When to use Abra to buy or sell bitcoin
You can use Abra at any time where you intend to buy, hold, sell, send, and receive bitcoin or any of the 50+ fiat currencies available through the Abra app (a fiat currency is a government-issued currency, such as US dollars or Euros). As a mobile wallet, Abra is also convenient for buying, selling, and spending bitcoin while traveling.
Holding and buying bitcoin with Abra
Holding fiat vs. holding bitcoin
With Abra, you can choose to hold your funds in fiat or in bitcoin.
By holding your funds in fiat, you can minimize the volatility of your balance, as fiat currencies are generally less volatile than cryptocurrencies. You can then decide to buy or sell bitcoin on the spot, if you choose, or send fiat to another Abra user or to someone’s external bitcoin wallet.
By holding your funds in bitcoin, you can take advantage of the upside if the price of bitcoin goes up relative to fiat. This also exposes you to the risk that the price of bitcoin goes down. Basic risk/reward.
Buying bitcoin with Abra
Buying bitcoin with Abra is very simple, and after you download the Abra app and sign up, it involves two steps:
- Fund your Abra wallet. You can fund your wallet via bank deposit, cash deposit or using American Express Cards. See below for details on each one. Funding methods vary by country so be sure to check which payment methods are available in your country.
- Convert your funds. Once the funds reach your Abra wallet, change your wallet currency to Bitcoin.
Voilà! You now own bitcoin!
In addition to holding bitcoin on your Abra wallet, you can send bitcoin or money to anyone else who has a bitcoin or an Abra wallet, or shop in person or online with any of the over 100,000 merchants that already accept bitcoin.
How to add or withdraw funds from your Abra wallet
The first step to buying bitcoin is funding your Abra wallet. Add funds to your Abra wallet to buy bitcoin. Withdraw funds once you’ve sold, or keep your balance in your Abra wallet.
The Abra wallet supports several ways to buy bitcoin from within the app including bank account transfers and cash. All of these methods for buying bitcoin can be found under the “add money” section of the app. But you can also check the links below for more detailed information.
Bank Account Transfers
Bank account transfers are available in the U.S. and the Philippines. It is easy to buy bitcoin using your bank account. Check out our step by step guide to buy bitcoin using your bank account.
Abra Tellers facilitate the exchange of physical cash for digital cash. Currently, Abra Tellers are available in the Philippines.
Eligible US-based American Express cardholders may use their card to fund their Abra wallet. Learn about eligibility, limits, and fees.
Add bitcoin to your Abra wallet in order to sell it, or if you’d like to keep some of your bitcoin in your Abra wallet in order to have it easily accessible.
For the most up-to-date status in your country, check the Where is Abra available? page on our website.