Education, How Abra Works

How can someone convert cryptocurrency to real cash?

Cryptocurrencies have many uses: as a long-term hedge against inflation; as a source of earning passive income through interest yield; as collateral for borrowing without selling your cryptocurrency; as a way of trading between various types (such as Bitcoin, Etherium, etc); and as a store of value to be liquidated when cash is needed. This blog post covers this last use case: converting crytpo currency into cash.

Overview of Converting Crypto to Cash

The following prerequisites are necessary to convert cryptocurrency to cash. Step-by-step instructions follow for each.

* Establish an Abra account and confirm your identity through the Know Your Customer (KYC) process by submitting a drivers license or passport.

* Link a bank account (that’ll fund the account and, later, hold the converted cryptocurrenies) to the Abra app.

* Fund your Abra account so that you have settled cryptocurrency funds.

* Convert cryptocurrencies into the TrueUSD fiat currency before transfer.

* Transfer TrueUSD to your bank account.

The following steps describe how to convert those funds into cash. (Note that these steps are written for a US-based audience, as financial regulations vary by country.) Transactions to supported banks or credit union may also be subject to transfer amount limits.

Establish an Abra account

The first step is to create an Abra account to hold cryptocurrencies. Download the Abra app for Android or iOS to begin.

Sign Up Screen

* Tap “Sign Up”

Sign Up Form

Provide your basic user identification and contact information.

* Tap the “Enter First Name” field.

* Enter your first name.

* Tap the “Enter Last Name” field.

* Enter your last name.

* Tap the “Enter Email” field.

* Enter your email address.

* Tap the “Country” field.

* Select your country from the menu.

* Tap the “Phone Number” field.

* Enter your phone number.

* Tap the Continue button.

Registration Code Screen 

Abra will confirm the link between your information and your mobile device.

* Enter the two-factor authentication (2FA) SMS code that Abra just sent to your phone number. If you did not receive the code from Abra, you can resend the code by tapping “Resend Code.”

* Tap the Continue button.

PIN Prompt

Enter a personal identification number to secure your new account.

* Choose a four-digit PIN; remember your PIN — you’ll need it each time you open the Abra app. 

* Enter your PIN to confirm your selection.

Restore your wallet prompt

A recovery phrase will be your backup in case you lose access to your wallet.

* Tap the “Show my phrase now” button. This will allow you to write down your Recovery Phrase in the event you’ve lost access to your wallet.

* Tap “Remind me later” to bypass this step for the time being. We highly recommend writing down your recovery phrase as soon as possible. 

Notification Prompt

Abra will now request permission to push notifications to your mobile device to communicate important information and updates.

* Tap “Next”

* Tap “OK” to grant permission for the Abra app to send push notifications to your phone.

Fund your Abra account

Following are the steps necessary to fund your Abra account from a variety of sources.

Via a bank or credit union account

Specify a source account

* Open your Abra app.

* Tap “Add Money.”

* Tap “Bank ACH transfer.”

* Tap “Add new bank account” to start the Plaid connection service.

* Select your desired bank to link to your account.

* Login using your banking website’s username and password. 

* Enter your two-factor authentication (2FA) SMS verification code (if needed).

Transfer funds to your Abra account

* Open your Abra app.

* Tap “Add Money.”

* Tap “Bank ACH transfer.”

* Select the bank account you’d like to use.

* Enter the desired amount.

* Tap “Next.”

* Tap. “Confirm Deposit.”

Via a Visa or MasterCard credit card

Next are the steps needed to add funds to your Abra account via a credit card.

* Through the Abra app (using Simplex), click here.

* Through the Abra website (using MoonPay), click here.

Convert cryptocurrencies into TrueUSD

* Open your Abra app to your trading account. 

* Tap on the “Exchange” icon (which appears when your account has a balance).

* On the “Exchange From” pane select the asset you’d like to move funds from (for example, BTC or ETH).

* On the “Exchange To” pane select the asset you’d like to exchange it for (select TUSD to be able to transfer to a bank).

* Enter the amount you wish to exchange. 

* Check the exchange rate used for conversion.

* Tap “Review” to see a summary of your choices. Note that an exchange spread fee applies when exchanging an asset to another. 

* Tap “Confirm” to transfer the asset.

Transfer TrueUSD to your bank account

To add funds to your Abra account via a bank account, follow these steps.

* Open the Abra app.

* Tap “Withdraw”.

* Tap “Bank ACH transfer”

* Select the bank to which you’d like to transfer funds.

* Tap “TrueUSD”

Funds will be posted to your bank account within 2-3 business days (excluding weekends and holidays)

A request to cancel the transfer can only be done by the user while the transfer is pending; once it has completed it cannot be undone.

Conclusion

In this blog post we covered the steps required to open an Abra account, link a bank account and fund it, and — later, to return cryptocurrencies back to cash, how to convert the currencies and transfer them to the linked bank.

Download the Abra app (Android, iOS) and begin trading or earning interest on cryptocurrency today!

Watch our video series: introductions to cryptocurrencies, Money Talks, and more!

Abra supports 117 cryptocurrencies and counting.

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