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Bisq was founded by Manfred Karrer in 2014. The project was originally called Bitsquare, but changed its name after rebranding. Bisq crypto exchange allows buying and selling bitcoins without the need for centralized platforms that collect user data.
According to reviews of the official website, cryptocurrency exchange Bisq is an open-source peer-to-peer application that allows buying and selling cryptocurrencies in exchange for paper or digital money. It requires no registration or approval from any authority. Cryptocurrency exchange Bisq supports BTC, ETN, U.S. dollars, euros, yuan and other currencies. In total, more than 120 cryptocurrencies and about the same amount of fiat currency are traded on the exchange.
Specifics of Work on Bisq
To get started with Bisq, you need to download and install their software. After running the program on your computer, the program will connect you to other participants through a peer-to-peer network that runs over Tor. You will receive trade offers from all the nodes in the network, which will be compiled into a list of orders where you can sort them by payment method, price, and other features.
When you choose the offer that suits you best, you can enter the transaction. If you can’t find anything suitable among all the available options, you can create your own offer, which will appear in the list and someone else will be able to accept it.
As soon as two users mutually agree to a deal, the process of making a deal starts. It consists of several steps, many of which are automated.
Registration on Bisq
Although most such companies register online, Bisq lets you connect under the guise of a network client using its own platform. The Bisq app is installed by the client and opens up the possibility to watch the trading process on the blockchain rather than on the server.
The website says that this is the firm’s main trump card, which carries out transactions without bans or censorship restrictions. Customer feedback on this says that personal information only goes to the arbitrageur and the other trader. There is no central server to hack for money. Reviews on the site say this helps keep things safe and private.
Reviews of Bisq say that the lack of a regulator hides the risks of being scammed and abandoned. Independence is a good suggestion. But customers leave reviews in which they fear for the money invested. Also, after reading customer reviews of Bisq, be aware that customers are charged a fee for using their own blockchain.
Depositing and Trading at Bisq
The Bisq cryptocurrency exchange offers two trading options:
- the trader places an order in the trading book and waits for someone else to accept it;
- the trader accepts an order placed by someone else.
Users of the Bisq exchange have many options for funding their account on the platform. It includes: bank transfers, AliPay, OK Pay, Perfect Money, Zele (ClearXchange); US postal money transfers, SEPA. Transactors must decide which withdrawal method they are going to use before the transaction takes place. For example, if a seller is going to sell from his wallet in exchange for US dollars, he shares his USD bank account details with the buyer and completes the transaction. A certain amount of bitcoins is deducted from the seller’s wallet, and a certain amount in dollars is deposited into his bank account.
After matching, the funds are moved to the address with signatures, and then they end up in the traders’ wallets. To protect themselves from fraud, participants pay a deposit, which is returned once both parties receive the money involved in the trade. Traders must provide a certain additional amount due to collateral requirements. When the transaction is over, traders return the money through a withdrawal.
Bisq’s official website states that trading fees are distributed to members without restriction by the corporation or other legal entity. The trading fee system is designed to encourage liquidity growth on the exchange. According to customer feedback, traders who add new orders pay 0.1 percent commission. Those who take orders must pay 0.3%.
Security on Bisq
To ensure the safety of funds, cryptocurrency exchange Bisq has introduced escrow. Basically, it consists of guarantee deposits and traders’ trading funds being held in a 2×3 escrow. Each trader keeps a key, while the referee keeps a third key. Bisq uses a decentralized arbitration system to resolve trading disputes.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
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