Bisq

Bisq is open-source peer-to-peer Bitcoin exchange software run as a decentralized network of local applications. It helps peers discover offers and communicate privately, while the fiat or alternative-asset payment is sent directly between the traders outside the app.

Manual offers and direct payment between peers

A trader selects a market-specific offer or creates one with a price, amount range and acceptable payment methods. A counterparty takes the offer manually, so execution depends on live listings and human response rather than continuous automatic matching.

Bisq does not hold a deposited exchange balance. Users control their own Bitcoin wallets and send the external payment to the other trader. Tor routes network traffic by default and trade details are encrypted, but a chosen bank or payment method can still reveal information to the counterparty and payment provider.

Classic multisig collateral and Bisq Easy reputation

Classic Bisq 1 trades lock the Bitcoin amount and both security deposits in a 2-of-2 Bitcoin multisignature escrow. Once payment is confirmed, the parties sign the payout; mediation and, if needed, arbitration can decide the escrowed funds, but cannot force an external bank transfer to be honored or reversed.

Bisq 2's Bisq Easy uses a different design. There is no security deposit or protocol escrow: the buyer pays first and the seller sends Bitcoin after confirmation, with seller reputation as the buyer's main protection. That lowers the Bitcoin needed to begin a trade, but shifts more weight to judging the seller and the external payment.

Small, offer-led markets rather than universal payment access

Bisq Easy supports national-currency markets and payments the peers agree, but usable access depends on a counterparty accepting the currency, method, amount and terms. Its documented offer range is roughly US$6 to US$600, while classic payment accounts can have regional limits, trade periods and account-aging rules tied to reversal risk.

Hodl Hodl is closer to classic Bisq because both use non-custodial multisignature escrow with direct peer payment. RoboSats emphasizes Lightning and escrowed trading bonds. A centralized P2P desk can offer account verification and platform escrow, but it begins with a custodial account rather than Bisq's locally run, non-KYC software.