Are you searching for a reliable, secure cryptocurrency wallet for your phone?
Look no further than Abra wallet.
There’s a lot to like about this wallet. And not much to dislike about it. This review will cover everything you need to know about the Abra wallet.
Abra started out as a platform that allowed users to easily transfer fiat money to each other. The company has evolved into an all-in-one option that now allows users to transfer fiat currency, cryptocurrency, and invest in the stock market.
As you may have noticed, this is a little more than your average cryptocurrency. Abra really does offer everything.
Abra Wallet Price
The most important point when using a cryptocurrency wallet is the price.
Abra has that aspect locked down because this app is free to download on Android and iOS.
Of course, Abra has to make money, so they have fees in other places. But the app is free to download.
Price Rating: 10/10 – downloading the app is free!
Abra has reasonable fees. We recommend using a bank transfer for deposit as the fees are very low at 0%-0.25% depending on the bank.
Credit cards are much more expensive at 4%-8% depending on the credit card.
A bank transfer withdrawal has no fees, which is very convenient.
You can’t beat fees like that.
Fees Rating: 10/10
Abra supports over 30 different coins. They support all the popular coins like BTC, ETH, LTC, XMR, and BCH. Abra also supports more obscure coins, but most users use them for the five most popular coins.
Supported Coins Rating: 9/10
Using Abra Wallet
Abra is an easy to use wallet because of the intuitive interface. There aren’t any hidden menus or obscure buttons to click. Everything is right there for you to click.
Setting up the wallet is also easy. Here’s how to do it in five steps.
- Download Abra Wallet from the Google Play Store or App Store. Watch out for impostors.
- Fill out all the required information. This might include your email address, name, and phone number. You shouldn’t need to submit a picture.
- Create a PIN.
- Write down your recovery phrase and place it in a safe spot.
If you need to purchase cryptocurrency, then that’s also easy. You can do that on the Abra website or in the app.
As for sending currency, that’s even easier. Just search for the recipients username and send the currency.
You can convert your crypto to fiat currency or send the cryptocurrency. Both options work fine with no problems.
Abra Usability Rating: 10/10
Abra Wallet Security
As mentioned earlier, Abra Wallet is downloaded on your mobile device. On the face of things, this seems less secure than hardware wallets.
However, Abra has some security features on this wallet that make it very secure. Here are some of those features:
Abra uses a non-custodial architecture on the app. What exactly does that mean?
It means that Abra can’t access the contents of the wallet. They only see an encrypted file rather than your account details.
If Abra can’t see your balance, then a hacker can’t see your information.
For reference, most cryptocurrency wallet apps do not have this software architecture, so this feature puts Abra ahead of most of the competition.
To access the app you must enter a security PIN. This means someone with access to your phone won’t be able to access the wallet without the PIN.
This is a standard feature on financial apps, but it’s still worth mentioning that Abra has this feature as a default setting.
Private Keys and Recovery Phrase
A common concern with cryptocurrency wallet apps is recovering your wallet if you lose your mobile device.
Abra solved this problem with private keys and a recovery phrase. All you have to do is download the app on a new device and enter the private keys or recovery phrase to restore the balance in your wallet.
Of course, you don’t want to lose your private keys or recovery phrase. Otherwise you won’t be able to recover your account because Abra has no access to your private keys or recovery phrase.
Also, anyone that has access to your private keys or recovery phrase will be able to access your account – don’t lose your private keys or recovery phrase!
Two Factor Authentication
Finally, Abra has two factor authentication. This feature is nice, but it isn’t as secure as you might think.
If a person has access to your Abra account, then they likely have access to your cell phone because this is a mobile app.
We still recommend using two factor authentication. Just keep in mind the limitations of two factor authentication for mobile apps.
Abra Wallet Security – Verdict
All things considered, Abra has very good security for a cryptocurrency wallet app. The non-custodial architecture combined with the encryption makes for a very secure wallet.
However, it’s still a mobile app, which does have limitations with security.
Wallet Security Rating: 9/10
Abra Wallet Anonymity
One of the major draws of cryptocurrency is the anonymity it provides to users. Abra offers as much anonymity as legally allowed, but it does have some limitations.
For instance, you must submit your name, email address, and phone number to comply with US regulations involving money.
Despite this, Abra still ranks high for anonymity amongst cryptocurrency wallet apps because they only ask for the information legally required.
Anonymity Rating: 9/10
Abra Wallet – Final Verdict
All in all, Abra is an excellent choice if you want a low cost cryptocurrency wallet. It’s free to download, has low fees, and is very secure.
Obviously, if you want more security, then you will have to go with a hardware wallet. But most people don’t have the need to spend $70 on a cryptocurrency wallet, and that’s where Abra enters the picture.
Abra Wallet Rating: 9.5/10