Bisq doesn’t require you to create an account to use it. All you have to do is download and use the application.
When you go to the official website, all you have to do is download the app. There are many options with native apps for systems like Windows, macOS, and Linux.
Then the configuration of the app is loaded, which automatically uses the Tor network for its operation. Don’t worry, you don’t have to configure anything in Tor, the app does everything for you.
As soon as the data upload process is complete, you will be connected to the Bisq network and can work within this decentralized exchange.
On the previous screen, you can see the book of offers or operations within Bisq, which shows Depth of Market and any operations that have been carried out within the exchange. The view can be changed so that you can easily find offers by currency and payment method or see the exchanges made and how they evolved over time.
The heart of Bisq’s business is its accounts. The accounts are actually the BTC addresses that Bisq maintains for the exchange. You can see this main account for managing your money on the application’s Funds tab, which is where you can see Bisq’s BTC addresses, your balances and BSQ balances if you have them.
If you are looking to add cash to trade on Bisq this is the first place to look. You can also use the “Accounts” tab to create accounts for other cryptocurrencies. From there you can create accounts for payments in fiat and altcoins if you need them.
The interface also gives you full control over your BTC wallet, which enables the seed phrase to be backed up, the wallet to be fully secured and selective access to xpub and xpriv. True to its spirit, Bisq is a DEX where you are in complete control of everything.
Trading commissions are paid in BTC or with Bisq (BSQ) tokens. The BSQ token is what is called a colored coin (like Rare Pepes or USDT on OmniLayer) and its main function is to fund Bisq’s development activities and for governance (remember, it is a DAO).
In this sense, like every Bisq exchange, it has trading commissions that are:
- Maker: 0.10% of the amount (or 0.001 BTC for each BTC in the trade).
- Buyer: 0.70% of the amount (or 0.007 BTC for each BTC in the trade).
And if they are paid with BSQ:
- Maker: 0.05% (or 13.16 BSQ for every BTC in trade).
- Buyer: 0.35% of the amount (or 92.15 BSQ for each BTC in the trade).
Since all Bisq activities are carried out on-chain, mining commissions must be taken into account. In the case of the maker, he only pays a commission for the transaction of the trading price. As a buyer, you have to pay commissions for the exchange rate transaction, the deposit transaction and the payment transaction. This makes it much more expensive to be a taker than a maker in Bisq, however the commission mostly falls under the commission parameters of many exchanges, especially since you have the BTC in your hands at the end of the operation.
Bisq has a number of restrictions on fiat operations aimed at preventing fraud, particularly due to the risk of chargeback. For example, if you are using banks, the maximum of a transaction is 0.25 BTC. For services like PerfectMoney and AliPay it is 1 BTC.
Trading in altcoins
In the event that you are trading altcoins, the limit is 2 BTC per trade.
The Bisq token is a token that has two very clear functions. The first is a token used to pay commissions within the network itself, which enables trading commissions to be paid. The second is meant to be a sign of governance and the payment of value for the work of the developers and contributors to the application.
Deposit and withdrawal methods
Among the payment methods supported by Bisq we can mention:
- Extended cash
- Track QuickPay
- Interac e transfer
- Japan Zengin Furikomi
- Money jet (N26)
- Perfect money
- SEPA instant
- Normal bank transfer
- Immediate bank transfer
- Hold up
- US Postal Order
- WeChat payment
- Western Union
Of course, these fiat payment methods are not free from KYC, but they are there to complete the range of options for operating in Bisq.
In addition, you can also trade altcoins, which in this sense have a much more extensive repertoire, as it supports practically most of the major currencies.
Related: Bitcoin Bisq DEX Hits Record Volume After Localbitcoins Bans Cash Transactions