Bisq · Score/Overall Summary

Bisq is one of those decentralized exchanges that will probably stick with you as soon as you find out about them. This exchange is known for implementing creative solutions, the utmost safety and the unique management structure. Or, should we say, lack of management structure. Moreover, the thing about Bisq is that the safety of the customers is their number one priority. As such, you won’t find any third party interference, no central server and no account registration whatsoever. More specifically, Bisq won’t store any of your personal info, simply because it does not require any registration.

It also doesn’t have a CEO, nor a management group. Instead, this company is run via the customers. And as such, each time a major change is about to happen, the bisq creators leave it to the people to choose the right option via a vote. And finally, the 2p2 network, which by the way is using and is built on Tor. Meaning that you are definitely in one of the safest crypto-trading environments in the world.

Pros
Cons
  • Decentralized Exchange
  • Safety & Security
  • No Country Restrictions
  • No Account Registration
  • No Deposit/Withdrawal Fees
  • Anonymous
  • Decentralization Can Be Tricky For Beginners
  • May be Used for Fraud
A Quick Brief od Bisq

Founded in 2014 by Manfred Karrer, the goal behind the creation of Bisq was to offer the safest place to trade your Bitcoins. And being of the first decentralized exchanges that offer such unique features is what makes this company so lucrative. The idea behind having no central server, no third parties and no accounts is simply, safety. And as such, bisq won’t ask for a third party to perform you crypto transactions. For that matter, all trading is via peer to peer, and without any centralized power, the platform is operating with the utmost safety and transparency. All of these perks contribute to the hackless nature of Bisq. And even if hackers wish to attact the servers or accounts, due to the decentralized nature of Bisq, the scattered servers trhough the globe and no registration at all, that is simply not possible.

Consequently, this makes Bisq quite sought after. And today the company is noticing serious traffic. To give you a perspective: they have around 150 billion Bitcoin trading volume per month, or around 3 billion per day. Also, Bisq has an average of 118 daily trades, or nearly 97.000 per month. And with close to 18.000 software downloads, the customer base is just growing.

Features of Bisq

As one of the mre creative and innovative decentrelized exchanges, Bisq is definitely using a couple of cool features to attract customers. While you won’t find any of the centrilized exchanges usual tools, Bisq operating in its own way, under its own rules. For one there is no central server. All of them are scattered all over the globe. No account registration, which makes for one of the ideal scenarios. No management whatsoever, meaning that all of the decision making is up to the will of the players. Just take a look bellow at what features you can expect at Bisq:

  • PC Software Download
    Blog
    Network Stats
    Trading Rules
    Bisq Guide
    Documentation
    Bisq Wiki(anything related to Bisq)
Bisq Trading

Trading with Bisq is one unique experience you won’t find anywhere else. The unique platform, along with the fact that bisq is decentralized, makes for one of the more safe and lucrative exchanges in the world. For trading, Bisq offers quite a few of the top cryptocurrencies, as well a their own coin the BSQ. Bitcoin, Monero, Ethereum, Dash, Litecoin, Zcash, Galiel and BSQ. And while this may see like a small offer, have in mind that those are top quality coins, in one of the most secure platforms in the world. The whole point behind the bisq experience is for the customers to maintain their anonymity. And that is possible since Bisq doesn’t need verification in order to trade.

As a matter of fact, you can head there right now, and just buy crypto without any additional hustle. While you may find that Bisq lacks certain pro tools, one thing that may deter customers are trading volume and transaction speed. Understandably, all decentralized platforms operate with a low trading volume and somewhat slower processing. But that is the price you gotta pay for safety, anonymity and the ability to decide the future of the company.

Mobile Trading

Bisq does have a mobile app, yet it is definitely limited up to a degree. What we mean by that is that you can certainly use the Bisq mobile app to receive notifications about trade and offer alerts. But, should you wish to trade via the app, than that is not possible. So far, the app serves more as a reminder, and not as an actual trading tool. However, the guys from Bisq still have several tricks up their sleeve with the app. One thing is that you can link you mobile app with your desktop Bisq software.

Afer you download the PC software, just scan the unique QR code in order to link both devices at the same time. This way, whatever you receive on your desktop computer, you will get the same notification on your smartphone. Consequently, this is done via a byte cryptographic key, which purpose is to generate symmetric encryption in order to guarantee a safe process. Take a look bellow at the 4 parts that make for the pairing token:

 

  • Magic, currently one of iOS, iOSDev or android
  • Phone descriptor, e.g., iPhone6
  • 32 byte cryptographic key for symmetric encryption. This key is generated by the phone and used in the Bisq desktop app to encrypt the content of the notification.
  • Device token, either from Apple or from Google.

Finally, you can use your computer, laptop or web cam to access and scan the QR code which in order to get the pairing code.

Commissions & Fees

While Bisq certainly works with fees, they are not as big as the centralized exchanges are. While you will find that Bisq works with taker/maker fees, there are no fees for deposits and withdraws whatsoever. This makes Bisq quite unique. Furthermore, take a look below at all the fee types you can expect at Bisq:

  • Maker/Taker Fees
  • Mining Fees
  • Returnable Deposit Fee
  • Certain Bank Transfers (Individual)

Moreover, it offers you the unique opportunity to pay the fees with Bitcoin, or Bisq’s own coin, BSQ. Now, the cool part about this is that if you opt to pay via these options, you will get about a 50% discount. Just have in mind that due to the fluctuation of the coins, the fees charged will change from time to time. Anyhow, take a look at the current price of the fees with this option:

Trading Fees per 1 BTC:

                  BTC              BSQ
Maker:     0.001           11.45

Taker:      0.007           80.13

From here, the total BTC trading fee rate is 0.8% or 0.1% by maker and 0.7% by taker. Consequently, the absolute minimum fee to avoid is 0.00005 BTC. For BSQ, the trading fee rate is 0.4% or 0.5% by maker and 0.35% by taker. Here, the absolute minimum fee to avoid is 0.03 BSQ.

These trading fees and absolute minimums are a crucial part of the Decentralized Autonomous Organization(DAO) parameters and must pass rigorous procedures in order to take force. You should know that fees with BTC are more solid, unlike the BSQ fees which are adjusting every cycle, in order to follow the BSQ fluctuation.

Additionally, take a look at the rest of the fees you can expect:

  • Create offer fee: 0.001 BTC
  • Take offer fee: same as creating an offer
  • Bitcoin mining fee: 0.0003 BTC
  • Security deposit (might be used as arbitration fee): 0.1 BTC
  • (only for arbitrators) Arbitrator’s security deposit: 2 BTC
How to Deposit & Withdraw Funds With Bisq

Bisq offer a solid list of banking options to choose from when making your first deposit. Whether it is a fiat, or cryptocurrency. For that matter, Bisq takes extra precautions in order to secure that all payments are safe and secure. One such thing is the fact that every non-bitcoin transfer will be made independently of the Bisq software. Moreover, Bisq makes sure that the vulnerable fiat transactions are also secured and safe. For that matter, the company uses several tricks.

One is the low per-trade limit, as well as account signing. Account signing is the procedure of buying limits of risky fiat banking options, up to 0.01 BTC. This is so that the trader can buy bitcoin from a seller, with a signed account. Afterwards, the buyer gradually proceeds to purchase in full force. Take a look at how this works bellow:

  • Payment Account is Created
  • Buying has Limit of up to 0.01 BTC per trade Until the Account is Signed
  • 30 Days After Signing Limits are up to 50%
  • 60 Days Later Max Trade Size Allowed

In order to top up you account at Bist you can use: Advanced Cash, Alipay, Cash Deposit, Chase QuickPay, Face to Face, Faster Payments, HalCash, Interac e-Transfer, MoneyBeam, MoneyGram, National Bank Transfers, Perfect Money, Popmoney, PromptPay, Revolut, SEPA, SEPA Instant, Swish, Uphold, US Postal Money Order, WeChat Pay, Wstern Union and Zelle. Deposits with Bisq do not have any additional fees, nor use any personnel details whatsoever to process your request.

The same goes pretty much for withdrawals as well. You can pretty much select any of these methods for that, and you can expect certain fees only due to subjective reasons. Such as some bank fees, for example.

It is good to know that if you have any suggestions or proposal, concerning anything, feel free to forward them to the guys from Bisq. As a matter of fact, if you know a banking option that you like and do not see it at Bisq, you can suggest it yourself. That is one of the perks that come with the customer being part of the management.

Staking

This is another one of the professional trading features that Bisq is missing. While you can use the platform to purchase crypto, check offers and monitor the market, unfortunately you cannot stake your funds.

Bisq Customer Service

While you can contact the Bisq team via quite a few social platforms, there isn’t seem to be any contact, nor customer support service on their website. You can also become part of the Keybase community, and use that department to try and contact the team. However, this is far more complicated than just pressing a button and speaking with someone. What is worth mentioning, is the fact that due to the decentralized nature and the way of business of Bisq, it may be that this section is left out on purpose.

To sum it up, while you can contact the Bisq team by putting a little effort, nothing beats the convenience of having a special department which sole focus is to please and assist the customers.

Final Thoughts

Bisq is one of those exchanges that will make you wonder. Especially if you are new to crypto, and haven’t dealt with a decentralized exchange so far. If that is the case, you may wonder about the way Bisq conducts its business. For one, the safety and security with Bisq is practically unmatched. On top of that, you have a unique opportunity to be part of the decision making process, just by using the platform. That is one the more unique features we’ve seen so far. However, this may deter certain individuals. Especially if you visit their website. You will find a quite simple design, with many of the professional features lacking. That is mainly due to the fact that Bisq is solely for purchasing, selling and monitoring your cryptocurrencies, and nothing more.

For that matter, you do not need to create any account, nor enter any personal details whatsoever. Meaning that Bisq will let you operate without that. And that is why many customers opt out for Bisq. The safety, followed by the anonymity and ease to purchase is what customers like the most. And the fact that there are no additional deposit or withdraw fees is also quite convenient. Yet, you may end up with a disappointment if you start looking for professional trading features. That is because there aren’t any.

As a matter of fact, there is no Staking option, no customer service sector, nor there is an option to trade via your smartphone. Specifically, while Bisq offers a mobile app, you can only use it for monitoring and notifications, but not trading. Regardless of these factors, more and more people worldwide make Bisq their go to crypto option. And with the trading volume in mind, and the thousands of customers, we can easily say that this decentralized platform is slowly but surely growing by the day.

FAQ

Is using Bisq safe?

– Product of the latest blockchain technology, Bisq has several strong points that make for the utmost safety:

2-of-2 Multisignature Address
Parties are obliged to pay security deposits
Use of a 3-tier mechanism
Uses Known Cryptocurrencies
Unique Limit Sign-In Mechanism

Why is Bisq asking for a BTC security deposit?

– The main reason why Bisq requires parties to leave a security deposit is to provide a guarantee for everyone involved in the trade. As soon as the security deposit is made, it locks into a multisig escrow, until the end of the trade, when it is returned to each user. Consequently, any potential violation of the deal will see the designated party losing the BTC security deposit.

How long does it take for a Bisq trade to finish?

– Trading at Bisq doesn’t come with a pre-determined timeframe simply because all trades are usually settled by humans. Certain payment options such as Faster Payment can be instant, while others such as SEPA transfers can take up to several days. It is fair to mention that Bisq can process certain bitcoin transactions up to 10 minutes the most. However, this again depends on the traders and the payment method.

Does Bisq have its token?

– Yes, Bisq has its very own BSQ token, that if you use will get you a 50% discount on all potential trading fees. Moreover, Bisq uses the BSQ to also compensate all Bisq contributors. Although not mandatory to use Bisq, the BSQ token has its advantages.

How does Bisq DAO work?

– Being a decentralized autonomous organization, Bisq DAO has two main goals: project financing and strategy determination.

1. All trading fees are distributed from traders to contributors, using the BSQ token.
2. The strategy is tailored by voting on the Bisq platform, and later recorded on the bitcoin network.

Go to Bisq