How to Trade on BISQ
Bisq is a decentralized peer-to-peer application based cryptocurrency exchange. The exchange allows you to buy and sell cryptocurrencies in exchange for fiat currency such as the Dollar and Euro.
The exchange stores your funds securely, all personal data is stored locally, and it doesn't require identity verification to use.
It is available on Windows, Mac and several different Linux distributions.
- Once the app is downloaded double-click it to open it up. It will take a few moments for the app to open up and connect to Tor and to start syncing with Bisq's network. Once that it done you will see something like this:
- Click the 'Account' tab and then 'WALLET PASSWORD'. Enter your password and click 'Set Password' to finish.
- A popup will appear to prompt you to save your wallet seed. Click 'GO TO "ACCOUNT/WALLET SEED"'.
- Next copy down your seeds words and save them in a safe place
Do not share these with anyone or they can access your funds!!
- Go to 'Settings' then the 'PREFERENCES' tab and select 'Add altcoin' from the bottom right of the page. Next choose 'Qwertycoin' to add it to the list.
Funding Bisq before any trades is optional as it helps to simplify the trading process. You can fund it later during the trade if you like
There are two options to fund your account. You can send Bitcoin directly to your built-in BTC wallet or you can fund it using fiat as shown in the 'Buying Bitcoin with Fiat' tutorial below.
- You can fund your wallet with Bitcoin by going to the 'Funds' tab and sending Bitcoin to the Bitcoin address shown there. You should send at least 0.01 BTC because Bisq requires buyers and sellers to post a security deposit for every trade to help combat fraud.
You can configure a national currency account to buy Bitcoin with fiat currencies.
- Go to the 'Account' tab and then 'NATIONAL CURRENCY ACCOUNTS' and then click 'ADD NEW ACCOUNT'.
- Next click 'Select payment method'. There are currently 25 different methods to choose from. Make your choice and fill out the required questions and click 'SAVE NEW ACCOUNT' to add the account.
- Go to the 'BUY BTC' tab and choose from the list of sellers. Once you have made your selection click 'TAKE OFFER TO BUY BTC'.
- Next Bisq will create a special trade wallet to hold your security deposit and fees. Once you and the seller have completed your ends of the trades, you will receive your Bitcoin and your security deposit back.
- Once you have funded your trade wallet a 'Review: Take offer to buy bitcoin' button will appear. Click it and Bisq will give you the details of your trade you're about to take. If it all looks good hit the 'Confirm: Take offer to buy bitcoin' button.
- Once the offer is taken, it is time to pay the seller. A popup with the sellers details will appear. Pay the seller through the agreed upon payment method. After your payment is sent, click the 'Payment started' button.
- Once the seller gets the payment then will mark it as received. Bisq will then release the Bitcoin you bought along with the security deposit.
- Once you receive the Bitcoin, you can choose to keep it in Bisq's built-in wallet or send it to an external Bitcoin wallet.
- Click the 'Market' tab and then the 'Currency' tab and select Qwertycoin from the list of options.
- On this page you will have an option of selling or buying Qwertycoin. Make your selection and choose the person you would like to buy from or sell to.
- The process of buying or selling Qwertycoin follows the same steps as the 'Buying Bitcoin' tutorial listed above. The photo below is for Monero and gives an example of sell and buy requests from individuals.