Bisq is an open-source program for trading Bitcoin and other cryptocurrencies peer-to-peer. The Bisq network works fully decentralized and focuses on privacy and self-sovereignty. Making it the network for anyone who wants to protect their identity and keep their funds safe from any aggressors.
Design
The Bisq DEX comes with a nice, friendly-looking green and white design. I might not look directly as inviting because the program has quite a lot of bells and whistles. This makes Bisq not that easy to understand, especially for a Bitcoin beginner. However, if you are more technical and more experienced with Bitcoin and other cryptos, learning how to use Bisq should not take too long.
To start using Bisq you will have to download the program from their website. You will have to do this because Bisq does not function as a centralized exchange. Instead, Bisq connects its trader's peer-to-peer, making it a more secure and unstoppable private network.
Trading on Bisq
When making a trade on Bisq users will need to make a security deposit of at least 25% of the trade amount. This is to ensure that none of either side will be scammed, as it would result in the scammer also losing some Bitcoin.
All the Bitcoin deposited to Bisq during a trade will be locked in a 2-2 multi-sig wallet, adding to the security of the system. When purchasing Bitcoin via a P2P exchange, you should look out to only send the funds to the right address and make sure you provide the right data from your side to receive funds or send funds. If you fail to do so, this could lead to a failed trade or the need to have a Bisq intermediary interfere in the trade.
When this happens, you could have to wait a long time before the intermediary helps out. But you can also expect to pay a small fee when this happens. So you will receive a smaller payout from your security deposit.
Features
The main feature with Bisq is your privacy and security. Because with Bisq, nobody has to know who you are and what you are doing with your crypto. This feature is definitely worth something and a lot to some people. This, especially when we look at the price of Bitcoin on Bisq which usually lies a lot higher than the market average. This comes from the fact that people are simply willing to pay more for P2P BTC than via a typically KYC method.
Besides your privacy, Bisq can also be used as a great trading tool. Especially for BTC sellers that can catch a premium on their BTC if they had bought it in a KYC marketplace.
Is Bisq trustworthy?
With Bisq, you really only have to trust yourself (and a bit of the other party). Because the system is build open source, anyone can see the code and check it. Not only that, but when making a trade using Bisq, you do not need to give any of your personal information to the platform. So your identity is never in the hands of any central entity.
On top of that, Bisq never takes full custody of your funds. Making it so that you do not have to trust Bisq. All of these things make Bisq trustworthy, because they do not really have any control over anything you own.
Improvements
Bisq could improve on its user-friendliness, however. The platform is a great tool, but for beginners it will look like the ultimate jungle of technical confusion. Although, this might come with a product that protects these same users and makes them more self sovereign. It does make it hard for beginners and people that need peer 2 peer Bitcoin to understand and use the platform. Especially people in countries that oppress them and might not have a lot of crypto experience yet might find it difficult to use at first.
Conclusion
If you are looking for a great tool for P2P crypto trading, Bisq is your go to. The platform functions as intended and is a vital tool in that the crypto world requires. Especially as Bitcoin becomes more mainstream, the importance of P2P KYC free exchanges becomes more and more important.
However, because Bisq has a lot of bells and whistles in its platform, and it is not entirely clear from the start how to use it, we have adjusted our rating. As for any experienced Bitcoin users, Bisq deserves a 4.7 out of 5 stars. But when we look at an overall product in the market for anyone. Bisq scores a 3.9 out of 5.
We hope you found our Bisq review useful. In case, you do not agree with our opinion? Let us know on social media, so we can improve our continent in the future.
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