Bisq vs Bitonic

Bisq is a decentralized, open‑source desktop app created by Manfred Karrer for buying and selling bitcoin directly with other people. It routes all traffic over Tor, uses a built‑in non‑custodial wallet and has no sign‑ups or KYC. Trades span many national currencies and payment rails, and the project is funded and governed through a community DAO with the BSQ token rather than a company.

What separates Bisq is its security and incentive design for fiat‑to‑BTC P2P. Each trade locks both sides’ refundable security deposits in a 2‑of‑2 multisig escrow. Account‑age and signing rules gradually raise per‑trade limits to reduce chargeback risk, and a small amount of bitcoin is required up front to cover fees and deposits. Trading fees are transparent and lower if paid in BSQ. It’s desktop‑first by design; the mobile app is for notifications.

User feedback highlights Bisq’s strengths in privacy, censorship resistance and self‑custody, along with clear, step‑by‑step trade flows and a multi‑stage dispute process if things go wrong.

The trade‑offs are thinner liquidity depending on region, wider spreads than convenience brokers, the need to already have a little bitcoin, and settlement times tied to the chosen fiat method and counterparties’ availability. Some users note that disputes can take time, and that desktop performance varies by setup.

Bisq’s target audience is privacy‑minded bitcoiners and anyone who needs a resilient, non‑custodial fiat ramp. The roadmap is to keep the marketplace permissionless while improving UX and resilience: Bisq 2 introduces a simpler “Bisq Easy” path alongside the familiar multisig protocol, support for multiple privacy networks, and optional use of Liquid for faster, lower‑fee settlement.

Bitonic is the oldest and largest Bitcoin-only broker in the Netherlands, founded in 2012, with a reputation for reliability and simplicity. They offer fast, automatic Bitcoin delivery via iDEAL, SEPA, and Bancontact, and their fully automated system ensures quick transfers.

It stands out with its direct purchase model, selling Bitcoin from its own stock for instant delivery and transparent pricing, avoiding third-party intermediaries. Bitonic offers buying, selling, and saving Bitcoin via iDEAL, SEPA, or Bancontact and provide an Auto Invest savings feature, allowing users to easily set up recurring Bitcoin purchases, (though only up to €250 | 271,023 sats) and a business solution for Bitcoin payments.

Its app, rated 4.5 stars on iOS, is praised for its clean, no-nonsense design, though some users report slow verification. The platform uses multi-signature cold storage for security and encourages self-custody with personal wallets.

Their vision focuses on making Bitcoin accessible and easy for Dutch and European users, backed by education through Bitonic Academy and news via Bitcoin.nl. Overall, Bitonic is ideal for beginners who want a reliable, no-altcoin platform in Europe, with fast transactions, clear pricing and a strong local support.