Abra has emerged as one of the most popular apps to buy and sell bitcoin since its launch five years ago. Today, the California-based company uses blockchain technology to enable individuals across the globe to invest in stocks, ETFs, and cryptocurrencies using its user-friendly app.
In this step-by-step guide, you will learn how to buy bitcoin using the Abra app.
Buying Bitcoin on Abra
Abra is a mobile-only platform, which means you will need to download the app to your smartphone. It is available for Android and iOs.
1. Set up your account
To register an account, you first need to access the Play Store or App Store (depending on your phone’s OS), download the app for free, and you are ready to get started.
Next, you will need to provide your name, email address, and phone number, as well as an access PIN for the app. Additionally, you will be asked to write down your recovery phrase.
Do not skip this step as the recovery phase is what you need to use in case your phone is stolen or damaged, and you want to restore your Abra account!
Once you have confirmed your account via the code that is sent to you in the confirmation text message, you will be taken to the platform’s overview dashboard.
2. Buy bitcoin using a debit or credit card
After the setup process is complete, the next step is to deposit funds into your Abra account so that you can start investing in cryptocurrencies and other available assets. You can fund your account with cryptocurrency or fiat currency (through a bank transfer).
The easiest and quickest way to buy bitcoin on Abra, however, is using a debit or credit card. To purchase BTC using a credit card, for example, you need to click on ‘Add Money’ on the home screen, which will take you to the payment options.
There, you will see three options, namely: deposit cryptocurrency, Visa/Mastercard, and bank transfer, including how much each payment method will cost.
If you want to make an instant bitcoin purchase using fiat currency, your best option is to use a bank card. While the 4 percent fee is not small, depositing funds via a bank transfer will take two to three days, and you may not want to wait that long to make your first purchase.
To buy bitcoin on Abra using a Visa or Mastercard, you click on the bank card option, which will take you to the next screen where you will be provided with your bitcoin wallet address (which you need to copy!) and you will be introduced to Simplex, which is Abra’s card payment service provider.
Once you have copied your bitcoin wallet address, you will be asked to access a web browser so that you can make your bitcoin purchase via Simplex.
Next, you will land on the ‘Buy Bitcoin’ page on abra.com. There, you click ‘Buy Bitcoin,’ which will take you to the payment details page where you need to detail how much bitcoin you want to purchase and where you need to paste your bitcoin wallet address into that was provided to you by Abra earlier.
Then, you finalize the transaction by inputting your Visa or Mastercard details. Shortly after, your newly purchased bitcoin will arrive in your Abra BTC wallet.
More About Abra
Abra is arguably one of the best next-generation investment apps in the market today. It is available in over 150 countries and enables users to start with as little as five dollars. The app makes investing in crypto and other asset class accessible to (almost) anyone across the globe with an internet connection.
Abra allows you to invest in stocks, ETFs, and cryptocurrencies so that you can build a diversified portfolio of traditional and digital assets. Currently, Abra supports over 75 cryptoassets, including bitcoin (BTC), ether (ETH), litecoin (LTC), and EOS (EOS). The amount and kinds of cryptoassets available, however, are dependent on your country and/or jurisdiction.
The information in this article is for informational and educational purposes only and should not be considered financial or investment advice. Investing in ICOs, IEO’s, cryptocurrencies, or tokens is highly speculative, anyone considering it should be prepared to lose their entire investment.