Peanut vs Binance P2P

Instant merchant payments at market rate. No counterparty risk, no manual trades.

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Binance P2P is a popular way to buy and sell stablecoins with other users — established liquidity, zero taker fees, and support for many payment methods. But if you're looking to pay at merchants in Argentina or Brazil, Peanut offers instant local payments at market rate without counterparty risk, manual negotiation, or the need to move funds between wallets.

This comparison focuses on the core question: which is better for local spending and sending money in Argentina and Brazil?

Quick Comparison

Exchange Rate Comparison

The biggest difference between Peanut and Binance P2P is how the rate works and what you're paying for.

Binance P2P is a peer-to-peer trading marketplace. You browse ads from sellers who set their own prices — typically 1-5% above market rate. While Binance P2P advertises "0% fees," the real cost is embedded in the spread between market rate and the price you negotiate. You're buying stablecoins from another person at whatever rate they're willing to offer.

Peanut converts digital dollars to local currency at the cripto dólar rate — the market rate for USDC-to-ARS or USDC-to-BRL conversions. The rate locks at the moment of payment, so the amount shown on the confirmation screen is exactly what you pay. No negotiation, no hidden spreads, no post-transaction surprises.

Argentina: Cripto Dólar vs Peer Spreads

In Argentina, Peanut uses the cripto dólar rate — a direct USDC-to-ARS conversion that bypasses the regulated MEP rate. This gives you approximately 5-8% more pesos per dollar compared to cards or traditional bank exchanges (estimate, as of 2026 — rates fluctuate with market conditions).

On Binance P2P, you're at the mercy of whatever spread sellers are posting. A seller might offer 1% above market, or 5% above — it depends on the ad you choose and how competitive the market is at that moment. You also need to factor in the time it takes to find an ad, initiate the trade, send payment, wait for the seller to confirm, and release the stablecoins from escrow.

Example on a $500 payment:

• Peanut: Instant conversion at cripto dólar rate. You spend exactly what you see on the screen.
• Binance P2P: 15-30 minutes to negotiate and complete a trade. Real cost depends on the seller's spread (typically 1-5% above market). You then need to move stablecoins to a spending tool to actually pay at a merchant.

Fees Comparison

Peanut charges no fees. Deposits are free. QR payments are free. Cash ATM withdrawals are free (small ATM operator fee may apply). Blockchain gas fees are covered. The rate you see is the rate you pay.

Binance P2P advertises "0% taker fee" for buyers, but the real cost is embedded in the seller's pricing. Sellers post ads at 1-5% above market rate to cover their own costs and earn a margin. If you're posting ads to sell (maker), Binance charges 0.15-0.35% depending on the region and currency pair. And there's still the hidden cost in your own pricing spread.

Total Cost of a Typical Transaction

Let's break down the all-in cost of turning $500 USD into local spending power in Argentina:

Local Spending Capabilities

This is where the two services diverge completely.

Peanut is a spending tool. You scan a Mercado Pago QR at a cafe in Buenos Aires, or send a Pix payment to a merchant in Sao Paulo. The payment arrives instantly, at the market rate. The merchant sees a normal local payment — they don't know Peanut is involved. You don't need a DNI, CPF, or local bank account.

Binance P2P is a stablecoin acquisition channel. You buy stablecoins from another person, and those stablecoins land in your Binance wallet. To actually spend at a merchant, you need to move the funds to a separate tool like Peanut, or convert back to fiat and send to a local bank or payment app. Binance P2P does not support Mercado Pago QR scanning, Pix payments, or direct merchant spending.

What This Means in Practice

• With Peanut: You arrive in Buenos Aires, open the app, scan a Mercado Pago QR at a restaurant, confirm the payment. Done. The merchant receives pesos instantly.
• With Binance P2P: You browse ads for USDC/ARS, negotiate with a seller, send payment via bank transfer or another method, wait for the seller to confirm and release stablecoins from escrow, move those stablecoins to a spending wallet, then convert to local currency for actual merchant payment. Multi-step process, multiple tools, significant time investment.

Where Binance P2P Wins

Binance P2P has genuine advantages that make it the better choice for certain use cases:

• Broader global coverage: Available in more countries and supports more currency pairs than Peanut. If you need to trade stablecoins in a country where Peanut isn't available yet, Binance P2P is a proven option.
• Two-way marketplace: You can buy and sell stablecoins in both directions. If you need to off-ramp from stablecoins to fiat, Binance P2P provides liquidity. Peanut focuses on spending, not selling stablecoins back to fiat.
• Established liquidity for high-volume traders: If you're trading large amounts or need deep liquidity for frequent conversions, Binance P2P has an established user base and order book.
• Support for a wide range of local payment methods: The P2P marketplace supports hundreds of payment methods for settling the fiat side of trades — useful if you're working with payment systems Peanut doesn't integrate with yet.

When to Choose Peanut vs Binance P2P

Here's a straightforward decision framework based on what you're trying to do:

Choose Peanut if:

• You need to pay at merchants in Argentina or Brazil — QR codes, cash ATM, Pix payments
• You want instant local payments at market rate without negotiating with strangers
• You value simplicity and speed over marketplace flexibility
• You're sending money to friends, family, or contractors who need it in local currency
• You want to avoid counterparty risk — no scams, no chargebacks, no disputed trades

Choose Binance P2P if:

• You need to trade stablecoins in a country Peanut doesn't support yet
• You want to off-ramp from stablecoins to fiat (sell stablecoins for local currency in your bank)
• You need access to payment methods not yet integrated into Peanut
• You're comfortable with manual trading, escrow processes, and counterparty risk
• You need high-volume liquidity for frequent large trades

Use both if:

• You acquire stablecoins via Binance P2P in a country where you have local banking access, then spend via Peanut in Argentina or Brazil
• You're already using Binance for trading and want a dedicated spending tool for local payments

Disclaimer

All fee and rate comparisons are based on publicly available information as of February 2026 and are example estimates only. Competitor pricing, exchange rates, and features may change. Actual savings depend on the amount, corridor, timing, and market conditions. Check each provider's current pricing for the most up-to-date information.

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Instant merchant payments. Market rate. No counterparty risk.