XMR/USD
$87.05
0.19% 1 HR
24HR Change
-0.18%
Price
$87.05
Market Cap
$1.443B

How to exchange Monero using Bisq

> Getting Started>Tutorial > How to exchange Monero using Bisq

What is Bisq?

Bisq aka BitSquare is a peer-to-peer marketplace for crypto. This is a fully decentralized exchange that requires users no names, email IDs or verification. This is a true anonymous peer-to-peer network that uses Tor and does not hold your fiat or cryptos on their servers or in their account. Each and every aspect of this exchange is decentralized – from placing the order, to matching it and to eventually executing your order. The platform is available on Windows, Mac, and Linux, and currently, the trade volumes are quite low.

The platform allows users to buy and sell Bitcoin for cryptos and national currencies without the need for a third party. This means that the transactions are between the buyer and the seller only.

Such an approach makes trading Bitcoin much safer because the exchange will not be vulnerable to hacks or thefts.

Using the platform is safer than using a centralized exchange, and it’s also more private. Centralized exchanges require users to verify their identity and Bisq will only require you to reveal your identity to the person to whom you’re selling Bitcoin to. This will be anonymous and untraceable thanks to Tor’s hidden services. All the private data sent over the wire is end-to-end encrypted.

One important thing worth noting is that both parties have to be online for the exchange to begin. Both the buyer and the seller have to signal certain actions within the trade in order to make it a successful one. This means that not only the computer has to be turned on, but the trader also has to be online.

 

Exchanging Monero via Bisq

Monero users should become aware of Bisq which is one of the most anonymous and decentralized XMR exchanges out there.

It’s important to know that Bisq does not create a Monero wallet for you on the app and you will have to use your own wallet in order to complete the trade. Another thing worth mentioning is that you cannot “sell” Monero. If you are “selling Bitcoin” for Monero, this means that you just want to buy Monero. Therefore, in order to “sell Monero” you will have to buy Bitcoin with Monero.

Here’s what you need to know in order to use Bisq:

  • Install Bisq on your system, according to your OS.
  • Install the setup.
  • Click on “I agree” to accept the platform’s user agreement.
  • You will be taken to the Bitsquare market where you will have access to various pairs, and you will be able to buy and sell Bitcoin.
  • To change the pair, click on the currency field and you will be able to choose between more national and digital currencies.
  • To add information about yourself, go to ”Account” and this will allow you to add fiat and crypto account, change your Bitcoin wallet password and more.
  • Visit “Funds” to add fund to your account.

 

Selling Bitcoin (for XMR)

Buying and selling Bitcoin is not as easy here as it is on a centralized exchange, but it’s worth it.

  • Go to ”Market.”
  • Choose the currency you want to trade with (XMR).
  • Click on “I want to sell x (buy BTC) to sell your currency (XMR) for Bitcoin.
  • You can take one of the offers that are currently available, or you can create a new offer.
  • If you want to take an offer which is already available, you will be taken to the “take offer” room. Set up the specs of the trade and click on “Next Step.”
  • You can now fund your security deposit from your Bitsquare wallet or from an external wallet.
  • After the deposit is funded the trade will begin. You’ll have to transfer the funds to the user.
  • If you want to create an offer, you’ll be taken to the “create offer” room. Set the specifics for the trade and click “Next step.”
  • You will have to fund the security deposit either from an external wallet.
  • Now, you’ll have to wait for someone to take your offer. Once someone does, you’ll have to transfer them the funds.

Buying Bitcoin (with XMR)

  • Go to ”Market.”
  • Choose the currency you want to trade with.
  • Click “I want to buy x (sell BTC)” to buy Bitcoin for your favorite currency (XMR).

The rest of the steps are the same ones as above:

  • You can take one of the offers that are currently available or you can create a new offer.
  • If you want to take an offer which is already available, you will be taken to the “take offer” room. Set up the specs of the trade and click on “Next Step.”
  • You can now fund your security deposit from your Bitsquare wallet or from an external wallet.
  • After the deposit is funded the trade will begin. You’ll have to transfer the funds to the user.
  • If you want to create an offer, you’ll be taken to the “create offer” room. Set the specifics for the trade and click “Next step.”
  • You will have to fund the security deposit from an external wallet.
  • Now, you’ll have to wait for someone to take your offer. Once someone does, you’ll have to transfer them the funds.

 

This is how you exchange XMR on Bisq.


Leave a Reply

Your email address will not be published. Required fields are marked *