Big news! You can now have more than one wallet in your Abra app!
Here’s why this is a game-changer:
- Buy & sell at a spot rate: Load up your fiat wallet and keep your funds there until you decide it’s the right time to buy bitcoin. Then do the exchange. You’ll have bitcoin in hand as soon as the transaction is confirmed on the blockchain.
- Keep two separate balances: If you want to take advantage of the volatility in bitcoin prices, you can buy and sell as frequently as you like by moving money back and forth between your two wallets.
- Do partial conversions: Want to sell a bit of your bitcoin, but not all? Now you can choose how much to move between wallets, instead of converting it all at once.
You can choose up to two from our list of 50+ currencies, including bitcoin. Most people will probably choose to denominate one wallet in fiat currency (e.g. US dollars) and one in bitcoin. To take advantage of this latest feature, make sure you update your Abra app to the latest version.
New Abra users will be prompted to select their two wallets after they sign up. Existing Abra users will need to proactively add their other wallet. We’ll prompt you to do so the next time you sign in, but you can always do this later. Here’s how:
1. Select “Manage Wallet Currencies” from the Menu
2. Select “Add another wallet”
3. Confirm your choices
We’ve been listening to your feedback about how to make Abra better for you, so we hope you enjoy this update! We’d love to hear your thoughts and feedback, so feel free to leave a comment on this post, or write us at contact[at]abra[dot]com with any questions or suggestions.
A few other noteworthy updates:
- Introducing another wallet within the Abra app means the way you go about buying & selling bitcoin within Abra changes. We’ve updated our popular Using Abra to buy bitcoin with your bank account post accordingly. Have a look!
- We’ve also recently increased our funding limits. Check out the latest!
Yesssss!!
Nice work. Just a question, when you say by moving money back and forth between your two wallets. Does it occurs charges/fees? Thanks.
We do not charge any fixed fee for buying or selling though like most services, there is a difference between the buy/sell price. Our current fee table is listed here.
Nice work. My question is, when you send money from a Bitcoin wallet to a USD (Fiat-based) wallet, is that considered a taxable event?
If so, it’s not ideal for traders. This is why traders typically use USDT (Tether). They only wish to be concerned with taxes at the point of converting digital cryptocurrencies to cash.
I also wonder if Abra is collecting data on all the transactions of their customers so it can be used for any legal / tax-related purposes.
Hi Mike. Glad you like the feature. Unfortunately, in the area of tax advice, the only thing we can point you towards are these IRS guidelines, which I’m sure you are already well familiar with.
Can you also deposit your money from the US dollar wallet back into your bank account?
Thank you
Absolutely! Here’s how.
Can we then use an AmEx card to fund the USD wallet?
Or is that option still not working?
Hi Darrel. Amex cards can definitely be used to fund your USD wallet. The Amex option is working, but sometimes even good users get stuck in fraud protection measures. More info on Amex.
much better if you have ethereum also
That’s a popular request. Please contact us if you’d like to help us test new features. Which might, hypothetically speaking, include other currencies in the future 😉
I recently noticed a large price difference in Bitcoin between Abra and Gemini. Why is that?
Hi Joe, our fee structure may be different from some other brokerages and exchanges. We don’t charge a fixed fee for purchases or sales, so the spread on our buy/sell price will likely be different. View our fee structure. We also source our price from a different index.
What do they mean by the wallets I don’t understand at all please can someone help me out
Hi Diana,
Abra offers the ability to have multiple wallets in your app. For example, you can hold Bitcoin (BTC) and U.S. Dollars (USD) at the same time and transfer between the two within the app. If you want to change your wallets, go to the main app screen, tap the button on the top left corner, select ‘Manage Wallet Currencies’, and choose the digital currency you prefer. If you need further assistance, please email us at contact@abra.com.
hello, panu po yung pag convert nang balance pero hnd lahat nang balance ang e exchange.. saan po yung option na yun?
Hi Paul,
Can you send us an email at contact@abra.com with further details? Thanks!
Hi
Are banks OCBC in Singapore and BNI in Indonesia supported?
Hi Jamie,
We do not support bank deposit or withdrawals from Singapore or Indonesia. We are actively looking on expanding that functionality and will keep you posted on future updates.
Could you please help! I funded my Abra account with USD. Then started another deposit since it was limited to 1K. Then I wanted to convert the USD deposited to bitcoin. It said that this will force the new deposit transaction to automatically convert to bitcoin when it hit my abra account. I thought you could have balances in both and move back an forth as you wish. very confusing.
Hi Kevin,
Thanks for the comment. If you funded your Abra wallet via a linked bank account, it will take 1-2 business days for the funds to arrive in your Abra wallet. Once you have the funds in USD, you can add a Bitcoin (BTC) wallet and exchange between the USD and BTC. If you want to directly fund your BTC wallet, then it will prompt another transaction. So, I would just wait until the USD arrives and then convert the amount you want in BTC. If you have further questions or concerns, please send our Support team an email at contact@abra.com.
Nice work. One question when you send money from a Bitcoin wallet to a USD wallet, is that considered a taxable event?
https://medium.com/@nausokolarti1/banca-trading-competition-cd7053dbc39d
No it is not. If you withdraw the USD from your Abra wallet to your bank account, that is a taxable event though.
I currently only use one wallet, but I am not going to consider opening a second. The ability to keep two separate balances and do partial conversions seems particularly beneficial. I don’t currently use the Abra app, but I am going to have to give it a try it seems.
Based on my experience, I don’t recommend using Abra. One you enter your money using its wallet, you won’t be able to make transaction with other wallets. In short, your bitcoins or other cryptos will be trapped within this wallet… you can only transact with other Abra user. Not good.
This is simply not true. You can move BTC out of Abra to any external wallet, not just other Abra users.