Threenvest > Decentralized exchange reviews

Bisq Review 2024

Our veredict

Bisq stands out as a highly decentralized and privacy-focused cryptocurrency exchange, making it an excellent choice for users who prioritize anonymity and security. Its unique structure as a decentralized autonomous organization (DAO) means that there is no central authority; instead, decisions are made by stakeholders through a voting process. This, combined with the absence of Know Your Customer (KYC) requirements, ensures a high level of user privacy. The platform supports a wide range of cryptocurrencies and fiat currencies, and users benefit from trading discounts when using Bisq’s native token, BSQ. However, its interface can be complex for beginners, and all trades must involve Bitcoin, which might not be convenient for those looking to trade other cryptocurrencies directly with fiat.

On the downside, Bisq’s decentralized nature also means that customer support is limited compared to centralized exchanges. Users must rely heavily on community support and mediation processes for resolving disputes. Additionally, the need for Bitcoin to facilitate all transactions could be a barrier for new users who are not already holding Bitcoin. Despite these drawbacks, Bisq’s robust security measures, including security deposits and multisignature transactions, make it a trustworthy platform for experienced traders looking for a censorship-resistant exchange.

Pros

Strong Privacy and Anonymity Focus Bisq does not require KYC verification, which means users can trade without sharing personal information, maintaining high privacy levels.
Security Deposits to Minimize Fraud All transactions require security deposits, which help to prevent fraudulent activities and ensure both parties fulfill their trading commitments.
Decentralized Autonomous Organization (DAO) The platform operates as a DAO, where stakeholders make decisions through voting, ensuring a transparent and democratic governance model.

Cons

3,8

Threenvest Score

Network

Bitcoin

Fees

0.10% (Taker), 0.05% (Maker)

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

Why choose Bisq?

Bisq is an excellent choice for traders who value privacy, security, and decentralization. Unlike centralized exchanges, Bisq does not require KYC verification, ensuring user anonymity and protecting personal data from potential breaches. This makes it particularly appealing to privacy-conscious individuals. Additionally, Bisq’s decentralized structure as a DAO means that it is governed by its community of stakeholders, fostering a transparent and democratic environment.

The platform’s robust security measures are another major advantage. Bisq uses security deposits and multisignature transactions to minimize fraud risks, and it operates over the Tor network to protect user data. These features ensure that trading on Bisq is secure and trustworthy, even without a central authority. Furthermore, Bisq supports over 120 cryptocurrencies, offering a wide range of trading options for users looking to diversify their portfolios.

However, potential users should be aware that Bisq’s interface can be complex, especially for beginners, and all transactions require Bitcoin. Despite these challenges, Bisq’s commitment to privacy, security, and community governance makes it a standout choice for experienced traders seeking a decentralized and censorship-resistant platform.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert, I highly recommend Bisq for those who prioritize privacy and security in their cryptocurrency trading. Bisq operates without KYC requirements, ensuring that your personal information remains confidential. Its decentralized structure, governed by a community of stakeholders, provides transparency and trustworthiness. The platform’s robust security measures, including security deposits and multisignature transactions, significantly reduce fraud risks. While the interface may be complex for beginners, Bisq’s commitment to user privacy and security makes it a valuable choice for experienced traders.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.