Bitsquare or Bisq is one of its kind and top of the line decentralized open source desktop application that allows the user to buy bitcoins in exchange for other cryptocurrencies and national currencies such as US Dthe dollars, Euro and Chinese Yen. Unlike other crypto exchanges, Bisq stands out of the crowd as it allows its users to buy and sell Bitcoin in decentralized, peer to peer environment eliminating the monetary middleman, without interruption of any central authority. That means no government regulatory can ban or censor the trading of the crypto-coin and fiat currencies on Bisq platform. In this article, we will do an in depth Bitsquare Review
Being decentralized autonomous organization or simply DAO, it is not backed or fund by any single investor or company or venture capitalist, instead it’s funded by the personal investments and donations from its users and contributor respectively and that’s what makes it the real DAO or DEX.
- Here are some of the highlights regarding Bitsquare
- Instant access: No need to register and go through those ho-hum KYC & AML processes. No government approval required
- DAO: The ownership of Bisq is distributed on the participant and its users. No single entity can control it.
- Safety: No trading can be banned on stopped on Bisq P2P network. All the funds are handled by contributors and arbitrators (in some case). Bisq don’t hold any information and fund of users.
- Privacy: you won’t share personal information with anyone unless you find someone you want to trade with.
- Security: end-to-end encrypted communication via Tor network.
- Open source: Every aspect of project is transparent and source code is accessible to everyone.
- Trust: Bisq uses multi-signatures and security deposits to ensure the trust between two parties.
- Easy: The desktop application has highly intellectual and user friendly interface.
Bisq is for crypto traders who believe in complete control over their trading aspects and privacy without getting interrupted by the central authority.
Bitsquare Fees (Bisq fees)
Trading fees on Bisq are ba based on trade amount. The maximum trade amount is 1 BTC and the trading fee is 0.1%. Which means you won’t pay more than 0.001BTC per trade. However, the minimum fee (MF) for buyers and sellers is 0.0002BTC if you trade in any other arbitrary amount.
These fees are for arbitrators and are always fixed. Arbitrator plays the vital role in order keep the trust on Bisq network by solving disputes occur in a certain situation. The arbitrators are available 24/7 on networks to keep the network safe and sound.
It is important to note that arbitrators are not working for Bitsquare. In fact, they are normal Bisq software users who had paid higher security deposits and earns rewards in form of BTC or altcoin from both parties (buyers and seller) when the transaction takes place.
Other Bisq Fees:
Mining fees: 0.003 BTC. Depositing from an external wallet and withdrawal to an external wallet will cost you 0.0003 BTC. That means you will pay 0.0009 BTC per cycle of mining – trading – deposit/withdrawal.
The Wide Range Of Cryptocurrency Available
Very important part of Bitsquare review and what many traders want to know is the availability of altcoins on the platform! You can trade with the wide range of altcoins and number of fiat currencies. You can use popular fiat currencies like USD, EURO, Yen, BHD and many other to exchange for cryptocurrencies. You can buy or trade with the variety of Altcoins:
- BTC – Bitcoin
- ZEC – Zcash
- ETC – Ether Classic
- ETH – Ether
- DNET – DarkNet
- LTC – Litecoin
- DOGE – Dogecoin
- XZC – Zcoin
- GBYTE – Byteball
The only problem seems to have with Bisq is that you can’t deposit fiat or cryptocurrency to buy crypto coins. In other words, if you want to buy Bitcoin with USD, you will have to transfer that amount of USD directly into the account of who you are buying Bitcoin from. Thus, the whole payment process occurs outside while the bitcoin/altcoin transfer occurs inside Bisq.
You can download the Bisq client from their website and create your password without providing identification such as ID proof, residence proof or passport etc. this makes Bisq quite swift to get started with. The user interface of this decentralized exchange is quite impressive yet easy to understand even for new users.
Pros and cons of Bitsquare
- Easy access and no approval required from the central authority
- Availability of wide range of fiat and cryptocurrencies
- Arbitrators 24/7
- Rock solid customer support
- Enhanced privacy and safety of funds
- Higher fees
- Still growing
- Require more partners