Bisq (previously Bitsquare) is on the market since 2014, founded by Manfred Carrer. A distinctive feature of this exchange is that it is decentralized, it does not have a central server. This system is located on all computers that are connected to this network.
How to use Bisq? To complete trading on the exchange, registration is not required, but the user must download special software to the computer. This program will allow you to become a part of the blockchain network. After the program connects you to other users through a P2P network, you can see all the trading orders. If not one of the above suggestions suits you, you can create your own proposal.
It is important to know that your order is displayed in all lists only when you are online. Once you close the program your offer becomes inactive. When the user finds the option he needs, he and the other party agree about arbitrator. They can choose him or the system will install him by default. The arbitrator is needed to resolve conflict situations.
For transactions, a new wallet address is generated (with a multi-signature 2 of 3). The seller should send his bitcoins to this address. But both parties of the transaction pay an additional deposit for their insurance. After this, the buyer, the seller, and the arbitrator receive the keys. Further, the buyer pays the seller outside Bisq (for example by bank transfer) and then confirms the payment on Bisq. When the seller receives payment, he also confirms this on Bisq. Only after this, both participants receive their part of the bitcoins from the multi-signature address.
Your Bisq fees are calculated depending on the amount of your transaction and start from 0.0002 BTC, the default payment is 0.002 BTC for 1 bitcoin. Below there is information from the official website:
Is Bisq safe?
Bisq exchange users are protected by three software mechanisms:
1. During a transaction, all bitcoins are assigned to a special address that secured by a multi-signature 2 of 3;
2. Traders must pay for insurance. That money will be returned to them after the trades.
3. Bisq has an arbitration system.
These mechanisms reduce the risk of Bisq scam to a minimum. Thus, to the question “Is Bisq safe?” we can answer that the server’s security is very good.
However, Bisq warns if you trade in fiat currency, the buyer can change the transaction in the bank. Also, credit cards and PayPal are not supported for transactions.
As for the question “Is Bisq legit?” It is a fact that Bisq isn’t a registered company, it does not even have employees. And the creator of the site isn’t the general director. And this brings its pluses, so Bisq, like bitcoin itself, does not obey anyone. Therefore, the risk of Bisq down is very low.
Bisq limits exist for security purposes and limit the number of transactions. It was made due to the possibility of a refund through the bank. However, the number of transactions isn’t limited. For different banks the limit is not the same:
- SEPA, Zelle, Cash Deposit, Chase QuickPay, Faster Payments, Interac e-Transfer, MoneyBeam, National Bank Transfer, Popmoney, Revolut, Transfer with Same Bank, Transfer with Specific Bank, US Postal Money Order, Uphold – 0.25 BTC / trade
- Western Union, MoneyGram – 0.5 BTC / trade
- Swish, PerfectMoney, AliPay, Face-to-Face, Halcash, Japan Zengin Furikomi, PromptPay, WeChat Pay, Advanced Cash – 1 BTC / trade
- Altcoins – 2 BTC / trade
Bisq support is provided through the Bisq app. Also on the site, you will find an FAQ section, but you can’t find the Bisq phone number there.
So, let’s sum up this Bisq review 2020:
We hope this Bisq review was useful for you. If for any reason you can’t use this exchange, we can offer you Bisq alternative:
- This exchange is decentralized and therefore the probability of Bisq fraud is very low;
- Bisq reviews a lot of payment options;
- There are a lot of altcoins.
- The exchange has 3 mechanisms for the user’s protection.
- Transaction speed is relatively slow;
- Low trading volumes.