Review Of Bisq Decentralized Bitcoin Exchange Network
Team of STO Investment Platforms Reviewers
Welcome to our Bisq crypto exchange review. In today’s review, we’ll have a critical look at this exchange and consider factors such as customer support and fees to determine if it’s a suitable option or not.
Without much ado, let’s start our Bisq crypto trading platform expert review:
What Is Bisq? A Short Overview
Bisq, previously known as Bitsquare, is a peer-to-peer decentralized exchange. The platform supports buying, selling, and exchanging fiat currencies and cryptocurrencies through a highly secure interface. The platform runs over the infamous Tor network, which makes it a controversial name but some experts believe that it also makes Bisq more secure.
There are a lot of peer-to-peer platforms but Bisq is unique due to features such as decentralization, censorship resistance, an open-source system, easy startup, refundable security deposits, and a huge range of coin selection. Also, it has a native coin (BSQ) that can be used to make purchases and do more.
Launched in 2014 by Manfred Karrer, who also serves as the CEO, the platform aims to eliminate third parties from the middle and make it easier for buyers and sellers to trade. The tool is available around the world and has servers located in various countries, including Spain.
How Bisq Works
Bisq is unlike any other app out there as it does not require identity verification and is also non-custodial. This means you will be in full control of your funds. Also, all transactions on the platform require Bitcoin and you will not be able to trade on the platform unless you add BTC to your account.
On the plus side, it supports a large number of deposit methods, including:
Amazon Gift Cards
On the downside, credit cards are not accepted. Also, we must mention that these methods change from region to region and largely depend on the user you are trading with. Some only accept bank transfers and some might offer more deposit methods.
Since Bisq is categorized as a Decentralized Anonymous Organization (DAO), it connects sellers and buyers directly.
Funds are held by sellers and buyers in their wallets and no pool accounts are involved. For this reason, Bisq requires you to use a wallet for your trades, and it would make sense to go for a Bisq crypto wallet if you’re trading through the platform.
The system is easy to use and there is also a mobile app that comes with limited features. However, it doesn’t have a browser version and you will have to download the app to your computer in order to make a trade. Download and install Bisq to your device and set up your account.
Once you set up a payment method, you will be able to see available trades. Go through a trade that meets your requirements and accept an offer. You will then receive step-by-step instructions to complete your purchase.
Bisq Review: Pros And Cons
Here are some pros and cons of this app to help you determine what it brings to the table:
You can choose from a number of deposit methods, including some that are not available anywhere else
Easy startup and no verification, thus you can start right away
There are no geo-restrictions
Supports a large number of fiat currencies and digital coins
All transactions require Bitcoin
Low trading volume and liquidity
The interface is a little complicated
Currency And Coin Selection On Bisq
Bisq hits the bull’s eye when it comes to the number of coins available on the platform. We did some research and found that it supports more than 120 coins; however, there is no guarantee that you will find all of these at any given time as availability depends on what other traders put up to sell.
Still, expect to find these:
Zcash Beam Grin
A major issue with the app is that some coins may disappear after they are made available (due to low liquidity), hence be quick to make offers.
Is Bisq A Safe Platform?
The opinion on Bisq security is divided. Since it is not a centralized platform, it does not hold any assets. You will not have to put any digital or fiat currency in your account.
Bisq does one thing: connect buyers and sellers and requires both parties to put down a security deposit (refundable) to ensure the transaction goes smoothly. While most transactions go smoothly, there is the option to file a dispute if things go awry. The process involves discussing with the other party, mediation, and arbitration.
The biggest issue, however, is that losing your password or codes may prevent you from accessing the app, thus losing whatever BTC you own. Hence, make sure to keep your code in a safe place.
Still, overall, Bisq has a good reputation when it comes to security. It has been involved in some hacks, more importantly in 2021 when 250K worth of coins were stolen from 7 Bisq users. However, the company was quick to take the right step and refunded the amount.
Fees And Costs
Bisque is affordable and only charges a percentage of the total amount. The fee (1% of the total) is divided between the two parties:
The seller pays 0.12%
The buyer pays 0.88%
It is possible to reduce the fee if you use Bisq’s native coin (BSQ) to make the transaction.
Note: There is a refundable security deposit, usually 15% of the transaction, that also has to be paid.
Bisq Review: FAQs
Let’s now talk about some commonly asked questions in this crypto trading platform review:
How to fund my Bisq wallet?
Funding your Bisq wallet is necessary if you want to engage in any transactions on Bisq. You can fund your Bisq wallet by sending Bitcoin or any other cryptocurrency to the Bisq DAO address which can be found on the website. Other ways you can fund your Bisq wallet are by bank transfer, wire transfer, or even Western Union.
How to transfer funds from Bisq to Ether wallet?
You can transfer funds from your Bisq crypto wallet to the Ether wallet by clicking on the “Transfer Funds” button and choosing your desired trade wallet.
Enter the amount you want to send, feed the trade wallet address, verify the information, and complete the process.
Bisq Crypto Review: Conclusion
Overall, Bisq can be a good platform for people interested in P2P trading as this is the platform’s main highlight. You might even get to trade with locals, which gives the option to use local deposit methods, thus making the process easier. But, remember that it only allows transactions in BTC, which could be an issue for some.
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