Bisq: The Complete Trading Guide for Beginners

1 Download and install the Bisq app

Unlike traditional centralized exchanges, Bisq – is not a website where you register an account. It is a desktop application that runs locally on your computer.

To start trading you need to download the Bisq app. Always verify that you are downloading the file from the official downloads page.

2 Make a backup of your wallet and Seed phrase

Because this exchange is truly decentralized, you fully control your funds and your data. There is no support service here that will be able to reset your password if you lose it. Total sovereignty means total responsibility.

Right after installation the most important step – is to make a backup of your keys:

• Write down the recovery words (seed phrase).
• Securely save your seed phrase.
• Regularly make a backup of your data directory.

If your computer breaks or you lose access, the seed phrase – is the only way to restore access to your funds.

3 Set up payment methods

To understand how to use Bisq, you must understand how it works with money. The program processes only the Bitcoin part of the trade through its secure escrow system. The fiat part (USD, EUR, etc.) or altcoin transfers happen directly between you and the other trader outside the application.

Before you can trade, you need to link a payment account:

• Go to the “Account” tab in the application.
• Choose your preferred fiat payment method (for example, bank transfers, Zelle, or Revolut) or an altcoin wallet.
• Pay close attention to account limits and trading rules associated with each specific payment method.

4 How to buy and sell Bitcoin on Bisq

Now that your wallet is secure, and your payment methods are set up, you are ready for the main event. If you are wondering how to buy Bitcoin on Bisq or how to sell Bitcoin on Bisq, the entire process comes down to interacting with the decentralized order book.

There are two main ways to make a trade:

Making an offer (Maker)

Creating your own offer gives you maximum control. You can set the exact price, choose a specific payment method, and determine the security deposit percentage. As an added bonus “Makers” pay significantly lower trading fees. This path is recommended if you want to get the best price and are not in a hurry.

Taking an offer (Taker)

If you value speed and convenience, you can simply browse the existing order book and accept an offer created by someone else. “Taking” an offer happens faster, but you must agree to the terms and payment methods set by the Maker, and trading fees will be slightly higher.