Ethereum on Binance With Pesos: P2P Cost 3% More in Mexico, and ETH/MXN Traded Just 4.8 ETH in a Day

Step by step

You need identity verification before you pay anything. Binance's P2P guide also asks you to enable at least one two-factor device.

1. Verify your account. Binance requires identity verification to trade. If you will use P2P, turn on two-factor authentication as well.
2. Get pesos or USDT into Binance. In Mexico, use SPEI. In Argentina and Colombia, check which channel your account shows, or use P2P.
3. Buy ETH. Pick the pair that costs you least using the tables below. Use a limit order when the book is thin.
4. Check the network before withdrawing. Not every ETH network is open today.

Loading pesos in Mexico

Binance's MXN deposit guide gives this path in the app: Add Funds, Deposit MXN, then Bank Transfer (SPEI). It asks for CURP verification if you have not completed it, and for a Medá account if you do not have one. Binance says the deposit should process within 30 minutes.

Medá is the Binance group company that handles the pesos. Binance describes it as an Electronic Payment Funds Institution authorized and supervised by Mexican financial authorities. Registration takes a phone number, an email address, an ID and a facial check.

The Latin America limits page sets monthly deposits at US$5,000 for Level 1, US$15,000 for Level 2 and US$40,000 for Level 3. The bank account must be in your name, because Binance does not authorize third-party payments.

How much ETH each route gave you

We read Binance's public order books and P2P ads at 08:47 UTC on November 9 (02:47 in Mexico City, 05:47 in Buenos Aires, 16:47 SGT). The calculations are ours: we walked each order book with a market order and took off a 0.1% spot fee per purchase. They leave out bank charges and any P2P fee. Prices change every second, so read these as a comparison of that moment.

Mexico

At 10,000 pesos the two spot routes tied. At 100,000 pesos, going through USDT gave 9.3% more ETH. Depth explains it. The best ETH/MXN ask, at 39,454 pesos, covered only 0.2369 ETH, and the next levels climbed quickly. USDT/MXN traded 1.32 million USDT in 24 hours across 10,110 trades, against 56 trades for ETH/MXN.

A limit order avoids that jump, though it may fill slowly or not at all.

Argentina

The order flips here. The best USDT ad on P2P asked 1,666.80 pesos, below the 1,676.30 on the spot book, and that route delivered about 0.6% more ETH than direct spot. ETH/ARS traded just 1.94 ETH in 24 hours, although it had 1 ETH offers on its first levels.

Colombia. Binance has no ETH/COP pair: its API returned an error for that symbol. USDT/COP does exist, quoted at 3,234 pesos in the same read. The route is USDT first, then ETH/USDT.

What a first 1,000-peso purchase looks like

At the 39,454-peso ask, 1,000 Mexican pesos buy about 0.02532 ETH after the 0.1% fee. That clears the 150-peso minimum and the 0.0001 ETH step, so a small first order works on the direct pair, where the top ask had room for it. The next cost is getting the coin out. Priced at 39,454 pesos per ETH, the withdrawal fee is about 5.92 pesos on Ethereum, 1.97 pesos on Arbitrum or Base, and 0.38 pesos on BNB Smart Chain. On a 1,000-peso purchase, the Ethereum fee is about 0.6% of what you spent. Your wallet has to support the network you choose, so check that first. Leaving ETH on the exchange costs no withdrawal fee, but then you depend on Binance's withdrawal schedule.

Minimums to get started

These rules come from each pair's public settings:

On P2P each advertiser sets the minimum. The best ETH ad in MXN accepted 1,000 to 200,000 pesos, and the best in ARS accepted 60,000 to 1,800,000.

If you use P2P

On P2P you pay another person directly, through a bank or an app. Binance holds the seller's ETH in escrow once the order is created, according to its guide. The ETH ads we read gave 15 minutes to pay.

Three rules can cost you money:

• Do not mark the order as transferred before you have actually paid.
• If you have paid, do not cancel the order until the money comes back.
• Three cancellations in one day suspend your purchases for that day.

If something goes wrong, use the order appeal inside the platform. Anyone asking you to move to another chat or to send funds outside the order is taking you out of that protection.

Before you withdraw: which networks are open

After the October 29 attack, Binance is reopening withdrawals in stages. Its November 6 notice says the rollout is progressive and points you to the withdrawal screen to confirm. That matters: the notice lists ETH on Optimism, yet on the public network list we read on November 9 that route was still closed.

All of these networks accepted ETH deposits, including the ones closed for withdrawal. So check the way out before sending anything into Binance. The 0.00015 ETH fee comes to about US$0.32 with ETH at US$2,115.

On who pays for the damage, Binance said on November 4 that it had replenished about 98% of the affected amount from its own resources. That is the company's account. Our look at the withdrawal gap is in Is Binance safe to buy crypto on?. If a "Binance compensation" link reaches you by message, do not open it.

Which company you are dealing with

In Argentina, our Binance profile records PSAV registration 76 at the Comisión Nacional de Valores, in the name of Binance Services Latinoamérica. The profile records it as a registration and does not describe a full exchange licence. Check your account terms to confirm which entity serves you, since the rules you can turn to depend on it.

How much of the fee comes back

If you have not opened an account yet, you can recover part of the trading fee. According to our partner registry, Binance's spot taker fee is 0.1%, and code 11350287 returns 25% of those fees, settled automatically every hour. The sum: 10,000 MXN × 0.1% = 10 MXN fee; 10 MXN × 25% = 2.50 MXN back.

On Bitget, also at a 0.1% spot taker fee, code nexu888 returns 60%, settled daily: 6 MXN on the same 10 MXN. We did not check its peso pairs for this article, so compare that part on screen. The percentage applies to the fee you pay and never to the amount you buy. More detail is on our Binance page and our Bitget page.

What we could not confirm

• P2P fees for your market. Binance says they can vary, and the order screen decides.
• Whether your Argentine or Colombian account can load pesos directly today. The limits page describes bank transfer, and we could not log in to see it.
• How long these price gaps last. We measured once, in the early hours in Latin America.

To sell later and take pesos out, see our guide to USDC to pesos through SPEI and P2P.