Bitcoin Cash, Litecoin, Bitcoin, Ether.
8.0 / 10
Abra is a decentralized investing platform that uses Bitcoin as collateral to create synthetic assets like currencies, stocks & other investment products. Unlike traditional broker apps, Abra enables users worldwide to access investment opportunities without the traditional heavy sign-up measures. With Abra, simply enter your name, mobile number, and email address, create a 4-digit pin and note down your recovery seed phrase and you’re ready to invest. The app is available on both iOS and Android.
Account funding options are very geographically dependent on Abra. While the account can be funded with crypto, credit cards, local bank transfers, and even cash, users in Europe, the USA, and the Philippines only have certain options available to them. Check out https://www.abra.com/where-is-abra-available/ for a comprehensive list of regional funding options. Needless to say, it would be a huge improvement if the funding options weren’t geographically limited.
In terms of security, Abra is a non-custodial wallet meaning the company cannot access your funds or recovery passwords. Note that Abra collects some personal information to comply with local laws so, for users who don’t want their blockchain wallet tied to their identity, Abra might not be the best choice. Well aware of the security concerns in the crypto community Abra does use mobile verification, pin numbers, and encryption your account and personal data secure.
Another clever security feature is Abra’s use of Bitcoin-based multi-sig smart contracts that allow their users to hold “synthetic currency”. These let users get exposure to stocks, currencies, and crypto without actually holding those assets, just using Bitcoin as collateral, which is why Abra can offer it to users worldwide, regardless of regulation. The technology has been broken down here for any enthusiasts.
The multitude of features has made the app feel a little cluttered. A slight learning curve might need to be overcome to truly appreciate its potential, and so it is likely that beginners may find Abra overwhelming. However, Abra provides a wealth of valuable resources on its website to help educate users on the technologies they employ. The team is accessible on live chat on the app, email, and social media channels for support-related issues.
Abra is another great example of how Bitcoin can create financial opportunities for people who are discriminated against by the current system. As a consequence, Abra feels less like a crypto wallet and more like a traditional investment app. For instance, users have to go to the “withdraw” section, where sending crypto to a third-party wallet is hidden as only one option for users to cash out on their investments. In most crypto wallets that feature would be placed more prominently. Overall, Abra is a great option for those wanting to invest in the global stock market or get exposure to currencies that would otherwise not be accessible to them.
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