2.3 out of 5 based on 8 reviews.Overall rating:
|Features||Anonymous trading is available at Bisq; There is a Multisig wallet that requires three signature holders – buyer, seller and independent arbitrator|
|Deposit Fees||No fees|
|Trading Fees||0.001% - 0.009%|
|Withdrawal Fees||Depends on the type of cryptocurrency you are withdrawing|
|Tradeable Coins||Bitcoin (BTC)|
- Arbitrators ensure that you won’t get cheated by an dishonest seller/buyer
- A lot of coins available, including some rare ones
- Awesome security
- There is a lack of offers on the website because a few users know about this platform
- The fees are high
- There is no way you can contact customer support at Bisq. For some help, you will need to visit their forum and look for an answer among millions of posts thereBisq
Bisq is a peer-to-peer open source platform that offers users to sell BTC in exchange for traditional money (dollars, yens and euros) as well as other cryptos. The platform is relatively young – the beta version of its website appeared in 2016. Its founder is an Australian Manfred Karrer, who currently lives in Barcelona. He is an ambitious businessman who believes that bitcoin is the next greatest invention of the technology world. Karrer has created a unique platform, different from all other exchanges and his ideas are pretty appealing.
Also, Bisq is a project that appeared due to the donations from the community. It is known as an autonomous decentralized organization with ownership provided depending on the participation of it. It means that every person, who contributes in Bisq may become its next shareholder.
How it works?
The first interesting fact about Bisq is that it supports users’ anonymity. You don’t have to provide too much personal information to start trading. In fact, a few cryptocurrency exchanges allow this type of operating. There is no need to post your passport, identification or even a real name to become a customer. The company doesn’t watch the activity of its users and makes the registration as simple as possible. This allows every person from any part of the world become a trader with no problems.
Therefore, to start your cooperation with Bisq, you only need to download and install their official software. As we have already mentioned, this website accepts traditional currency. The list of available cryptocurrencies is extensive: Zcoin, Darknet, Byteball, Dogecoin, Ether, Zcash, Ether Classic and Bitcoin. As you can see, Bisq offers a number of rare currencies in addition to the most popular ones.
As for the work principles, Bisq has something really new to offer. Decentralization is their main principle, therefore every transaction is unique here. If you want to sell your coins, you need to deposit them onto your Bitshares wallet and create an offer. After that, buyers will view it and make a deal with you in case your offer interests them. If you are willing to buy coins, you can easily choose an order that was posted by buyers before.
To save buyers and traders from cheaters, Bisq requires both parties to make a security deposit – 0.1 BTC. This will work as a collateral security if something goes wrong. Also, be aware that sellers and buyers are required to pay transaction, holding and arbitrator fees.
When the transactions starts, system places holding fees and bitcoins that are going to be sold into a special Multisig wallet. Also, a randomly selected arbitrator will take part in a deal as a third signature holder. The coins are locked up in the wallet before the deal is confirmed as a successful one.
- Bisq offers a decentralized and safe trading platform with well-structured trading principles.
- There are independent arbitrators chosen for every deal, so buyers and sellers can feel secure about their money.
- The platform provides a long list of both fiat and cryptocurrencies.
- Users have to pay high fees for transactions.
- The platform works in a complicated way, so you will have to read their forum and a FAQ section to be aware of all aspects of trading.
- Bitsqaure needs more development to attract more traders and therefore provide more offers to users.
Bisq is a unique platform that is different from the most similar websites available online. Their decentralized system is something that you may find really interesting. The main minus of the service is that both buyers and sellers have to pay high fees for transactions and arbitration. Also, the company is not very popular today and we believe that they need to start partnership with other websites and advertise themselves more. Make sure to do a research before you start trading there, since the entire process is not that simple.