Type: Decentralised peer-to-peer Bitcoin exchange
KYC required: No
Tor routing: Built-in — all connections via Tor
Custodial: No — multi-signature escrow
Clearnet: bisq.network
Last verified: March 2026
How Bisq Works
Download and run the Bisq application. It connects to other Bisq nodes through Tor. Browse open offers or create your own. Trades use multi-signature escrow — your Bitcoin is locked until both parties confirm, with a third arbitration key held by a Bisq mediator in case of dispute. Payment methods include bank transfer, cash by mail, Zelle, Revolut and many others.
No account, no email, no identity. The only requirement is the Bisq application and the cryptocurrency or payment method you are exchanging.
Why Decentralised Matters
| Risk | Bisq’s position |
|---|---|
| Shutdown risk | Cannot be shut down — no central server |
| Subpoena risk | No user data exists to hand over |
| Exit scam risk | Impossible — no central operator holds funds |
| KYC requirement | None — trades are peer-to-peer |
Trade-offs vs. Centralised Exchanges
Liquidity: Fewer active trades than major exchanges. You may wait hours for a suitable match. Spreads are wider than centralised markets.
Speed: Trades take longer to settle than centralised exchange orders — payment confirmation and blockchain confirmations add time.
Verification: No account means no trade history verification for counterparties — use Bisq’s internal reputation signals and dispute resolution.
For users who need to acquire Bitcoin without any identity link, these trade-offs are generally worth accepting.