BitSquare Review

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Overview

Basic Information Utilizing open-source software, Bitsquare is demarcated as a desktop application, permitting you to purchase and sell bitcoins in return for altcoins or national currencies. Bitsquare does not require… more

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Pros

  • Many currencies

Cons

  • Only in English

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Basic Information

Utilizing open-source software, Bitsquare is demarcated as a desktop application, permitting you to purchase and sell bitcoins in return for altcoins or national currencies.

Bitsquare does not require users to register. This means that there exist no “approval” waiting times, privacy is maintained, and identity thefts are virtually impossible.

Bitsquare is self-funded by contributions of donors and the efforts of volunteers. It is not a company. Rather, using open-source, it aims at organizing itself as a DAO (Decentralized Autonomous Organization).

Bitsquare Fees

Creating an offer necessitates a tiny fee of 0.0008 BTC. 0.0015 BTC (0.0005 BTC Mining fee) needs to be paid to the arbitrators of Bitsquare for their services and availability.

These fees discourage market manipulations and spam. A 0.03 BTC security deposit is requested from all traders to participate in a transaction. After a successful trade has been carried out, the deposits are completely reimbursed to both parties.

Banking fees for transferring national currencies, as well as miner’s fees to transfer digital currencies, are other possible costs a trader might encounter.

Trading at Bitsquare

Bitsquare’s trading screen is pleasant but a bit different than other cryptocurrency exchanges out there since it is open-source based. There are videos and useful information (check FAQ section) for a user to acquaint her/himself with before going full throttle in trading.

More than 50 currencies are selected from a drop-down menu on the left and graphics. There are 125 altcoins.

The chief market of Bitsquare are Bitcoins (BTC).

The three main order types are:

  • Buy
  • Sell
  • Stop Limit

All currency pairs profit from these orders.

Ease of Use

Bitsquare’s interface is elegant, utilizing the latest trends of website design, and is extremely easy to navigate around the exchange system.

As of yet, no Android nor iOS apps exist, but the platform is very responsive on mobile devices. Bitsquare has APIs on its website, but beware of third-party applications since they cannot be trusted.

Deposits and Withdrawals at Bitsquare

Currently, deposits and withdrawals are executed via AliPay, ClearXchange, Swish, Perfect Money, Chase QuickPay, Cash Deposit, National bank transfers, U.S. Postal Money Orders, Interac e-Transfer, Faster Payments, OkPay, and SEPA.

Client Support and Specific Features of Bitsquare

Support of Bitsquare is reachable via the organization’s forum where one might become cognizant of various issues and discover a solution there in split seconds.

The website has the very handy feature of showing up to 100 trades, exemplifying them by currency, date, and amount under “Trade History” in the “Markets” section.

In addition, there’s an ultra-useful FAQ section with tons of information at a trader’s disposal.

Bitsquare’s e-mail is: team@bitsquare.io.

Bitsquare Privacy and Security

When it comes to security and privacy, Bitsquare is your go-to exchange market. Each and every bitcoin traded within Bitsquare is secured thanks to a 2-of-3 multi-signature address. Additionally, both traders are necessitated to pay safety deposits, refunded after a trade terminates. The exchange further features an open-arbitrator and a decentralized system should a trade dispute materialize.

All bitcoins traded with Bitsquare are secured in a 2-of-3 multisignature address.

Bitsquare outshines any other Bitcoin exchange by its extremely high levels of privacy protection. This defense includes:

  • No centralized collection of data. No necessary registration.
  • All their network traffic by default is through Tor (hidden services), which means to IP addresses are at any point visible and never get leaked.
  • Coin merge avoidance is supported by Bitsquare’s UI.
  • An HD wallet is used by Bitsquare. There are no address re-uses.

The exchange envisages future enhancements to decouple the network’s ID with a discretionary reputation key. Privacy protection is instilled in Bitsquare’s core values and they perceive it as an essential money property to achieve fungibility.

Conclusion

Bitsquare is a premier cryptocurrency exchange market with inarguably the best privacy protection and security in the galaxy of digital currency trading.

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