Bisq DEX Review 2020

Only Platform to Exchange Cryptocurrencies with complete anonymity.

• Want to exchange fiat currency such as dollars, euros, or yen for bitcoin?
• Are you looking for a secure and trustworthy P2P exchange platform? 
• Do you wish your transactions protected against surveillance of banks, governments or any regulatory agencies?

Well, here I have a solution for you!!!

Bisq is formerly known as Bitsquare decentralized exchange, one of the popular P2P Cryptocurrency exchanges that are decentralized. It means the users will have complete control over their funds without making any account verification with the confidence in funds security and anonymity as it is a Decentralized exchange. 

Tip You can also read about more decentralized exchanges listed on Coinpedia 

A Brief Introduction to Bisq DEX

Bisq DEX is basically a free software released under version 3 of the GNU Affero General Public. It provides a secure, private and censorship-resistant way of exchanging bitcoin for fiat currencies over the internet.

Here,

• Secure means the safety of user’s funds from hacks and thefts. 
• Private means the ability to control access to their own information and
• Censorship-resistant means voluntarily trade with one another without interference from the third party.

Where Bitcoin’s motto is ‘Be your own bank’, Bisq’s motto is ‘Be your own exchange’.

Recently on 08 April 2020, Bisq halted its trading after a hacker was successful in exploiting a flaw and stole Bitcoins worth $250,000 from users wallets. 

Bisq also issued a STATEMENT on critical security vulnerability.

Bisq Wallet Features

1. Instant Access:- Enrolling with identity verification is not mandatory to start with the Bisq exchange.
2. Bisq is Decentralized:- Transactions within the decentralized framework are distributed and hence are highly secured and cannot be hacked easily.
3. Private:- Every single data is stored locally. Bisq doesn’t clutch your private data.
4. Open and Simple:- Bisq’s undertaking is straightforward and the code is completely open-source. Its UI is also user-friendly no matter you are new in the crypto world.
5. Safe and Secure:- Bisq never holds your assets as it utilizes a decentralized intervention framework. And Bisq’s Correspondance is encoded from end to end and routed over. 

How to Get Started?

The first step is to Download and Install from  The Bisq downloads Page. 

Once the installer is finished, open Bisq. Be patient as it would take a little more time as it connects to the Tor network and syncs with Bisq’s peer-to-peer trading network.

The first screen you should see is,

The next step is to configure with the national currency account. Click on ‘Buy BTC’, page appeared will be,

Initially, all the offer buttons will be disabled. Only after configuring with the payment account, all the offers are enabled.

How to set up a Payment Account?

• Click on Create New Offer to Buy BTC with USD on the top right corner.
• Fill all the details and click on ‘Save new account’ and go back to the ‘Buy BTC’ page. Now you can see, enabled options.

Security Deposits

Bisq charges some security deposits in the form of trading and mining fees to help prevent fraud. It is done basically but funding the account with Bitcoin. Both Buyers and Sellers are subjected to pay 0.006 BTC as a security deposit. 

So for the first time if you want to but 0.01 BTC you need to pay 0.061BTC  including security deposits.

Once you have enough bitcoin for your security deposits and fees, you can move it into Bisq’s built-in wallet. This is optional but recommended as the fees would be readily available during performing the trade.

How to Trade on Bisq

Now when we have set up the account and funded with enough Bitcoins, the next step would be surely trading.

First click on ‘TAKE OFFER TO BUY BTC’ which is enabled.

Next, is to fund your trade by adding the required bitcoins in your wallet.

Once you fund the wallet with the bitcoins, you will find the review or confirmation page. Something like this,

Make sure all the entered details are correct and click on ‘CONFIRM TAKE OFFER TO BUY BITCOIN’  which will initiate your trade.

The next step is to send payment. After taking the offer, you need to send the payment. After confirmation of the trade, Bisq will wait for the Bitcoin network to confirm the transaction and then you will see a pop-up page with the seller details. 

Go ahead and pay the seller through the agreed payment method.

Once you have sent the payment, do mark the payments as sent in Bisq by clicking the Payment started button.

 Once you click on this button, the seller will receive a notification that lets him know that his payment is on the way.

The final step is to complete the trade. The seller will mark as received as the payment is received in Bisq and release the Bitcoin with your security deposit. 

You can keep your new bitcoin in your built-in Bitcoin wallet by clicking on ‘Move Funds to Bisq Wallet’ or send it else were by clicking ‘Withdraw to External Wallet’.

Congratulations!!! You’ve completed your first trade on Bisq.

Supported Currencies and Payment Methods

The national currencies like Dollars, Euros, and Yen can be used to trade to get Bitcoins in Bisq DEX.

The payment methods supported are

• Advanced Cash
• AliPay
• Cash Deposit
• Chase QuickPay
• Face to face (in-person)
• Faster Payments
• HalCash
• Interac e-Transfer
• Japan Zengin Furikomi
• MoneyBeam (N26)
• MoneyGram
• National bank transfer
• Perfect Money
• Popmoney
• PromptPay
• Revolut
• SEPA
• SEPA Instant
• Swish
• Transfer with the same bank
• Transfer with specific banks
• Uphold
• US Postal Money Order
• WeChat Pay
• Western Union
• Zelle (ClearXchange)

Pro’s of Bisq DEX

1. It is a decentralized exchange providing high security and fewer chances of hacking any transaction.
2. The user need not provide any verification process nor the banks or the government can have a close look at them.
3. The interface is user friendly and any new user can easily trade on the platform.
4. No registration required or approval from a central authority.

Con’s of Bisq DEX

1. Decentralized exchanges are generally considered as low in liquidity.
2. Slow trading process.
3. No compensation for losses.
4. Limited functionality

Conclusion

An abstract idea of decentralized exchanges is a good idea. It would be highly secured and difficult to hack. And hence Bisq DEX could transact all your transactions securely.