Last update: May 11, 2022

Bisq Network Review

If you plan on entering the exciting world of cryptocurrency, you need a trustworthy exchange as reliable as it is secure. However, finding a dependable crypto trading platform isn’t always easy. Therefore, Smart Billions put together a thorough Bisq review to help you decide if the exchange is right for you.

  • Bisq Network


    1. Operating Since 2014
    2. Cryptocurrencies Supported Doesn’t have a supported cryptocurrency setlist
    3. Fees Vary
    4. Deposit Methods SEPA, Advanced Cash, National Bank Transfers, Perfect Money, Western Union transfers, Zelle, Face-to-Face (F2F)
    5. Fiat Currencies USD, EUR, GPB, CNY, and more!
    6. Verification Methods Not required
    7. Margin Trading No
    8. Futures Trading No

Smart Billions is one of the leading online cryptocurrency workshops. We specialize in helping crypto enthusiasts of all experience levels enhance their trading strategies to maximize their investments. Read on to learn more about Bisq Network and see if the platform lives up to your expectations.

About the Bisq Network Exchange

Founded in 2014 by Manfred Karrer, The Bisq Network originated under the name Bitsquare. The exchange rapidly grew and rebranded itself as Bisq in 2017. Bisq continued to grow and evolve during the late 2010s and is now one of the most renowned open-source DAO (Decentralized Autonomous Organizations) on the market today.

DAOs function without the need for any intermediaries or 3rd party as they are open-source organizations with digitally encoded rules. Rather than a central authority like a board or HQ. Decentralized autonomous organizations are run by this digitally encoded set of rules as well as the community surrounding them.

Decentralized cryptocurrency exchanges don’t require you to enter personal information to participate in crypto trading. Most require only a valid email address to create an account, allowing you to buy, sell, and trade Bitcoin or other altcoins entirely anonymously. They also don’t have a central third-party figure overseeing the platform to process and mediate transactions.

The Bisq Network is no different. The platform doesn’t have a central headquarters, allowing crypto enthusiasts worldwide access to the exchange. It doesn’t adhere to restrictions or regulations and enables peer-to-peer network trading for Ethereum, Bitcoin, and other popular altcoins without account verification.

Users don’t need to create an account to utilize Bisq. In fact, the platform doesn’t even have an account creation option. You can trade in various crypto and fiat currencies without giving out sensitive data that you may not feel comfortable providing.

Bisq supports numerous fiat and cryptocurrencies, including but not limited to:

  • US Dollar (USD)
  • Euro (EUR)
  • British Pound Sterling (GBP)
  • Chinese Yuan (CNY)
  • Horizen (ZEN)
  • TOR (TOR)
  • Dash (DASH)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Monero (XMR)

Bisq stores funds in hot wallets during the trading process and recommends traders transfer their assets into hardware or third-party crypto wallets or a Bitcoin wallet after executing the trade. The exchange’s decentralized nature gives you more freedom than traditional centralized platforms and can change quickly if traders deem it necessary.

How Bisq Network Works

Bisq allows you to buy, sell, and trade crypto assets without dealing with middlemen or lengthy identity verification paperwork. Users are much more independent and deal amongst themselves instead of going through third parties. However, Bisq still runs on a blockchain network, so it can carry out trades without having a server to store crypto assets or user data.

Since Bisq Network doesn’t store data or verify user accounts, you don’t know whom you are trading with on the exchange, installing hesitance in some traders. Some people prefer anonymous trading, but the lack of authentication often discourages inexperienced crypto traders from the platform.

Bisq isn’t the most novice-friendly exchange available. Although its interface and API (Application Programming Interface) aren’t exceedingly complicated for experienced traders, newcomers might have trouble getting started on the platform. It’s best to familiarize yourself with decentralized crypto exchanges and participate in centralized trading before joining Bisq.

Trading Features

Unlike traditional web-based exchanges, Bisq functions as an app. You must download the app through GitHub and choose the best version for your operating system. Bisq currently offers Windows, Mac, and Linux versions of the app.

Experienced crypto traders shouldn’t have a problem setting up their preferences. It’s somewhat straightforward and only requires you to connect your bank account to the app and select your preferred payment method.

As stated before, Bisq doesn’t support a verification process or share any information with your bank. The bank sees only your crypto wallet address and the crypto assets entering or exiting from it. Your bank doesn’t have insight into your exchange activity, keeping your identity fully anonymous.

It’s important to note that Bisq Network requires all parties participating in crypto trading to pay a 0.03 Bitcoin collateral security deposit before completing the trade. Once both parties agree to the transaction and the crypto assets exchange digital wallets, Bisq returns the collateral to the participating parties.

To keep your assets and transactions safe and secure, Bisq compels you to use multi-signature wallets (a.k.a. multisig). A random third-party crypto trader must sign for the trade to authorize the transaction.

Bisq also utilizes its own blockchain network, establishing it as a fully decentralized platform. Its blockchain network keeps the exchange user-friendly even when you trade fiat currency. Bisq supports several payment methods, including:

  • SEPA
  • Advanced Cash
  • National Bank Transfers
  • Perfect Money
  • Western Union transfers
  • Zelle
  • Face-to-Face (F2F)

Supported Crypto

Unlike other crypto exchanges, Bisq doesn’t have a supported cryptocurrency setlist. The platform adds digital assets depending on what traders want in the marketplace. It also allows you to add your desired cryptocurrencies to the exchange’s order book, enabling you to trade in all the latest crypto.

Bisq Trading Fees

Since Bisq is a Decentralized Anonymous Organization (DAO) and doesn’t have a team processing data or trades, it requires only that you pay blockchain network transaction fees. You can pay the fees with Bitcoin or BSQ, Bisq’s native currency. The exchange rewards users paying in BSQ with a 50% discount.

However, the discount changes depending on the current BTC/BSQ pair prices.

You also must pay 13.16 BSQ or 0.001 BTC for every Bitcoin you trade on the platform. Bisq also has a fixed takers rate of 0.007 BTC and 92.15 BSQ.

The exchange also has a minimal fee of 0.00005 BTC regardless of the trade amount. If your transaction comes out lower than 0.00005 BTC, Bisq still charges you 0.00005 BTC. The exchange also has a minimal BSQ fee of 0.03.

As for mining fees, these could be as much as $20 for even small trades. Bisq claims that the fee is 0.003BTC. However, there are actually three separate mining fees put into the trade.

Bisq Network has Bitcoin rates that won’t fluctuate over time. However, the platform updates its BSQ fees every cycle. The traders decide which currency they prefer paying with, giving them more control over the payment process than other rival exchanges.

The current Bisq trading fee structure is more straight-forward. It’s aimed to encourage the growth of liquidity on the exchange.

Security

Many crypto traders believe decentralized exchanges (DEXs) aren’t as reliable or secure as centralized platforms. Although several untrustworthy decentralized marketplaces exist, exchanges like Bisq take extensive measures to protect their users’ security. In fact, many crypto enthusiasts believe decentralized peer-to-peer (P2P) platforms (e.g., Bisq and LocalBitcoins) have better security parameters than centralized ones.

Since Bisq and other decentralized exchanges don’t store personal information or funds, hackers can’t access your assets even if they made it past the platform’s security. However, this doesn’t make Bisq impervious to scams.

Scammers use different methods to trick traders on decentralized exchanges. Many lie about their assets and attempt to sell fake crypto without monetary value. Since centralized crypto marketplaces have Know Your Customer (KYC) and anti-money laundering (AML) policies, they don’t have to deal with trade scammers.

Bisq exchange also places trade limits on each trade for security purposes.

It is up to you to analyze centralized and decentralized risks and determine which platform better suits your needs.

Decentralized Peer-to-Peer Exchange Security Advantages

If you fall for a decentralized trading scam, the worst-case scenario is to lose your crypto assets on that specific trade. While some institutions participate in large crypto trades on peer-to-peer exchange platforms, they usually have an established relationship with the other party, making Bisq more of a landline.

However, hackers and thieves cause significantly more damage within centralized platforms. Centralized exchanges store your personal information and digital assets. Therefore, cybercriminals can steal your cryptocurrencies, offline cold wallet keys and credentials, and even your identity.

Bisq’s security policies prevent crypto trading scams since the exchange utilizes a third-party signature on every transaction. Not only does the scammer have to trick you into buying fake crypto, but they also must convince the third party of the transaction’s legitimacy, making it incredibly hard to scam beginners on the platform.

Bisq’s Infrastructure

Most decentralized peer-to-peer exchanges don’t have extensive security measures since there is nothing to safeguard. Users don’t rely on an overseeing figure to manage the exchange platform, forcing them to trade independently. Bisq’s blockchain examines your crypto and verifies it without a central figure.

Peer-to-peer exchanges like Bisq only help traders find each other. Unlike centralized platforms, peer-to-peer exchanges don’t assist with any other aspect of the transaction.

Functionality

Trade execution on the Bisq exchange involves the interference of Arbitrators to confirm everything is going in the right way. The involvement of an arbitrator makes the process quite complicated. Otherwise, the functionalities of exchange are quite smooth. Transactions can take some time, but that would mostly depend on the payment methods that the traders pick.

Supported Payment Methods

If crypto traders want to buy Bitcoin and sell digital assets using fiat currency or national currencies, they must fund their accounts first through an outside entity. Crypto traders can pick any supported 3rd parties like National Bank Transfer, Advanced Cash, Western Union, Perfect Money, SEPA, Zelle, Face-to-Face (F2F). Bisq users can also use their existing crypto pool on Bisq.

Bisq supports wire transfer as one of the deposit options, but credit cards are still on hold at the platform.

Bisq Customer Support

Many Bisq Network reviews praise the exchange for its incredible user support. It has an elaborate FAQ page that answers several questions about the platform and its functionality. Bisq also has a thorough online encyclopedia wiki that keeps users up to date with updates, trading information, and more.

Bisq’s Keybase chat allows you to reach out to its user support team in real-time. The support team usually responds within minutes unless the platform experiences an influx of heavy traffic. Most users receive a response in under an hour, making it easy to resolve issues quickly.

The crypto exchange also informs users of its maintenance schedule so they can contact a support agent effortlessly. Instead of tracking down the support team, you can look at Bisq’s maintenance schedule and plan on reaching out to them then. They will fix any program issues and provide advice on how to enhance your user experience.

If you don’t want to wait for a support agent, you can visit one of the various Bisq community forums and see if any users can help resolve your problem.

Bisq Network's Pros and Cons

Although many crypto enthusiasts view Bisq as one of the most reliable and trustworthy decentralized exchange (DEX) providers out there, it still has its fair share of setbacks. Below are some of Bisq’s pros and cons.

Pros

  • Doesn’t require KYC verification for trading
  • Approves withdrawals instantly
  • Features a decentralized platform
  • Allows you to purchase nearly all the leading cryptocurrencies with fiat money
  • Has no geographical restrictions
  • Supports numerous payment methods
  • Bisq’s withdrawal fees for BTC withdrawals are pretty competitive.
  • Bisq has a dedicated dispute resolution system that involves arbitration, trader chat, and mediation.

Cons

  • Requires higher trading fees than other crypto platforms (e.g., Coinbase, Kraken, and Binance)
  • Uses a base application which may feel limiting to veteran cryptocurrency traders FAQs
  • Slow processing speed and low trading volumes just like most decentralized platforms.
  • Can’t buy crypto directly using a debit card, credit card, or bank account.

Does Bisq Have a Mobile App?

Yes. Bisq has a mobile app available for iOS and Android devices. The app allows you to keep up with the latest crypto matches via notifications once you pair it with the Bisq Network desktop application. You can pair the mobile app with your desktop by scanning the QR code.

Does Bisq Support Fiat Money?

Yes. Bisq supports all verifiable fiat and cryptocurrencies since it is a decentralized platform.

Bisq Network Exchange Review for Australia

Formerly known as Bitsquare, Bisq is one of the few leading DEXs with servers scattered all over the world, which makes it hard for hackers to exploit all the platform’s servers. This ensures security with minimal server downtime.

Bisq was established in 2014 by a well-known Austrian crypto wizard Manfred Karrer. The goal back then was to eliminate the need for a 3rd party in monetary transactions done on the platform. Bisq is a P2P exchange that embraces Bitcoin as well as all the blockchain technology features, including anonymity, transparency, and decentralization.

Compared to most crypto exchange platforms out there, DEX doesn’t have any central authority. In short, it has no single point of failure. The difference between Bisq Network and most other crypto exchanges is that it is a peer-to-peer network where peers can trade directly.

Everything is 100% transparent and open-source. Crypto traders can buy Bitcoin and sell it, and almost all other leading cryptos on Bisq for fiat currencies or other altcoins as long as both the traders agree to it. While Bisq is a great option for experienced investors who are familiar with the crypto market, comfortable working on DEXs, and are pretty knowledgeable of how they work, the exchange may be a little bit limited for beginners and other crypto traders who might prefer working with a crypto brokerage.

And with that said, here’s a list of the Best Crypto Exchanges in Australia for 2022.

Bisq Network Exchange Review for Canada

Are you a Canadian crypto trader looking for a reliable and trusted crypto exchange? If yes, then you should definitely try Bisq!

Bisq (formerly known as Bitsquare) is one of the few leading decentralized exchanges with servers scattered around the globe. This makes it tough for hackers to exploit all Bisq’s servers and also ensures security with minimal server downtime.

The exchange was founded in 2014 by Manfred Karrer. Bsiq was established in order to eliminate the need for a 3rd-party monetary transactions performed on the platform. Bisq is a peer-to-peer network exchange that embraces BTC and all the blockchain technology features such as transparency, anonymity, and decentralization.

Unlike other crypto exchanges in the crypto space, decentralized exchanges don’t have any central authority. Meaning, such exchanges don’t have a single point of failure. The main difference between Bisq and most other cryptocurrency exchange platforms is that Bisq is a P2P network where traders can trade directly.

With decentralized autonomous organizations such as DAO, everything is entirely open-source, non-custodial, and transparent. Traders can buy and sell cryptocurrencies as long as both individuals involved agree to it. While Bisq Network is an excellent choice for seasoned crypto traders and investors, the platform may be quite limited for novice traders out there who feel like they can do much more with a crypto brokerage.

So, if you’re one of those beginners, here’s a list of the Best Cryptocurrency Exchanges in Canada for 2022.

Bisq Network Exchange Review for United Kingdom (UK)

Are you looking for a reliable Bitcoin exchange to purchase Bitcoin and other digital currencies and do other Bitcoin transactions? Why not try Bisq?

Bisq Network is one of the few leading DEXs with servers located all over the world, which makes it difficult for hackers to exploit the exchange’s servers and also ensures security with minimal server downtime.

Bisq Network was established by Manfred Karren in 2014. It was founded to get rid of the need for a third-party monetary transactions executed on the exchange. Bisq is a P2P network exchange platform that supports Bitcoin and all blockchain-related technology features including decentralization, transparency, as well as anonymity.

Unlike centralized exchanges, DEXs don’t have any central authority, which implies they don’t have a single point of failure. Furthermore, Bisq is a peer-to-peer network where crypto enthusiasts can trade their crypto assets directly as long as they agree to it.

To sum it up, while Bisq Network is a great pick for advanced crypto traders out there, the exchange may be a little bit limited for beginners who feel like they will be able to do much more with a brokerage.

If you want to have more UK exchange options, check out our Best Crypto Exchanges in UK for 2022.

Contact Smart Billions for More Information about Cryptocurrencies and Trading

If you want to improve your crypto trading strategies, contact Smart Billions. Our online workshops can take your cryptocurrency investment to new heights regardless of your experience level.

Whether you need to learn more about a specific cryptocurrency or want to read more Bisq Network reviews, Smart Billions is your source for everything crypto.

Visit Smart Billions’ website and start trading crypto today!

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.