Both are decentralized exchanges for P2P trading. Both offer non-custodial escrow. But they're built for different ecosystems. Here's a detailed comparison for Monero traders in 2026.
Both Haveno and Bisq are:
| Feature | Haveno | Bisq |
|---|---|---|
| Base currency | Monero (XMR) | Bitcoin (BTC) |
| Escrow type | XMR 2-of-3 multisig | BTC 2-of-2 multisig + timelock |
| Maker fee | 0.5% (RetosSwap) | 0.1% |
| Taker fee | 0.1% (RetosSwap) | 1.0% |
| Total fees | 0.6% | 1.1% |
| Security deposit | 15% (RetosSwap) / 5% (DawnSwap) | 15% of trade amount in BTC |
| Trade settlement | ~20 min (10 XMR confirmations) | ~60 min (1 BTC confirmation) |
| Cash by Mail | Full support | Full support |
| Face-to-Face | Full support | Full support |
| Bank transfer | SEPA, Faster Payments, etc. | SEPA, Faster Payments, etc. |
| Arbitration | Human arbitrator (24-48h) | DAO-based mediation + arbitration |
| Monthly volume | ~$2M (RetosSwap) | ~$5M+ |
| Instances | RetosSwap, DawnSwap, others | Single network |
| Privacy of deposits | Monero (untraceable) | Bitcoin (traceable) |
| BTC↔XMR trades | Native, fast | Supported but slower |
| Fiat pairs | EUR, USD, GBP, 50+ | EUR, USD, GBP, 30+ |
| Mobile app | No (desktop only) | No (desktop only) |
| Maturity | Since 2024 (Monero fork of Bisq) | Since 2014 (10 years) |
This is the fundamental architectural divide:
Everything runs on XMR. Security deposits are in XMR. Fees are paid in XMR. Escrow uses Monero 2-of-3 multisig. Your deposits are untraceable — even the escrow itself is private.
When you trade XMR↔EUR on Haveno, the entire transaction chain — from deposit to trade to withdrawal — is on the Monero blockchain. No Bitcoin required.
Everything runs on BTC. Security deposits are in BTC. Fees are paid in BTC. Escrow uses Bitcoin 2-of-2 multisig with timelocks. Your deposits are on a public blockchain.
Trading XMR on Bisq means you need BTC for the deposit, pay BTC mining fees for escrow transactions, and wait for BTC confirmations. The Monero part of the trade is a secondary step.
On Bisq, your security deposit transaction is a public Bitcoin transaction. Chain analysis can see that your BTC address participated in a Bisq trade. If that BTC was ever linked to your identity (bought on an exchange, received from a known entity), your trading activity is exposed.
On Haveno, your security deposit is a Monero transaction. Nobody can trace it. Nobody can see that your XMR participated in a Haveno trade. The escrow itself is private. This is a fundamental privacy advantage.
Unlike Bisq (single network), Haveno has multiple independent instances. Each has its own community, arbitrators, and fee structure:
| Instance | Volume | Deposit | Fees | Arbitration |
|---|---|---|---|---|
| RetosSwap | ~$2M/month | 15% | 0.6% total | RoundTheRoses (24-48h) |
| DawnSwap | Growing | 5% | ~2% total | Anonymous team (24/7) |
Detailed Haveno review with RetosSwap vs DawnSwap comparison.
Bisq is the better choice when:
For everything else — especially XMR↔fiat trading — Haveno is the better tool.
Skip the installation, setup, and waiting. I trade XMR for EUR cash directly via Cash by Mail (EU-wide) and Face-to-Face (SW Germany). Haveno escrow available on request. 683 trades, 454 partners, 100% feedback. Previously chingchongfalung on LocalMonero/AgoraDesk (archived proof).
Yes. Haveno is Monero-native with XMR-based escrow, lower fees, and faster settlements. Bisq requires Bitcoin deposits for XMR trades.
Yes, but XMR is treated as a secondary altcoin. You need BTC for deposits and fees, which adds cost and complexity.
Haveno (RetosSwap): 0.6% total. Bisq: 1.1% total plus Bitcoin mining fees for escrow transactions.
Yes. Cash by Mail and Face-to-Face are fully supported with 2-of-3 multisig escrow protection.
Haveno, specifically the RetosSwap instance for maximum liquidity or DawnSwap for lower security deposits (5% vs 15%).