Abra review: Invest in more than 100 cryptocurrencies with as little as $5.
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Abra is a mobile crypto exchange and wallet serving investors in the US and 150 other countries. You'll only need $5 to get started, and pagsusuri ng trading ng binance grid there aren't any trading fees (although spread rates apply). Abra Borrow also lets you use your crypto as collateral to borrow low-interest stablecoin loans. .
Bottom line: Abra is best for mobile-forward crypto traders who value both the freedom to trade a range of cryptocurrencies and the security to ensure those very assets remain safe. The platform is also great for users who may need to borrow at low rates.
Is Abra right for you?
Founded in 2015, Abra is a global cryptocurrency exchange and custodial wallet offering crypto services to investors in more than 150 countries.
It not only gives you access to more than 100 cryptocurrencies, but you can also earn interest, borrow (with interest rates as low as 0%), katera binance aplikacija or utilize over-the-counter (OTC) trading services.
Headquartered in San Francisco, Abra serves more than 1 million investors.
Abra is available on iOS and Android phones.
Not sure if Abra is right for you? Keep reading to see how it ranks against other popular crypto apps.
How does Abra compare?
$5 minimum deposit; minimums vary per cryptocurrency.
Depends on type of cryptocurrency.
0% (spread fee built into exchange rates)
0.1% spot trading fee; 0.5% instant buy/sell fee (4.5% fee for deposits with US debit card)
Cryptocurrencies (including fiat assets), tokens, futures.
Abra, Binance.US, and Kraken all offer large cryptocurrency selections, low minimums, and interest-earning accounts. But unlike Abra and waa binance lagu kalsoonaan karo
.US, Kraken lets you invest in futures or use a margin account to take on additional crypto buying power.
Fees also vary for each crypto exchange, but Abra may be the best option for users interested in borrowing extra funds without sacrificing their entire crypto balance. Abra's borrow feature lets you take out loans with rates as low as 0%.
Keep reading to see how Abra works.
Ways to invest with Abra.
Abra offers trading on more than 100 cryptocurrencies, including bitcoin, dogecoin, ethereum, litecoin, and others. Crypto access varies for different countries, but Abra offers this resource on those exact limitations.
Abra also offers mobile wallet storage. You'll get a digital recovery phrase after setting up the wallet, and Abra gives investors complete control over their assets by making sure that only users have access to the mobile wallet's recovery phrase.
Though the crypto app doesn't charge trading fees, it says it earns exchange rate income from the spread between different crypto assets. This means that Abra will add a small spread rate to your exchanges (you'll likely pay a bit more than the market price for certain assets). Learn more here.
Fees also vary depending on which payment method you use. For instance, ACH deposits and withdrawals are free. Visa and Mastercard transactions, however, may cost well over 3.5%.
Abra interest accounts.
You can also earn up to 7.5% interest by simply holding certain cryptocurrencies and US dollar stablecoins (stablecoins are digital assets that are backed by US dollars) in an Abra interest account. You'll only need a minimum of $5 to get started, and interest compounds daily.
Abra's interest-bearing account works for bitcoin, ethereum, ripple, usd coin, tether, and paxos. Learn more here.
Launched earlier in March 2021, Abra's borrow feature makes it easier for you to hold onto your crypto positions. For instance, if you needed to cash in, binance pata data za kihistoria or sell, your cryptocurrencies, you might miss out on a surge in market price.
With Abra Borrow, you can borrow against your own crypto balance at rates ranging from 0% to 9.95% (plus there aren't any penalties for early loan termination). You can only use bitcoin or ethereum as collateral, and Abra issues out the loans in US dollar stablecoins (stablecoins are less volatile than most crypto assets since you can always redeem one stablecoin for $1).
In addition, you can choose a six-month, 12-month, 18-month, or 24-month loan term. Abra offers the following borrower rates:
You can borrow up to $110,000, but Abra says the exact amount may vary per location. Learn more here.
Abra also offers a range of OTC services for institutional clients or investors who need to place large trading orders. These services are only reserved for those with a minimum of $50,000 to invest. They include:
Trade: Abra says you can trade a variety of cryptocurrencies at a better price and faster rate Earn interest: Its OTC services allow you to earn up to 10% interest on digital assets and US dollar stablecoins Institutional borrow: Institutions also have the option to borrow crypto assets or USD.
Abra additionally gives each OTC client access to an account director who provides ongoing one-on-one support.
If you're new to cryptocurrencies or want to improve your crypto trading skills, Abra also provides several educational guides. These include the following:
Is Abra trustworthy?
Personal Finance Insider evaluates trustworthiness by looking into each investment platform's Better Business Bureau profile. Though Abra doesn't currently have a BBB profile, the bureau always says its ratings don't guarantee that a company will be reliable or perform well.
That's why it's wise to do your own due diligence in addition to its research or any other reviews you come across.
Rickie Houston is a wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products. He is also a Certified Educator in Personal Finance (CEPF). Previously, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, tvöföldunarlaun taxes, and banking topics. He's contributed to stories published in the Boston Globe, and his work has also been featured in Yahoo News. He graduated from Boston University, quora kajian binance where he contributed as a staff writer and sports editor for Boston University News Service. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »