Bisq Crypto Exchange Review
Finding a good crypto exchange is no less than an achievement these days. In this series, Bisq is emerging as the best exchange platform, all thanks to its top-notch services.
The platform offers trading on popular cryptocurrencies and crypto pairs. On the other hand, best-in-class security features are what make it unique from other platforms.
That's not all! The platform offers a lot more to its clients. Read this detailed and In-depth Bisq review to explore the best and the worst side of this crypto exchange.
What Is Bisq?
Bisq, formerly known as Bitsquare, is a decentralized crypto exchange founded in 2014. The exchange's easy-to-use platforms allow users to buy or sell cryptocurrency without the interference of any third party.
The decentralized nature of this crypto exchange makes it so unique and different from other online crypto exchanges out there.
With 7+ years of expertise in the industry, the exchange has gained enormous popularity because of its low fee structure and wide range of product offerings.
Is Bisq Scam? Must Read
No, it is not a scam. In reality, it is a legitimate crypto exchange platform that works in the best interest of its users.
As mentioned above, it is a decentralized crypto exchange, meaning it is not controlled or regulated by any central authority.
Overall, it is a fundamentally transparent platform without any third-party interference, open-source and non-custodial, meaning that traders have complete control of their funds.
In the end, we would only say that this exchange platform has been serving for over 7 years in the crypto industry; hence, it is said to be legitimate and safe to trade with.
Top Security Features Offered:
As a popular and oldest crypto exchange, the exchange provides top-class security features to its clients so that they trade or invest without any fear.
Here's a list of top security features to consider:
As a decentralized exchange, its servers are spread out all across the globe
Lower risk of server downtime and immune from cyber attacks
Abides by AML Policy
Secure Bitcoin transaction in 2-of-2 multi-signature address
Enable both parties to pay refundable security deposits
What Are The Available Cryptocurrencies on Bisq?
The crypto exchange offers to trade on a wide range of cryptocurrencies. However, the user must first buy bitcoin, as direct trading between coins is not available on the platform.
The most popular crypto coins available on the platform include:
Bitcoin
Ethereum (ETH)
Litecoin (LTC)
Monero (XMR)
Dogecoin (DOGE)
Dash (DASH)
BSQ (BSQ)
Grin (GRIN)
Additionally, the exchange also provides some of the popular crypto-to-crypto and crypto-to-fiat trading pairs, which majorly include:
BTC/USD
XRP/USD
ETH/USD
BTC/EUR
BCH/EUR
XRP/EUR
LTC/EUR
BCH/USD
XRP/BTC
LTC/BTC
ETH/BTC
LTC/USD
BCH/BTC
ETH/EUR
Fees and Trading Cost:
The fee structure on this exchange is quite different from other crypto exchanges. The maker and taker fee on this platform is fixed at 0.001 BTC for trading on the platform.
Additionally, the platform charges a miner fee of 0.0003 BTC that is charged three times (While depositing, trading, and withdrawing).
On the other hand, the broker charges around 0.1 BTC as a security deposit which will be refunded after the trade.
Supported Deposit and Withdrawal Methods:
The crypto exchange supports a wide array of payment methods for funding accounts and withdrawal of funds.
On the other hand, the platform also charges a fixed fee for deposition and withdrawals, which is capped at 0.0003 BTC.
Currently, the platform supports 20+ payment methods. However, popular ones such as Paypal, Venmo, and Cash App are not available on the platform due to chargeback risk.
Here are a supported deposit and withdrawal payment methods:
Advanced Cash
Alipay
Cash Deposit
Chase QuickPay
Face To Face (F2F)
Faster Payments
HalCash
Interac e-Transfer
Japan Zengin Furikomi*
MoneyBeam (N26)
MoneyGram
National Bank Transfer
Perfect Money
Popmoney
PromptPay
Revolut
SEPA
SEPA Instant
Swish
Bank Transfer
US Postal Money Order
Uphold
WeChat Pay
Western Union
Zelle
How to Open An Account on Bisq?
The account opening process of this crypto exchange is what makes it set apart from other crypto exchanges.
Here's a step-by-step guide to opening an account.
Firstly, visit the official website and click on the 'Download' button. The app is available for Windows, Linux, smartphones, or Mac.
Now, set up a security setting for your account, including a strong password. As it is a Decentralized exchange, you'll not need to provide your personal information.
After that, make a deposit in your account with all the available payment methods. Alternatively, you can buy or sell cryptocurrencies with bitcoins.
Following the account opening process, you can start trading cryptocurrencies.
Trading Experience:
Bisq is an open-source desktop application that lets its users buy or sell cryptocurrencies seamlessly and hassle-free.
Desktop Application:
The exchange doesn't provide any other trading platform; instead, it offers services through downloadable desktop and mobile applications.
Top features of desktop application:
100% Anonymous, Safe, and Decentralized
Wide Range of Cryptocurrencies
Great for Beginners
User-friendly Interface
Available for Windows, Linux, and MAC
Mobile Application:
The mobile application doesn't offer users to trade on the platform. It only allows users to monitor any trade notifications.
To trade cryptocurrencies, users must use the desktop version of the exchange. Therefore, not providing trading services through mobile apps is a major setback for users.
Top Features:
Available for iOS and Android
Real-time market notifications
Intuitive User Interface
Pros and Cons:
Pros:
Decentralized Platform
Instant Withdrawal Approvals
Works on the peer-to-peer network
Allow users to buy crypto with fiat currencies
Supports major payment methods
Top-notch Security Features
Cons:
Comparatively High Fees
Bad Customer Support
Customer Support:
The exchange platform is backed by an expert customer service team. In addition, traders may contact the support staff directly through email.
Alternatively, the FAQs section available on the website has all the answers to your queries. On the other hand, the platform allows users to join its community on social networking sites, including:
GitHub
Twitter
Mastodon
Youtube
Freenode IRC
Forum
Reddit
Matrix
Telegram
Who Is Bisq Better For?
As today Bisq can be used by anyone to manage p2p crypto transactions, it was originally launched keeping in mind the advanced crypto traders who want complete control over their personal information and how it is used.
New investors should stick to more popular crypto exchanges or brokerage platforms for simplicity and added security.
Understanding how the platform operates and how you can invest in a crypto is critical when choosing a platform for beginners.
Overall, this may be the right platform for you if you are comfortable exchanging Bitcoin across crypto wallets.
Final Verdict:
After going through this detailed Bisq review, it is clear that the exchange provides a suitable platform for trading bitcoin and other popular cryptocurrencies.
Because of its decentralized nature, the exchange offers a relatively secure platform that does not require third-party platforms.
On the other hand, the platform might be a perfect venue for advanced crypto traders who want 100 percent anonymous, safe, and decentralized exchange.
While it is the best option for experienced investors who are familiar with the crypto market, it may not be as suitable for newbies. Best AlterNet FlowBank
FAQs:
Is It Safe to Trade with Bisq?
It is a peer-to-peer (P2P) open-source desktop application. As a result, it's reasonable to argue that the platform's decentralized structure makes it safer to trade bitcoin and other cryptocurrencies.
It protects users against unethical behavior like hacking.
Does Bisq Only Support Bitcoins?
The exchange accepts practically all fiat currencies, as well as dozens of other cryptocurrencies and tokens; the only requirement is that bitcoin should always be one side of every trade.
How Do I Make A Deposit or Withdraw Money from Bisq?
Users can use a number of payment methods to make a deposit on the platform; however, credit cards are currently on hold.
It also takes fiat money deposits, which sets it apart from most other decentralized crypto exchanges, which only accept bitcoin deposits.
Users may either deposit their newly bought bitcoins in their built-in wallet or transfer them elsewhere by choosing the "Move Funds to Wallet" button or the "Withdraw to External Wallet" option.
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