{"id":5198,"date":"2021-12-29T00:15:00","date_gmt":"2021-12-29T08:15:00","guid":{"rendered":"https:\/\/www.cultofmoney.com\/?p=5198"},"modified":"2022-11-13T17:22:58","modified_gmt":"2022-11-14T01:22:58","slug":"bisq-review","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/bisq-review\/","title":{"rendered":"Bisq Review: Pros &#038; Cons, Features &#038; Fees"},"content":{"rendered":"<p><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/TWFBBETTERBISQ.jpg\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Bisq review\" data-id=\"5202\" data-init-width=\"600\" data-init-height=\"314\" title=\"Bisq review\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/TWFBBETTERBISQ.jpg\" data-width=\"360\" data-height=\"188\" data-link-wrap=\"true\" style=\"\" width=\"360\" height=\"188\"><\/a><\/span><\/p>\n<p>Most popular&nbsp;<a href=\"https:\/\/www.cultofmoney.com\/best-cryptocurrency-exchanges\/\" style=\"outline: none;\">cryptocurrency exchanges<\/a>&nbsp;aren\u2019t truly decentralized. In other words, when you buy and sell crypto on an exchange like&nbsp;<a href=\"https:\/\/www.cultofmoney.com\/coinbase-review\/\">Coinbase<\/a>, you\u2019re still dealing with a middleman, regulations, and identity verification requirements.This arrangement is fine for everyday traders, but it also strays farther from cryptocurrency\u2019s strength of staying decentralized. And that\u2019s where&nbsp;<a href=\"https:\/\/www.cultofmoney.com\/go\/bisq\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener sponsored\">Bisq<\/a>, a leading decentralized exchange, can come in handy.Bisq lets you privately buy and sell cryptocurrencies and fiat on your own terms. Our Bisq review is covering exactly how this exchange works, why it\u2019s different, and how to decide if it\u2019s right for you.<\/p>\n<p><span><a href=\"https:\/\/www.cultofmoney.com\/go\/bisq\/button\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><img decoding=\"async\" alt=\"Bisq logo\" data-id=\"3392\" data-init-width=\"246\" data-init-height=\"85\" title=\"Bisq logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Bisq-logo.png\" data-width=\"175\" data-height=\"60\" data-link-wrap=\"true\" style=\"\" mt-d=\"0\" loading=\"lazy\" width=\"175\" height=\"60\"><\/a><\/span><\/p>\n<p><strong>Quick Summary<\/strong><\/p>\n<ul>\n<li><span style=\"\">Non-custodial exchange that\u2019s private and secure<\/span><\/li>\n<li><span>Buy and sell crypto on a peer-to-peer marketplace<\/span><\/li>\n<li><span>No KYC requirements<\/span><\/li>\n<\/ul>\n<table data-rows=\"6\" data-cols=\"2\" style=\"--tve-border-width:1px;\">\n<thead>\n<tr>\n<th rowspan=\"1\" colspan=\"2\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Bisq Details<\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Product Name<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Bisq<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Product Type<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Cryptocurrency Exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Supported Coins<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Varies Depending On Market<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Fees<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">0.10% Maker And Taker Fee<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Promotions<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Starts at 0.00005 BTC<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"t-1639670297037\">Pros &amp; Cons<\/h2>\n<p style=\"text-align: center;\"><strong>Pros<\/strong><\/p>\n<ul>\n<li><span style=\"\">Lower trading fees than most exchanges<\/span><\/li>\n<li><span>No KYC requirements for truly private trading<\/span><\/li>\n<li><span>Maintain complete control over your own wallet<\/span><\/li>\n<li><span>Supports numerous currencies and crypto trading pairs<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Cons<\/strong><\/p>\n<ul>\n<li><span style=\"\">Requires a minimum security deposit of 0.001 BTC<\/span><\/li>\n<li><span>Not as user-friendly as centralized exchanges<\/span><\/li>\n<li><span>Trades can take longer to execute than with centralized exchanges<\/span><\/li>\n<\/ul>\n<h2 id=\"t-1639670297038\">What Is Bisq?<\/h2>\n<p><a href=\"https:\/\/www.cultofmoney.com\/go\/bisq\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Bisq<\/a> is an open-source, peer-to-peer exchange that lets you buy and sell crypto or fiat with people from around the world. The company began in 2014 and was originally called Bitsquare before rebranding due to trademark issues.<\/p>\n<p><span><img decoding=\"async\" alt=\"Screenshot of the Bisq website homepage\" data-id=\"5210\" data-init-width=\"1865\" data-init-height=\"902\" title=\"Bisq website homepage\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image1-4.png\" data-width=\"702\" data-height=\"340\" data-link-wrap=\"true\" width=\"702\" height=\"340\"><\/span><\/p>\n<p>Bisq is also a decentralized autonomous organization (DAO). This means there\u2019s no headquarters or central office like you\u2019ll find with other exchanges.<\/p>\n<p>Rather, Bisq stakeholders decide on the future of the exchange through voting. Code is also open-source so developers from around the world can contribute to the project.<\/p>\n<h2 id=\"t-1639670297039\">What Does It Offer?<\/h2>\n<p><a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">\u200b<\/a><a href=\"https:\/\/www.cultofmoney.com\/what-is-defi\/\" style=\"outline: none;\">Decentralization<\/a> is the name of the game with Bisq. This means the features you\u2019re used to with exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/coinbase\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Coinbase<\/a> or <a href=\"https:\/\/www.cultofmoney.com\/gemini-review\/\" target=\"_blank\" rel=\"nofollow noopener\">Gemini<\/a> might look a little different when you start using Bisq. However, if you value privacy and want to get rid of middlemen, these Bisq features are what you need.<\/p>\n<h3>Private Peer-To-Peer Trading<\/h3>\n<p>Bisq supports peer-to-peer trading of dozens of cryptocurrencies, including:<\/p>\n<ul>\n<li>Bitcoin<\/li>\n<li>Bitcoin Cash<\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/what-is-ethereum\/\" style=\"outline: none;\">Ethereum<\/a><\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/dogecoin-experiment\/\">Dogecoin<\/a><\/li>\n<li>Litecoin<\/li>\n<li>Monero<\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-sol-solana\/\">Solana<\/a><\/li>\n<\/ul>\n<p>Bisq also supports different currencies, making it globally-friendly.<\/p>\n<p>Technically, you can trade in any cryptocurrency or any currency since Bisq is all peer-to-peer. However, you\u2019re less likely to find trading partners if you have an obscure altcoin or fiat that\u2019s not widely accepted.<\/p>\n<p><span><img decoding=\"async\" alt=\"Screenshot of the Bisq trading page for the USD Dollar\" data-id=\"5212\" data-init-width=\"1699\" data-init-height=\"847\" title=\"Bisq trading page for the USD Dollar\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image2-4.png\" data-width=\"702\" data-height=\"350\" data-link-wrap=\"true\" style=\"\" width=\"702\" height=\"350\"><\/span><\/p>\n<p>The main difference between trading with Bisq and trading on an exchange like Gemini or <a href=\"https:\/\/www.cultofmoney.com\/kraken-review\/\">Kraken<\/a> is that there isn\u2019t automatic order matching.With Bisq, you don\u2019t just place a trade for 1 ETH and have it complete automatically. Rather, you need to search for offers on the peer-to-peer marketplace and find someone who is selling ETH for BTC.You can also create offers where you outline the cryptocurrency you want to buy and your offer price. Note that with Bisq, you\u2019re always buying or selling <a href=\"https:\/\/www.cultofmoney.com\/what-is-bitcoin\/\">Bitcoin<\/a>; BTC is what\u2019s paired for every transaction.When you find an offer you like at the right price point, you accept the offer, transfer funds to the seller, and receive your cryptocurrency when the seller receives their funds. The same process works for selling your crypto; you place an offer on the Bisq network, wait for buyers to accept the offer, and then carry out the trade.This might sound like more work, and it\u2019s true that trade settlements take longer with Bisq than automatic market makers (AMMs). However, the trade-off is that you remain private. Bisq also utilizes security deposits from buyers and sellers to improve trading security. Furthermore, funds lock in multi-signature escrow, a <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-wallets\/\">crypto wallet<\/a> that requires more than one private key to access.<\/p>\n<h3>No KYC Requirements<\/h3>\n<p>Most cryptocurrency exchanges follow <a href=\"https:\/\/www.cultofmoney.com\/kyc-aml-crypto-exchanges\/\" style=\"outline: none;\">know-your customer (KYC) requirements<\/a> and anti-money laundering (AML) regulations. Typically, this means you have to verify your identity before using these exchanges by uploading some government ID. Many exchanges like Coinbase also report to the IRS.Even if you find exchanges that don\u2019t force KYC requirements like <a href=\"https:\/\/www.cultofmoney.com\/kucoin-review\/\" style=\"outline: none;\">KuCoin<\/a>, non-verified users often have lower trading and withdrawal limits. This is all done in the name of security. But if you want to protect your privacy, these requirements largely prevent that.Bisq doesn\u2019t require registration or identity verification. Additionally, you store data locally on-disk rather than Bisq servers. Bisq also uses Tor to enable anonymous communications between nodes in its network. You can read more about Bisq\u2019s privacy commitments <a href=\"https:\/\/bisq.network\/blog\/privacy-in-bitsquare\/\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener\">on its website<\/a>. But the bottom line is that privacy is this exchange\u2019s competitive advantage.<\/p>\n<h3>Security<\/h3>\n<p>Using a peer-to-peer network to trade cryptocurrency and fiat might sound like an invitation for <a href=\"https:\/\/www.cultofmoney.com\/most-common-crypto-and-nft-scams\/\">scams<\/a>. However, Bisq has several security features in place that are once again different from centralized exchanges.For starters, you need to have Bitcoin to trade on Bisq in the first place. This is because every trade requires a BTC security deposit from the buyer and seller. Buyers must post at least 15% of the trade amount, with the minimum amount being 0.001 BTC (worth about $50 at the time of writing). Sellers also post at least 15% of the trade value plus 100% of the asset being sold.From there, funds are locked in a multisignature address until the seller confirms they received their funds and wants to release their crypto to the buyer. Bisq also <a href=\"https:\/\/docs.bisq.network\/payment-methods\" target=\"_blank\" rel=\"nofollow noopener\">limits fiat payment methods<\/a> to reduce the risk of chargebacks. For example, Cash App, PayPal, or Venmo aren\u2019t available since it\u2019s too easy for buyers to request chargebacks with these platforms.Bisq limits trading on accounts with less than two months of history. This means brand new accounts can\u2019t buy or sell massive amounts of BTC on Bisq and attempt to defraud other users. Some accounts also require signing, which means a trusted peer on the Bisq Network has to verify a new account for the aging process to begin.Between these security measures and Bisq\u2019s trading rules, trading is actually very secure. If something goes wrong, you begin remediation by chatting with your trading partner. Bisq also has mediation and arbitration steps in which community-appointed members help oversee a resolution.<\/p>\n<h3>Contributor Rewards<\/h3>\n<p>Since Bisq is a <a href=\"https:\/\/www.cultofmoney.com\/what-is-a-dao-decentralized-autonomous-organization\/\">DAO<\/a>, it relies on community members and stakeholders to keep things running smoothly.To incentivize community involvement, Bisq lets contributors earn BSQ, the platform\u2019s own token, for becoming contributors. According to Bisq, BSQ is <em>\u201creal Bitcoin with a few extra parameters that make it a colored coin. This \u201ccoloring\u201d allows the Bisq application to recognize these Bitcoins as BSQ.\u201d<\/em> So, for all intents and purposes, you\u2019re getting paid with BTC for making Bisq a better network. There are also several ways to become a contributor, including:<\/p>\n<ul>\n<li>Creating videos and tutorials about how to use Bisq<\/li>\n<li>Writing blog posts about Bisq<\/li>\n<li>Translating Bisq help and wiki documents<\/li>\n<li>Programming tasks or helping to develop the tech behind the network<\/li>\n<\/ul>\n<p>In short, if you can find a way to help Bisq grow and succeed, you can earn BSQ for your efforts. As a DAO, Bisq also has preset roles that you can apply for like document maintainers, administrators, and moderators.<\/p>\n<h2 id=\"t-1639670297040\">Are There Any Fees?<\/h2>\n<p>One advantage of using Bisq over centralized exchanges is that the fees it charges to support its network are usually lower than what many centralized exchanges charge in trading fees.You can pay fees with BTC or BSQ. Here\u2019s how maker\/taker fees work for each coin:<\/p>\n<table data-rows=\"4\" data-cols=\"3\" style=\"border: 1px solid rgb(0, 0, 0); --tve-border-width:1px;\">\n<thead>\n<tr>\n<th rowspan=\"1\" colspan=\"3\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\"><strong>Bisq Trading Fees Per 1 BTC<\/strong><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\"><strong>Order Type<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>BSQ<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Maker<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">0.001<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\">15.14<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Taker<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">0.007<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\">105.97<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Note these are the fees per 1 BTC. The minimum combined trading fee for BTC is 0.00005 BTC, worth about $2.58 at the time of writing. Trading with BSQ grants a discount of around 50% to incentivize using the network\u2019s token.This fee structure means BSQ makes small and large trades viable. Yes, trades can take longer to execute. But you\u2019re not getting dinged with massive trade or payment processing fees as with some centralized exchanges.<\/p>\n<h2 id=\"t-1639670297041\">How Does Bisq Compare?<\/h2>\n<p>Bisq isn\u2019t nearly as popular as exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/coinbase\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Coinbase<\/a>, <a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Binance<\/a>, or other more centralized exchanges. However, verification requirements and trading fees are significantly different with Bisq as a result. Here\u2019s how Bisq compares against two of the leading crypto exchanges in the world.<\/p>\n<table data-rows=\"6\" data-cols=\"4\" data-v=\"middle\">\n<thead>\n<tr>\n<th style=\"\" colspan=\"1\" rowspan=\"1\">Header<\/th>\n<th colspan=\"1\" rowspan=\"1\" style=\"\"><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Bisq-logo.png\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Bisq logo\" data-id=\"3392\" data-init-width=\"246\" data-init-height=\"85\" title=\"Bisq logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Bisq-logo.png\" data-width=\"169\" data-height=\"58\" data-link-wrap=\"true\" loading=\"lazy\" width=\"169\" height=\"58\"><\/a><\/span><\/th>\n<th style=\"\"><span style=\"\"><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Coinbase-logo.jpg\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Coinbase logo\" data-id=\"2653\" data-init-width=\"738\" data-init-height=\"275\" title=\"Coinbase logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Coinbase-logo.jpg\" data-width=\"169\" data-height=\"63\" data-link-wrap=\"true\" style=\"\" loading=\"lazy\" width=\"169\" height=\"63\"><\/a><\/span><\/th>\n<th style=\"\"><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Binance-logo.png\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Binance logo\" data-id=\"2652\" data-init-width=\"2854\" data-init-height=\"792\" title=\"Binance logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Binance-logo.png\" data-width=\"169\" data-height=\"47\" data-link-wrap=\"true\" loading=\"lazy\" width=\"169\" height=\"47\"><\/a><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Star Rating<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\"><\/td>\n<td style=\"\"><\/td>\n<td style=\"\"><\/td>\n<\/tr>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Supported Cryptos<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">Varies by market<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">100+<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">500+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>KYC Requirements<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">No<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Supported Currencies<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">500+ (60 in the U.S.)<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">100+<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">50+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">Cell<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\"><\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\"><\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Coinbase and Binance are both more user-friendly than Bisq. But if you want to avoid KYC requirements and pay lower fees, Bisq is an excellent alternative.<\/p>\n<h2 id=\"t-1639673848556\">How Do I Open An Account?<\/h2>\n<p>You can create a Binance account through its mobile app or web version. You register with your email or phone number.<\/p>\n<p>From there, you verify your identity by uploading personal information, government-issued ID, and a selfie. This is part of Binance\u2019s new <a href=\"https:\/\/www.cultofmoney.com\/kyc-aml-crypto-exchanges\/\" style=\"outline: none;\">KYC requirements<\/a>.Verification times and processes differ slightly depending on your country. Overall, you should have complete access to your Binance account within a week or two.<\/p>\n<h2 id=\"t-1639673848557\">Is Binance Safe?<\/h2>\n<p>Binance helps you improve account security with features like two-factor authentication. You can also add or remove authorized devices and wallet addresses. These tips, alongside using a strong password and not sharing personal information online, help keep your account safe.However, there are risks to using Binance like other exchanges. The company has an insurance fund to help it cover positions from bankrupt investors, but you\u2019re not insured against hacks, theft, or <a href=\"https:\/\/www.cultofmoney.com\/most-common-crypto-and-nft-scams\/\">scams<\/a>.Binance was <a href=\"https:\/\/www.cnbc.com\/2019\/05\/08\/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener\">hacked in 2019<\/a> and lost 7,000 BTC, worth about $40 million. Binance compensated users in full, which is a positive sign. But the hack shows that even the largest exchange in the world isn\u2019t invulnerable. Remember, you can take security into your own hands by using a wallet like <a href=\"https:\/\/www.cultofmoney.com\/trezor-wallet-review\/\">Trezor<\/a> or <a href=\"https:\/\/www.cultofmoney.com\/go\/ledger\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Ledger<\/a> to maintain full control over your funds.<\/p>\n<h2 id=\"t-1639673848558\">Is It Worth It?<\/h2>\n<p>If you\u2019re an international investor and want low trading fees and a plethora of features, <a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Binance<\/a> is certainly worth it. This is especially true if you\u2019re also interested in staking or want a crypto interest account alongside numerous trading tools.But for many U.S. investors, Binance.us might not be quite there yet. Fees are still competitive, but regulatory concerns and a lack of features pull it down. If you live in the United States, you may want to consider options like Coinbase, Gemini, or even mobile-focused platforms like <a href=\"https:\/\/www.cultofmoney.com\/go\/voyager\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Voyager<\/a> before turning to Binance.us.<\/p>\n<h2 id=\"t-1639673848559\">Binance Features<\/h2>\n<table data-rows=\"15\" data-cols=\"2\" style=\"--tve-border-width:1px;\">\n<thead><\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Product Type<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Cryptocurrency exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Min Purchase<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Varies depending on trading pair<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Supported Coins<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">500+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Free Wallet<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Maintenance Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">No<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Deposit or Withdrawal Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Almost no deposit fees; withdrawal fees are low buy vary by coin<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Trading Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Standard fees are a 0.10% maker fee and taker fee<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Supported Payment Types<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Debit CardCredit CardBank TransferACH TransferCryptocurrency Conversions<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Insurance<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">U.S. deposits on Binance.us are FDIC-insured up to $250,000. However, Binance.com relies on its own insurance fund and doesn\u2019t insure your holdings against theft or loss of access.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Deposit or Withdrawal Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">No<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Security<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">2-Factor Authentication is the main security feature. You can also add verified wallet addresses and authorized devices.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Mobile App Availability<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Android and iOS<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Web\/Desktop Availability<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Custom Support Options<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Binance has a FAQ support desk as well as live chat support. You can also contact Binance support on Twitter @BinanceHelpDesk<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Promotions<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Earn up to $100 in cash and cashback vouchers<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Bisq is decentralized exchange that lets people from all over the world buy and sell crypto. Should it be your go-to platform for private trading? Find out.<\/p>\n","protected":false},"author":11,"featured_media":5201,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[669],"tags":[671],"acf":[],"_links":{"self":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/5198"}],"collection":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/comments?post=5198"}],"version-history":[{"count":33,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/5198\/revisions"}],"predecessor-version":[{"id":5251,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/5198\/revisions\/5251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media\/5201"}],"wp:attachment":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media?parent=5198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/categories?post=5198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/tags?post=5198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}