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Abra Review - is it scam or safe?

Abra Review - is abra.com scam or a good cryptocurrency exchange?

RATING: 2 / 3 REVIEWS Abra
Abra is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type Min. transaction Leverage Trading fee Transfer Fees
Standard $5 1:1 Spread mark-up Vary, up to 4%

 

Abra is a mobile-based platform and wallet, where users can keep and exchange a number of fiat currencies and cryptocurrencies. Its Android and iPhone apps make it very easy for residents in the US and the Philippines to buy Bitcoin and altcoins via their smart phones.

 

As most similar venues which work with fiat, Abra requires ID and bank account verification from its users.

 

 

Abra Advantages

 

- 50 fiat currencies accepted

As we already said, Abra works with fiat and it claims to support as many as 50 different national currencies. Therefore, this exchange is quite attractive for novice crypto investors, as they can directly buy Bitcoin (or another coin of their choice) from a bank account linked to their Abra account.

 

- Convenient payment methods supported

Abra allows its clients to make payments from and to their app via bank wire, US American Express cards (AMEX), and Teller (only available in the Philippines).

 

- Many altcoins offered

By the time of writing this, Abra has listed 20 of the most popular cryptocurrencies: Bitcoin, Litecoin, Etherum, Bitcoin Cash, Ripple, Dash, Stellar, NEO, OmiseGo and others. This is quite an extensive crypto portfolio, especially for a company that targets mostly beginners.

 

- Some corporate information

Abra was allegedly founded by Bill Barhydt and their team is headquartered in Silicon Valley with an additional office in Manila, Philippines. The company owning and operating the Abra wallet and exchange app appears to be Plutus Financial, Inc. That being said, not all players in the cryptocurrency space provide such information.

 

 

Abra Disadvantages

 

- Available only for residents of the US and the Philippines

Although this app works with a number of fiat currencies, its users are only able to deposit and withdraw funds via banks in the Philippines and the United States.

 

- Non-cold wallet that only supports BTC

Currently, the wallet service provided by Abra only supports Bitcoin, with the promise of Litecoin being added soon. We find this very strange, as the company claims to facilitate trading in 20 coins.

 

Besides, it is unclear who hold the private keys – the company or users themselves. What is worse, we could not find information on Abra’s website regarding the storage of funds, so it is possible that they are kept online (i.e. are susceptible to hacks.)

 

-Provides service only through apps

Abra is an app-only (crypto) currency wallet and exchange, so if you prefer trading on your PC, this is not your cup of tea.

 

- The fees are not clear

Abra makes profit from their convenience fee from AMEX transactions and partner transactions (i.e. Master Tellers in the Philippines), as well as from the mark-ups on the spread, which are not specified. It also charges fees on some deposits and withdrawals, here are the details:

 

 

Keep in mind that the banks involved in the deposit or withdrawal process charge some fees too.

 

- No leverage offered

As this is a company primarily oriented towards beginners in the crypto-verse, no wonder it does not offer any leverage. Those of you who are willing to trade cryptos on margin can check out the offering of some major exchanges (Kraken, BitMex, GDAX, etc), as well as those of forex brokers who offer Bitcoin trading in the form of CFDs.

 

 

>> Trade Bitcoin on margin with forex brokers <<

 

 

- No anonymous trading

As is we mentioned in the beginning of this review, Abra requires its users to verify their identities and to provide some banking information, so it is not possible to use this platform anonymously. This is not a major flaw, yet it defies the initial purpose of Bitcoin.

 

 

Conclusion

 

An an all-in-one wallet and exchange mobile app, Abra allows its clients to invest in 20 cryptocurrencies and 50 fiat currencies. While the company presents clearly its deposit and withdrawal fees, trading ones are not that transparent, as they are built in the spread.

 

Another essential fact about this venue is the fact that it targets residents of the US and the Philipines. That being said, it seems that coins.ph is more popular in the Philippines and as regards the US market, it is full of established players in the crypto space.

 

Although Abra’s website sheds some light on the company and people behind it, it is not a regulated entity. Those of you who prefer using a licensed company might also try trading in Bitcoin and other coins with forex brokers, some of which are tightly regulated.

 

 

>> A list of licensed bitcoin forex brokers <<

 

 

Here are, once again, the strong and weak sides of Abra:

 

Pros Cons
50 fiat currencies accepted Only for residents of certain countries
Bank wire & cards supported Non-cold BTC wallet
Many altcoins offered Mobile app only
Some corporate information The fees are not clear
  No leverage offered
  No anonymous trading

 

Latest news about Abra
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Traders` reviews for Abra

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Lost funds

Abra I don't have a secret phrase or do I remember getting one. I have my email and 4 digit pin#. My account froze while I was inside APP. I could not withdraw funds. It have an error message. It said something like this "down because changing back end providers". Abra says it was Play Store issue. I discarded APP and reinstalled. This is when I could not get back into my wallet. I would have never erase and reinstall wallet of Abra would not have told me it was an issue with Play Store. Even though I have my email and pin# associated with my account, Abra says my funds are lost forever.

Abra is a rip-off and stole my money by thier APP freezing and I never got access again and now they say all my money is lost forever no way to retrieve funds.

They stole my funds. DO NOT USE ABRA. POST THIS IN ALL DICIAL NEDIA SITES

Donald 07/22/2019

Secret phrase not a problem but lack of anonymity is (for me)


I don't see why having to write down the secret phrase is such a problem. We already do this with the seeds to our wallets for restore... I'm more concerned that the private keys may be held with Abra AND I'd like more clarity on what the fees are so I can compare Abra with other platforms. Seems to me they envelope their fees in how they price crypto.

Like Coinbase, though, Abra allows (US residents...) you to link your bank account, make transfers without a charge, and then to withdraw to your own other wallets without a fee (though you have to pay the network fee).

My biggest gripe with Abra is their no anonymous buying policy. That was the whole draw of crypto for me--far more independence and privacy with my funds. International legislation is ruining that and, no, privacy isn't JUST for criminals. For this reason alone, I won't do Abra.

AB 06/02/2019

Totally a RIP off

App sucks , who creates something to invest and that relies on you keeping a good damn stupid secret phrase to access your funds.
Loose your secret phrase, loose all your investment money

Jorge Carpio 04/03/2019
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