Bisq Review: Pros & Cons, Features & Fees

Bisq At A Glance

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Pros And Cons

Pros

• No identity checks, no account and no company holding your money
• Runs over Tor by default, which hides your IP address from trading partners
• Bisq Easy lets a beginner buy Bitcoin without owning any first
• Supports dozens of local payment methods worldwide, plus altcoin trades in Bisq 1
• Free, open-source software with frequent security updates

Cons

• Slower than an exchange: trades can take hours or days while bank transfers clear
• Bisq 1's 1.15% taker fee in BTC is high next to large exchanges
• Bisq Easy buyers pay a 5% to 15% premium and must trust the seller
• Prices and liquidity depend on who is offering, so popular currencies work best
• Two protocol exploits since 2020, the latest in May 2026

How Bisq Works

Bisq has no order book run by a company. Each trader runs the Bisq app, which connects to other users over the Tor network, and offers are posted and taken between peers. The traders then send the fiat payment to each other directly, through a bank transfer or payment app, and the app handles the Bitcoin side.

Bisq 1 and Bisq 2 are separate programs that install side by side. They share a reputation system and the Bisq DAO, which uses BSQ to pay contributors and decide fees and rules by vote.

Bisq 1: Multisig Escrow With Deposits

In Bisq 1, both traders lock Bitcoin into a 2-of-2 multisig address: the seller's Bitcoin plus a security deposit from each side. When the seller confirms the fiat payment arrived, both sign to release the Bitcoin to the buyer and return the deposits.

If something goes wrong, a mediator suggests a split first. If that fails, a time-locked payout sends the funds to the DAO after 20 days for fiat trades or 10 days for altcoin trades, and an arbitrator decides who gets repaid. Because each trader has a deposit at risk, both have a reason to finish the trade.

Bisq 1 also trades Bitcoin against altcoins such as Monero, and it's the main market for BSQ.

Bisq 2: Bisq Easy For Small Purchases

Bisq Easy, launched in March 2024, is the first and so far only trade protocol in Bisq 2. It has no multisig and no deposit, so a buyer needs no Bitcoin to start. The buyer sends fiat first, and the seller sends Bitcoin on-chain or over the Lightning Network.

Protection comes from the seller's reputation, which sellers build by burning or bonding BSQ or by carrying over a Bisq 1 account age. Trades run from $6 to $600, and a seller's maximum depends on their reputation score. Building reputation costs sellers money, so Bisq says sellers commonly charge 5% to 15% above the market price.

Bisq's protocol roadmap adds MuSig to Bisq 2 next. It needs one on-chain transaction per trade instead of four, which cuts mining fees. Bisq contributors said in June 2026 they hope to release it during 2026, with no firm date.

Bisq Fees

Bisq's fees depend on which app you use. The Bisq DAO sets Bisq 1 fees by vote, and Bisq Easy has no trade fee.

BSQ percentages use $80,600 per BTC and $1.52 per BSQ, the DAO's Oct. 24, 2026 figures, at which BSQ fees were 18.3% below BTC fees.

On a 0.01 BTC purchase in Bisq 1, about $806 at those prices, a taker paying in BTC owes about $9.27 in trade fees plus mining fees, and locks a deposit of at least 0.0015 BTC until the trade ends. A maker pays about $1.21. A $500 Bisq Easy purchase from a seller charging a 10% premium costs about $50 more than the market price.

The BSQ discount is shrinking. The DAO voted in 2026 to cut it from about 50% toward a 25% target, and the new MuSig protocol won't accept BSQ for fees.

Payment Methods

Bisq supports dozens of payment methods, and you add your own payment accounts in the app before trading. Bisq 1 and Bisq 2 include SEPA and SEPA Instant in Europe, Faster Payments in the UK, ACH, domestic wire and Zelle in the US, Interac e-Transfer in Canada, PIX in Brazil and UPI in India. Revolut, Wise, Strike, Swish, US postal money orders, cash by mail and face-to-face cash trades are also supported.

What you can use in practice depends on the offers available.

Is Bisq Safe?

Bisq never holds customer funds, so there's no company that can freeze your account or collapse with your coins. Its risks are software bugs and the trading partner on the other side. It has had two exploits, both in Bisq 1 altcoin trades.

• April 2020: an attacker abused a flaw in a recent update to steal about $250,000 in Bitcoin and Monero from seven traders in the XMR/BTC market, Decrypt reported. Bisq halted trading, shipped a fix and pledged to repay victims through the DAO.
• May 1, 2026: an attacker using a modified client exploited missing validation of the mining fee value and took 11.59104 BTC from 10 users who had open altcoin offers, according to Bisq's post-mortem. Bisq halted trading and fixed the flaw in v1.10.0. Bisq 2 and fiat trades weren't affected.

For the 2026 incident, volunteers called "Refund Angels" advanced about 10.99 BTC, and affected users were reimbursed on June 5, 2026, after a DAO vote. Bisq plans to repay them over time from a share of BTC trade fees. Bisq then ran a security audit and shipped several required security updates in both apps through October 2026.

Your own setup matters too. Download Bisq only from bisq.network and verify the file. Bisq 2.1.14 warns that log files from versions 2.1.3 through 2.1.13 contain private keys for your Bisq identities, so don't share old logs or backups. The May 2026 exploit is on our crypto hacks tracker, which covers incidents across the industry.

Is Bisq Legal To Use?

Bisq is software, not a licensed exchange, so it doesn't check where you live. Whether peer-to-peer Bitcoin trading is allowed, and how it's taxed, depends on your country. Banks sometimes question or block transfers they link to crypto, which is why Bisq tells traders not to mention Bisq or Bitcoin in payment notes.

Trades on Bisq are still taxable where crypto gains are taxed. Our page on how crypto taxes work explains the basics.

Who Bisq Is Best For

Bisq fits people who want to buy or sell Bitcoin without identity checks and who are willing to wait for bank transfers to clear. Bisq Easy suits a first-time buyer spending a few hundred dollars or less. Bisq 1 suits experienced users trading larger amounts or Monero.

If you want the lowest cost and instant trades, a regulated exchange is cheaper. Our ranking of the best crypto exchanges compares them, and our page on centralized vs. decentralized exchanges covers the trade-offs.

What To Watch Out For

• Counterparty risk in Bisq Easy: the buyer pays first and relies on the seller's reputation. Trade only with sellers who have a reputation score.
• Chargeback and bank risk: sellers accepting reversible payments can lose money if a buyer reverses a transfer. Banks may also freeze accounts over crypto-linked payments.
• Slow trades: Bisq Easy's rules require replies within 24 hours, and walking away from a trade after account details are exchanged can get you banned from the network. Bank transfers can also take days to clear.
• Software bugs: both exploits hit Bisq 1 altcoin offers. Keep the app updated, because Bisq can require the newest version to keep trading.
• High taker fees: Bisq 1's 1.15% taker fee in BTC adds up on larger trades.
• Scams: fake Bisq downloads and impersonators in chat rooms exist. Learn the warning signs in our list of common crypto scams.

FAQ

Is Bisq Still Working?

Yes. Bisq 1 v1.10.10 came out on Oct. 24, 2026 and Bisq 2 v2.1.14 on Oct. 15, 2026, and new Bisq Easy mobile releases followed in late October. Bisq halted Bisq 1 trading briefly after its May 2026 exploit and resumed after a fix.

Does Bisq Require KYC?

No. Bisq has no accounts and doesn't ask for ID. Your trading partner will see the payment details needed to complete a bank transfer, such as your name and account number, so Bisq isn't fully anonymous. Read more about KYC and AML rules on exchanges.

What Is The Difference Between Bisq 1 And Bisq 2?

Bisq 1 uses multisig escrow and security deposits from both traders, and it supports fiat, altcoin and BSQ markets. Bisq 2 currently offers Bisq Easy, which needs no deposit and charges no trade fee but caps trades at $600 and depends on the seller's reputation.

How Much Does Bisq Charge?

Bisq 1 charges 0.15% for makers and 1.15% for takers when fees are paid in BTC, or about 0.12% and 0.94% when paid in BSQ at late-October 2026 prices, plus mining fees. Bisq Easy has no trade fee, but sellers usually add 5% to 15% to the price.

Can I Use Bisq In The US?

Bisq doesn't block any country, and it supports US payment methods such as ACH, Zelle and domestic wire. US users still owe taxes on gains and should expect slower trades than on a US exchange.