Abra Review: A Rundown of this Solid Currency Exchange
The Abra story is quite inspiring. They started as a simple money transfer platform in 2014 and evolved into one of the better mobile-forward crypto trading options on the market.
Find out about the integral parts of Abra broker in our Abra Review. We will talk about why traders love the Abra platform, whether there are some flaws, and if you should give it a go. Without further ado, let’s start!
|Abra||Reliable Broker Must Have|
|Legal name:||Plutus Financial Inc.||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Regulated||Within your legal jurisdiction – local regulator|
|Registered in:||US||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2014||The older the domain – the higher the possibility the company is trustworthy|
|Website:||abra.com||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings:||No||None|
|Contacts:||Live chat||Phone, email, social media, web form|
|Is withdrawal possible:||Yes||Yes|
|Fees:||No fees||Transparent fees – list of spread and commissions|
|If Active on Social Media:||Facebook, Twitter, LinkedIn, YouTube, Reddit, Telegram, TikTok||Often present on social media|
|Investor Protection:||N/A||Compensation fund|
Abra is a part of Plutus Financial Inc., registered in the US and the Philippines, and they have licenses from both areas. Firstly, you will find them in the SEC register, but they also have a FinCEN license. These two offer a good regulatory framework, assuring your money is safe with Abra.
A trustworthy broker will have a license from a reliable regulator, and depending on the region, those are:
- US CFTC, SEC, FinCEN
- Polish PFSA
- Central Bank of Brazil
- Central Bank of Mexico
- Philippine SEC
Regulatory bodies work in favor of the traders by imposing strict rules on brokers. They set extremely high minimum operating capital requirements for brokers so that scammers with a limited budget cannot get regulated. Additionally, they have investor and negative balance protection, and many other rules that create a safe environment for all traders.
What started as a simple e-wallet turned into a good crypto trader app. What separates Abra crypto exchange from others is its usability. The Abra wallet app download is available for iOS and Android devices, putting a powerful trading app inside your pocket. However, this can also be the downside of the Abra app, as there is only the mobile version.
You have access to more than 75 cryptocurrencies, including:
- Litecoin, etc.
Apart from trading, the broker also offers crypto borrowing, purchasing, and staking. As far as the accounts go, there is only one abra account. You create it, do the KYC verification, and you are good to go. Additional superb news for traders on a budget is that you can open an account for only $5, but there are no Abra bonus or Abra promo offers.
|Trading platforms:||Abra platform|
|Financial Instruments On Offer:||75+ cryptocurrencies (Bitcoin, Ethereum, USDT, ADA, etc.)|
|Education or Extra tools:||Yes|
Is Abra Safe?
Yes, Abra is safe! They have SEC and FinCEN licenses assuring your money won’t be manipulated. They also have a proven track record.
With over two million downloads, their app is quite popular, and they have a 4-star average rating from 55,000 reviews. All of the above serves to bolster their credibility and trustworthiness.
Trader Reviews – Sharing Experiences
And speaking of reviews, we have come to the most beloved section in our articles – the trader reviews. Our readers love this part because it brings a fresh and real perspective on a broker. You get to know what it’s really like dealing with a broker, whether there are any red flags, and if they recommend the broker.
However, we must say that the Abra company situation is somewhat strange. The broker is verified on Trustpilot, but it has only a 1.6-star rating (out of maximum 5). Over 60% of users gave them only one star.
One review said:
“Invested money in their CPRX token. It wasn’t much, but it was a substantial amount considering my income. They locked the token for trading for more than a year. In the end, I was not able to withdraw it to a new wallet due to their minimum withdrawal policy + network fee…”
There were positive comments as well, and one client was also confused by the number of bad reviews, saying:
“We’re not sure why Abra reviews are so bad here, it’s unlike our own experience. Although the platform can use some improvements, it has proven to be safe and trustworthy. While complaints with CPRX are understandable, it is truly early days, and it is not fair to judge it this early in its development.”
We think the truth is somewhere in between. Many one-star reviews we saw advertised money retrieval companies, so we would not trust the reviewers’ intentions.
On the other hand, we do believe Abra has room to improve. Many traders had comments about the platform, saying that it is buggy and reporting other technical problems.
How Does the Abra Platform Reach Clients and Who Are They?
Abra is very active on social media, having profiles on a lot of mainstream platforms like Facebook, Instagram, TikTok, etc. However, we do not think Abra differs from other regular brokers, meaning they do not approach random traders directly.
They operate in the US, and we believe most of their clients come from this region. As we said, they also have an office in the Philippines, but we think they attract much fewer clients from here.
Deposits and Withdrawal Methods
Abra currently offers several payment methods, including:
- Philippine banks
- Philippine Tellers
- Credit/Debit cards via MoonPay
If you want to deposit in fiat currency, you can do so only in USD and PHP. Apart from the trading platform, deposits are the major area Abra should improve.
Their commission situation is not great either. MoonPay transactions come with a $4.99 fee + a 3.5% for purchases below $141 and a 7% commission for purchases above that amount.
Cryptocurrency transactions also imply cumbersome fees. If you wanted to withdraw USDT, you would have to pay a 4.9 USDT fee, which is outrageous.
Some good news comes with fiat transactions, as they are completely free. You simply choose the bank you want to transfer to (US or PH) and within a couple of business days you get your money.
Reasons To Consider This Company
There are some obvious pros and cons to this company. On the one hand, you gain access to around 100 cryptocurrencies through Abra trading, which is fantastic. You use the same app for trading and keeping your money, but that is not all.
You can also lend and borrow cryptocurrencies at very budget-friendly rates. This means you can even earn interest on your crypto, which not many other brokers offer. As an additional bonus, you can stay in touch with all current market trends with the Abra crypto news section on their website.
On the other hand, however, Abra charges exorbitant fees, and for traders with limited budgets, this is a huge downside. There have also been many complaints about the platform, which seem to persist for some time now, so that is something to keep in mind.
Long Story Short – Abra
In our Abra review, you had a chance to read about a very solid crypto exchange platform. Their crypto offer is extremely versatile, with options to trade, borrow, and lend, but they also have some significant downsides.
But always remember that Abra is just one of many brokers out there, and it is okay if you do not think it is right for you. You can contact us today, and we can find you the best broker according to your preferences for free!
Is Abra a legit company?
Yes, Abra is 100% legit. They have valid licenses and a proven track record, so you can trust them.
What is the minimum deposit for Abra?
The minimum deposit at Abra is only $5, which is fantastic. This allows even traders on tight budgets to open an account.
Can I earn money from Abra?
Answering this question is tricky since crypto trading is a field requiring many skills. However, with enough dedication and learning, you can make money in crypto too.