Abra review: Invest in more than 75 cryptocurrencies with as little as $5
Our experts answer readers’ investing questions and write unbiased product reviews (here’s how we assess investing products). Paid non-client promotion: In some cases, we receive a commission from our partners. Our opinions are always our own.
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.
Abra
/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Account Minimum
$5 minimum deposit; Minimums vary per cryptocurrency
Fees
0% (Spread fee built into exchange rates)
Investment Types
Cryptocurrencies and NFTs
View Full Details
Learn more
Abra
/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Account Minimum
$5 minimum deposit; Minimums vary per cryptocurrency
Fees
0% (Spread fee built into exchange rates)
Investment Types
Cryptocurrencies and NFTs
View Full Details
Learn more
On Abra’s website
Abra
Learn more
On Abra’s website
Details
Account Minimum
$5 minimum deposit; Minimums vary per cryptocurrency
Fees
0% (Spread fee built into exchange rates)
Editor’s Rating
/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Pros & Cons
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No fees to trade 80+ cryptocurrencies (excluding spread fee)
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Can borrow against crypto holdings, with payback interest rates of 0% to 9.95%
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Can earn up to 10% interest on crypto or USD stablecoins
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Support in 150+ countries with access for 50+ fiat currencies
Cons
Dash icon
A dash. It often indicates an interaction to shrink a section.
High fees for Visa or Mastercard transactions
Dash icon
A dash. It often indicates an interaction to shrink a section.
Limited transparency on the exact exchange spread rates
Highlights
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
- Features: 100+ cryptocurrencies, crypto-backed loans, staking, and support for traders in 150+ countries.
- App store rating: 4.6 Apple/4.3 Android
Additional Reading
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Read our review
Read Our Review
A looong arrow, pointing right
Mục lục bài viết
Overall rating
FeatureInsider rating (out of 5)Fees5.00Investment selection5.00Access4.15Ethics5.00Customer service5.00Overall score4.78
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 75 cryptocurrencies, but you can also earn interest, borrow (with interest rates as low as 0%), or utilize over-the-counter (OTC) trading services.
Abra serves more than 2 million investors.
Abra is available on iOS and Android phones.
Abra vs. Binance.US
Abra
Binance.US
Min. Investment
$5 minimum deposit; minimums vary per cryptocurrency
Min. Investment
$10
Fees
0% (spread fee built into exchange rates)
Fees
0.1% spot trading fee; 0.5% instant buy/sell fee (4.5% fee for deposits with US debit card)
Investment choices
Cryptocurrencies
Investment choices
Cryptocurrencies
Open an accountOpen an account
Abra and Binance.US both offer large cryptocurrency selections, low minimums, and interest-earning accounts. Plus, both platforms allow for over-the-counter (OTC) trading for larger orders.
Fees also vary for each crypto exchange, but Abra is 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%.
Binance.US doesn’t offer crypto-backed loans at this time. It has Abra beat, however, when it comes to its staking rewards. You can only earn up to 10% in staking at Abra, but Binance.US offers up to 18% in rewards.
Abra vs. Kraken
Abra
Kraken
Min. Investment
$5 minimum deposit; minimums vary per cryptocurrency
Min. Investment
Depends on type of cryptocurrency
Fees
0% (spread fee built into exchange rates)
Fees
0% – 0.26%
Investment choices
Cryptocurrencies
Investment choices
Cryptocurrencies (including fiat assets), tokens, futures
Open an accountOpen an account
If you’re looking for dozens of cryptocurrencies, staking options, and a range of other crypto products, both Abra and Kraken are two great options.
Abra has Kraken also beats Kraken with its low-fee crypto loans, but Kraken is the better choice for traders who want to invest in futures or use a margin account to take on additional crypto buying power.
Ways to invest with Abra
Abra offers trading on more than 75 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%.
Plus, Abra will be releasing its own crypto rewards credit card. According to the exchange, the Abra Crypto Card is the first rewards card on the American Express Network that powers its transactions with US dollars but offers crypto back on purchases.
In addition, you’ll not only be able to use the rewards across nearly 80 cryptocurrencies, but you can also skip out on annual and foreign transaction fees while accessing Amex offers and much more (you can join the waitlist here).
See a full list of Abra’s supported cryptocurrencies here.
You can also earn up to 10% 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, 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:
- 0% APR
- 3.85% APR
- 6.75% APR
- 9.95% APR
You can borrow up to $500,000 but Abra says the exact amount may vary per location. Learn more here.
Over-the-counter trading
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.
NFTs
In late 2022, Abra will be releasing an integrated NFT wallet feature in its mobile app. This feature will allow users to access a variety of NFT marketplaces at once, while reducing fees for creators who want to list and sell their NFTs.
Is Abra trustworthy?
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
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.
Abra — Frequently asked questions (FAQ)
Is Abra legitimate?
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes. Abra is registered as a money service business with the US Department of Treasury Financial Crimes Enforcement Network (FinCEN). Abra also says it holds partnerships with other regulated institutions, including money transmitters, banks, and chartered trust companies.
Is Abra a non-custodial wallet?
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
No. While Abra was formerly a non-custodial wallet (meaning the exchange held no control over user crypto assets and private keys), it’s now a custodial wallet. In fact, it uses Bittrex as its custodian.
This means that if you choose to store your assets through Abra, they’ll ultimately be hosted and controlled by its custodian. However, you’ll still have the option to withdraw your assets to a non-custodial wallet if you prefer that form of storage.
Is Abra a good investment?
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
This depends on which services and features you’re looking for in a crypto platform. Abra offers more than 75 cryptocurrencies, with interest-bearing accounts, OTC trading, crypto-backed loans, and much more.
Related terms
- Cryptocurrency: Cryptocurrencies rely on blockchain technology to power decentralized transactions between two parties. There are thousands of cryptocurrencies available for exchange.
- Staking: With this account feature, you can earn interest rewards for holding a certain amount of crypto assets for a set period of time.
- NFT: These unique tokens represent ownership of real-world items like art, videos, real estate, and other goods. The phrase “non-fungible” is associated with these tokens since they represent interchangeable data.
- Token: These currencies are created through existing blockchains, meaning they’re built on top of previously established databases.
Rickie Houston was a senior wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products.
Before Insider, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, 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, 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 »Read more
Read less
