Abra; Alyssa Powell/Insider
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Overall rating
| Feature | Insider rating (out of 5) |
| Fees | 5.00 |
| Investment selection | 5.00 |
| Access | 4.15 |
| Ethics | 5.00 |
| Customer service | 5.00 |
| Overall score | 4.78 |
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 100 cryptocurrencies, but you can also earn interest, borrow (with interest rates as low as 0%), 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.
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 |
| Abra | Binance |
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 |
| Abra | Kraken |
If you're looking for 100+ 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
Cryptocurrencies
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%.
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 more than 100 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.
Abra interest accounts
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 interest-bearing account works for bitcoin, ethereum, ripple, usd coin, tether, and paxos. Learn more here.
Abra Borrow
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?
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?
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?
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?
This depends on which services and features you're looking for in a crypto platform. Abra offers more than 100 cryptocurrencies, with interest-bearing accounts, OTC trading, crypto-backed loans, and much more.