What Is Abra?
The Abra Wallet is just one of the many cryptocurrency wallets here in the Philippines, but it's more than just a place where you can store your crypto. It is also a multi-platform for sending and receiving crypto, as well as investing in the market.
Abra is headquartered in Silicon Valley, but they have several outlets worldwide including the Philippines. Just like how cryptocurrency aims to make our lives easier, the goal of Abra is also to make crypto investing as simple as it can be through the Abra app that acts both as an exchange and crypto wallet.
Although you would typically need to register an account to start using the Abra app, it is primarily described as a non-custodial wallet, which means none of the employees or even the owner of Abra has access to your funds. This gives you full independence while using the Abra platform.
However, you do need to keep your recovery phrase in a safe place. Aside from the autonomy that you enjoy, the responsibility of securing the crypto wallet goes down to the user since Abra does not have access to your account.
Abra first came to the Philippines in 2016 when it only supported fiat currency and Bitcoin. On March 2018, Abra already backed 20 cryptocurrencies and 50 fiat currencies. Now, they already have 30 cryptocurrencies and 50 fiat currencies available for their users to invest on.
Where Is Abra Available?
With regards to the services of Abra, the only thing that varies is the number of deposit methods available in a certain place.
Abra is continuously working on providing more deposit methods for the Abra App. For now, here are the top-up options available in these countries:
- United States
In the US, citizens can link any bank to their Abra account and then topping up their wallet takes on from there. One can also use Bitcoin, Bitcoin Cash, or Ethereum to top up your wallet.
The same goes for Europe. If one has a Single European Area bank account, you can link this to your Abra wallet so you can top up fiat money and turn it into cryptocurrency. Users can also use Bitcoin, Bitcoin Cash, Ethereum, or credit cards to load up their wallet.
Due to the good relationships established between Abra and the Philippines, users can now link any bank account to cash in or cash out money in their Abra wallet. Loading one's wallet through the use of Bitcoin, Bitcoin Cash, Ethereum, and credit cards are also available.
- The Rest Of The World
For other countries, people would need a debit card, Mastercard, or Visa to load up their wallet. If not, they can also use their Bitcoin, Bitcoin Cash, and Ethereum to fill up their wallet.
How To Use Abra
Before you trade cryptocurrencies, you first need to top up your account. You can do so in various ways.
Among the many deposit methods available in Abra are through bank transfer, Visa or MasterCard, cash in through Abra outlets or using Litecoin, Bitcoin, or Bitcoin Cash.
Once your account is already loaded, you can proceed to invest on the 30 cryptocurrencies Abra carries.
Abra also lets you keep track of the price fluctuations of the cryptocurrencies, so you know when to buy, sell, and hodl.
Withdrawing your money also comes in a swift process. The most convenient way to do so is through an Abra outlet, or you can opt for bank transfer, but take note that it can take 2 to 4 days for your withdrawal to push through.
Best Features Of Abra
Among other crypto wallets here in the Philippines, Abra remains to be one of the best picks. Here are some of Abra's best assets that keep people coming back.
One of the best things about Abra is that you no longer have to register or log in to an exchange before you can invest in crypto.
Abra provides you this tool in just one app. All you have to do is top up your crypto wallet, and you're all set for trading.
Gone were the days when you have to gradually check the price fluctuations of the cryptocurrencies you have invested on.
Abra does this for you as well. You will receive an alert or notification each time the price for your particular cryptocurrency goes up or down the original price.
If you live in the rural or province area, the good news is that Abra has partner pawn shops nationwide, which means that you can quickly withdraw or top up your wallet.
Things That Needs Improvement
Abra gives you many options for loading your crypto wallet, but one thing it doesn't have yet is the convenience of being able to deposit funds to your Abra wallet through 7/11 convenience stores.
For people who trade for a living, depositing through a bank or other cryptocurrencies is okay. However, for the regular folks working in a day job who wishes to invest in crypto gradually, most of them would prefer transferring money through convenience stores.