When young Nigerians compare crypto apps, payout time often determines which app they choose. Rates and design matter, but someone selling USDT to cover an expense that evening mainly wants to know when the alert will enter.
That question is behind much of Ridima’s recent growth. The company says new users have signed up in large numbers over the past seven months, led by younger crypto holders, and most of their transactions are completed in about five minutes.
How long Ridima takes to pay for crypto
Most crypto trades on Ridima are paid out in about five minutes. That time is measured from when a user sends crypto from their wallet to when the naira appears in their Ridima wallet, ready to withdraw.
Bitcoin trades can take a little longer than five minutes because the Bitcoin network confirms transactions more slowly than the networks many other coins use.
Why selling to Ridima is quicker than P2P trading
Ridima buys the crypto directly from the user. On P2P trading platforms, a seller has to find a buyer, agree on a price, and wait for the buyer’s bank transfer to arrive before releasing the coins. Any delay on the buyer’s side holds up the whole trade.
On Ridima, the user checks the rate in the Ridima app, sends the crypto, and Ridima pays them. Because Ridima is the buyer, the seller never has to deal with someone who claims to have paid when the money hasn’t arrived, which is a common complaint among people who sell crypto P2P.
Which cryptocurrencies Ridima buys
Ridima buys Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), USDT, USDC, Dogecoin (DOGE), Tron (TRX), Litecoin (LTC), Solana (SOL) and XRP. XRP support came through Ridima’s partnership with XRPL Africa earlier this year, which gave XRP holders a direct way to turn the coin into naira.
The process is the same for every coin, so someone who wants to sell Bitcoin for naira follows the same steps as someone cashing out USDT or Solana.
Ridima’s fees and withdrawal limits
Ridima charges no fees on crypto trades or withdrawals, and there is no limit on how much a user can withdraw. Once the naira is in their Ridima wallet, they can move it to their bank account. Ridima says trades and payouts run at the same speed even on its busiest days.
What Ridima users say about payout speed
Payout speed comes up often in Ridima’s Google Play reviews. Abdulbasit Noibi wrote in September that the app is “easy to use and transactions are swift as well.” Another reviewer, who joined through a Ridima ambassador’s referral, said the app had gone from a trial to their main off-ramping platform because of its “quick trades and fast pay out.”
Kelvin Akukwe, Ridima’s Marketing Manager, said the company wants users to get speed without giving up anything else. “We believe that Nigerians deserve the best, so we are giving them that on all sides: fast transactions, fast payout, good rates, and a smooth user experience.”
Frequently asked questions
What is the fastest way to convert crypto to cash in Nigeria?
Selling directly to a platform that buys the crypto itself like Ridima is usually faster than P2P trading, because there is no buyer’s bank transfer to wait for. On Ridima, most crypto trades are paid out in about five minutes.
How long does Ridima take to pay?
About five minutes for most trades, counted from when the crypto leaves the user’s wallet. Bitcoin can take slightly longer because of network confirmation times.
Does Ridima charge fees?
No. Ridima charges no fees on crypto trades or withdrawals, and it places no limits on withdrawals.
Is Ridima a P2P platform?
No. Ridima buys crypto directly from users, so no second trader is involved in the sale.
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