Bisq Review

Bisq Review

Bisq Review

A project formerly known under the name Bitsquare, Bisq is a fully functional decentralized cryptocurrency market for exchanging various crypto and fiat currencies. With the first version released way back in 2014, it has since come a long way, establishing itself as a true alternative to classic, centralized exchanges while also introducing some new trading concepts. Although some of its features might look like they are reserved for true crypto enthusiasts and traders with higher level of computer knowledge, the principle of exchange here is actually very easy to learn. And what’s more, the architecture of Bisq crypto platform makes it less susceptible to shutdowns, security attacks and regulation procedures that are hunting down various crypto endeavors. Here, we’ll be talking a lot more about various aspects of Bisq, including its basic functionality, trading requirements, Bisq coin, payments, protection of user data and much more. Stay tuned and learn everything important about this most interesting platform!

Bisq | Company Overview

Let’s start off with this Bisq exchange review by explaining its most important feature – this cryptocurrency exchange is not a company, but a decentralized autonomous organization or, simply, DAO. It is a set of small code snippets featured in the underlying blockchain, forming an organization with distributed consensus and without the central point of failure. This fact governs the existence of some of Bisq’s key features – instant access, privacy and security. Furthermore, due to the fact that it is being community-developed and all of its source codes are publicly available to anyone, lack of transparency is out of the question. Anyone with some coding skill can review it and decide whether it’s trustworthy – and judging by the response of Bisq app users, it sure is.

On the other hand, slightly different operating concept might be a bit overwhelming for newcomers, as it bypasses the traditional bank system as a mediator. Furthermore, due to its core concept and customer base that is still growing, rather slow processing of transactions and low volumes are things that will surely be fixed with increased adoption. Also, due to its nature, it might not satisfy the more advanced day traders. However, given the fact that this community-driven application is still in early beta stage (latest release bears the mark 0.6), it is to expect that the final product will be of top quality. Even now, it is an excellent idea backed by professional and dedicated people who have come up with some very interesting features. Everything is explained in great detail in this exchange’s whitepaper, a link to which can be found on the website main page. But if you don’t want to get all technical, this review is the perfect way to do your research. Read on and see which cryptocurrency trading conditions you have to meet in order to start trading on Bisq trading interface.

Bisq Home Page

Bisq Home Page

Bisq | Trading Conditions

When talking about trading conditions, it’s safe to say that the requirements are pretty low for both fiat currencies and any supported crypto coin. Trade limit varies on the selected fund transfer method, and it ranges from 0.25 BTC for bank-processed methods up to 1 BTC for cryptocurrencies used as deposit method. The selected method also denotes the total time needed for processing transactions. Some transaction methods offer nearly instant processing, while international options such as SEPA may take a couple of days before acquiring all clearances. As for the Bisq fees, they differ based on whether the user is offering coins, or attempting to acquire them. Basically, the average fee won’t go higher than the 0.2% of the amount that is being traded. Here we must emphasize that fees are applied for both creator and buyer of the certain offer. This is implemented in order to cover mandatory Bisq fees tied to the blockchain technology – transaction and mining fees, so that the order can be fully processed.

Bisq Features

Bisq Features

One more key difference between Bisq trading and traditional cryptocurrency exchange is the need for Bisq app to keep the offers available for other users. In other words, if you’ve created a specific offer where you attempt to sell, let’s say, 0.1 BTC, you’ll have to keep your computer connected to the Internet constantly until the moment someone picks up your order. If you do go offline, your order is removed from the market, but is placed again once you reconnect. This might be impractical for some users, but is mandatory due to the platform’s design. Bear in mind that, once the whole transaction procedure is completed, you don’t need to keep your computer online anymore. And one more thing before we move on – you can place offers with percentage-based prices of the selected Bisq crypto assets that change according to the average cryptocurrency prices on CoinMarketCap. That way, you’ll always have the best price, and will be able to sell your currency faster. After completing the trade, you just have to pull your crypto back to the corresponding cryptocurrency wallet, and you’re done – no hustle with banks, no lengthy approval procedures. Sounds interesting, right? We’ll teach you much more in the next paragraph of this review, so just keep reading!

Bisq | How to use Bisq exchange platform?

Due to its true peer-to-peer protocol, accessing the cryptocurrency market through this platform is fairly easy thanks to the existence of Bisq app. Developed by various contributors eager to create a truly decentralized and free cryptocurrency trading platform, its usage will be the main focus point of this part of Bisq exchange review.

Bisq Getting Started

Bisq Getting Started

In order to create and buy various offers on the cryptocurrency market in this unique ecosystem, you will need to download and install Bisq app serving as a client for the network. Regardless of your preferred operating system, thanks to the effort of developers, you’ll be able to run this Bisq trading interface. Windows, Mac and various Linux distributions are supported, and you can also freely browse through source code and digital signatures verifying the legitimacy of this application. As for the trading concept, let’s imagine that you’re using Bisq Bitcoin market to buy some BTC for dollars. After setting up the app, you browse the market looking for offer providers willing to sell BTC in exchange for USD. After selecting the one you want, you send the required amount of USD via preferred method to the other user’s account. After the deposit is marked as completed, you get your BTC and the transfer is completed. The process might vary a bit depending on your role on this cryptocurrency exchange platform (buyer, seller, arbitrator), but the key concept is always the same. There are some special features here as well, but we’ll be talking about them later on. Now, let’s see what cryptocurrency trading options, along with Bisq coin, are offered on this platform.

Bisq | Available Cryptocurrencies

Since we’ve covered the basic trading principles in the previous part of this Bisq exchange review, now let’s see what selection of cryptocurrencies is available on the platform. Apart from Bisq Bitcoin market, which has the largest exchange volume on the platform, more than 50 different altcoins are supported. These include some of the most prominent names of the cryptocurrency market, such as Ethereum, Litecoin, Dash, Monero, Zcash, Lisk and many others. You can also suggest your favorite crypto if it’s not present on the list. All cryptocurrency prices are formed accordingly to the latest market trends, so you can be certain that trading conditions will always keep pace with the market changes. As you can see, this crypto exchange interface is truly more than it meets the eye. However, we still have some crucial info to obtain, particularly regarding security and payments. Continuing our Bisq exchange review article, we’ll be focusing on the various functionalities provided by the main application. Stick around and learn how to link your cryptocurrency wallet to it, create offers, to inspect the market and much more!

Bisq Trading Platform

Bisq Trading Platform

Bisq | App

As we have mentioned earlier, Bisq app can be run on any modern operating system. The application is actually fairly simple, and here we’ll explain the functionality it offers to clients.

Upon creating your trading account, you’ll be able to access cryptocurrency market for each supported coin. An offer book that is updated real-time is shown here, which consists of a graph depicting the ratio of bid and ask orders, as well as their detailed list. Here you can also change cryptocurrency prices providers, as well as instantly create your own buy or sell orders. Under Account tab, you can link your existing bank accounts and cryptocurrency wallet to your trading account. Here you can also select an arbitrator (we’ll be talking a lot more about this role later on), generate wallet password and backup seed, as well as create a full backup of your trading wallet. Funds section keeps track of your funds – all deposits, withdrawals and transactions are saved here, so you can browse them whenever you want. You can fund your cryptocurrency trading account on many ways, but if you choose to do so using direct Bisq crypto funding, it’s good to mention that you can generate unlimited number of addresses here. Also, to simplify the process, a unique QR code will be generated for every address, making it convenient for fast mobile transfers. You can also contact support team, tweak application settings and manage your account details, all from the same interface.

Bisq App

Bisq App

If you’ve had some previous trading experience, you’ll learn everything about the app in no time, while newcomers can always refer to the project’s website for some useful educational materials. Although it doesn’t offer some more advanced features like technical analysis or trading signals, we believe that everyone will find the app more than suitable for trading cryptos. Now, let’s teach you everything about available payment options and accompanying Bisq fees. Read on!

Bisq | Payment Methods

After we’ve given an insight to several key Bisq features, it is time to dive a bit deeper into payment methods. And we won’t be exaggerating if we say that this website has surpassed many prominent exchanges regarding this feature. 15 different methods are at your disposal, so you’ll find your favorite entry to cryptocurrency exchange market for sure. First, among typical wire transfers, there are some specific bank transfer enhancement services, such as SEPA, Zelle and Faster Payments. Furthermore, major credit cards are present as well, as are the options for directly linking cryptocurrency wallet, obviously. On the other hand, if you’re a passionate user of various online payment services, you’ll be delighted to hear that Bisq supports more than a handful of them. These include OKPay, AliPay, Swish, Perfect Money and many others. As for the Bisq fees regarding deposits and withdrawals, they are pretty much determined by the chosen payment method and the market you’re trading on. However, comparing to other major exchanges, we can state that Bisq platform generally offers slightly lower fees, which is considered a huge plus, especially for a new and growing project like this one.

Bisq Payment Methods

Bisq Payment Methods

For the sake of this Bisq exchange review, we have thoroughly tested all available payment methods using various accounts, and we can wholeheartedly recommend you to start your cryptocurrency trading journey here. Everything was processed fast, smoothly and without any issues whatsoever, regardless of the chosen method. Therefore, we honestly believe that Bisq has the capability of delighting virtually anyone, and all upcoming versions will bring nothing but further improvements of each core feature. However, due to the fact that cryptocurrency exchange market is currently extremely popular and frequented, a question of privacy and security is present. Learn how Bisq handles them in the next part of our review!

Bisq | Security

After learning about Bisq trading interface and accompanying payment methods, it’s time to learn a thing or two about a very important feature – security. Since the cryptocurrency market is on a constant rise, with more and more funds being invested globally with each passing day, security and privacy of personal data is of outmost importance. Fortunately, due to the exquisite features embedded in the Bisq app, as well as due to the smart fundamental planning, trading with Bisq will keep your funds and data completely secure. Here’s why.

Since Bisq serves merely as a mediator between two parties that wish to exchange goods (in other words, cryptocurrencies), users are always in full control of both fiat and Bisq crypto assets. Trading application will never store any information about you or the amount of your funds, therefore it will only be present on the currency’s underlying blockchain. In order to commence trades, both parties are required to make a security deposit in case of any potential problems, thus making frauds extremely expensive and unprofitable. Furthermore, all funds and deposits that are included in trades are secured in multisig escrows that require verification of at least two network nodes. This, accompanied with the dispute handling based on decentralized, human-arbitrary system, ensures the ultimate safety of Bisq trading environment. We’ll be explaining concepts of arbitrators and security deposits later on in the article, but let’s first focus on privacy methods implemented in this cryptocurrency exchange.

Bisq Privacy

Bisq Privacy

The main thing that ensures privacy of each user is that no identity verification requirements are present. This means that, unlike other cryptocurrency trading platforms, here you won’t be asked to provide copies of your ID documents or other sensitive information. Furthermore, since it doesn’t have any central database, but rather a distributed one that is synced across all network nodes, stealing information or injecting false one in the system becomes virtually impossible. Since all changes on the network have to be verified by all participating nodes, imposters are easy to detect and exile from the network – that way, Bisq trading network keeps itself safe from attacks. Due to the fact that the project is built on top of Tor network, a top-class anonymous communication protocol, your actions will be invisible to others, regardless if you’re trading on Bisq Bitcoin, Ethereum or any other market. And finally, due to the fact that each transaction is encrypted, it can’t be hacked at all. As you can see, Bisq Bitcoin and all other markets are fully safe and secure, so trading here will surely be a joy. Now, let’s make a brief analysis of the platform’s unique features that will make you even more interested in this cryptocurrency exchange platform!

Bisq | Unique Features

The first thing we’ll be explaining here is the existence of Bisq coin. This token can’t be traded on any cryptocurrency exchange, but rather serves as a kind of fuel for Bisq network. The initial distribution of Bisq coin, or BSQ, was done by splitting 25 tokens from Bisq Bitcoin market, raised from donations, to 144 core contributors of the project. This was sort of a reward for their effort during the project’s formation years. Mainly, Bisq coin supply is increased when various contributors are submitting reward forms, while it decreases when paying mandatory Bisq fees. This way, Bisq coin incentivizes developers to make more contributions to the project, thus making it better, while also giving traders the ability to pay for required fees in order to trade. Today, Bisq coin has five main uses – spending, earning, trading, bonding and voting, thus creating a functioning internal economy.

On the other hand, arbitrators are physical users that are in charge of solving any trading disputes that may occur. New arbitrators have to be recognized by both traders and other arbitrators. Thus, they have to possess a significant stack of Bisq coins and deposit them as a bond, serving as a guarantee for their fair and impartial arbitrary work. Currently, only a handful of people may serve as arbitrators, since they have contributed enough to grant a significant amount of BSQ token. However, once the next version of the application is built and published, everyone will be able to apply for this role.

Bisq Token Uses

Bisq Token Uses

And lastly, regardless if you prefer Bisq Bitcoin, Litecoin, Dash or any other available market, you’ll have to make a security deposit for each transaction. This can be done directly from your cryptocurrency wallet, and the amount of deposit varies based on current cryptocurrency prices. This feature ensures the safety of each trade, and with the help of arbitrators, helps to ban everyone trying to steal money from other traders. And that’s pretty much it when it comes to unique features – now, let’s see what you can do if you get stuck anywhere!

Bisq | Customer Support

Support can be reached right from the Bisq app, and, to be honest, they are quite fast and professional. You can ask them virtually anything, from Bitcoin buying and selling procedure, safety of your cryptocurrency wallet, ways of obtaining latest cryptocurrency prices, all the way to paying Bisq fees. Of course, there is a rich FAQ section present on the project’s official website, where you can find answers to most common inquiries. Also, there are some educational and explanatory videos present, so you can watch them in order to discover a bit more about the platform. Finally, if you have any programming knowledge, or simply have the time and incentive to help aspiring projects, you can browse Bisq app code on Github and suggest improvements. The ultimate goal of creating a true P2P exchange with decentralized system of making decisions could easily change the way we trade cryptocurrencies. That being said, we believe that now is the right time to wrap up this Bisq exchange review.

Bisq Forum

Bisq Forum

Apart from GitHub, however, there are plenty of other ways you can contact these people and communicate with them. They have an account on Twitter and YouTube, but there is also a specialized forum, Bisq Slack workspace, subreddit, Keyspace team, mailing list exclusively dedicated to contributors and many other ways you can get in touch. All of this helps maintain a vibrant community which is always willing to invest time and energy into creating a better trading environment. We would argue that this is one of the exchange’s greatest assets because new traders really feel much more at ease when they come and see such level of enthusiasm. Besides, this also means you will always have someone you can talk to, for whatever reason. No wonder the comments people make are so positive. We think that’s the best possible way to finish this review, but before you go check out the summary we have prepared for you in the last paragraph of this text.

Bisq | Conclusion

Being the first one is often hard, sometimes impossible. Being the first one in an ecosystem as vibrant and dynamic as cryptocurrency market is even harder. However, this project, once known as Bitsquared, succeeded in creating the first fully decentralized cryptocurrency exchange platform that might completely disrupt the way we trade. Introducing fair trading conditions, fantastic Bisq trading app, ultimate anonymity ensured with Tor protocol and fantastic banking options, the project quickly rose to prominence on the market. The future looks bright as well – once Phase Zero protocol for optimization of core principles and full application version are published, this website just might rise to the very top of the cryptocurrency exchange market. Since our thorough tests found absolutely zero reasons not to trade here, we can advise nothing more than to start your trading journey with Bisq. Some learning will surely be required, but once you get used to the somewhat different way of trading, you’re going to discover something very special. Open an account and get cracking!

Author's overall rating:
Author: Ben Prescott
Updated:

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