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Bisq Review

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Bisq logo
3.03
Crypto Head Rating
Visit Bisq

The Bottom Line

Bisq offers a compelling service for crypto enthusiasts who value privacy, decentralisation, and direct peer-to-peer interaction. Without compromising on these core values, it provides a solid trading experience, albeit with a focus on a more technically inclined audience.

Users looking for a traditional brokerage service may find the platform complex, but for those ready to embrace the full potential of a decentralized cryptocurrency exchange, Bisq is an excellent choice.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Decentralized and peer-to-peer
  • Enhanced privacy and security features
  • Supports a wide range of fiat currencies
  • No need for KYC verification
  • Open-source software with community-driven development

Cons

  • Not as user-friendly as some centralized exchanges
  • Limited payment methods compared to larger exchanges
  • Lower liquidity can lead to slower trades and potentially higher spreads
  • Dispute resolution can be more complex due to peer-to-peer nature
  • Limited cryptocurrency selection compared to larger exchanges

Quick Summary

Headquarters Location Not Listed
Fiat Currencies Supported USD, AUD, GBP, CAD, EUR, NZD + 10 others (some through third party apps)
Total Supported Cryptocurrencies 14+
Trading Fees 0.15% - 1.15%
Deposit Methods Cryptocurrency, SEPA, Faster Payments, Interac e-Transfer, Zelle, Revolut, WeChat Pay, Alipay
Support Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Bisq presents a unique proposition in the world of cryptocurrency exchanges. As a peer-to-peer network, it offers a platform for users to buy and sell Bitcoin and other cryptocurrencies directly with one another.

Bisq homepage

Without the need for a centralised authority, Bisq upholds the original ethos of decentralisation that is central to the cryptocurrency philosophy.

Bisq, as a groundbreaking platform in the realm of digital assets, offers an alternative avenue that challenges the conventional centralized cryptocurrency exchanges. Its foundation is built upon the principles of a decentralized nature, ensuring that no single central authority governs the operations or holds sway over the Bitcoin and other cryptocurrency trades.

This innovative approach fosters a more egalitarian network where the cryptocurrency peer community plays a pivotal role in the maintenance and administration of services. By enabling direct payment options between parties, Bisq upholds the values of autonomy and privacy that are often sought after in the cryptocurrency space.

About Bisq

Bisq, an open-source desktop application, allows users to trade cryptocurrencies in exchange for national currencies with no need for registration or reliance on a central authority. The project was launched to provide a secure, private, and censorship-resistant way of exchanging cryptocurrencies.

Its decentralised nature ensures that the network remains resilient against attacks and fraudulent activity.

Bisq features

The narrative of Bisq is woven into the broader tapestry of the cryptocurrency revolution. Originating from a desire to align with the decentralized ethos that Bitcoin and other cryptocurrencies epitomize, Bisq has carved out a niche as an independent cryptocurrency trading platform.

Its journey reflects the evolving landscape of digital finance, adapting to market trends and industry developments while steadfastly maintaining its commitment to decentralization. The exchange has seen a steady increase in active traders, underscoring a growing demand for platforms that enable individuals to manage their cryptocurrency investments without interference from traditional financial institutions or centralized servers.

Bisq has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, Telegram and YouTube.

Bisq has a mobile app on both the Apple App Store and Google Play.

Bisq Supported Cryptocurrencies

Bisq supports trading on over 14 cryptocurrencies on their platform. This exchange currently supports 6 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Chainlink (LINK)
  • TRON (TRX)
  • Shiba Inu (SHIB)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Toncoin (TON)
  • Bitcoin Cash (BCH)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Ethereum Classic (ETC)
  • Cosmos (ATOM)
  • UNUS SED LEO (LEO)
  • Filecoin (FIL)
  • Immutable (IMX)
  • Aptos (APT)
  • NEAR Protocol (NEAR)
  • Stacks (STX)
  • Bittensor (TAO)

View all cryptocurrencies Bisq supports

  • BSQ
  • BTC
  • DOGE
  • DOI
  • ERG
  • ETC
  • ETH
  • GRIN
  • LBC
  • LTC
  • SIL
  • UNO
  • USDC
  • XMR

Trading Experience

The interface of Bisq may present a steeper learning curve compared to centralized exchanges, but it is a trade-off for enhanced security and privacy. Its trading features cater to more experienced cryptocurrency traders who are looking for a decentralised exchange experience.

The Bisq DAO further enhances the platform by allowing users to participate in decision-making processes, improving the peer trading network over time.

Trading on Bisq is akin to navigating a complex interface crafted for the seasoned cryptocurrency trader. The trading interface, while more intricate than those found on centralized exchanges, rewards users with a robust set of tools and a flexible environment for trading dozens of cryptocurrencies.

The peer trading network provides a rich tapestry of trade opportunities, from Bitcoin to Bitcoin Cash, all within a framework that emphasises user control and privacy. Advanced users can take advantage of various payment methods, including bank transfers, wire transfers, Faster Payments, Chase QuickPay, and even options like Western Union and Advanced Cash, to tailor their trading experience to their specific needs.

Bisq exchange marketing

Bisq Fees

The fee structure of Bisq is designed to be transparent and competitive. While it circumvents the typical high fees associated with traditional exchanges, Bisq aligns its trading fees with the operational costs of running a decentralised network.

Trade makers and takers are incentivised through a fee schedule that encourages liquidity and fair trading practices.

Bisq’s approach to trading fees is as distinctive as its trading model. For the trade maker who provides liquidity to the cryptocurrency pool and the trade taker who accepts these offers, the combined trading fee structure is crafted to balance the network’s sustainability with competitive pricing.

Fees are crucial in deterring bad actors and frivolous activity, ensuring that only serious traders participate in the activities within the Bisq network. The Maker fee and Taker fee, although not mentioned specifically, are aligned with the operational costs intrinsic to running a decentralized platform like Bisq, which is free from the cost burdens of maintaining centralized servers and a physical presence.

Type Fee
Trading Fee 0.15% - 1.15%

Bisq supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0003 BTC compared to the industry average of 0.000075 BTC. So Bisq has a fee that is above the industry average by 300.00%.

Security - Is Bisq Safe?

Security on Bisq is paramount, with no single point of failure due to its decentralised platform. The network operates without a central server, eliminating the risk of a single point of attack.

Users retain control of their funds at all times, until they decide to authorise a trade, significantly reducing the chances of any fraudulent activity.

When it comes to security, Bisq’s decentralized platform is its bastion. The absence of a centralized server means that the network is less susceptible to hacking and fraudulent activity.

Every trade is secured with a security deposit, fostering trust between trading peers. Advanced security features are continually added, such as the latest flawed security patch which is promptly rectified.

Moreover, the built-in Bitcoin wallet adds an extra layer of protection for users’ digital assets. The Bisq DAO, as an autonomous organization, empowers the community to approve security enhancements, ensuring that the platform’s defences evolve in step with the challenges presented by the ever-changing cryptocurrency landscape.

Bisq Customer Support

Customer support on Bisq is community-driven, reflecting its decentralised ethos. While there isn’t a central customer service department, the network provides resources and a community forum for users to seek help.

This approach ensures that users get support from those deeply involved with and knowledgeable about the Bisq network.

In line with its community-focused ethos, Bisq provides customer support that leverages the collective expertise of its user base. Users have access to a vast array of resources, including a Bisq Review platform, FAQ sections, and user-guided forums, which can be a treasure trove of valuable insights.

This decentralised approach to support may challenge those accustomed to instant approval and one-on-one customer service, but it ensures that resolutions are informed by a diverse set of experiences and are enriched by the community’s shared knowledge about the Bisq network and cryptocurrency trading practices.

Bisq support

Bisq Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Bisq

  1. Create Account - Visit the Bisq website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below, some of which are third party apps.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Cryptocurrency
  • SEPA
  • Faster Payments
  • Interac e-Transfer
  • Zelle
  • Revolut
  • WeChat Pay
  • Alipay

Bisq Alternatives

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Final Thoughts

Bisq stands out for its commitment to privacy and security in cryptocurrency trading. Its model circumvents the potential for central server vulnerabilities, giving traders peace of mind.

With its advanced features and decentralised approach, Bisq is a solid choice for those looking to trade cryptocurrencies on their own terms.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: