Bitcoin, Ethereum, Ripple are some of the popular cryptocurrencies that are making rounds on the internet. If you know a little about them, you should also know that a digital wallet is a must-have to store these digital assets.
If you’re looking for other digital wallet options, you may want to explore the Abra wallet.
In this post, you’ll read about its features, benefits, and transaction fees for cash-ins and outs. While you’re at it, you can also learn more about cryptocurrencies like Bitcoin and how to invest in Bitcoin in the Philippines.
What is an Abra wallet?
Abra wallet is like Coins.PH where you store your cryptocurrencies in the app. However, the only difference between the two is that Abra doesn’t support bills payment and mobile bank transfers, while Coins.PH has localized features for money transfers.
Abra wallet is more of a cryptocurrency wallet, exchange, and money transfer app, helping you manage your portfolio and money at your convenience.
How do you create an Abra wallet account?
Set up your wallet and fill in the digital form with your personal information. Afterwards, create unique private keys and recovery phrases to protect your wallet.
You’re the only one who should know about these keys, so store them in a secure location. This will be helpful in retrieving your account if your mobile device gets lost or stolen.
After completing the registration process.and securing your wallet, you can now add funds and start investing.
How do you cash-in with Abra wallet?
There are four ways to cash-in or deposit funds to your Abra wallet. Choose any of these at your convenience.
- Cryptocurrency — Send and receive money from any of the supported coins on the Abra wallet. Simply tap ‘Deposit cryptocurrency’ to view the address of the wallet. There are no transaction fees and no limits with this cash-in option.
- Credit card — Use your Mastercard or Visa to cash-in and buy Bitcoin or other cryptocurrencies. The transaction fee is 7%, and the cash-in amount is anywhere from $10 up to $20,000 per day.
- Cash via 7-Eleven stores — Visit any 7-Eleven store and use the CLIQQ kiosk to cash-in using ECPay with 2% transaction fee. Deposit is from P500 up to P100,000 per day.
- Cash via Abra Tellers — Check the nearest Abra teller in the app and you can immediately cash-in, but with 2% teller fee.
You can receive your funds immediately except for cash-ins at 7-Eleven that will take about 1-2 business days.
How do you withdraw cash from your Abra wallet?
Withdrawing funds can be done in three ways — via bank ACH transfer, sending to a crypto wallet, or receiving cash by using an Abra teller.
For bank ACH transfer, it will take 1-2 banking days with a limit of up to $4,000 per day. You can also transfer your cryptocurrencies to another crypto wallet with ease. Both of these options don’t have transaction fees.
However, if you withdraw through an Abra teller, there’s a 2% transaction fee.
What are the features of Abra wallet?
Your Abra wallet can be used to store funds, trade, or invest. Once you have funds in your wallet, you can buy the assets you wish to trade.
For example, if you want to buy Bitcoin, simply click the ADD button on the upper right corner of the screen to open the Portfolio list. You will have a list of both crypto and fiat assets.
Bitcoin, Ripple, Litecoin, and Ethereum are cryptocurrencies. Meanwhile, you can choose fiat currencies like US Dollars, Japanese Yen, or British Pounds. If you click these assets, they will be added to your portfolio list. You can store both your cryptocurrencies and fiat assets and let your money grow if you’re not going to trade.
If you want to trade, you’d have to monitor the market trends every day. You can exchange between over 100 cryptocurrencies or withdraw them to an external supported wallet. If you’re only learning your way around the basics of trading, you will probably not use this option that much.
Lastly, you may use your wallet to earn interest by buying those cryptocurrencies or stable USD coins with rates starting from 4.0% up to 10%. If you want to buy these stable coins, you need to go through the verification process first.
What are the pros and cons of Abra wallet?
Abra wallet is for people who are tech-savvy and knowledgeable about cryptocurrencies and exchanging fiat assets. This mobile wallet makes it convenient to transfer money and grow money with interest-earning US dollars stable coins. Or if you have extra funds and want to hold Bitcoin, this wallet is a great option.
However, since it’s focused more on holding cryptocurrencies and fiat assets, it lacks bills payment option. It’s not the same as Coins.PH that’s localized to cater mobile transactions, from bank transfers to settling bills, buying cryptocurrencies, and many others.
Also, when buying Bitcoin and other cryptocurrencies, the service charge for credit card cash-ins (e.g. 7%) is relatively higher compared to other exchanges.
Abra wallet allows you to buy, sell, and hold your Bitcoin and other fiat assets via its mobile app. The interest you earn from US dollars stable coins has high rates. But regardless of the platform, whether it’s a mobile app or an exchange site, there’s always a risk when you invest or store your money.
For money and cryptocurrency transfers, Abra wallet is indeed a game-changer. If you’re new to cryptocurrency, this wallet allows you to invest without too much of a hassle. If you’re receiving remittance from overseas, this is also a great way to avoid banking fees.
Abra wallet is free to download, so why not try it yourself and see how it might be useful for you in the future?