Difference between revisions of "Creating a payment account"

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Before you can buy or sell on Bisq you must create a national currency account if trading Bitcoin or an altcoin account if trading altcoins.  
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'''Payment accounts''' indicate the method by which Bisq trades are to be settled. You must create a national currency account to trade bitcoin for national currencies or an altcoin account to trade altcoins for bitcoin.
  
The following steps we'll take you through the process of setting up a national currency account for the purpose of buying Bitcoin.
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== Creating a national currency account ==  
 
== Creating a national currency account ==  
  
Since we're looking to buy Bitcoin we would navigate to the '''BUY BTC''' screen on the Bisq application. You'll quickly notice that all the offers are disabled, this is because you have yet to setup an appropriate account. For details on the different types of payment accounts, including trade limits, trading period and regions [[https://docs.bisq.network/payment-methods.html click here]].
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Before creating a national currency account, notice that we cannot take any offers. The buttons to take offers are disabled, and if we try to click any of them, Bisq will tell us we need to create a payment account first.
  
 
[[File:BuyBitcoinscreen.png|thumb|left|500px]]
 
[[File:BuyBitcoinscreen.png|thumb|left|500px]]
  
 
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We'll now create a Zelle account. You can adapt the instructions that follow to the payment method you choose.
 
  
Go to the '''Account''' screen and click on '''National Currency Accounts'''. Under '''Select payment method''' choose '''Zelle''' from the dropdown menu and enter your details.
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You can create a new national currency account in <code>Account</code> > <code>National Currency Accounts</code>. Pick the payment account type from the drop-down and fill out the form. For more details on the various payment methods Bisq offers, see [[Payment methods]].
  
You’ll need to enter your '''full name''' as registered with your Zelle account as well as the '''email address or mobile phone number''' linked to your Zelle account.
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Bisq will ask you for information required to set up the account in Bisq. '''Recall that all the information you put in here is stored locally''', and only sent to your trading peer upon confirmation of the trade's deposit transaction. This is a stark contrast to typical exchange KYC, where personal information is stored in a central database honeypot indefinitely for various forms of harassment and surveillance.
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{{Admonition_Warn|Make sure all information you put in your payment account is correct, such that it matches what the other trader will see on their bank statement. '''Do NOT use fake names or initials.''' Doing so is a violation of [[Trading_rules#Do_not_confirm_payments_with_mismatching_details|trading rules]].
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Also: once you’ve created an account, you cannot edit its details (if you need to make a change, you’ll have to delete and add the account again). So make sure everything is correct the first time!}}
  
 
[[File:Accountsetup.png|thumb|left|500px]]
 
[[File:Accountsetup.png|thumb|left|500px]]
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You don’t need to edit the Salt field. You can keep the Account name unchanged or change it however you like: this is an internal label that only you will ever see, so there’s no right or wrong value for it.
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You don’t need to edit the Salt field. Account name is a label you can set to make it easier to distinguish between other payment accounts you set up; only you will ever see, so there’s no right or wrong value for it.
 
 
'''Warning:''' '''It’s crucial that the information you enter here is correct. Your trading partner can only acknowledge your payment if it’s from the account detailed here. Once you’ve created an account, you cannot edit its information (if you need to make a change, you’ll have to delete and add the account again). '''
 
  
Once you're done, click on '''Save new account''' and go back to the '''Buy BTC''' screen. Offers requiring the payment method you just configured should now be enabled:
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Once you're done, click <code>Save New Account</code>. Go back to the <code>Buy BTC</code> screen and you'll see that offers requiring the payment method you just configured will now be enabled:
  
 
[[File:BuyBTC-accountenabled.png|thumb|left|500px]]
 
[[File:BuyBTC-accountenabled.png|thumb|left|500px]]
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'''A few things to keep in mind:'''
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=== Notes ===
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If there are no offers in the payment method you prefer, don't hesitate to make your own offer. New Bisq peers come online all the time, and it only takes 2 to trade. Also, offer makers pay a lot less in fees!
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== Creating an altcoin account ==
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Creating an altcoin account is largely the same as creating a national currency account, but even simpler.
  
''* What if there are no existing offers for the payment method I want to use?''
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Navigate to the <code>Account</code> > <code>Altcoin Accounts</code>, click <code>Add New Account</code>, pick the altcoin you'd like to trade in the drop-down, and fill out the form.
  
If you don’t see any offers for the payment method you want to use, consider creating your own offer with the '''Create new offer to buy BTC with USD''' button in the top-right. Just keep in mind that your offer will only be available while your Bisq program is '''online'''.
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=== Special requirements ===
  
You can also check back later, as offers come and go as Bisq users around the world go online and offline throughout the day.
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Some altcoins have specific requirements. Monero, for example, requires that sellers be able to provide a transaction key in case of a dispute, which is not available in all XMR wallets. L-BTC buyers must use a wallet that shows the blinding key. '''Make sure to read any pop-ups carefully to make sure your trades go as smoothly as possible.'''
  
''* Where is my payment account data stored?''
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=== Instant accounts ===
  
On your [[https://bisq.wiki/Backup_%26_Recovery computer]] only (i.e., the computer on which Bisq is installed). Only your trading partner (and your mediator or arbitrator, if there’s a dispute) will ever see your payment details.
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By default, all altcoins trades on Bisq have trade periods of 1 day, but you can set up an Altcoins Instant account on Bisq for 1-hour trade periods. Just check the box in the payment account creation process.  
  
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[[File:Altcoin-instant-setup.png|500px|thumb|left|Check this box to set up an Altcoins Instant account.]]
  
 
[[Category:Use Cases]]
 
[[Category:Use Cases]]

Latest revision as of 22:06, 16 April 2021

Payment accounts indicate the method by which Bisq trades are to be settled. You must create a national currency account to trade bitcoin for national currencies or an altcoin account to trade altcoins for bitcoin.

Creating a national currency account

Before creating a national currency account, notice that we cannot take any offers. The buttons to take offers are disabled, and if we try to click any of them, Bisq will tell us we need to create a payment account first.

BuyBitcoinscreen.png


You can create a new national currency account in Account > National Currency Accounts. Pick the payment account type from the drop-down and fill out the form. For more details on the various payment methods Bisq offers, see Payment methods.

Bisq will ask you for information required to set up the account in Bisq. Recall that all the information you put in here is stored locally, and only sent to your trading peer upon confirmation of the trade's deposit transaction. This is a stark contrast to typical exchange KYC, where personal information is stored in a central database honeypot indefinitely for various forms of harassment and surveillance.

Warn
Make sure all information you put in your payment account is correct, such that it matches what the other trader will see on their bank statement. Do NOT use fake names or initials. Doing so is a violation of trading rules.

Also: once you’ve created an account, you cannot edit its details (if you need to make a change, you’ll have to delete and add the account again). So make sure everything is correct the first time!

Accountsetup.png


You don’t need to edit the Salt field. Account name is a label you can set to make it easier to distinguish between other payment accounts you set up; only you will ever see, so there’s no right or wrong value for it.

Once you're done, click Save New Account. Go back to the Buy BTC screen and you'll see that offers requiring the payment method you just configured will now be enabled:

BuyBTC-accountenabled.png


Notes

If there are no offers in the payment method you prefer, don't hesitate to make your own offer. New Bisq peers come online all the time, and it only takes 2 to trade. Also, offer makers pay a lot less in fees!

Creating an altcoin account

Creating an altcoin account is largely the same as creating a national currency account, but even simpler.

Navigate to the Account > Altcoin Accounts, click Add New Account, pick the altcoin you'd like to trade in the drop-down, and fill out the form.

Special requirements

Some altcoins have specific requirements. Monero, for example, requires that sellers be able to provide a transaction key in case of a dispute, which is not available in all XMR wallets. L-BTC buyers must use a wallet that shows the blinding key. Make sure to read any pop-ups carefully to make sure your trades go as smoothly as possible.

Instant accounts

By default, all altcoins trades on Bisq have trade periods of 1 day, but you can set up an Altcoins Instant account on Bisq for 1-hour trade periods. Just check the box in the payment account creation process.

Check this box to set up an Altcoins Instant account.