# Bisq

> Source: https://fuckyc.org/services/bisq/
> Website: https://bisq.network/
> Categories: P2P exchanges
> KYC: none — Bisq is a desktop application with no central registration; users trade peer-to-peer with security-deposit escrow.
> Status: active
> Jurisdiction: decentralized (non-profit DAO)
> Fiat on-ramp: yes
> Payment methods: sepa, faster-payments, zelle, cash-by-mail, revolut, gift-card, crypto
> Founded: 2014
> Open source: yes
> Custodial: no
> Last verified: 2026-01-01

## Verdict

Bisq is the canonical decentralized P2P exchange for Bitcoin. There is no central operator to KYC you and no central wallet for an attacker to drain. The user experience pays for that: you run software locally, you bond collateral, you wait for a matching peer. For users whose threat model is "no centralized intermediary," Bisq is the reference point.

## Strengths

- No accounts, no registration, no central operator able to freeze funds.
- Wide payment-method list including cash by mail and SEPA.
- Open source, auditable, and Tor-routed by default.

## Caveats

- Liquidity is thinner than custodial alternatives; spreads are wider on less-common payment methods.
- Security-deposit escrow requires you to lock collateral while a trade is open.
- Dispute resolution is mediated by Bisq arbitrators, not an exchange — read the trade protocol before using it for large amounts.
- Facts need re-verification by operator (last seeded 2026-01).

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## What Bisq is

A peer-to-peer Bitcoin exchange that runs as a desktop application. Order books are gossiped across Bisq nodes; trades are escrowed in 2-of-2 multisig with security deposits from both sides; disputes go to arbitrators selected by the DAO. There is no central server that can take your money and no signup.

## Threat-model fit

The default option when "no intermediary" is the requirement. Liquidity and UX are the costs. For frequent or low-value trades, custodial alternatives are often more practical.

## Sources

- [Bisq Wiki — Trading FAQ](https://bisq.wiki/Trading_FAQ) — accessed 2026-01-01
- [Bisq DAO](https://bisq.network/dao/) — accessed 2026-01-01