Bisq Exchange Review

Decentralized Exchange - cannot be rated at this time.

Bisq, originally known as “Bitsquare”, is one of the very few decentralized exchanges out there, meaning its servers are scattered all around the globe rather than headquartered in one certain location. This means that Bisq is not confined to one specific country as its location, which has both its advantages and disadvantages. Bisq does not require a third party to conduct your cryptocurrency transactions, but rather allows users to trade peer to peer. Compared to other exchanges that are centralized, Bisq does not have direct control of the platform, making it very secure for the users to trade on the platform.

One exchange review reveals that the exchange was established in 2014 by Manfred Karrer, with hopes of keeping the aim of Bitcoin alive, which was to eradicate the third party in monetary transactions. Bisq does not require you to submit personal information in order for you to be able to trade on the platform. This is because the exchange does not need to verify your identity, as it's not in charge of the activities going on the platform. Instead, Bisq provides the service and makes sure that there isn’t any fraudulent activity going on. The exchange lists certain features as the advantages of decentralized exchanges on its website. These advantages include its practicality, transparency, safety, and the additional privacy that it provides its users with.

The exchange keeps its platform secure due to its decentralized nature. As its servers are scattered across the globe, it is very hard for hackers to get a hold of all of the servers. Even if someone managed to break into one of the servers, this would not be enough for them to gain access to satisfactory information. Additionally, as users do not need to provide the platform with their personal information, hackers cannot access such sensitive information, even if they did manage to hack all of the exchange’s servers. The server itself does not have access to users’ funds, meaning hackers cannot access any money either, which would be a lost cause for them. All of this combined, Bisq is extremely secure due to its decentralized nature and users can trade on the platform without any worry. Though it should be kept in mind that just like any other decentralized platform, Bisq has a low trading volume and slow speed as well.

As for trading fees, Bisq charges different fees for takers and makers. However, the fees are not fixed but are rather calculated in quite a complex way. This calculation and more information on it can be found on their website, where the logic behind these fees is explained. There are also no withdrawal or deposit fees, which is most definitely an advantage for users.

Bisq allows fiat-crypto trading on its platform, and users can deposit fiat currencies to their accounts via bank transfers. Such transfers can be done through methods such as OK Pay, Perfect Money, AliPay and Zele. Credit cards are not accepted as a valid form of payment for deposits. This could deter certain users who prefer using credit cards. Users can also deposit their existing cryptocurrencies to their account without any fee.

User comments online about the exchange has been quite neutral so far, as most users argue that Bisq proposes a very promising future but that it has a long way to go. One of the biggest disadvantages of the platform is its interface. It is argued by most users that the interface is too simple, and sometimes lacking efficiency. Though most users do not specify which other feature they were not completely satisfied with, a bulk of the comments suggests that the problem is with the overall efficiency of the platform and the smoothness of its functions.