Bisq Review
Decentralized peer-to-peer Bitcoin exchange with no KYC, no accounts, and complete self-custody through Tor-routed desktop trading.
Why We Recommend Bisq
Bisq stands alone as a truly decentralized exchange where you never give up control of your bitcoin. Unlike centralized platforms that hold your funds and require identity verification, Bisq uses multisignature escrow so bitcoin only moves when both parties complete their obligations. All traffic routes through Tor, there's no central server to hack or subpoena, and no account to create means no personal data to leak. The entire system is open-source and governed by the Bisq DAO, where community members vote on fees, security deposits, and protocol changes using BSQ tokens.
The security model is elegant: both buyer and seller lock security deposits into multisig escrow, creating strong financial incentives to complete trades honestly. If disputes arise, they escalate through decentralized mediation and arbitration rather than corporate customer support. Trading fees run about 1.3% combined (0.15% maker, 1.15% taker) in BTC, or roughly half that when paying in BSQ tokens. While higher than centralized exchange fees, you're paying for genuine privacy and the elimination of counterparty risk. The newer Bisq Easy feature removes deposits and trading fees entirely for smaller trades under a few hundred dollars, using seller reputation instead of escrow.
Best For
Privacy-focused Bitcoiners who refuse to surrender personal information to buy or sell bitcoin will find Bisq indispensable. If you want non-KYC fiat on-ramps and off-ramps while maintaining complete custody of your funds, this is the gold standard. Users in jurisdictions with heavy surveillance, restricted exchange access, or unstable regulatory environments benefit enormously from a system that can't be shut down by targeting a single company.
Technically comfortable traders who understand that convenience comes with tradeoffs will appreciate Bisq's design philosophy. You need to run a desktop application, manage your own wallet, manually select offers from the peer-to-peer order book, and coordinate fiat payments outside the platform. Trades can take hours or days depending on payment method settlement times. This isn't a one-click mobile app experience—it's infrastructure for sovereign individuals who accept friction in exchange for genuine decentralization.
Users with access to supported payment methods like SEPA, Zelle, or regional bank transfers in the US and EU will find the best liquidity. Bisq supports dozens of payment types but lacks generic SWIFT transfers due to fraud and settlement risks. If you're willing to learn the system and your local payment rails are supported, Bisq provides something no centralized exchange can: bitcoin trading that truly can't be stopped.
Services & Features
- Non-KYC BTC purchases
- Fiat-to-bitcoin P2P trading
- Bitcoin-to-altcoin swaps
- Multisig escrow protection
- Tor-routed transactions
- Bisq Easy small trades
- BSQ governance tokens
- Decentralized arbitration
- Desktop apps for all platforms
Considerations
Trading is significantly slower and more manual than centralized exchanges, with lower liquidity especially for exotic currencies. New users face a learning curve managing local wallets, understanding escrow mechanics, and navigating the desktop interface. Trade limits start low and increase over time.
