How To Use Abra Wallet?
Abra was founded by serial entrepreneur Bill Barhydt in the year 2014, with headquarters in Silicon Valley and an additional office in the Philippines. It began as an investment application that allowed its users to deposit fiat currencies and invest in stocks and ETFs.
In 2017, it started to support Bitcoin, and towards the end of 2017, it supported BTC, LTC, BCH, ETH, and more than 50 fiat currencies. The next year, Abra added 20 more cryptocurrencies.
The most functional feature of Abra is that it acts as a crypto wallet where you can store your Bitcoin (BTC). This is a very safe and secure option, as the private keys of Abra users are stored on your device within the Abra app, and Abra never gets your private keys. You are in full control of your holdings.
Connecting Your Abra Wallet To ZenLedger
- To import your Abra wallet transactions via CSV, login to the ZenLedger app, go to the Imports tab, select Exchanges, and choose Abra.
- Follow instructions in ZenLedger.
How To Use Abra Wallet?
Setting up and using your Abra crypto wallet is pretty easy. Follow these 5 steps below so you can easily use your Abra wallet.
- Download The Abra App
- Setting Up Wallet & Fund Deposit From Bank Account
- Setting Up Recovery Phrase
- Asset & Portfolio Management
- Withdraw Investments
Here's a step-by-step guide on how to use the Abra crypto wallet:
1. Download Abra
The first step to use Abra wallet is to download the free version of Abra on iOS or Android. It is available in over 150 countries but in the United States, it is unavailable to New York, Hawaii, and Connecticut residents.
2. Setting Up Wallet & Fund Deposit From Bank Account
Once you have downloaded the app, it's time to add money to your wallet. You can transfer funds via bank transfers if you're a resident of the United States, Philippines, or Europe, or via credit card (Visa, MasterCard, or American Express). Another method to transfer funds is through wire transfer which is available for Abra users in the US.
Abra supports over 200 cryptocurrencies which can be used to fund your Abra crypto wallet. Now that funds have been added, you can invest in cryptocurrencies that are supported by the app.
There are various sets of deposit and withdrawal limits such as $4,000/day, $8,000/week, and $16,000/month.
3. Setting Up Recovery Phrase
When you first download the app it will display your recovery phrase. The recovery phrase, also known as a backup phrase or a wallet seed, consists of 13-words that are unique to you. You can use this phrase to recover your funds from anywhere at any point in time.
Here's how you can get the Abra recovery phrase:
- On installation of the Abra app
- Verification reminder sent by Abra
- Tapping the ‘Backup’ option from the main menu
Once you've viewed your 13-word wallet seed, you must write it down and keep a copy of it as safely as possible. If your recovery phrase goes into someone else’s hands they can easily access your crypto assets.
After copying the wallet seed, tap ‘Confirm Phrase’ for the final verification. The final notification you'll receive after typing the wallet seed accurately is the confirmation that your wallet is officially secured.
4. Asset & Portfolio Management
On the top-right corner in the Abra app, tap the ‘Add’ option. From here, you can add cryptocurrencies, stocks, and ETFs to your portfolio. Choose the asset that you’d like to add to your portfolio. Once done, the assets will automatically be displayed on the Abra home screen. Now, click on the ‘exchange’ button and source your preferred fund source.
If you're interested in trading, you must first select the asset you want to trade. Before trading, make sure you check the rates, and finally, confirm the trade.
5. Withdraw Investments
Using Abra for making deposits and withdrawals is very simple. You can opt for a bank transfer, teller, and even cryptocurrency to execute the process. There is a 4% fee for bank withdrawals using US-based American Express credit cards.
How Does Abra Crypto Wallet Work?
As discussed earlier, Abra is a unique combination of an investing app and crypto wallet and makes crypto transactions a seamless experience for its users. It allows you to send and exchange Bitcoin (BTC) to fiat currency and vice-versa, from its mobile app.
The platform also allows users to automate the system using smart contracts, which handles the price change of Bitcoin (BTC) within the Abra app.
Abra not only provides its users fast and inexpensive access to their assets, but Abra also gives users full control over their assets.
The Bottom Line: Why Choose Abra Wallet?
Abra wallet can be a reliable choice for crypto investors and traders, as it offers a plethora of benefits:
- Supports more than 200 cryptocurrencies and over 40 fiat currencies
- Mobile app (iOS and Android)
- 13-word recovery phrase
- Easy-to-use interface
- Available in over 150 countries
Considering all its advantages it is a great wallet for anyone who is seeking to buy and sell crypto assets.