First time using Bisq. Suggestions and tips?

[bitmover]

As eXch is now closed, and evertyhing is getting so hard about KYC and etc, I decided to finally install BISQ.

https://bisq.network/

I was really impressed. It much more complex than I expected, and looks safe to use.

At first you need to create an account, save the seed phrase and even buy some BSQ tokens to get discount in fees.

I created my account and I added my fiat currency bank account.  Then I opened my first trade, for a small amount.

It was completed very fast, someone took my open order about 2h after it was created. The guy paid immediately.

I have a question for anyone who has more experience with it.
My trade was with a newly created account (just like mine). He paid within a few minutes. Should I just click payment received ? Or should I wait until tomorrow. Is it common that people try to reverse transactions in their banks? I am always afraid of scammers.

Thanks !

Edit: I made a SEPA instant transfer. According to chatgpt, it cannot be reversed. So I am safe

[un_rank]

I am not a regular bisq user but I think the edit part is the most important factor you as the user can do, that is using payment options that are very difficult to effect reversals so you do not fall a victim. Here is a part of the bisq FAQ that addresses this part -

What happens if the buyer does a chargeback after BTC is released?

Bisq cannot reverse fiat chargebacks made through external banking systems. If a chargeback occurs after the trade is complete and BTC is released, the seller generally has no recourse *within Bisq*. This risk is why Bisq avoids easily reversible payment methods and uses account aging and account signing (in v1) to vet traders using riskier methods. Payment methods frequently used for chargebacks may be removed from Bisq.

- Jay -

[bitmover]

Any regular BISQ user here?

This is much harder to use than it looks like.

Now I created an Offer, but I can't see it in the market... I see this is somewhat a common problem, but I found no solution in the web. Just people complaining about it..


Edit: I discovered the problem. I clicked the "offers matching my account". However, as my account is new, I cannot make a large buy (i have a low buy limit). But I have a higher sell limit. So I can't buy my own sell other, so it was hidden to me.

I will leave this post here , as a reference to other people.

[coupable]

It would be best to avoid using payment gateways that support revesal transactions, such as PayPal and others. Also, avoid using traditional banking services, as some types of transactions require non-real-time processing, which can take a long time that doesn't meet the transaction deal terms. Furthermore, these methods offer no privacy support, and I would prefer to use a centralized trading platform like Binance or OKx, where I'll enjoy good services while giving up some of my privacy.

[dkbit98]

Edit: I discovered the problem. I clicked the "offers matching my account". However, as my account is new, I cannot make a large buy (i have a low buy limit). But I have a higher sell limit. So I can't buy my own sell other, so it was hidden to me.

Bisq had a special page for markets orders for anyone to see on their website, but I think they removed it a while ago.
You certainly need to build u reputation to remove some limitations in Bisq, and it's far from user friendly trading solution.
Maybe Bisq Easy mobile app that is currently in development will solve some of the issues.
You can complete Survey and provide feedback for Bisq Easy Mobile App if you want:
https://bisq.network/blog/mobile-app-survey/

PS
PeachBitcoin and Robosats are probably better if you want more simple bitcoin <-> cash exchange.
They are also not perfect and have their limitations in supported countries and/or amount that can be exchanges.

[bitmover]

PS
PeachBitcoin and Robosats are probably better if you want more simple bitcoin <-> cash exchange.
They are also not perfect and have their limitations in supported countries and/or amount that can be exchanges.

I forgot about PeachBitcoin. Thanks!

Do they have a escrow or a deposit to make the transaction safer? I will try them later!

Edit: I just saw peachbitcoin charges 2% trading fees. That is absurd.... I will insist a little more in bisq. I have better p2p options

[Bitcoin Smith]

I tried Bisq but there's literally zero volume for INR, I hope it will change.

I have some questions about p2p which might fit into specific countries not to everywhere, for example bank freeze is very common occurrence due to the funds coming in from illegal sources and we can't verify the source of the fiat ar the time of releasing oir coins so if the funds are not charged back but it's held by the government for further investigation then will there be any support coming from Bisq?

[davis196]

I've tried using Bisq 3 years ago and there were two problems.
1.It wasn't very user friendly, but I guess that they will improve their software. I've heard rumors that Bisq is preparing a mobile app.
2.The lack of customer reviews and the small trading volume. Bisq is still a relatively small platform with a small community of buyers and sellers. There's no built in feature, where users could leave reviews of the traders on the platform. I do remember that the traders on Bisq had to maintain deposit guarantee in their accounts, in order to execute the trade deals. If something happens, the trader, who tries to scam would lose the BTC in his Bisq wallet. I don't know if this still works though.
I think that you will be fine, the team behind Bisq is trying their best to improve the platform.

[bitmover]

I do remember that the traders on Bisq had to maintain deposit guarantee in their accounts, in order to execute the trade deals. If something happens, the trader, who tries to scam would lose the BTC in his Bisq wallet. I don't know if this still works though.
I think that you will be fine, the team behind Bisq is trying their best to improve the platform.

Yeah, this feature still exist and it is very important for security.

However, there is still a risk the scammer reverse tha bank transaction.  I don't think this risk is high,  but it exists.

The biggest problem is the volume... I probably will just gave up, and I will probably stop using bisq soon. It only works for small values.

I will try again in a few days for a 1000 euro amount, but it didnt work last time.. nobody showed up to buy it..

[BitcoinGirl.Club]

1.It wasn't very user friendly, but I guess that they will improve their software. I've heard rumors that Bisq is preparing a mobile app.

I will consider myself a tech friendly person but a few years ago when I was checking the service I too had huge problem to understand the platform and the interface. It was not an interesting experience.

[Rikafip]

The biggest problem is the volume... I probably will just gave up, and I will probably stop using bisq soon. It only works for small values.

I remember how few years ago, when comeone asked about no-KYC exchange, everyone was recommending Bisq, while in reality vast majorify of those who were recomending it were not actually using it. Bisq may be the best and the safest exchange, but its no much use if not enough people are using it.

Like you I also tried Bisq several years ago but in the end I just gave up and found some other alternatives.

[bitmover]

The biggest problem is the volume... I probably will just gave up, and I will probably stop using bisq soon. It only works for small values.

I remember how few years ago, when comeone asked about no-KYC exchange, everyone was recommending Bisq, while in reality vast majorify of those who were recomending it were not actually using it. Bisq may be the best and the safest exchange, but its no much use if not enough people are using it.

Like you also tried Bisq several years ago but in the end I just gave up and found some other alternatives.

Yeah  I can confirm. Most of those users who are recommending it never used it. I won't recommend it again... too much trouble and fees and waste of time, for literally no volume and some risk

[Rikafip]

Yeah  I can confirm. Most of those users who are recommending it never used it. I won't recommend it again... too much trouble and fees and waste of time, for literally no volume and some risk

I gave up when I looked at the order book (back when it was still available) and realized that if I want to buy or sell like $10k worth of bitcoin asap, I would loose like 15%+  of the value through crazy exchange rate that people put. So no thnx.
You could buy/sell maybe 1k worth of bitcoin with normal rate, and after that things escalate fast.

[examplens]

Yeah  I can confirm. Most of those users who are recommending it never used it. I won't recommend it again... too much trouble and fees and waste of time, for literally no volume and some risk

I gave up when I looked at the order book (back when it was still available) and realized that if I want to buy or sell like $10k worth of bitcoin asap, I would loose like 15%+  of the value through crazy exchange rate that people put. So no thnx.
You could buy/sell maybe 1k worth of bitcoin with normal rate, and after that things escalate fast.

That's how I remembered Bisq. I always wondered if there were successful trades in such conditions. You probably have to be desperate to accept a much less favorable price.
I guess it's best for those who make such offers and make a profit from them. Or at least they are trying to make a profit.

[bitmover]

Yeah  I can confirm. Most of those users who are recommending it never used it. I won't recommend it again... too much trouble and fees and waste of time, for literally no volume and some risk

I gave up when I looked at the order book (back when it was still available) and realized that if I want to buy or sell like $10k worth of bitcoin asap, I would loose like 15%+  of the value through crazy exchange rate that people put. So no thnx.
You could buy/sell maybe 1k worth of bitcoin with normal rate, and after that things escalate fast.

That's how I remembered Bisq. I always wondered if there were successful trades in such conditions. You probably have to be desperate to accept a much less favorable price.
I guess it's best for those who make such offers and make a profit from them. Or at least they are trying to make a profit.

I made one fair trade of 0% over the current price, but it was nearly 100 euros.

Ridiculously low  volume

[dkbit98]

Edit: I just saw peachbitcoin charges 2% trading fees. That is absurd.... I will insist a little more in bisq. I have better p2p options

You can always make your own offer to cover the fees, if PeachBitcoin is available in your country (I think they have BRL).

I will probably stop using bisq soon. It only works for small values.

Bisq is actually worse for small amounts because of deposits, especially if you have no reputation.
Another alternative is to use Robosats, that is more simple to use, but I think they are using mainly Lightning Network.

[bitmover]

Bisq is actually worse for small amounts because of deposits, especially if you have no reputation.
Another alternative is to use Robosats, that is more simple to use, but I think they are using mainly Lightning Network.

I see the opposite for deposits.

I dont mind even 100% deposit for a 100usd transaction.  But a 35% deposit for a 2000usd transfer is way more restrictive.

Anyway, the reality is that only small amount order get closed.

[bitmover]

After nearly a month, i am finally satisfied with BISQ.

I have been able to close orders, and I am satisfied with the service and all the supported paying methods (sepa pix revolut wise etc etc)

Orders may take 2 hours to 2 days to get closed, but they all get closed if you have patience

[examplens]

After nearly a month, i am finally satisfied with BISQ.

I have been able to close orders, and I am satisfied with the service and all the supported paying methods (sepa pix revolut wise etc etc)

Orders may take 2 hours to 2 days to get closed, but they all get closed if you have patience

When you place an order, you determine the price, for example, at which you sell Bitcoin. Right?
Doesn't 2 days seem like too long a period for assets that change their value by 5% within an hour? Like yesterday, for example.

[bitmover]

After nearly a month, i am finally satisfied with BISQ.

I have been able to close orders, and I am satisfied with the service and all the supported paying methods (sepa pix revolut wise etc etc)

Orders may take 2 hours to 2 days to get closed, but they all get closed if you have patience

When you place an order, you determine the price, for example, at which you sell Bitcoin. Right?
Doesn't 2 days seem like too long a period for assets that change their value by 5% within an hour? Like yesterday, for example.

No, you never set the price.

You set marketprice + spread (%).

Like this, take a look  at the new order screen.