If you want to convert USDT to pesos in Chile, you can do it directly on Skipo, a digital asset platform registered with the CMF. On Skipo you do not need to post ads, look for counterparties or wait for someone to accept your trade: the conversion is instant, from the app, directly in pesos.
What will we cover in this article?
In this guide we explain what the P2P system in cryptocurrencies is and why it exists, how it works step by step with an example, its advantages and its real risks for users, and why many people see Skipo as a simpler, safer and faster alternative for converting USDT to pesos without going through any intermediary. We also include a direct comparison of both options and a frequently asked questions section.
What is P2P in cryptocurrencies?
P2P (peer-to-peer, or "person to person") is a cryptocurrency exchange system that connects buyers and sellers directly, without an exchange acting as the central intermediary in the trade.
Instead of buying crypto from the platform, in a P2P system you buy crypto from another person. The platform only acts as a technical intermediary: it publishes the offers, temporarily holds the crypto during the transaction (this is called escrow) and releases the funds when the payment is confirmed.
The concept is rooted in Bitcoin's original philosophy: in 2009, Satoshi Nakamoto published a whitepaper describing Bitcoin as a "peer-to-peer electronic cash system", with no need for banks or central institutions.
Why does P2P exist in practice?
The reason is concrete: most large international exchanges have no direct integration with the banking system. That means you cannot deposit pesos directly or withdraw pesos to your account. They only operate in dollars or cryptocurrencies.
So, for someone in Chile who wants to convert USDT to pesos, the traditional route was this: go to the P2P market, find a seller who accepts transfers in pesos, agree on the price, make the bank transfer and wait for the counterparty to release the crypto.
P2P was born as a solution to that problem. But it is a solution with friction.
In short: P2P exists because large international exchanges do not offer Chilean pesos directly. It was the only way into and out of the crypto world in pesos, until alternatives like Skipo arrived.
How does P2P work step by step?
For example, Binance P2P is the most widely used person-to-person exchange system in Chile for trading USDT and other cryptocurrencies. This is how it works:
- Go to the P2P market: In the Binance app, you open the P2P section. You will see a list of offers posted by other users, with price, limits and available payment methods.
- Choose an offer: You filter by amount and payment method (bank transfer, for example) and look for a seller with a good reputation (number of transactions and success rate).
- Start the trade: You select how much you want to buy. The platform holds the seller's crypto in escrow (temporary custody) while the payment is processed.
- Make the bank transfer: You transfer the pesos directly to the counterparty's bank account, using the details they provide.
- The seller confirms the payment: When they receive the money in their account, they confirm the trade on the platform. Binance releases the crypto from escrow and credits it to your wallet.
The whole process can take anywhere from 15 minutes to more than an hour, depending on how quickly the counterparty responds.
The escrow system
Escrow is the mechanism that makes P2P relatively safe. While the trade is in progress, the crypto stays locked on the platform: the seller cannot move it or cancel unilaterally. It is only released when the seller confirms receiving the payment, or when a dispute is resolved by the support team.
In short: P2P works with a temporary custody system that protects the buyer, but the process requires active coordination with a stranger, which introduces waiting time and fraud risk.
Pros and cons of P2P
What does P2P have going for it?
- Access to international exchanges: It lets you use platforms like Binance from Chile, even though they have no local banking integration.
- Flexible payment methods: Depending on the platform, you can pay by bank transfer, digital wallets or other methods.
- Global community and liquidity: There is always someone willing to trade, especially on large platforms.
What does it have against it?
- Counterparty risk: You depend on the other person doing their part. There are documented scams: fake payment receipts, reversed transfers, fake identities. As of 2025, fraud in P2P crypto trading grew 40% year over year, with new tactics such as social engineering and identity theft, according to analysis by BingX and global crypto market data.
- Variable price: Each seller sets their own price. It is not always the market price; there can be a spread (difference) of 0.5% to 2% or more over the real price of USDT.
- Waiting times: It is not instant. You depend on the counterparty being available, responding quickly and confirming the payment on time.
- No local regulatory backing: In August 2021, the CMF issued a public alert stating that Binance is not a regulated or supervised entity in Chile. This does not mean using it is illegal, but it does mean you operate without the protection offered by a platform registered with the CMF.
- Operational complexity: The process has several steps, requires attention and is not designed for beginners.
In short: P2P works, but it has real friction. It is neither the fastest nor the safest way to convert crypto to pesos in Chile.
Why is Skipo an alternative to P2P?
Direct conversion from USDT to pesos: no counterparties, no waiting
On Skipo you can convert USDT directly to pesos from the app, in seconds, without posting any ad and without depending on another person being available. The trade is executed against the platform's liquidity, not against a stranger.
There is no negotiated price: you see the real-time market price before confirming. There is no waiting: settlement is instant. There is no fraud risk: the platform handles everything.
No counterparty risk
In P2P, the weakest link is always the person on the other side. On Skipo, there is no human counterparty in the trade. When you convert USDT to pesos, the platform executes directly, with no intermediaries, no manual coordination and no possibility of being scammed by a third party.
Available 24/7, from CLP 1,000
There are no schedules. You do not have to wait for a seller to be active. You can convert at 3 AM on a Sunday or whenever you need to. And the minimum amount is CLP 1,000, so there are practically no barriers to entry.
Registered with the CMF
Skipo is registered in the CMF's Registry of Financial Service Providers, and its authorization to operate is in process under the Fintech Law (Law No. 21.521). It also holds ISO 27001 certification in information security. For users, this means operating within the framework of the Fintech Law, which is not the case on international platforms operating outside the local regulator.
No fees
At Skipo we charge no fees for buying, selling, custody, maintenance or internal transfers. In P2P, the seller's spread carries an implicit cost that varies with each trade.
Comparison table: Skipo vs. P2P on an international exchange
| Criterion | Skipo | P2P (Binance) |
|---|---|---|
| USDT → pesos conversion | Direct, from the app | Through a human counterparty |
| Trade time | Instant | 15 min to 1+ hour (depends on the seller) |
| Fraud risk | No counterparty risk | Present (fake receipts, scams) |
| Price | Real-time market price | Price set by the seller (variable spread) |
| Fees | $0 | 0% Binance fee, but seller's spread |
| Availability | 24/7 guaranteed | Depends on active sellers |
| Minimum amount | CLP 1,000 | Depends on the seller's offer |
| Regulatory status in Chile | CMF registry + ISO 27001 | No CMF supervision (2021 public alert) |
| Complexity | Simple app, no manual steps | Requires coordinating with another person |
If your goal is to convert USDT to pesos quickly, safely and without complications, Skipo removes all the steps that make P2P a cumbersome process.
How do you convert USDT to pesos on Skipo? Step by step
- Download the Skipo app: Available on the App Store and Google Play. Search for "Skipo" and download it for free.
- Create your account: Sign up with your email and verify your identity. The process takes a few minutes.
- Deposit USDT: If you already have USDT in another wallet, transfer it to your Skipo address. The deposit shows up in seconds.
- Find USDT in the app: In the assets section, select USDT. You will see the current price in pesos in real time.
- Sell and receive pesos: Choose the amount you want to convert (from the equivalent of CLP 1,000), confirm the trade and you are done: the pesos are available in your account instantly.
From there you can withdraw to your bank account whenever you want and receive your money in seconds.
Frequently asked questions about P2P and cryptocurrencies in Chile
What is P2P in cryptocurrencies?
P2P (peer-to-peer) in cryptocurrencies is a system of direct exchange between people, without an exchange acting as the central intermediary. A platform like Binance P2P connects buyers and sellers, holds the crypto in escrow during the trade and releases it when the payment is confirmed.
Why do people use P2P in Chile?
Mainly to convert cryptocurrencies to pesos, since most international exchanges have no direct banking integration with Chile. P2P was the most accessible way to "cash out" of USDT into pesos without using a local platform.
Is P2P safe?
P2P carries real counterparty risks: fake payment receipts, social engineering scams and fake identities are the most common. In 2025, fraud in P2P trading grew 40% year over year, according to analysis of the global crypto market. Safety depends partly on the seller's reputation and the user's judgment.
Is Binance P2P authorized by the CMF in Chile?
No. In August 2021, the CMF issued a public alert stating that Binance is not a regulated or supervised entity in Chile. Using Binance P2P is not illegal, but users operate without the protection offered by a platform registered with the CMF.
How do I convert USDT to pesos without using P2P?
With Skipo. From the app you can sell USDT directly for pesos, without posting ads, without looking for counterparties and without waiting. The trade is instant and the price is the real-time market price. You can start from CLP 1,000.
What can I do with my USDT on Skipo besides converting it?
You can turn on Skipo's interest-bearing account for your USDT, the first interest-bearing crypto account in Chile. It generates automatic daily earnings through the Aave protocol, with a minimum of 5 USDT.
What is the difference between Skipo and Buda.com for buying crypto in Chile?
Both are Chilean platforms. If you want a detailed comparison of which one best fits your strategy, see our Skipo vs Buda.com comparison.
Glossary of key terms
P2P (peer-to-peer): A system of direct exchange between people, without a central intermediary. In crypto, it lets you buy and sell assets directly with other users.
Escrow: A temporary custody mechanism. In P2P, the platform holds the seller's crypto while the payment is processed and releases it when the trade is confirmed.
USDT (Tether): A stablecoin (a cryptocurrency with a stable value) pegged to the US dollar. As of April 2026, its market capitalization exceeds US$187 billion, according to CoinMarketCap data, making it one of the most widely used for converting between crypto and local currency.
Stablecoin: A cryptocurrency designed to maintain a stable value, usually pegged to a fiat currency such as the dollar.
Spread: The difference between the real market price and the price at which a seller trades. In P2P, the spread is the implicit margin charged by the counterparty.
CMF: Financial Market Commission (Comisión para el Mercado Financiero). The regulator of the financial market in Chile.
Wrapping up
For a long time, P2P was the most common bridge between the Chilean peso and the crypto world. It is a solution that works, but with steps, waiting times and risks that are no longer necessary today.
At Skipo we built that connection directly. You can buy USDT, Bitcoin, Ethereum and many other digital assets in pesos, or convert back to pesos whenever you want, with no intermediaries, no fees and on a platform registered with the CMF.
If you do not have an account yet, download the Skipo app and start trading in pesos today.
If you want to dig deeper, you can also see how to buy Bitcoin in Chile step by step or explore all the options Skipo offers to invest in stocks from Chile without leaving the app.
This article is for information only and does not constitute financial advice. Asset prices can go up or down, and every investment carries risk. Before investing, assess your personal financial situation.
