How do I deposit and withdraw funds on Bisq?
Depositing and withdrawing funds on Bisq is a straightforward process, as the platform is designed to facilitate peer-to-peer cryptocurrency trading while ensuring user privacy and security. First, it is important to understand that Bisq does not hold users' funds directly. Instead, Bisq acts as a decentralized platform where users trade with each other, which means that the deposit and withdrawal processes pertain to the wallet or trading account of the user and the selected payment method.
To deposit funds for trading, users typically follow these steps. First, they must select an appropriate trading offer in the Bisq application. When creating an order, users will specify the amount they intend to trade and select the payment method they want to use with that offer. For most trades, users will be required to deposit a certain amount in cryptocurrency into an escrow provided by the Bisq platform. This ensures that both parties have security during the trading process. Users can initiate a trade and, once they agree to the terms, they will be guided to deposit the cryptocurrency into the escrow address.
For withdrawing funds, after completing a trade, users will receive the payment directly from the counterparty, depending on the selected payment method. Once the funds have been received, the user can then release the cryptocurrency from escrow. If users want to convert their earned crypto back into fiat, they may need to create a new trade that allows selling their cryptocurrency for fiat currency.
In summary, users on Bisq deposit funds by engaging in trades with escrow and withdraw by completing trades and managing their own cryptocurrency wallets. It is advisable for users to refer to the current documentation on the Bisq website for the most accurate and up-to-date information regarding payment methods and processes.
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