abra wallet l Moneymax

In the crypto world, there’s a sea of virtual wallets promising reliability and protection―as they should. But finding the right one can be quite overwhelming. If you’re already an experienced crypto investor, you’ve probably heard of Abra Wallet. But in case you’re a newbie and the name doesn’t ring a bell, you’ve come to the right place.

Outlined below is your guide to Abra Wallet. It covers all the essentials, from signing up to withdrawing your funds. Keep reading to learn more.

What is Abra Wallet?

abra wallet - what is abra wallet?

Founded in 2015, Abra claims that it’s the world’s first global investment app designed for the future of finance. While it’s branded as a crypto wallet, Abra actually doubles as an exchange. This means that you can also store and trade cryptocurrencies anytime, anywhere.[1]

Currently, the Abra crypto wallet app is available for Android and iOS smartphones. It’s a must that you download the app if you want to make the most of Abra’s services and privileges.

Is Abra Wallet Legit?

Yes. Its registration with the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) as a money service business is proof that its operations are legitimate.[2] Moreover, it’s supported by some of the world’s largest financial technology investors and institutions. These include American Express (AMEX) Ventures, FBS Capital, and Pantera, among others.

Why Should I Use Abra Wallet?

Using Abra Wallet comes with some benefits, such as the following:

1. The App Supports More Than 100 Cryptocurrencies

Through Abra Wallet, you can trade over 100 cryptocurrencies. Here are some of its most popular cryptocurrencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Komodo (KMD)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polygon (MATIC)
  • Polkadot (DOT)
  • StableUSD (USDS)
  • Uniswap (UNI)
  • TrueUSD (TUSD)
  • Tezos (XTZ)
  • Tether (USDT)

For the complete list of supported cryptocurrencies, visit Abra’s support page.[3]

2. It’s Practically Present Everywhere

The Abra Wallet is available in more than 150 countries. With such a capability, you can send money to anyone anywhere, anytime. Sending and receiving both crypto and fiat are free via Abra’s peer-to-peer feature.

3. It Allows You to Manage Your Crypto Portfolio Easily

Since you can access more than 100 crypto in one single app, you can easily build your portfolio. Add to that the fact that the exchange doesn’t have trading pair limitations.

Here’s a quick overview of Abra:

How Do I Sign Up for an Abra Account?

Ready to use and explore the capabilities of Abra? Foremost, make sure that you’re 18 years and above. Then follow the steps below to sign up:

  1. Download the Abra crypto wallet from the App Store or Google Play.
  2. On the sign-up screen, tap “Sign Up.”
  3. Supply the details for the following fields: first name, last name, email address.
  4. Tap “Country” and choose your country from the menu.
  5. And then tap “Phone Number” and input your mobile number.
  6. Tap “Continue.”
  7. Wait for the registration code to be sent to your phone number. Once received, key it into the registration code screen. Then, tap “Continue.”
  8. On the PIN prompt screen, nominate a PIN.
  9. You’ll be asked to view your Recovery Phrase. Tap “Show my phrase now” if you want to write it down, or tap “Remind me later” if you want to bypass this step.
  10. Once done, you can start exploring your Abra Wallet.

IMPORTANT NOTE: The Recovery Phrase is a set of words that Abra will require from you in case you’ve lost your access to your wallet. It’s highly recommended to write down the phrase as soon as possible.

How Do I Get My Abra Wallet Verified?

Right after you sign up, Abra will ask you to verify your wallet. Verification is necessary, so you’ll be able to fund your wallet via your bank account. Here’s how to do it:

  1. On your dashboard, tap “Verify Identity”.
  2. On the next page, you’ll be asked to take a selfie and a picture of a valid ID. Tap “OK” to start the process.
  3. After uploading the photos, verify the information by inputting your first name, last name, and date of birth. Tap “Continue.”
  4. On the next page, provide your address. Then, tap “Continue.”
  5. Next, provide your email address. A verification code will be sent to your email. Paste the code into the app’s verification page, then tap “Continue.”
  6. Review the details of your verification. You may also choose to edit them. Once you’re good with everything, tap “Submit.”
Never pay annual fees - Click here

How Can I Fund My Abra Wallet?

There are a few ways to deposit fiat and crypto currencies into your Abra Wallet. Here are three of the most convenient methods:

Depositing Funds into Abra Wallet via Bank

As of now, UnionBank is the only bank supported for depositing funds into the Abra Wallet. Here are the steps to remember:

  1. Open your Abra Wallet app.
  2. Tap “Add Money.”
  3. Tap “Bank ACH Transfer.”
  4. Choose your bank. In this case, UnionBank will be your only option.
  5. Follow the prompt on your screen to enroll Abra as a biller with your UnionBank account.
  6. Once done with the enrollment, pay Abra the amount you want to deposit. Remember that the minimum amount required is ₱300.

Depositing Funds into Abra Wallet via Abra Teller

A feature unique to the Philippines, Abra Teller allows you to deposit funds into physical shops accredited by Abra, such as Tambunting. Here’s what you need to do:

  1. Open your Abra Wallet app.
  2. Tap “Add Money.”
  3. Tap “Cash.”
  4. Select your preferred Abra Teller based on your current location.
  5. Call or chat with the accredited Abra Teller for further cash-in instructions.

Depositing Crypto in Abra Wallet

You can easily load your Abra Wallet app with crypto, such as Bitcoin, Litecoin, and Ether. Here are the instructions:  

  1. Open your Abra Wallet app.
  2. Tap “Add Money.”
  3. Tap “Deposit Cryptocurrency.”
  4. Choose the cryptocurrency that you want to deposit.
  5. Copy the address that appears on the screen. You may also choose to use a QR code.
  6. Paste the said address onto your third-party wallet. Alternatively, scan the QR code generated by Abra Wallet.
  7. Follow your third-party wallet’s prompt to finish the transaction.
  8. Head over to your chosen teller to process the transaction.

How Can I Start Trading Crypto via Abra Wallet?

abra wallet - How Can I Start Trading Crypto via Abra Wallet?

Exchanging funds using Abra is such a straightforward process. You’ll only need to follow a few instructions:

  1. Open your Abra Wallet app.
  2. Tap the “Exchange” icon found at the top of the screen.
  3. Tap the crypto that you’d like to move funds from.
  4. Then, tap the crypto that you’d like to exchange it for.
  5. Input the amount that you want to exchange. You may want to check the exchange rate for a more guided decision.
  6. Review the transaction details.
  7. Once everything’s accurate, tap “Confirm.”

How Can I Withdraw Funds from Abra Wallet?

Want to cash out your earnings or secure your traded crypto? There are three easy ways to withdraw your funds or crypto from your Abra Wallet.

Withdrawing Funds from Abra Wallet via Bank

To cash out funds from your Abra Wallet, you need to make sure that your bank is supported. For withdrawals, Abra currently supports UnionBank, Asia United Bank (AUB), Bank of Commerce, Bank of the Philippine Islands (BPI), Metrobank, Security Bank, among others. Visit Abra’s support page for the complete list of banks.[4]

Here’s what you need to do:

  1. Open your Abra Wallet app.
  2. Tap “Withdraw.”
  3. Tap “Bank ACH Transfer.”
  4. Choose your bank. Then, tap your PHP wallet.
  5. Tap “Start Transaction,” and follow the instructions to link your bank account (if necessary).
  6. Type the amount you want to withdraw from your Abra account. Note that ₱300 is the minimum withdrawal amount.
  7. Tap “Next” if you’re using an iPhone or “Review” if you’re using an Android device.
  8. And then tap “Confirm Withdrawal.”

Withdrawing Funds from Abra Wallet via Abra Teller

You can also cash out your funds via accredited physical shops, such as Tambunting. Here are the instructions.

  1. Open your Abra Wallet app.
  2. Tap “Withdraw,” then tap “Withdraw Cash”.
  3. Fill out the online form, which will ask for the following details: desired withdrawal amount, email address, and comments.
  4. Set your desired location.
  5. Tap “Continue.”
  6. On the next page, review the transaction details.
  7. Tap “Submit.” Then, head over to the Abra Teller you’ve selected.

IMPORTANT NOTE: You can only withdraw PHP. Should you wish to withdraw another balance, convert it into PHP first.

Withdrawing Crypto to Your Third-Party Wallet

You may choose to withdraw crypto from your Abra Wallet to another third-party wallet. For illustrative purposes, the instructions below show how you can withdraw Bitcoin.

  1. Open your Abra Wallet app.
  2. Tap “Withdraw”.
  3. Next, tap “Send to Crypto Wallet.”
  4. And then tap “Your Bitcoin.”
  5. On the third-party wallet where your crypto will be transferred to, locate the QR code or copy the address.
  6. On your Abra app, tap the QR code symbol found at the top right corner of the screen to scan the QR code. Alternatively, paste the Bitcoin address of your third-party wallet.
  7. Type the Bitcoin amount you want to transfer. Then, tap “Confirm withdrawal amount.”

Abra Wallet FAQs

Curious about how Abra Wallet works? Check out the queries below to learn more about this crypto investing app.

1. Does Abra Wallet charge any fees?

According to Abra, exchanging between currencies doesn’t incur any fees. Adding funds via Philippine banks is also free. However, fees apply to certain channels and transactions.

  • Fund deposit via Abra Teller: 1.25% to 2%
  • Fund withdrawal via bank: Free at UnionBank; other banks may charge a small fee
  • Fund withdrawal via Abra Teller: 1.25% to 2%
  • Cryptocurrency withdrawal: Depends on the cryptocurrency’s network plus the Bittrex withdrawal fee

2. How can I transfer funds to Abra Wallet using GCash?

It appears that there’s no direct way to transfer funds from GCash to your Abra Wallet. But you can send funds from your GCash account to your UnionBank account then to your Abra Wallet. You may also send funds to a third-party wallet (such as Coins.ph), convert them into Abra-supported crypto, then transfer them to your Abra Wallet. However, this process is quite lengthy and will incur more fees.

Read more: Coins Pro Trading: What You Should Know Before Buying Cryptocurrencies

3. Is there another method to fund my Abra Wallet that doesn’t require my smartphone?

While it’s always convenient to transact online, it’s understandable that some situations may require on-the-ground fund transfers (i.e. phone’s energy is drained or you don’t have data service). Thankfully, you can deposit funds into your Abra Wallet via ECPay at 7-Eleven.

Here’s what you need to do:

  1. On the screen of the CLiQQ kiosk, select “Bills Payment” and look for Abra.
  2. Enter your mobile number linked to your Abra Wallet.
  3. Under the Account Name section, type your name.
  4. Enter the amount you wish to deposit. Remember that the minimum amount is ₱500 while the maximum amount is ₱100,000 per day.
  5. Get the receipt printed by the kiosk. Go to the cashier and have the receipt scanned.
  6. Pay the amount.

IMPORTANT NOTE: Transaction fee is 2% of the total amount. The funds will appear in your ABRA wallet within 36 hours (holidays not included).

4. Are there other ways to make money using my Abra Wallet?

abra wallet - abra earn

Other than trading crypto, you can make money on Abra through its Earn product. Abra’s Earn product allows you to transfer crypto from your trading account to the interest account. Through this set-up, you can earn interest on your balance.

You may think of this product as a high-yield savings account; the difference is that you’re using crypto. Currently, you can earn interest on the following cryptocurrencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCHN)
  • Cardano (ADA)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Pax Dollar (USDP)
  • Steller Lumens (XLM)
  • Tether (USDT)
  • TrueUSD (TUSD)
  • USD Coin (USDC)

Read more:

Final Thoughts

If you want to dabble in crypto trading, you need a legit wallet that also doubles as an exchange. That way, you can carry out all your crypto activities in one place. The Abra Wallet seems more than fit for the job. However, don’t take our word for it. Do your due diligence. Read supplementary articles and reviews. Watch videos and ask your friends who actually have an experience with the platform.

Moneymax Newsletter

Sources:

DISCLAIMER: Information published on this blog or elsewhere on www.moneymax.ph should be used for general information purposes only and does not constitute investment advice, performance data or any solicitation or recommendation that any security, investment product, transaction or investment strategy is suitable for any specific person. This material does not take into account your financial situation, risk tolerance level, investment experience or objectives; all of which are unique to you. Before acting on information on this blog, we suggest consulting an independent professional to advise you on the risks of any decision and the extent of any exposure to loss.