For security reasons Bisq has a limitation of the trade amount per trade. Those limits are derived from the payment method’s chargeback risk and the age of the account. For the number of trades there is no limitation. For most bank-based payment
methods like SEPA or Zelle the trade limit is 0.25 BTC per trade. For Swish, PerfectMoney and AliPay it is 0.5 BTC and for altcoins it is 1 BTC. For the recently added payment methods Revolut, Popmoney and MoneyBeam (N26) the trade limit
is 0.16 BTC. The trade limits in the first month is 25% of the full trade limit.
Security deposits create incentives for both buyer and seller to follow the rules of Bisq's trading protocol. They are locked into multisig escrow along with the bitcoin being traded, and are returned to each user when the trade completes successfully.
If a trade goes to arbitration and one party is found to have violated Bisq's trading protocol, some or all of that party's security deposit may be awarded to their counterparty. Examples of protocol violations include a buyer failing to pay a seller,
or a seller failing to acknowledge receipt of a buyer's payment. Most Bisq trades complete without any problem thanks in part to the incentives that security deposits create.
Only your trading partner (and your selected arbitrator in case of a dispute) can ever see your payment information details. The data exchanged between users is encrypted and signed. Bisq uses a P2P network built on top of Tor hidden services and provide
the high level of anonymity Tor offers. The user doesn’t need to setup anything – all is integrated in the application. The arbitrator only sees the trade details in case of a dispute.
Your trade duration will be determined by the transfer times of the currencies you and your trade partner use. National currency transfers can be instant (Faster Payment) or can take days (SEPA). Bitcoin transactions take in average 10 minutes to
get confirmed (at least one confirmation is required before the buyer can transfer the fiat or altcoin amount).
Following maximum trade periods are allowed before a trade goes automatically into arbitration:
- SEPA: 6 days
- SEPA Instant: 1 day
- Zelle (formerly known as clearXchange): 4 days
- Chase QuickPay: 1 day
- US Postal Money Order: 8 days
- Interac e-Transfer: 1 day
- Cash Deposit: 4 days
- Western Union: 4 days
- National bank transfer: 4 days
- Transfer with same bank: 2 days
- Transfer with specific banks: 4 days
To trade on Bisq, users pay (1) trading fees to Bisq and (2) mining fees to miners.
Trading fees for offer makers and offer takers are calculated differently.
Offer maker fees
The trading fee for an offer maker is based on the trade amount and distance from the current market price:
0.002 * <amount of BTC being traded> * <square root of percentage distance from current market price>
(Minimum fee is 0.00005 BTC)
Example 1: making an offer to sell 0.1 BTC at current market price results in a 0.00005 BTC fee (because 0.002 * 0.1 * 0 = 0, so minimum fee applies).
Example 2: making an offer to sell 0.1 BTC at a 4% premium to current market price results in a 0.0004 BTC fee (because 0.002 * 0.1 * sqrt(4) = 0.0004).
Offer taker fees
The trading fee for an offer taker is based only on the trade amount:
0.002 * <amount of BTC being traded>
(Minimum fee is 0.00005 BTC)
Example: taking an offer to buy 0.1 BTC results in a 0.0002 BTC fee (because 0.002 * 0.1 = 0.0002).
An offer maker only pays mining fees for the trade fee transaction. An offer taker pays mining fees for the trade fee transaction, deposit transaction, and payout transaction. This is because mining fees fluctuate and it's impossible for the offer
maker to know what mining fees will be at the time their offer is taken.
Bisq uses this service to estimate fees. Users can see actual mining fees after they've created or taken an offer.
If you have published an offer, your Bisq application needs to stay online so it is able to react in the case when another trader wants to take your offer. The MultiSig deposit transaction is created in that take-offer process. Be sure you have deactivated
your computers standby mode, otherwise your Bisq application lose the internet connection (monitor standby is not a problem). If you shut down the application your offer gets removed from the distributed offerbook as it would become unavailable
for others. After starting Bisq again your offer gets re-published. After the offer has been taken and the trade process has started both traders do NOT need to be online. Though they need to check for the status of the trade to see if some action
is required from their side (e.g. sending fiat/altcoin or confirm receipt).
Since version 0.7.0 you can edit your offer under Portfolio/My open offers without paying additional fees.
There have been reports that some banks have closed client accounts when they see that there is Bitcoin activity involved.
The reference text of the bank transfer used to trade with Bisq will include only the Bisq trade ID (which is a random sequence of characters, like many other purchase IDs). Any trader that is not using the exact ID number as reference text of a bank
transfer is considered in breach of contract, which will result in dispute resolution.
To avoid problems we recommend setting up a dedicated bank account for buying and selling bitcoins. If the bank were to block this account, it would cause fewer problems for you than if the bank were to block your primary account.
Never mention anything else than the trade reference in the subject field.