Bisq is a free, open-source program for Windows that lets people exchange bitcoin for national currencies and other digital assets. It is built for traders who want to swap directly with other users rather than rely on a company that holds their funds. If privacy and control over your coins matter to you, it is worth a close look.
Instead of a central company matching orders and holding balances, Bisq relies on peer-to-peer networking and multi-signature escrow so trades can happen without a third party. A human arbitration system steps in when a trade goes wrong. The current release is v1.10.10. The rest of this page explains how the program works, how to install it, and how it compares with other trading tools.
What Is Bisq and Who Is It For?
Bisq is aimed at people who already hold bitcoin or want to buy it, and who prefer not to hand their funds to a company. Many users want to convert part of their holdings into a national currency. Others want to acquire bitcoin while keeping custody in their own hands.
The program also suits privacy-minded users who value decentralization as a principle. If you are comfortable managing backups and reading offers carefully, Bisq gives you direct control over each step. If you mainly want instant fills on a market order, a centralized exchange may feel more familiar.
Because it is a Windows desktop program, it fits people who prefer running software locally rather than trading through a browser tab.
How a Peer-to-Peer Exchange Differs From a Centralized One
On a centralized exchange, the company holds customer balances, runs the order book, and decides how disputes are handled. You trust that company with your coins and your account access. A peer-to-peer model changes that relationship. Trades happen between users, and the program coordinates the connection without taking custody.
This has practical effects. You are less exposed to a single operator freezing your funds, but you take on more responsibility for checking your counterparty and keeping your backups in order. Liquidity depends on who is online and which offers are posted, so timing can matter.
It helps to think of Bisq as a meeting place with safeguards rather than a broker. Escrow and arbitration are the safeguards. Your attention to detail provides the rest of the protection.
Trading Terms Newcomers Should Understand
Before your first trade, a few terms will come up often. An offer is a proposal from one user to buy or sell on stated terms. The counterparty is the other person in the trade, and counterparty risk is the chance they fail to complete their side. Escrow is the mechanism that holds funds until the conditions are met.
A seed phrase is a list of words that can restore your wallet on another device. Anyone who has it can take the funds, so it should stay offline and private. A dispute is a formal request for review when a trade cannot be completed normally, and arbitration is the human review that follows.
Understanding these words makes the trade screen easier to follow and helps you judge risk before you commit money.
Key features
Peer-to-Peer Trading
Multi-Signature Escrow
Non-Custodial Design
Human Arbitration
Supported coins
Bitcoin (BTC) is the core asset traded on Bisq. The program is designed to swap bitcoin against national currencies and other digital assets, so the pairs you can trade depend on the offers other users have posted at a given time. Check the app for what is currently available.
How to install exchange: The decentralized bitcoin exchange on Windows
- 1
Get the Windows installer
Download the Windows build from the official website or from the project's GitHub Releases page. Pick the build from the latest release, currently v1.10.10.
- 2
Verify the file
Compare the file's SHA-256 checksum, or check its signature, against the values published with the release. If they do not match, do not run the file.
- 3
Run the installer
Open the file, follow the setup prompts, and choose an install folder. Keep the program up to date by checking the release page for newer versions.
-
Back up your wallet
Once the program is running, write down your seed phrase on paper and store it offline. Never type it into a website, a chat or a message from anyone claiming to be support.
How to use exchange: The decentralized bitcoin exchange
Bisq is easiest to learn if you go step by step and start with a small test amount. The flow is similar each time: fund, choose an offer, trade, and resolve any problem.
- Fund your Bisq wallet by sending bitcoin from another wallet you control, and wait for the transfer to confirm.
- Open the offers list and filter for the direction you want, buying or selling bitcoin against a national currency or another digital asset.
- Read each offer carefully, including the price, the payment method and the deposit terms, before you accept.
- Start the trade and follow the on-screen steps. Send payment only through the method stated in the offer.
- Use the trade chat to confirm details with your counterparty, and keep proof of every payment.
- Once the trade completes, confirm the release of funds so the escrow closes.
- If the other side stops responding or the trade stalls, open a dispute and submit your evidence for the human arbitrator.
Keep your seed phrase offline throughout, and never share screenshots that reveal it.
Pros & cons
- No central company holds your bitcoin
- Peer-to-peer trades without a third party handling your funds
- Multi-signature escrow reduces counterparty risk
- Human arbitration for disputes
- Free and open source, with source code on GitHub
- Not a charting tool, so it does not suit traders who need analysis
- Trades depend on finding a counterparty whose offer matches yours
- Non-custodial design means you are responsible for backups and keys
- Disputes take longer to resolve than an instant central platform process
- Beginners face a learning curve around escrow and offers
Is exchange: The decentralized bitcoin exchange safe?
Bisq handles real money, so treat safety as the first step. Download only from the official website or the project's GitHub Releases page, and verify the SHA-256 checksum or signature before running the installer. Never enter your seed phrase on a third-party website, in a chat, or for anyone who contacts you claiming to be support. Non-custodial means no one can recover lost keys for you. Escrow reduces counterparty risk but does not remove it, so start small. Check the official website for the current release before installing, since the latest version is v1.10.10.
- Official source only. Download from github.com/bisq-network/exchange. 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 not a charting or order-flow tool, so it sits in a different place from most programs in this catalog. TradingView Desktop, ATAS and Bookmap focus on analysis, while CScalp, MetaScalp and Quantower are built around order execution across trading venues. MetaTrader 5 handles crypto mainly through brokers as CFDs. Bisq is about exchanging bitcoin directly with other users. If your goal is reading order flow, a terminal is the right tool. If your goal is to buy or sell bitcoin peer-to-peer, Bisq covers that job, and you may use a charting program alongside it.
Specifications
- Price
- Free
- Type
- Open source
- License
- —
- Latest version
- v1.10.10
- Last update
- 22 Oct 2026
- Windows support
- Yes (Windows build or installer)
- Source code
- github.com/bisq-network/exchange
Frequently asked questions
Bisq is non-custodial and open source, so your safety depends largely on how you install and trade. Use the verified installer, check the checksum, and protect your seed phrase. Trading with strangers always carries some counterparty risk, so start with small amounts.
Yes, the program is free and open source. Your costs are bitcoin network fees for moving coins and whatever the trade itself involves. Read each offer's details before accepting it.
Bitcoin (BTC) is the core asset, and the program is designed to exchange bitcoin for national currencies and other digital assets. The pairs available at any moment depend on current offers from other users.
Multi-signature escrow requires more than one signature to release funds, and peer-to-peer networking connects buyers and sellers directly. If something goes wrong, a human arbitrator reviews the dispute.
First, use the trade chat to request payment and document everything. If the issue is not resolved, open a dispute so an arbitrator can review your evidence. Keep payment confirmations and screenshots of the conversation.
No. A centralized exchange holds customer funds and runs the matching. Bisq connects users directly and uses escrow and arbitration as safeguards, which shifts more responsibility for backups and counterparty checks onto you.
Bisq is non-custodial, so no company can restore your keys for you. Recovery depends on your own backup. Keep the seed phrase offline in more than one secure place, and never store it in a cloud note or photo.
Verdict
Bisq suits people who want to buy or sell bitcoin directly with other users, keep custody of their funds, and accept the responsibility that comes with that. It rewards careful reading of offers, strict backup habits and patience during disputes. It is not a charting tool, and it is not the fastest option for instant fills. Verify the download, start with small amounts, and check the official website for the latest release before you trade.