Bisq crypto exchange is about as far from a traditional brokerage account as the user is likely to get. It is a decentralized exchange which gets its own set of advantages and disadvantages. While it is more safe, the user will have to work harder to trade. Here is a complete Bisq exchange review.
Bisq Exchange Review: An Overview
The Bisq crypto exchange is ideal for crypto traditionalists who believe in the concept of decentralization. Other than that it is not fit for other investors. Let us quickly have a look at the advantages and disadvantages of this exchange.
- Decentralized exchange
- Various payment options
- Instant approval
- No geo restrictions
- You’re in control
- Decentralization isn’t for everyone
- Application is somewhat basic
- Potential for fraud
What Is Bisq Exchange?
Bisq is among the popular decentralized exchanges. Before we start with this review, it is important that you know the basics of this exchange and the difference between a centralized and a decentralized exchange.
Decentralized exchanges use a P2P (peer-to-peer) network to facilitate trading. Imagine it to be a platform that connects sellers and buyers. If the user is using digital currency to expand your stock portfolio, the user may be more comfortable in functioning with a brokerage that resides in the middle of their trades. A decentralized exchange connects the user’s trades directly.
Bisq Exchange Review: Payment Options
This Bisq exchange review would be incomplete if we do not talk about its payment methods. There are a few elements to take into consideration when purchasing digital currency. How quickly do the users want to purchase? Are they using fiat (such as dollars) or another digital currency? How much of their personal data do they want to share?
Bisq enables the user to purchase crypto using U.S. dollars in a few ways. The user can make a cash deposit, predicting their bank allows them. That can take up to 4 days. The user can also use the Zelle payment method or make an e-transfer, both of which can take nearly 3 days. Keep in mind, the user can’t pay for their crypto with a credit card. Along with that, they need to have some BTC to use as a form of security deposit. So the Bisq payment methods are quite simple.
Bisq Exchange Review: Security
In this Bisq review 2021 let us talk about security. Like all the best digital currency exchanges, Bisq takes the security issue seriously. Indeed, it has a big benefit compared to centralized exchanges. The user’s personal and banking data is kept on their own system; it doesn’t reach the central point that could be hacked.
Bisq Exchange Review: Fees
There are four Bisq fees to take into account when you trade on Bisq exchange:
- Trading fee
- Mining fee
- Returnable security deposit
- Your own bank transfer charges, if there are any
The user can pay fees in BTC (Bitcoin) or Bisq’s native coin, BSQ. If they pay with BSQ, they will get an approx 50% discount. Since the prices of both coins fluctuate, fees alter periodically.
Bisq Crypto List
The currencies that Bisq supports have been mentioned below. Let us have a look at the Bisq crypto list in this Bisq exchange review.
In this Bisq exchange review it can be concluded that this exchange provides various security benefits for some users. But the huge majority of digital currency investors will find it tough to enact a trade. Its security advantages have been recognized successfully. This is ideal for beginners as well.