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Review on Abra by Stephen Toluwani

A Great wallet with great features. It's fee structure although, is a lie

My initial interaction with this wallet started yesterday in which I was able to install its mobile app for the Android device so as to access its features. What majorly endeared me to this wallet was its yearly interest feature with Bitcoin giving an APR of 4.5% and Stablecoins, a surprising 10% APR. This actually made me question its reliability and I had to go online to check and see the reviews of other people but was glad to see that it's really was a reliable wallet to use. On reaching its website, I was able to make cryptocurrencies purchase with my local naira fiat debit card which although came with a lot of fees but that can be overlooked because it service provider allows the purchase of cryptocurrencies up to the tune of $140 without major verifications.

After signing up to the wallet using my phone number and email address I was able to access my private keys and start operating the wallet. To test the wallet, I made a transfer value of 100 TRX from one of my external wallet to Abra and first two major hurdles in that area. The first being a longer confirmation time period as my transaction on the Tron explorer was confirmed after 19 block confirmation in a matter of seconds to do that but I received on my Abra wallet after an approximate 10 minutes waiting time. My second hurdle was that after paying a 0.1 TRX to activate the wallet and sending an exact value of 100 Trons to the wallet, I was credited 99.97 TRX instead which indicates that there might be a hidden fee being charged by Abra despite claims of charging no fees for either deposit or withdrawal (save for block fees)

I also tested it's price alert feature and it's notification bar works perfectly as compared to my other wallets. The exchange feature on the app came with fees and a minimum exchange amount of $5 and I wasn't able to test it out. there is also a direct to Fiat banks withdrawal but supported by only USA and the Philippines which made me unable to try out. All the same the wallet is a good one but I feel it advertisement of charging no fees is a pure lie

Pros & cons

  • The Abra wallet is a decentralized wallet that allows users to get access to your private keys
  • Support for over 20 cryptocurrencies makes this wallet good enough for holding coins
  • In-app price alert feature and notification bar for every transaction made
  • Partner with third-party services to allow the purchase of cryptocurrencies with local Fiat debit card
  • Has an inbuilt exchange to trade different currencies
  • Good and intuitive user interface that is easy to navigate
  • Holding crypto coins on this wallet gives users a yearly interest rate of 4% to 10% yearly
  • The one that support direct Fiat withdrawal to local banks in the United States and the Philippines
  • Transaction confirmation on the wallet takes longer than the normal block confirmation
  • In my view, the services provided by Abra especially as regarding their fees is not really truthful