[$ xmrhost] _

$ diff /etc/p2p-xmr/bisq /etc/p2p-xmr/haveno

[$ ] Bisq vs Haveno — no-KYC Monero acquisition compared

// TLDR

Bisq is the long-established P2P trading network using BTC as the collateral asset. Haveno is the Monero-native fork using XMR as collateral, federated across multiple instances. For first-time XMR acquisition with fiat (SEPA, cash-by-mail, bank transfer), Bisq has deeper order books in most jurisdictions. For Monero-to- Monero workflow (already hold XMR, want to trade for other crypto) Haveno is the better fit. Both are non-custodial peer-to-peer protocols, not exchanges; neither holds funds; neither has a KYC operator to subpoena. For instant cross-asset swaps without accounts, atomic-swap brokers (SideShift, Trocador, FixedFloat, Majestic Bank, eXch) are the third leg of the stool.

// AT A GLANCE

$ compare --short

// dimension // bisq // haveno
first stable release 2016 2022
network model single P2P network federated instances (RetoSwap, etc.)
collateral asset BTC XMR
XMR availability XMR/BTC pair, smaller book XMR-native, deeper XMR book
fiat payment methods ~25 (SEPA, cash-by-mail, Revolut, ...) growing; instance-dependent
runs over Tor yes (default) yes (default)
requires identity no no
requires bank account payment-method dependent payment-method dependent
dispute resolution arbitrator network arbitrator network (per-instance)
client platform desktop (Linux / macOS / Windows) desktop (Linux / macOS / Windows)
code license AGPLv3 AGPLv3

// BISQ — THE ESTABLISHED NETWORK

$ man bisq

Bisq launched in 2016 as a desktop application implementing peer-to-peer trading with BTC as the collateral asset and a Tor hidden-service overlay for client-to-client communication. The original design choice — BTC collateral + 25+ fiat payment methods — has produced a network where the BTC/EUR + BTC/USD + BTC/GBP order books are deep, the XMR/BTC pair is workable but thinner, and the cross-fiat coverage is the broadest of any P2P trading venue.

Operational realities:

  • Acquiring XMR requires a two-step trade. Buy BTC on Bisq with fiat → trade BTC for XMR (on Bisq's XMR/BTC pair or via an atomic-swap broker). The two-step is the price paid for Bisq's depth on the fiat side.
  • Bisq 2 in progress. The next-generation protocol is in development; it replaces the BTC-collateral model with a multi-asset variant and addresses long-standing dispute-resolution friction. As of 2026, Bisq 1 is still the production network.
  • Cash-by-mail support. Bisq accepts cash-by-mail as a payment method in many jurisdictions — useful when the customer wants zero electronic footprint on the fiat side.
  • Arbitrator network. Disputes go to elected Bisq arbitrators; the contributors are reputation-tracked and the system has functioned for ten years.

// HAVENO — MONERO-NATIVE

$ man haveno

Haveno is the Monero-native fork of the Bisq codebase, started in 2020 and reaching production-readiness in 2022. The design choice that separates Haveno from Bisq is the use of XMR (not BTC) as the collateral asset — making it suited for Monero-to-anything-else workflows without the two-step penalty Bisq pays.

Operational realities:

  • Federated, not unified. Haveno is not one network; it is a protocol that multiple operators deploy as independent instances. haveno.exchange is the canonical instance; RetoSwap is a sibling-fork instance; others exist. Pick an instance you trust; their order books are not shared.
  • Fiat coverage is instance-dependent. Each Haveno instance enables its own subset of payment methods. SEPA + Revolut + bank transfer + cash-by-mail are widely supported; obscure local methods may be on Bisq but not on any Haveno instance.
  • XMR collateral matters for Monero buyers. When buying XMR with fiat on Haveno, the seller's collateral is locked in XMR — eliminating the cross-asset basis risk Bisq's BTC-collateral model carries.
  • Arbitrator network per-instance. Each Haveno instance maintains its own arbitrator pool. Reputation is instance-scoped; an arbitrator on haveno.exchange does not carry reputation on RetoSwap.

// ATOMIC-SWAP BROKERS — THE THIRD LEG

$ man atomic-swap-brokers

For customers who already hold some crypto (USDT, ETH, BTC, LTC, SOL, etc.) and want to swap to Monero without an account, atomic- swap brokers are the third leg of the no-KYC acquisition stool. They take crypto in and pay crypto out, with no fiat onramp and no account creation.

  • SideShift — crypto-in / crypto-out, fixed-rate or variable-rate. The most established option.
  • Trocador — meta-aggregator across several brokers (SideShift, FixedFloat, Majestic Bank, eXch). Useful for best-execution shopping without manually polling each.
  • FixedFloat, Majestic Bank, eXch — similar profile to SideShift, different fee curves and liquidity.

// atomic-swap brokers do not themselves provide a fiat onramp; they only convert between cryptos. If your starting point is fiat, Bisq or Haveno is the first step; atomic-swap is the second step (or a one-step operation if the starting fiat-adjacent asset is a stablecoin you already hold).

// HOW TO CHOOSE

$ man choose-onramp

  • First time buying XMR with fiat: Bisq is the safest starting point — deepest fiat book, most established arbitration. Buy BTC first, then trade BTC→XMR on Bisq's XMR/BTC pair or via atomic-swap. Two-step cost is real but acceptable.
  • Already hold XMR, want to trade for fiat or other crypto: Haveno is the better fit — XMR collateral, native Monero posture. Pick an instance with sufficient depth for your trade size; the federation model means order books are per-instance.
  • Hold stablecoin / other crypto, want XMR fast: Atomic-swap broker (SideShift / Trocador / FixedFloat / Majestic Bank / eXch). No account, no order book to negotiate, minutes from initiation to delivery.
  • Cash by mail: Bisq (broad cash-by-mail jurisdiction coverage). Slower than electronic methods; zero electronic fiat-side footprint.
  • For a XMRHost hosting payment specifically: any of the above. The brand's posture is "you bring XMR; the on-ramp choice is yours". /payments documents the operator-side flow; /why-monero documents the rationale.

// THREAT-MODEL NOTES

$ man onramp-threat-model

Bisq and Haveno are both non-custodial — neither holds your funds. There is no central entity to subpoena, no KYC database to breach, no exchange wallet to drain. The protocols handle escrow via multi-sig on the collateral asset; in a dispute the arbitrator can release the escrow but never moves the funds themselves.

The threat model is therefore not "the exchange gets hacked" but "the counterparty in this specific trade defects". Mitigations: small initial trades to build counterparty reputation; trade with established account-age counterparts; use the in-protocol arbitration if a dispute materialises. The cumulative loss from a defected trade is bounded by the trade size, not by your total balance.

Atomic-swap brokers are custodial for the duration of the swap (typically minutes). The threat is the broker freezing the swap; history (FixedFloat 2024, others) shows this happens occasionally. Mitigation: smaller swap amounts, broker diversification, accepting the broker model trades reduced anonymity-versus-exchange-KYC for added counterparty risk.

// SEE ALSO

$ ls /usr/share/doc/xmrhost/payments