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Bisq (formerly known as Bitsquare) is a peer-to-peer (P2P) exchange that embraces the tenants of Bitcoin: decentralization, anonymity and transparency. Due to its decentralized nature, the platform is extremely secure and private, as well as resistant to censorship. Keep reading for everything you need to know about Bisq.
Bisq isn’t just a decentralized exchange, it is wholeheartedly dedicated to the decentralization ideology. Much like a credit union, Bisq is owned and run by its members and contributors. Think of it as a community, not a company. The P2P software lets you buy and sell cryptocurrencies in exchange for other crypto or fiat money. Benefits include anonymity and increased privacy, lower fees, and complete control of your crypto. Plus, it’s open to unbanked users.
Other features include:
- No geo restrictions. Bisq does not care where you’re from. Anyone with a computer can trade with the exchange.
- Instant approval. Like other decentralized exchanges, Bisq does not require any private user information, nor do you need to validate your ID. As such, getting onboard is a quick and easy process.
- Simple interface. Most decentralized exchanges have a complicated design that’s far from user-friendly. Bisq developers have taken this into account and created a comfortable interface that’s easy to use.
- Fiat-crypto trading. Bisq members can deposit fiat currencies (bank transfers, Chase QuickPay®, MoneyGram, Revolut, Western Union, Zelle® and much more). But please note, the platform does not allow for credit card deposits.
- Crypto & fiat currencies supported. Members can trade over 120 cryptocurrencies, as well as almost the same number of national currencies.
- Control over your crypto. A centralized exchange can freeze your funds for a variety of reasons, and there’s nothing you can do to stop it. With Bisq, you hold your keys, so you have sole ownership and access to your funds.
To top it off, Bisq is incredibly secure. Here’s why:
- As we mentioned before, there is no single point to attack on a decentralized network.
- The exchange does not store funds anywhere on the site, which means you can’t get hacked.
- Both parties involved in a transaction are required to make a transaction deposit. In case something goes wrong during the trade, you’re insured by the deposit.
- Random third parties – called arbiters – are selected to oversee trades.
- Your information is stored locally and only pieces are shared with the other party in the transaction.
When you trade with Bisq, there are four fees to consider:
- Trading fee
- Mining fee
- Returnable security deposit
- Bank transfer charges (from your bank, if any)
Bisq fees are listed in Bitcoin or Bisq’s native coin, BSQ. If you pay with BSQ, you get about a 50% discount.
Trading Fees Per 1 BTC
The minimum trading fee is 0.00005 BTC.
Mining Fees Per 1 BTC
Bitcoin mining fee: 0.0003 BTC (A mining fee is included in a transaction three times: Deposit from external wallet, trade, and withdrawal to external wallet. So the sum is 0.0009 BTC).
Bisq Token (BSQ)
BSQ is not a coin that’s meant for trading outside the Bisq exchange. Instead, it fuels the network. Those who own BSQ are stakeholders and partake in the governance of the platform. As we mentioned before, exchange fees are lower if you pay in BSQ.
Bisq is 100% decentralized, anonymous and safe. The crypto exchange is a good fit for crypto traditionalists who prioritize security and accessibility.