Bisq

What is Bisq?

Bisq is not a company but open-source software (AGPLv3), developed by contributors around the world and organised through a DAO.^[2] You buy or sell Bitcoin directly with other people (P2P tradingGlossaryP2P trading (peer-to-peer trading)Buying or selling bitcoin directly between private individuals, often via software that locks the bitcoin in an escrow address until the payment arrives. More privacy, but more effort and scam risks of its own.On the learning path: Stage 6 · Step 2 – Spotting scams →In the glossary →×) – without an account and without an identity check. Your data stays on your device, and the connection runs over the Tor network.^[1],[2]

There are two versions:^[1],[4]

• Bisq 1: desktop program with security deposits and arbitration.
• Bisq 2 with Bisq Easy: a simplified trade protocol, on desktop and as a standalone Android app. On iOS there is only the remote control ‘Bisq Connect’ via Apple’s TestFlight; it needs a running Bisq 2 node.

Bisq Easy is explicitly aimed at newcomers who want to buy small amounts without KYCGlossaryKYC (Know Your Customer)The obligation of regulated providers to identify you before the business relationship starts and to ask, for example, about its purpose and, where necessary, the source of your money. In Germany, the legal basis is the Money Laundering Act (GwG).On the learning path: Stage 4 · Step 3 – Buying Bitcoin →In the glossary →×.^[3] Even so, P2P trading is more demanding than buying in an app: you arrange the payment with a stranger and have to recognise scams. For your very first purchase, a regulated provider is usually easier.

Costs (as of September 2026)

• Bisq 1: trading fee in BTC of 0.15% for the makerGlossaryMaker and taker feesA fee model used by exchanges: whoever places an order in the order book and so provides liquidity (maker) usually pays less than someone who immediately accepts an existing order (taker).On the learning path: Stage 4 · Step 1 – Ways to get Bitcoin →In the glossary →× (who posts an offer) and 1.15% for the taker (who accepts it). Paying with Bisq’s own token BSQ saves around 40%.^[5]
• Bisq Easy: no trading fees; the seller pays the network fee. In return, sellers usually charge a premium of around 10–15% on the market price.^[3]

Security and custody

Bisq never holds funds – the bitcoin you buy land in your own wallet, so you are in self-custodyGlossarySelf-custodyYou hold the private keys to your bitcoin yourself – in your own wallet rather than with a provider. Nobody can freeze your bitcoin. But nobody can help you if you lose your seed phrase and keys.On the learning path: Stage 5 · Step 1 – Understanding custody →In the glossary →× from the start.^[1] With Bisq 1, that is the program’s built-in wallet, a hot walletGlossaryHot walletA wallet whose private keys are stored on a device connected to the internet – such as a smartphone app. Handy for payments and small amounts, but more exposed to online attacks than cold storage.On the learning path: Stage 5 · Step 1 – Understanding custody →In the glossary →×; Bisq advises against keeping long-term savings there.^[7]

• Bisq 1: buyer and seller each lock a security deposit in a 2-of-2 multisigGlossaryMultisig (multi-signature)A wallet in which several keys jointly control the bitcoin – for example 2 of 3. If one key is lost or stolen, the bitcoin stays safe. In return, setting it up and backing it up is considerably more demanding.On the learning path: Stage 6 · Step 4 – Inheritance & emergency plan →In the glossary →× address. In a dispute, chat, mediation and, as a last resort, arbitration are available.^[2]
• Bisq Easy: no deposit. As the buyer, you pay first; whether you receive your bitcoin depends on the seller’s reputation. That is why a trade is limited to $6–$600. In a dispute, only mediation is available.^[3]

Typical P2P risks such as forged payment receipts and reversed payments, and how to protect yourself, are covered in Peer-to-peer & Bitcoin without KYC.

Security incidents in Bisq 1

• April 2020: an attacker exploited a flaw in the trade protocol and stole around 3 BTC and 4,000 XMR from seven users in the XMR/BTC market. The developers halted trading and closed the flaw with version 1.3.0; those affected were to be repaid through the DAO from future trading revenue.^[6]
• May 2026: using a manipulated client, an attacker stole 11.59 BTC from ten users because an input was not checked for negative values. Only trades against other crypto assets were affected; fiat trades, Bisq 2 and Bisq Easy were not.^[7] Those affected were compensated by 5 June 2026, with the money advanced by supporters of the project.^[8]