Bisq Review: I admire and support the Bisq concepts, but the execution is worrisome | ICORating


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I admire and support the Bisq concepts, but the execution is worrisome

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I greatly admire and support the Bisq concepts of decentralization and (community) autonomy, but I don't feel comfortable using the service anymore. Which is an epic shame since it's just about the only truly decentralized exchange that doesn't require you to vomit up your private data putting you at future risk for all kinds of identity fraud.Like most others have mentioned, Bisq's low trade volume is a problem. Why would you use a service if there are so few trades open to you? That doesn't foster healthy competition. And while I understand Bisq's security rationale, the very low trade limits during the first few MONTHS on Bisq mean you may miss out on the best trade rates. We all know cryptos' rates are volatile. By the time you could actually start trading on Bisq, you might have missed the opportunities that drew you there in the first place. But the biggest gripe I have is with the human-nature factor. Other traders can be either irresponsible (won't complete trades due to not paying attention) or downright conniving (hold off on completing trades when they think there's a better opportunity somewhere else). The arbitration process is slow to resolve this, if it's resolved at all. You have to wait for back-N-forth messages and in the meantime, the other trader may be doing more business with others, maybe pulling the same stunts. Bisq arbitrators should be stricter in policing policy. If a trader is found more than once to be in the same kind of dispute/arbitration, they should face serious enough consequence to encourage them to abide by the rules. If you can screw others over with next to no repercussions, there's little to encourage you to change.I think these are some of the big issues keeping more people away from Bisq. I totally support the philosophy, but you DO have to have some trust in the other party. Otherwise, you lose opportunities due to funds being tied up when they really shouldn't be. I'd also vote for a MUCH larger deposit. A trader who's screwing others over may not care if all that's on the line is thousandths of BTC. Make the deposit a significant fraction of the trade, like 10% - 25%. No one wants to lose 0.25+ BTC...One last thing, I don't like divulging my bank account info in ANY way. Not to Zelle, not to the other person I'm trading with. We need a way to confirm and send funds that doesn't require sharing such private info. I'm not engaging in illegal activities, but I don't want my private info out there at all. I've read there are projects in the works to use the blockchain for just this kind of trustless confirmation. Great.Until the above issues are solved, I have to stick with other exchanges. Better the devil you know. Most important advice to Bisq: start enforcing the rules by stopping people from breaking them AS SOON AS they're caught.
15 May 2019 by Trustpilot

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Exchange rating
21 place

Total rating
75 place

Accepted Reviews
65 of 115