTC)

Earn LitecoinLitecoin (LTC)

2.00% - flexible

Deposit PolkadotPolkadot (DOT)

Earn PolkadotPolkadot (DOT)

10.0% - flexible

Deposit CardanoCardano (ADA)

Earn CardanoCardano (ADA)

3.00% - flexible

Deposit USD CoinUSD Coin (USDC)

Earn USD CoinUSD Coin (USDC)

7.50% - flexible

Deposit TetherTether (USDT)

Earn TetherTether (USDT)

8.50% - flexible

Deposit EthereumEthereum (ETH)

Earn EthereumEthereum (ETH)

2.65% - flexible

Deposit BitcoinBitcoin (BTC)

Earn BitcoinBitcoin (BTC)

1.75% - flexible

Deposit Crypto PerxCrypto Perx (CPRX)

Earn Crypto PerxCrypto Perx (CPRX)

3.00% - flexible

Is Abra secure?

Abra employs standard security methods to protect customer wallets, such as phone number authentication, pin codes, and seed retrieval words, which are all utilized throughout the installation procedure.

Moreover, whenever you conduct a transaction, Abra employs encryption to safeguard your data and does not divulge personal information like your bank account details to the receiver. Abra is also a non-custodial wallet, which means it has no access to customer cash or recovery words. Because Abra never gets hold of its customers' resources, it preserves the customer in charge of their assets. It also implies that US cash transfer restrictions are not applicable.

However, the Abra platform does not employ two-factor authentication (2FA). The creators clarify this by stating that such security will be ineffective if a smartphone is lost, stolen, or hacked. Furthermore, the creators suggest that you thoroughly safeguard your device with virus protection when browsing potentially risky websites to prevent hacking. 

When you purchase a new mobile or lose your old device, your private password will be utilized to recover the Abra wallet. Losing any such password is not encouraged because you are the only one with authorization to your profile, and customer service cannot assist you in this situation. Overall, Abra is a safe platform. However, the adoption of Two-Factor Authentication (2FA) can strengthen Abra's cybersecurity.

Is Abra suitable for newbies?

The critical point is if Abra is beneficial and suitable for newbies. Abra is filled with options that make keeping and trading bitcoins highly appealing compared to other cryptocurrency wallets. It is also a secure and reliable alternative for beginners.

The mobile application accessible on Android and iOS is quite simple if the setup procedure is carried out stepwise. The entire UI is intuitive, and the proper layout of all the functions makes it a simple program that everybody likes.  Regardless, acquiring cryptocurrency and asset investing has a learning curve and needs focus and support to produce the most significant returns. As a solution, the Abra staff provides various tools, like manuals, studies, Bitcoin 101, and a FAQ area.

Abra customer support

Abra's customer service is outstanding. Abra's website includes instructions, studies, a cryptocurrency ebook, and a FAQ page detailing its services and functions.

Abra customer service can be reached by live chat and social media platforms like Twitter, Instagram, and Facebook. When you call a customer service agent through live chat, they generally respond within one minute. You can also reach them using the app's "Contact Us" option or drop an email to support@abra.com.

Referral and affiliate programs

You both will receive $5 in CPRX coins sent to your trading account if your referred friend to Abra holds a minimum deposit of at least $15 comparable worth of cryptocurrency at the moment of deposit for 1 month. Global customers gain $5 in CPRX and should keep it for 30 days.

Conclusion

Much has been said and written about Abra, and you should know whether you want to utilize it or not by now. At the moment, it appears to be as simple as it can be. Additional features such as anonymous trade, support for new digital currencies, and the addition of more nations for withdrawals and deposits of cash in fiat money would give Abra a boost. 

Abra appears to be excellent for those who wish to invest and store crypto assets for a longer duration and those who are newbies, thanks to its simple and easy-to-use features.

Abra FAQs

If money is transferred through one Abra wallet to the other, Abra quickly informs receivers of their arriving money. Within an hour, and in most situations, under 10 minutes, the assets will be available. Based on the network, the money is usually public in around 10-30 minutes if you move cryptocurrency.

If you borrowed from Abra, you must stay updated on the price of your cryptocurrency collateral. If the value drops too far, your loan-to-value ratio will rise over the initial amount, triggering a margin call and potential liquidation of the cryptocurrencies. You got 24 hours after being told to add collateral to respond, or Abra will liquidate your crypto holdings.

Abra has received a few unfavorable feedback on Trustpilot, the BBB site, and the Google Play store. Some of the problems mentioned in the reviews are high trading and exchange costs, troubles with the application, and not receiving rewards as claimed. Although it has more favorable reviews, always double-check and properly research any crypto platform before utilizing it.


Jonathan

Jonathan

An editor at Coincrop
View articles

Jonathan is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


Our sponsor

CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.

Compare over 40,509 CeFi and DeFi products across more than 207 organizations here

Related Links

Abra