If you are reading this article, there is a strong possibility that you are either looking into acquiring your first Bitcoin or cryptocurrency. It’s also possible you are looking to find another digital wallet to get away from using Coinbase. Over the past few months, I have been experimenting with the newest player to join the crypto wallet scene.
Abra, the New Kid on the Block
The Abra wallet launched 4 months ago. With it comes a sleek new design, and some great features, that separate it from some of the Legacy platforms it is looking to compete with.
Abra is a digital wallet that allows you to hold and trade over 20 cryptocurrencies including BTC (Bitcoin), ETH (Ethereum), BCH (Bitcoin Cash), LTC (Litecoin), XRP (Ripple), NEO (Neo), OMG (OmiseGO) and more. The platform also is equipped to handle the conversion to many different fiat currencies (USD, EU, etc).
Abra is incredibly easy to set up, and the User Interface is very friendly. The download and account creation process can is much quicker than Coinbase. Once you create an account and establish a PIN, their KYC (Know Your Customer) check requires a simple phone number verification. This is much simpler than the more invasive process used by Coinbase that includes Social Security Number and “Selfie” holding your I.D. Once your account is set up, you will notice that Abra has more Coin variety than Coinbase. It will be worth your time, to take a couple minutes and customize your ‘Portfolio’ to include the coins that are important to you.
3 Features you won’t find on Coinbase
3 Things distinguish Abra from Coinbase. First, the number of digital and fiat currencies they support (4X as many coins as Coinbase). Secondly, their non-invasive KYC check that I mentioned earlier, makes it easier for the average and beginner crypto investor to get started quickly! Thirdly, and maybe most importantly is their Fees. I will discuss further below, but Abra’s fees structure is much less than Coinbase.
Let’s take a deeper dive into Abra’s fee structure. Let’s start off with the one (somewhat) negative drawback, on the Abra platform. You can only convert Bitcoin and Ethereum to fiat currency. This means if you have other coins, like XRP or Bitcoin Cash. You will need to convert these altcoins to Bitcoin or Ethereum, before converting to Fiat. On the surface, this may look like a ploy to get you to pay double the transaction fees. However, the best part about the Abra platform is, they do not charge for any currency conversion within their platform. Once you have funded your Abra wallet (in any currency), exchanging it from one currency to another is completely free.
So when do you pay fees? First, let me say, it is possible to use Abra completely for Free, but your transactions will not happen instantly. When you fund your account using your checking account, using ACH, Abra does not charge you a fee. It should be noted, that this funding method takes between 3-7 business days depending on your bank. Some banks may also charge a small fee, this is uncommon for U.S. banks. Funding with Bitcoin or Ethereum is also free with Abra (however, you will incur a mining fee from the wallet you moved the funds from).
Withdrawal of funds works the same way with these 3 methods. There will always be a small mining fee on any Bitcoin or Ethereum withdrawal. However, if your bank charges you to receive an ACH payment, it’s probably a good time to find another financial institution. The most common way to fund your account is with a credit or debit card, and Abra allows this as well. When funding an account with a credit or debit card, Abra charges you a flat fee of 8% (minimum fee $11.50). Compared to Coinbase’s credit card fee of close to 10%. Abra also accepts payments via American Express, the fee for funding your wallet with American Express is 4%.
A full listing of fees is available in the Main Menu of the app.
Abra or Coinbase??
I have been experimenting with the Abra app for about 3 weeks now. I have funded, traded, and withdrawn coins. The platform is very user-friendly, and the performance of the app is great. Payouts to your checking account arrive within 24 hours, which rivals Coinbase. Everything about Abra is as good or better than Coinbase. The fact that they offer a much larger menu of coins makes it an obvious choice as the top digital wallet. I have never had an issue using Coinbase either. However many have had, and their horror stories are well documented at this point. If you are seeking a strong, up and coming competitor, Abra maybe your choice.
Sincerely hope you found this short article informative. If you are interested to begin investing with ABRA, you can easily invest in 28 cryptocurrencies or BIT10, an index of the top cryptos. Please use my link to sign up and get $25 in free bitcoin after your first Bank/Amex deposit. Sign up for ABRA
Please leave any questions about either Abra or Coinbase in the comments section below.