Bisq vs Hodlhodl

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.

Hodl Hodl is a peer-to-peer Bitcoin marketplace that removes the custodial step most exchanges require. When you buy or sell on a typical platform, the exchange holds your funds and decides when you can withdraw. That reintroduces the same counterparty risk Bitcoin was designed to eliminate. Hodl Hodl takes a different approach: each trade locks bitcoin in a 2-of-3 multisig escrow that you, the counterparty, and Hodl Hodl support control together. Neither side can move the funds alone, which means trades settle directly between wallets without Hodl Hodl ever holding custody. That shifts trust from a centralized company to verifiable on-chain contracts.

You can sign up with an email and start trading without submitting identity documents. Hodl Hodl supports over 100 fiat currencies and lets sellers post offers using bank transfers, cash in person, Revolut, PayPal, and other payment rails you already trust. Premiums vary by offer and tend to be higher for new accounts until you complete a few trades and build reputation. The platform uses a limit tier system: as your reputation score grows through successful contracts and reviews, you unlock higher daily and lifetime trading caps.

The web interface is straightforward. You filter offers by country, currency, and payment method, read the seller's instructions, and open a contract. Both parties chat inside the contract, upload payment proof, and coordinate the release once fiat clears. If something breaks, you can open a dispute and Hodl Hodl support co-signs the multisig based on the evidence. A Testnet environment lets you rehearse the full workflow with valueless coins before risking real sats, so you learn the escrow flow, chat prompts, and dispute process without capital at stake.

Hodl Hodl fits users who want non-custodial trading and are comfortable managing their own wallets, confirming payments, and negotiating premiums. You bring your own Bitcoin wallet to every trade, which means no withdrawal limits or custodial freezes. The trade-off is that you handle more of the process yourself compared to a custodial exchange that automates order matching and holds funds. Choose Hodl Hodl when self-custody and privacy matter more than instant card funding or automated recurring buys.