How Bisq Works: Fees, Payment Methods, Security and Wallet Guide

Here you will find essential information on how Bisq works: which coins are supported, how fees are structured, what payment methods are available, and how to ensure security while trading. This information will help you better understand how the platform works and what to pay attention to before getting started.

Supported Coins

Bisq supports trading Bitcoin for fiat currencies and a range of cryptocurrencies through a peer-to-peer format. Unlike centralized exchanges, the list of available coins here is not fixed and depends on user activity. Currently, the addition of new altcoins to Bisq is suspended indefinitely.

Coins available for trading include:

• Bitcoin (BTC)
• Monero (XMR)
• Ethereum (ETH)
• Litecoin (LTC)
• Zcash (ZEC)
• Liquid Bitcoin (L-BTC)

It is also possible to trade Bitcoin for fiat and exchange it for other cryptocurrencies.

Fees

Fees on Bisq are structured differently than on regular centralized exchanges. Here, you need to consider not only the Bisq trading fee but also Bitcoin network fees, as well as the security deposits used during the trade process.

What can be included in the total cost:

• Bisq trading fee
• Bitcoin network fees
• Security deposits

Security deposits should not be viewed as a standard fee. They are required to provide additional protection for the trade and help reduce the risk of malicious behavior by participants.

That is why when evaluating a trade on Bisq, it is important to look at the overall cost of the trade rather than just a single payment.

Payment Methods

Payment methods are a core part of how Bisq operates. The platform does not process payments directly: users transfer funds to each other outside the application.

Various fiat payment methods are supported depending on your region, bank, and available conditions. The choice of method affects trade speed, limits, and the level of risk.

Some popular payment systems are not supported due to the high risk of chargebacks.

Trading using cryptocurrencies as a payment method is also available.

Security

Bisq operates on a non-custodial model, meaning that the user has full control over their funds. Bisq does not hold user money.

For your security, it is important to:

• Encrypt your wallet with a password
• Save your seed phrase securely
• Protect your device from third-party access

Unlike centralized exchanges, the entire responsibility for security lies solely with the user.

Wallet Explained

Bisq includes a built-in wallet used for trading and storing funds.

It is necessary for:

• Paying fees
• Executing trades
• Storing funds

The wallet supports both BTC and BSQ and uses a single seed phrase for recovery.

Frequently Asked Questions