Bisq
grade A
Buy and sell bitcoin for fiat (or other cryptocurrencies) privately and securely using Bisq's peer-to-peer network and open-source desktop software. No registra
grade A
What the documents mean for you
Bisq makes both traders lock a BTC security deposit, and a dispute can hand part or all of it to your peer. It never holds your coins or fiat: trade funds sit in 2-of-2 multisig you and your peer control. No registration or KYC, and traffic runs over Tor.
The documents state plainly that using Bisq needs no account and no identity check: "Bisq requires no registration or KYC" and "No registration or KYC is required." There is no operator holding funds, no transaction scanning clause, and no reserved right to demand documents, since trade funds sit in a 2-of-2 multisig that only the two traders control.
Nothing in the documents sets off an identity check: you install the software, you do not register, and no KYC step exists. You do hand your payment details (including the name on your bank account) to the person you trade with, and to a mediator or arbitrator if you open a dispute. Your bitcoin is never held by Bisq, so there is no operator that can withhold it for verification; what you can lose is your security deposit through a dispute ruling.
Warnings
The offer maker sets the deposit between 15% and 50% of the trade amount, and the taker must match it. That money stays locked in multisig until the trade closes.
Fiat moves directly between you and your peer through outside payment services, and the wiki notes some banks have flagged accounts used for peer-to-peer crypto trading.
The classic v1 protocol requires you to already hold BTC for the security deposit and mining fees, roughly 0.002 BTC minimum. Bisq Easy in Bisq 2 does not require a security deposit.
Bisq is a desktop application that needs a graphical environment and must be online for your offers to appear. Support comes from community channels such as Matrix and GitHub, not a help desk.
How the score was reached
Privacy98/100
Trust100/100
Overall = (privacy × 0.6 + trust × 0.4) / 10, rounded = 10/10, grade A. Each attribute above rests on a clause quoted below or was assigned by a moderator; the rest is what the listing knows.
Attributes13 moved the score
Usage can be detected on public blockchainsprivacy -2
On transparent blockchains, use of the service may be publicly identifiable.
Refunds do not require KYCprivacy +5 · trust +5
The refund process does not require the completion of a Know Your Customer procedure or the disclosure of personal information.
Verifiedtrust +10
Passed repeated checks over time and showed consistent behavior.
Non-custodial walletprivacy +3 · trust +5
The user holds and manages the private keys; the service never has custody of the funds.
The built-in wallet is controlled by the user, who holds the seed phrase, and external wallets can be used instead.
“Start Bisq. It will create a new, empty `wallet` directory. Immediately go to `Account` > `Wallet Seed`, write down the new seed phrase securely offline, and note down your new BTC and BSQ receiving addresses.”
https://bisq.wiki/Frequently_asked_questions
Strict no-log policyprivacy +5 · trust +3
The service has a strict no-log policy: it does not collect or store any information about its users.
Open source codetrust +7
The source code of the service is publicly available and licensed as open source.
The software is published under the AGPLv3 open-source licence with code on GitHub.
“Yes. Bisq's software is free/libre open-source licensed under the GNU Affero General Public License (AGPLv3).”
https://bisq.wiki/Frequently_asked_questions
Peer to peer networkprivacy +2 · trust +5
A decentralised network in which individual computers connect directly rather than through the operator.
All communication runs over a peer-to-peer network carried on Tor rather than through operator servers.
“All P2P network communication uses [Tor](https://bisq.wiki/index.php?title=Tor&action=edit&redlink=1 "Tor \(page does not exist\)") for IP address anonymization.”
https://bisq.wiki/Frequently_asked_questions
Escrow availabletrust +6
A trusted third party holds funds during a peer-to-peer transaction until both sides have delivered.
Accepts Moneroprivacy +5
This service accepts Monero, a privacy-focused cryptocurrency that provides enhanced anonymity.
Decentralized networktrust +5
Data, control and decision-making are distributed across independent nodes rather than one operator.
There are no central servers; the offer book is distributed across the clients that are online.
“Since there are no central servers, your Bisq application must be running and online for your offers to be visible and available for others to take.”
https://bisq.wiki/Frequently_asked_questions
No registration neededprivacy +5
Users can access and use the service without creating an account.
The FAQ states you do not create an account or pass an identity check to trade.
“Bisq requires **no registration or KYC** , protecting your privacy. Data about who trades with whom is not stored.”
https://bisq.wiki/Frequently_asked_questions
Peer to peer markettrust +4
A marketplace where unknown people trade directly with one another rather than with the operator.
Users trade directly with other people running the same software, not with an operator.
“Bisq is fundamentally different: it's a peer-to-peer trading network accessed via software you run on your own hardware, not a website or centralized service. It connects you directly to other users running the software to facilitate trades.”
https://bisq.wiki/Frequently_asked_questions
Non-custodial protocoltrust +3
The protocol never takes custody of the user's funds during an exchange.
The protocol locks trade funds in a 2-of-2 multisig held by the two traders; Bisq itself takes no custody of coins or fiat.
“Bisq never custodies your funds, and it avoids reputation mechanisms that would weaken your privacy”
https://bisq.wiki/Security_deposit
What costs you most first. Tap one to read the clause it rests on, or what the listing knows, priced as kycnot.me prices it.
What the documents say
Both sides lock a BTC security deposit. If a mediator or arbitrator finds you broke a trading rule, part or all of your deposit goes to the other trader.
“When a trade doesn't go the happy path, a portion or the total amount of the offending peer's deposit will be lost, depending on whether the trade is concluded in mediation or arbitration.”
https://bisq.wiki/Security_deposit
Even when you win an arbitration, you may get only a small share of the peer's deposit, or none at all, and your funds can stay locked for a long time.
“the trader winning in arbitration will get a considerably smaller (if at all) portion of the peer's deposit as compensation, to account for the risk of malicious BM's exploiting the protocol itself.”
https://bisq.wiki/Security_deposit
Bisq holds neither your bitcoin nor your fiat. Trade amounts and deposits sit in a 2-of-2 multisig that only you and your counterparty can spend.
“Bisq does **not** hold your bitcoin. Trading funds (in the classic v1 protocol) are held in **2-of-2 multisignature addresses** controlled solely by you and your trading peer.”
https://bisq.wiki/Frequently_asked_questions
Your payment data stays on your machine but goes to the person you trade with, and to dispute agents if a dispute starts. A bank payment shows your name to your peer.
“Payment information is stored locally and only shared with your direct trading peer (and potentially dispute resolution agents if needed).”
https://bisq.wiki/Frequently_asked_questions
Mediators and arbitrators hold no key to the multisig, so they cannot move your funds on their own; they only propose resolutions.
“Mediators and arbitrators do *not* hold a key and cannot unilaterally release funds, preventing collusion risk involving escrow control.”
https://bisq.wiki/Frequently_asked_questions
If the buyer reverses the bank payment after you release the BTC, Bisq cannot undo it and you have no recourse inside Bisq.
“Bisq cannot reverse fiat chargebacks made through external banking systems. If a chargeback occurs after the trade is complete and BTC is released, the seller generally has no recourse *within Bisq*.”
https://bisq.wiki/Frequently_asked_questions
How much you can trade at once depends on the payment method, and new accounts face lower limits until other traders sign off on them.
“Employing an [account signing mechanism](https://bisq.wiki/Account_limits#Account_signing "Account limits") in v1 for certain fiat methods, which limits trade sizes for new accounts until integrity is established through successful trades.”
https://bisq.wiki/Frequently_asked_questions
The Bisq wiki site may record your IP address in its web server logs if you visit without Tor. It says it shares no private user data and runs no analytics or trackers.
“If you do not use Tor to access this website, your IP address may be collected in our webserver logs.”
https://bisq.wiki/Bisq_Wiki:Privacy_policy
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