How to Use Bisq: Buy Bitcoin Without KYC in 5 Steps

Key Takeaways

• Bisq is a decentralized, peer-to-peer exchange that lets you buy and sell bitcoin without identity verification (KYC).
• You trade directly with other people. No company holds your funds. No account to create. No documents to upload.
• The tradeoff: Bisq is slower, has less liquidity, and has a steeper learning curve than centralized exchanges. You're paying for privacy with convenience.
• Bisq 2 launched in 2024 with a "Bisq Easy" protocol that removes the security deposit requirement for trades up to ~$600, making it accessible to first-time buyers.
• Bisq 1 still requires a small amount of bitcoin (around 0.006 BTC) for security deposits, which is the entry barrier for most beginners on the original version.
• Trading fees range from 0.1% to 1.15% depending on whether you're a maker or taker, and whether you pay in BTC or BSQ (Bisq's governance token).

Bitcoin.diy may earn commissions from affiliate links in this article. This doesn't influence our recommendations. [Full disclosure](/affiliate-disclosure/).

What Is Bisq?

Bisq is open-source software that turns your computer into a private trading terminal. When you run Bisq, you connect to a peer-to-peer network of other Bisq users. You can post offers to buy or sell bitcoin, or take offers that others have posted.

There's no central server. No company running the exchange. No CEO who can freeze your account. Bisq has been operating since 2016, and it's governed by a DAO (decentralized autonomous organization) where contributors earn BSQ tokens for their work.

Here's what makes Bisq different from exchanges like Coinbase or Kraken:

• No KYC. You don't create an account. You don't upload your ID. You download the software, and you trade.
• No custodial risk. Your bitcoin stays in your own wallet throughout the process. Bisq never holds your funds.
• Censorship-resistant. Because it's decentralized, no government can shut it down or demand user data. There is no user data.
• Tor built in. All Bisq network traffic routes through Tor by default, hiding your IP address.

The catch? You need patience. Trades take longer than clicking "buy" on Coinbase. Liquidity is lower, so you might pay a premium of 5-10% above market price. And on Bisq 1, you need to already own a small amount of bitcoin to get started.

If privacy matters to you, those tradeoffs are worth it. If you just want the cheapest, fastest way to stack sats, a centralized exchange with a DCA strategy might be a better fit. Compare the full options in our cheapest way to buy bitcoin guide.

Bisq 1 vs. Bisq 2 (Bisq Easy): Which Should You Use?

Bisq currently exists in two versions, and understanding the difference is the first decision you'll make.

Bisq 1 — The Original

Battle-tested since 2016, Bisq 1 uses a robust 2-of-2 multisig escrow system to secure trades. Both buyer and seller lock bitcoin into a shared escrow, which gets released when the trade completes. This is the version with the most liquidity and the widest range of payment methods.

The catch: You need around 0.006 BTC in your Bisq wallet before you can trade. This security deposit requirement creates a chicken-and-egg problem for first-time buyers.

Bisq 2 / Bisq Easy — For Beginners

Bisq 2 launched in March 2024 with a dedicated "Bisq Easy" protocol. Bisq Easy is built specifically for beginners and smaller trades:

• No security deposit required. Instead of multisig escrow, Bisq Easy uses a reputation system. Sellers build a track record, and buyers trade with trusted sellers based on that reputation.
• No bitcoin needed to buy your first bitcoin. You can walk in with only fiat and walk out with bitcoin.
• Simpler UX. Bisq 2's interface is cleaner and more beginner-friendly than the original Bisq 1 app.
• Trade caps. Bisq Easy trades are capped at roughly $600 (USD equivalent) per trade. For larger amounts, you'll want Bisq 1.
• Active development. The Bisq 2 codebase is under active development in 2025, with the Bisq DAO continuing to fund feature improvements.

Which to Choose?

This guide focuses primarily on Bisq 1 since it's the more full-featured platform. We'll call out where Bisq 2 differs.

Step 1: Download and Verify Bisq

Head to bisq.network and download the installer for your operating system (Windows, macOS, or Linux). For Bisq 2, there's a separate download on the same site. Bisq is a desktop application. There is no mobile version.

Important: verify your download. This protects you from tampered software. Bisq provides PGP signatures for every release.

Here's how to verify (simplified):

1. Download the Bisq installer AND the corresponding signature file (.asc) from the same page.
2. Import the Bisq signing key. You can find the key fingerprint on bisq.network and on Bisq's GitHub repository.
3. Use GPG to verify the signature matches the installer file.

On Windows, use Gpg4win. On macOS, use GPG Suite or the command line. On Linux, GPG is usually pre-installed.

If this sounds intimidating, at minimum make sure you're downloading from bisq.network (not a lookalike domain) and that your browser shows a valid HTTPS certificate. PGP verification is best practice; HTTPS from the official domain is the baseline.

Using a VPN adds another layer of privacy. Even though Bisq routes traffic through Tor, a quality VPN prevents your ISP from seeing that you're using Tor at all.

Step 2: Initial Setup

Install and launch Bisq. The first startup takes a few minutes because the app needs to sync with the Bitcoin network and connect to the Tor network.

During setup, you'll see:

• A built-in Bitcoin wallet. Bisq creates a wallet for you automatically. This is where your trading funds and security deposits will live.
• A Tor connection indicator. The app connects to the Bisq network via Tor. Wait for the connection to fully establish (you'll see a green indicator).
• A backup prompt. Bisq will ask you to write down your wallet seed phrase. Do this immediately. Store it offline, on paper or metal. If your computer dies, this seed phrase is the only way to recover your funds. For best practices on securing seed phrases, check out our self-custody guide.

A few important settings to check:

• Currency preferences. Go to Settings and make sure your preferred national currency is selected.
• Payment accounts. Before you can trade, you need to add at least one payment account (bank transfer, Zelle, Revolut, etc.). Go to Account > National Currency Accounts and add your preferred method.

Setting Up a Payment Account

Bisq supports dozens of payment methods. The most common include:

• SEPA (Europe, 1-3 business days)
• Zelle (US, instant)
• Revolut (Global, instant)
• National bank transfer (varies by country)
• Face-to-face (cash trades, in person)
• Cash by mail (exactly what it sounds like)

Each payment method has different trade limits and settlement times. Newer accounts start with lower limits that increase over time as you build a track record. This is Bisq's way of reducing chargeback risk.

Step 3: Fund Your Bisq Wallet (Bisq 1 Only)

This is the step that trips up most new users on Bisq 1. You need bitcoin before you can buy bitcoin.

Why? Bisq's security model requires both the buyer and seller to lock a security deposit into a 2-of-2 multisig escrow. This deposit guarantees that both parties have skin in the game. If someone tries to scam or abandon a trade, they lose their deposit.

If you're using Bisq 2 / Bisq Easy, skip this step. Bisq Easy uses the reputation system instead, so no pre-existing bitcoin is needed.

How much bitcoin do you need? (Bisq 1)

Plan on having at least 0.006 BTC in your Bisq wallet. This covers:

• Security deposit: Minimum 15% of the trade amount (at least 0.001 BTC)
• Trading fee: 0.15% for makers, 1.15% for takers (in BTC)
• Mining fees: Variable, but typically 0.0001-0.0005 BTC per transaction

To fund your wallet, go to Funds > Receive and copy your Bisq wallet address. Send bitcoin from another wallet, an ATM, or ask a friend to send you a small amount.

Don't have any bitcoin at all? Options:

• Use Bisq 2's Easy mode — no deposit needed.
• Buy a small amount from a Bitcoin ATM (many allow limited purchases with just a phone number, though this is narrowing in 2026).
• Use another no-KYC exchange to get your first sats (Peach Bitcoin and HodlHodl both work without pre-existing bitcoin).
• Ask a friend or community member. Bitcoiners are usually happy to help newcomers.

Wait for at least one blockchain confirmation before your funds become available for trading.

Step 4: Create or Take an Offer

Now comes the actual trading. You have two options: take an existing offer or create your own.

Taking an Offer (Easier, Faster)

Go to the Buy BTC or Sell BTC tab and browse available offers.

Each offer shows:

• The price (usually a percentage above or below market price)
• The accepted payment method
• The trade amount range (min and max)
• The maker's account age and signing status

Click an offer that matches your payment method and desired amount. Review the details, confirm, and the trade begins.

Tip: As a taker, you pay higher fees (1.15% vs 0.15% for makers). If you're not in a rush, creating your own offer saves money.

Creating an Offer (Cheaper, Slower)

Go to the Buy BTC or Sell BTC tab and click "Create new offer." You'll set:

• Price: Fixed price or a percentage above/below market rate. Most offers use a percentage (e.g., 5% above market).
• Amount: The range of BTC you want to buy or sell.
• Payment method: Which payment account to use.
• Security deposit: The percentage both parties lock up (15-50% of trade amount).

Once your offer is published, it appears on the Bisq network. You wait until someone takes it. This can take minutes, hours, or days, depending on your price and payment method.

Pricing strategy: If you price your offer at market rate, it'll get taken quickly, but you're not compensating yourself for the extra effort of using Bisq. Most makers add a 3-8% premium — the "privacy tax." Buyers accept this because they value trading without KYC.

Step 5: Complete the Trade

Once a trade is matched (you took an offer or someone took yours), both parties' security deposits are locked in multisig escrow. Here's what happens next for a typical "buy bitcoin" trade:

1. The buyer sends fiat payment. Transfer money through the agreed payment method (bank transfer, Zelle, etc.). Follow the exact payment instructions shown in Bisq. Don't include any references to bitcoin or Bisq in the payment memo. Banks flag this.
2. The buyer clicks "Payment sent." This notifies the seller that the money is on its way.
3. The seller confirms receipt. Once the seller sees the fiat payment in their account, they click "Payment received."
4. Escrow releases. The trade completes automatically. The bitcoin plus both security deposits are released from escrow. The buyer gets the bitcoin; both parties get their deposits back.

The whole process typically takes 1-6 days depending on the payment method. SEPA transfers take 1-3 business days. Zelle and Revolut are usually same-day.

What if Something Goes Wrong?

Bisq has a multi-layered dispute resolution process:

• Mediation. If the trade stalls, either party can open a mediation case. A Bisq mediator reviews the evidence and suggests a resolution.
• Arbitration. If mediation fails, the case escalates to arbitration. The arbitrator has the authority to release the escrow funds based on evidence.
• Reimbursement. In rare cases where a trader loses funds due to a bug or exploit, the Bisq DAO has a reimbursement process funded by BSQ.

Disputes are relatively rare. The security deposit system means scammers lose money too, which is a strong deterrent.

Bisq Fees Breakdown

Understanding Bisq's fee structure helps you plan your trades:

Paying with BSQ cuts your trading fees roughly in half. You can buy BSQ on Bisq itself (there's a BSQ/BTC market) or earn it by contributing to the project.

Total cost example: Buying 0.01 BTC as a taker, paying fees in BTC:

• Trading fee: ~0.000115 BTC (1.15%)
• Mining fees: ~0.0003 BTC (rough estimate)
• Security deposit: 0.0015 BTC (refunded after trade)
• Plus the market premium on the offer price (typically 3-8%)

The premium is usually the biggest cost. You're paying for privacy, and that's a conscious tradeoff.

Tips for New Bisq Users

Start small. Your first trade should be the minimum amount. Get comfortable with the process before scaling up.

Keep your app running. Bisq is peer-to-peer software. Your offers are only visible when the app is online. If you create an offer and close your laptop, nobody can see it.

Don't mention bitcoin in payment memos. When sending fiat payments, never write "bitcoin," "BTC," "Bisq," or anything crypto-related. Banks monitor for this and may freeze your account.

Be patient with trade limits. New payment accounts start with lower limits that increase over time. After 30 days, limits typically double. After 60 days, they reach maximum levels.

Back up your data directory. Beyond your seed phrase, Bisq stores trade history and account data locally. Regular backups protect against data loss. You'll find backup options in Settings.

Use a dedicated [hardware wallet](/wallets/) for long-term storage. Bisq's built-in wallet is fine for active trading, but move larger amounts to cold storage after your trade completes.

Try Bisq 2 first if you're a beginner. The Bisq Easy protocol in Bisq 2 removes the security deposit barrier and has a much cleaner interface. It's not a replacement for Bisq 1's full feature set, but for your first few no-KYC buys under $600, it's a significantly easier experience.

Frequently Asked Questions

Is Bisq legal?

Bisq is open-source software for peer-to-peer trading. The software itself is legal in most countries. However, your local laws around buying bitcoin, tax reporting, and money transmission still apply. Bisq doesn't exempt you from legal obligations. It just doesn't collect your identity.

Do I need bitcoin to use Bisq?

For Bisq 1, yes. You need around 0.006 BTC for security deposits and fees before you can trade. For Bisq 2's Easy mode, no. It uses a reputation system instead of security deposits, so you can buy your first bitcoin without owning any.

What is Bisq Easy and how is it different from Bisq 1?

Bisq Easy is a beginner-focused trading protocol available inside Bisq 2. It removes the security deposit requirement by replacing multisig escrow with a seller reputation system. Trades are capped at roughly $600. It's ideal for first-time no-KYC buyers. Bisq 1 is better for larger amounts and offers stronger security guarantees through multisig escrow.

How long does a Bisq trade take?

It depends on the payment method. Instant methods like Zelle or Revolut can settle in hours. Bank transfers (SEPA, ACH) typically take 1-3 business days. The total process from trade initiation to receiving bitcoin is usually 1-6 days.

Can I buy large amounts of bitcoin on Bisq?

You can, but it takes time. Trade limits start low for new accounts and increase as your account ages. Single trades typically max out at 1-2 BTC depending on the payment method. For very large purchases, you'd need to do multiple trades over time. Liquidity is also lower than centralized exchanges, so large orders may take longer to fill.

What happens if the other trader doesn't complete the trade?

If the seller doesn't release the bitcoin or the buyer doesn't send payment, you can open a mediation case after the trade period expires. A Bisq mediator will review the situation and suggest a resolution. If that fails, it escalates to arbitration. The security deposit system discourages bad behavior because the dishonest party loses their deposit.

Is Bisq safe?

Bisq has a strong track record since 2016. The multisig escrow system means no single party can steal funds during a trade. Bisq did experience an exploit in 2020 where a vulnerability allowed an attacker to steal roughly 3 BTC and 4,000 BSQ. The vulnerability was patched quickly and affected users were reimbursed through the DAO. No system is perfect, but Bisq's open-source nature means security issues get public scrutiny and rapid fixes.

Should I use Bisq 1 or Bisq 2 in 2026?

For most new users: start with Bisq 2 / Bisq Easy for your first few trades under $600. Once you're comfortable with the process and want to trade larger amounts with stronger security guarantees, move to Bisq 1. Advanced users often run both.

How does Bisq compare to other no-KYC platforms like Peach and RoboSats?

Bisq is the most decentralized and censorship-resistant of the options. Peach is easier on mobile (iOS/Android) with a simpler UX. RoboSats is the most private with the lowest fees but requires Lightning and Tor. See our no-KYC exchanges comparison for the full breakdown.

Next Steps

You've got the knowledge. Here's where to go from here:

1. Download Bisq from bisq.network and complete your first trade. New to no-KYC? Start with Bisq 2's Easy mode.
2. Move your bitcoin to cold storage using a hardware wallet after trading.
3. Explore other no-KYC options in our complete no-KYC exchange guide.
4. Learn self-custody best practices in our self-custody guide to keep your bitcoin safe long-term.

Bisq isn't the easiest way to buy bitcoin. But for people who value privacy and self-sovereignty, it's one of the most important tools in the ecosystem.