As a crypto platform, part of our job is to understand what other providers are building. My team and I review public documentation, pricing, product flows, and the evidence we can verify. We give credit where it is due, and we state the limits we find. This review explains what we could confirm about iRaters, what it does well, where it may not fit, and who should consider it.
Note that we did create an account to test iRaters's response times, payout speed, support, uptime, and product behaviour.
iRaters at a glance
| Legal entity | Owodunni Tech |
|---|---|
| Launched | 2021 |
| What it is | A crypto-to-cash and gift-card trading app, plus bill payments |
| Platform fee | Not published as a number anywhere |
| Payout speed | Marketed as "instant." No numeric SLA published |
| Supported coins | Only 3 named directly: BTC, USDT, ETH, plus a vague "other top coins" |
| Can you buy crypto? | Yes |
| Can you swap coins? | No |
| Can you hold USD? | No |
| KYC | Government ID, BVN, and selfie |
| Markets | Nigeria only |
| Regulatory status | Not addressed. No SEC, VASP, or licensing claim, and no "not licensed" disclaimer, found anywhere |
| App type | iOS and Android mobile app |
Pros and cons
Pros
- Genuinely optional identity verification. Its own privacy policy states directly that KYC is requested only "when we deem it necessary based on transaction patterns, amounts, or risk assessment," and that users who aren't asked to verify can still use core features, a real, documented low-friction onboarding choice.
- Buy crypto feature. iRaters lets you buy crypto on their platform.
Cons
- Only three coins are named directly anywhere in its materials: BTC, USDT, and ETH, with no complete list published.
- Can’t swap coins on the platform.
- Nigeria only, with no evidence of any other market.
How Breet compares to iRaters
More coins supported. Breet supported about 12+ coins when selling and around 170+ when swapping between crypto.
Buy and swap crypto, not just sell it. Breet goes beyond just selling; you can buy crypto (USDT and USDC) and swap crypto on Breet without another app or KYC.
Automatic settlement. Breet's automatic settlement lets you convert crypto to cash in your bank instantly once the on-chain confirmation is complete.
Both markets, fully. Breet settles both naira and cedis for crypto conversion specifically, meaning Breet is operational in both markets to buy, swap, and sell crypto.
Where iRaters is ahead
- Lower onboarding friction for casual users. Its optional-KYC policy means many users can start trading without submitting identity documents upfront, a real, if unusual, product design choice.
