Bisq is a free, open-source peer-to-peer exchange for trading bitcoin against national currencies and other digital assets. It suits people who want to trade without handing their funds to a company and who are comfortable managing their own keys and backups. The current release is 1.10.9, and the project is published under the AGPL-3.0 license.
Bisq for Windows runs as a desktop application. Trades are coordinated directly between users rather than through a central operator, and a multi-signature escrow system holds funds while a deal is in progress. If the two sides disagree, a human arbitration process reviews the case. The program is non-custodial, so the exchange never takes control of your bitcoin. The latest code update is dated October 22, 2026, which shows the project is actively maintained.
Who Bisq Is Built For
Bisq suits people who want to buy or sell bitcoin without opening an account with a centralized platform. A typical user already holds bitcoin and wants to convert it into a national currency, paying through a bank transfer arranged directly with a trading partner.
It also appeals to users who care about open source code and want to read the software they run. Privacy-minded traders and people who simply prefer not to depend on a single company often look at tools like this. Bisq is less suited to anyone who wants instant support or a quick card purchase. For those needs, a custodial exchange will feel easier, even though it asks for more personal information in return.
What Non-Custodial Trading Means for You
Non-custodial means the exchange never takes possession of your bitcoin. The funds sit in a wallet you control, and the escrow mechanism locks them only while a trade is underway. In practice, that protects you if a platform freezes withdrawals or runs into financial trouble, but it also shifts responsibility to you.
That responsibility covers backups, device security and checking addresses before sending. If you lose your wallet data and have no backup, nobody at Bisq can recover the coins for you. Many new users send a small test amount first, learn the trade steps and only then move larger sums. Thinking this way before the first trade sets realistic expectations.
How Offers and the Order Book Work on a P2P Network
A Bisq market is built from offers that users publish to the network. Each offer states an amount, a price and a payment method. The collection of active offers forms an order book, and the person who posts an offer is the maker, while the person who accepts it is the taker.
Because no central server matches trades, price depends on how many people are online and willing to trade at a given moment. Thin markets can show wider spreads or fewer choices. Reading the order book before posting or accepting an offer lets you compare prices and avoid acting on a single outlier.
Key features
Peer-to-Peer Trading
Multisig Escrow
Non-Custodial Design
Human Arbitration
Open Source Under AGPL-3.0
Supported coins
The documentation focuses on Bitcoin (BTC). Trades are made for national currencies and other digital assets, so the markets you can use depend on the offers posted on the network at any given time.
How to install Bisq on Windows
PS> winget install Bisq.Bisq- 1
Get the Installer from a Trusted Source
Download only from the official website at bisq.network or from the GitHub Releases page at github.com/bisq-network/bisq. Before running the file, compare its SHA-256 checksum or signature with the value published by the project.
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Install with winget
Open PowerShell or Command Prompt and run winget install Bisq.Bisq. Winget downloads the package and installs the program. Check the publisher and version shown in the prompt before you confirm the installation.
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Launch and Back Up Your Wallet
Open Bisq from the Start menu and let it finish connecting to the network. When the app shows your wallet seed words, write them down on paper and store that paper somewhere safe. Never type them into a website, chat or app that claims to offer support.
How to use Bisq
Once Bisq is installed, the first session is mostly about setup and understanding the trade cycle. Take your time with each step, especially the backup.
- Open Bisq and let the application finish connecting to the network.
- Set up your wallet and write down the seed words on paper, then store that paper somewhere safe.
- Fund the wallet by sending bitcoin to the address the app shows, and wait for the transfer to confirm.
- Browse the order book and read the offers, including the payment methods and stated amounts.
- Take an offer you understand, or post your own offer with clear terms.
- Follow each step on the trade screen and confirm payment only after it has actually arrived.
- If the other party stops responding or the trade stalls, open a dispute and submit the evidence you have.
Keep all messages inside the app during a trade, since they form part of the record an arbitrator reviews.
Pros & cons
- Non-custodial: the exchange never holds your bitcoin
- Peer-to-peer design reduces reliance on a single operator
- Multisig escrow protects funds during each trade
- Human arbitration gives a route for resolving disputes
- Free and open source under AGPL-3.0, with public code on GitHub
- Simple installation with one winget command
- You are responsible for backups and wallet security
- Trades can take longer than on a centralized exchange
- Arbitration is manual, so resolution is not instant
- Offer availability varies, which can limit choice at certain times
- Not designed for quick card purchases
Is Bisq safe?
Bisq handles real bitcoin, so treat the installation with care. Get the program only from bisq.network or the GitHub Releases page, and compare the SHA-256 checksum or signature of the file with the value published there before running it. Never enter your seed words on a website, in a chat or in an app that offers help, because legitimate support staff never need them. The code is public and was last updated on October 22, 2026, which points to ongoing activity. Still, check the latest version on the official website before installing. Trading risks remain: a counterparty can fail to pay, and a lost backup cannot be replaced.
- Official source only. Download from bisq.network. Ignore ads and lookalike domains.
- Check the SHA-256. Compare the installer hash with the value the developer publishes before running it.
- Never share your seed phrase. No developer, support agent or website — including CryptApps — will ever ask for it.
Alternatives
Bisq is one of several projects that let people trade crypto without a centralized exchange, but its focus is narrow: peer-to-peer bitcoin trading with escrow and human arbitration. ASGARDEX Desktop takes a different route, acting as a wallet and DEX built around THORChain. Komodo DeFi Framework is an engine for atomic swaps aimed at developers rather than everyday traders. AtomicDEX API is listed as an archive, so it is a weaker choice for new projects. Bisq 2 is the newer generation of the same exchange, so anyone weighing the two should compare them side by side.
Specifications
- Price
- Free
- Type
- Open source
- License
- AGPL-3.0
- Latest version
- 1.10.9
- Last update
- 22 Oct 2026
- Windows support
- Yes (available via winget)
- Official site
- bisq.network
- Source code
- github.com/bisq-network/bisq
- Install command
- winget install Bisq.Bisq
Frequently asked questions
Yes. The program is free and released as open source under the AGPL-3.0 license. Bitcoin network fees apply when you move coins in or out of your wallet, and those fees are set by the network rather than by Bisq. Review the trade details in the app before accepting an offer so you know exactly what you are paying.
Open PowerShell or Command Prompt and run winget install Bisq.Bisq. Winget downloads the package and installs the program for you. If you prefer a manual install, obtain the installer from the project's own pages and check its SHA-256 checksum before running it.
No. Bisq is non-custodial, so the bitcoin stays in a wallet you control. Escrow locks funds only while a trade is in progress, using multi-signature rules that prevent either side from moving them alone. Because no company keeps your coins, losing access to your wallet data usually means losing access to the bitcoin.
Bisq is designed to reduce counterparty and custody risk, and its code is public for review. Safety still depends on how you use it. Verify the installer, store your seed words offline and never share them. Treat any request to pay outside the agreed method as a warning sign. No software removes trading risk entirely.
The documentation centers on Bitcoin (BTC), which is traded against national currencies and other digital assets. The exact markets available depend on the offers posted on the network, and those change constantly. Check the markets shown in the app to see what is currently on offer.
Multisig, short for multi-signature, means a transaction needs more than one key to approve it. Each side holds a key, so funds move only when the required signatures are provided. This prevents one trader from taking the bitcoin without the other's cooperation, and it gives arbitrators a way to settle disputes.
If the other party stops responding or a payment is disputed, either trader can open a dispute in the app. A human arbitrator reviews messages and evidence and helps decide how the escrowed funds are released. The process is slower than an automated refund, but it covers situations that code alone cannot judge.
Bisq 2 is the newer version of the same peer-to-peer exchange, while this page covers the Bisq program at version 1.10.9. The two share the same core idea but are separate releases. Check which version you are installing and read its release notes before choosing.
Verdict
Bisq is a good fit for people who want to trade bitcoin peer to peer, keep control of their funds and accept a slower, more hands-on process. It rewards careful users who back up their wallet, verify downloads and read offers before accepting them. It is less suitable for anyone who wants an instant purchase with a card or a one-click experience. If your main goal is privacy and independence from a single company, test it with a small amount first.