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I have written a nearly similar guide on reddit with a few extra details for Indian investors (check the reference links), but if you aren't from India this article should be enough to get you started.
There are so many referral programs in crypto nowadays, and unfortunately this includes lots of scams. I looked in to one such campaign, and I will just give you a brief look into this one. Full disclosure: I am a beginner in cryptocurrency and this is not financial advice. Please feel free to ignore this if you think it is not worth your time, I fully understand. I am NOT affiliated with Abra team in any way.
I came across Abra's campaign which promised that I could "make $15 after depositing just $1." Sounds like a scam, right? Well, I can tell you that while it is not a scam, it is not exactly as straightforward as it seems. Let me break down how this referral works, exactly:
First, you go to playstore and download the official Abra wallet (using either ref or non-ref link). Before you download the app make sure that the developer is Plutus Financial Inc and not someone else.
Then you create your cryptocurrency wallet in Abra. The procedure for this is simple enough. You can quite easily do this. During this creation of wallet step, there will be a "seed phrase" or a 13-word key, which you to note down somewhere, either in a book, or a diary, basically anywhere secure that isn't a computer.
Third step is the part where some of you might be unsure about this because the third step happens to be the kyc part. In some countries/regions, cryptocurrencies are regulated completely differently. You would be right in thinking of course that this looks risky, and you would be right, but ultimately it is your choice. I will leave it up to you whether you want to go ahead with this. What I can say for sure is that the kyc is quick and it consists of a government ID scan as well as a facial scan. In my case, the kyc approval took a mere few minutes.
Fourth step is to deposit the cryptocurrency. Please go through to see which cryptocurrencies are supported by Abra, so that you might have an idea as to which of those you can deposit. The idea is to make sure that you don't spend too much on fees.
- Okay now for the fifth step, you have to deposit this crypto into Abra, and you have to ensure that your overall balance in Abra stays above $1 for 24hrs. So say you create your Abra account, do your kyc and deposit your crypto on 26/12/2021, then you have to have $1 of balance in Abra 24hrs later as well, i.e., by 27/12/2021. Only then you will be eligible for their rewards.
So now that I have talked about all these steps, I will discuss the rewards now.
Their $15 will be distributed in CPRX tokens, or Crypto Perks tokens, not in the cryptocurrency of your choice, so if you were thinking of getting $15 of MATIC/GALA you are mistaken, sadly. Instead, you will get these awards in the form of CPRX tokens. As of writing this, the CPRX token happens to be worth $0.08, so by my estimate, you should be getting around 140+ CPRX tokens minimum after 8-9 business days (I will come to this point later below) I received 72.99 tokens because when I joined up, their token was worth nearly $0.2. Now their token price has halved in value, so my current tokens are worth around $6 as of now.
An important thing to realize before you get your token is this:
Amount of CPRX tokens you will receive = $15/(price of CPRX at the time of 24hrs after your initial deposit)
This means that if the coin price halves 1 day afterwards, then your CPRX will be worth $7.5, and this is very much a real risk.
So please understand these factors before investing. Another very important thing you have to note is that the CPRX token has been launched only on 23/11 of this year. The token is fairly new and is low priced, so it will be very volatile in its activity. The more the people who join up, the greater the number of CPRX tokens that will be distributed, which will mean that the value of the token will dip further.
However, their app is a blockchain based remittance/exchange app, so if they manage to have a large enough amount of users, their tokens could increase in value based on their utility. So please make your decision carefully.
In their ad campaign, Abra had promised rewards distribution within 5-7 business days, but that is really quite optimistic. In my own experience they have taken some time to distribute the rewards, possibly because many are jumping in on the referral bandwagon now. You can see their playstore reviews and many people are complaining about how they are late in distributing their rewards. In this case, you have to contact support, as I did. Their support page is difficult to get a hold of, but they have a Contact Us section, and you can reach out to them using that option. Overall, the experience will make you quite nervous, but that is why I would recommend sending $1-2 or whatever amount you feel is small enough that you will be comfortable sending to their app. I deposited my crypto on 9th December, and received my CPRX balance on 23rd, which was the 9th business day from my deposit. So do not go in with high expectations of getting your money quickly.
Their Support staff is relatively quick and will respond within 24 hours of you raising an incident. So, it's not an altogether bad experience.
Their app usability is also not exactly very smooth. Many times the app will be slightly buggy, but otherwise has a decent user interface. They offer many other trading and lending/borrowing options with decent interest rates, but I have not yet checked those out as of yet.
In case you feel that the token is not worth holding, simply convert it to the token that you had earlier deposited. Now, another important thing you have to consider is this:
- To trade on Abra you would have to have $5
- To trade on Abra, you would have to have a minimum amount to withdraw.
- Withdrawal to another crypto wallet would not cost you a fee from Abra, but a network fee is deducted. Eg: they mention that 1 XRP Network fee would be deducted and a minimum of 3 XRP would be need to withdraw.
Make sure you choose cryptocurrencies that are all having a minimum of network withdrawal fees.
If you have read all this, then thanks for your patience. I will add the referral and non-referral links below. If you refer another person, you will be eligible to receive $25 rewards in CPRX 24hrs after the person has made their first deposit.
Before you go, I would like to point out that most companies do distribute their tokens around initially in order to attract more investors and ensure interest in their project. For the most part, Abra's aims do seem to be somewhat legitimate. Whether they achieve their aims of being successful at crypto banking/remittance remains to be seen. Doing technical analysis based on their limited marketcap seems somewhat redundant. As of now, their price action is this:
Gruesome, isn't it? But you have to consider the fact that the token was launched on 23rd of November last month. Any cryptocurrency undergoes this kind of rocky beginning phase, so it up to you whether you want to invest in them. Please do consider going through their whitepaper before investing. This is a link to their Coinmarketcap page where their whitepaper, their contract address, as well as their social media links are present. Their twitter at present consists only around 2000 followers, while their Crypto Banking Alliance twitter page has barely 1000, so while they are getting there, their social media game is not quite on the level of your other favourite cryptocurrencies.
If you receive a mail from someone asking you for your wallet or 2FA details after you've signed up, it is not from Abra's official support. No one from any company will DM you for such details.
Payment Proof:
If you are interested, you could help me out by choosing to sign up using my referral link: https://www.abra.com/ref/?deep_link_sub1=RC5LKEV9N
I hope this information was useful for anyone looking to explore this platform.
