Bisq Decentralized Exchange Review

Bisq is a decentralized exchange that allows every trader to trade privately and securely their coins via a peer-to-peer functionality. The system doesn’t require us to proceed with registration and providing our documents.

Bisq background

The system was released in 2014. So, this service can be treated as veterane one. The previous name was Bitsquare. Bisq is not a company, it’s organized as DAO (decentralized autonomous organization).

Bisq overview

Let’s talk about features and other details that would help us to understand the system’s functionality.

• We can start trading without verification.
• Getting started takes several minutes.
• The platform was designed as a peer-to-peer trading network.
• It doesn’t have access to our funds.
• All data is stored on our PC or smartphone.
• The source of code is completely open-sourced. We can check it on GitHub.
• The devs claimed that the first trade can be performed within 10 minutes.
• To get started, we have to make a security deposit for fees. The devs tell us that 0.01 BTC will be enough. It’s ridiculously expensive. 
• We have to download an application before starting.
• We may use the system to backtest it properly on the past data.
• Bisq only handles the bitcoin side of a trade, the other side is handled through fiat payment services (banks, money orders, cash) or altcoin wallets.
• Trading Fees per 1 BTC: Maker 0.0012 BTC and 12.78 BSQ; Taker 0.0088 BTC and 89.44 BSQ.
• The application can provide us with notifications about new offers and actions.
• Bisq’s DAO is built around Bitcoin.
• BSQ is a token based on the Bisq policy.
• BSQ is “burned” when traders use it to pay trading fees.
• The devs didn’t spread tokens via ICO.
• If we have tokens we can participate in voting for new updates and upgrades.
• The software code is a free/libre open-source license under Version 3 of the GNU Affero General Public License.
• We can work with PayPal and Credit Cards.
• It calculates fees based on a percentage of trade size: 0.1% for makers and 0.7% for takers if paid in BTC and about half of that if paid via the BSQ tokens.
• The existing amount of BSQ is 4,316,170.34.
• The minted amount of BSQ is 6,665,919.35.
• There’s a burnt amount of 2,349,749.01 BSQ.
• The current price is $1.26.
• We have a market cap of $5,422,456.67.

Pros & cons

Pros

• We can swap BTC to fiat currencies
• We can stake BSQ coins

Cons

• The system doesn’t provide us with working with other coins
• It’s baked on the BTC only

Key features of Bisq

• The system works with BTC only.
• We can trade peer-to-peer.
• The platform doesn’t require us to register.

What wallets does it support?

• We can work with the MetaMask wallet.
• It’s possible to deposit via PayPal and Credit Cards.

How does Bisq work?

• The platform provides us with the opportunity to trade from our wallet directly.
• We have to pay commissions from every trade.

What can you buy with Bisq?  

We can purchase their native token BSQ to halve commission for every trade for maker and taker sides.

Are there any risks with Bisq?

The risks are common. Any order can bring us significant losses if it is traded without proper SL levels. Also, someone is able to get access to our staked BSQ coins and exploit them.

Bisq fees

• The system charges 0.1% for makers and 0.7% for takers if paid in BTC.
• We can pay half of them by the BSQ tokens.

Deposit methods

It’s possible to work from our wallet or deposit fiat via PayPal or Credit Card.

Should you buy it?

It’s completely up to you. The service looks like a common decentralized platform with proper security.

Final word for Bisq

Bisq as a decentralized platform can provide us with trading directly from our wallet. The system also supports working with various fiat currencies that can be deposited via PayPal or Credit Card. We can work on the platform securely with low slippages and spreads.