BISON crypto app: security, costs and cryptocurrencies

This is what awaits you in this article

BISON is the first German app for cryptocurrency trading, which is now also available as a web version. More than 500,000 BISON users can buy and sell cryptocurrencies such as Bitcoin or Ethereum around the clock. The trading partner is still EUWAX AG, a subsidiary of Boerse Stuttgart GmbH. In this article we will introduce you to the essential features of BISON.

Try it now: We give you 20 euros in Bitcoin for free

If you would like to test the BISON offer, we have an exclusive special offer for you: If you register on BISON via this link and exchange a total of 50 euros within 30 days, you will receive Bitcoins worth 20 euros as a gift directly to Your BISON Wallet. It doesn’t matter if you end a transaction with 50 euros or buy and sell smaller amounts several times. This means that you also receive the bonus by reloading a small amount of money.

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BISON in profile

Various subsidiaries of the Boerse Stuttgart Group support BISON. BISON was therefore developed by the subsidiary Sowa Labs GmbH in 2019 and has since been offered by the subsidiary EUWAX AG. The goal is to make cryptocurrency trading popular and accessible to customers through many years of experience in the securities industry.

safety and regulations

Through the Boerse Stuttgart Group, BISON is headquartered in Germany. Therefore, BISON is also subject to German regulations and requirements, which are implemented with the following partners in the same way as the Stuttgart Digital Exchange (BSDEX):

  • Clients’ euro assets are stored free of charge with Solarisbank AG and are subject to the legal deposit guarantee of EUR 100,000 per person.
  • Cryptocurrencies are stored by blocknox GmbH, a subsidiary of the Boerse Stuttgart Group, using a multi-level security concept. Additionally, some of the stored cryptocurrencies are insured against hacker attacks, theft or technical loss. blocknox GmbH has the authorization of BaFin for the safekeeping of cryptos.
  • The liquidity necessary for trading is guaranteed by EUWAX AG, which is also the exclusive trading partner at the same time. However, the trading of crypto assets on BISON is not regulated or supervised, as is the case with public exchanges.

You can trade these cryptocurrencies at BISON

At BISON, users can buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Chainlink (LINK), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Uniswap (UNI) cryptocurrencies. However, trading is only possible in euros and therefore no cryptocurrencies can be exchanged between them.

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How to access BISON

The BISON offer was initially limited to the BISON app for smartphones, which you can install on your Android or iOS smartphone. Since the end of 2021, BISON is also available as a web application via https://bisonapp.com. In terms of functionality, there is no difference between the new web application and the application that has existed from the beginning. Moreover, the entire user interface is in German, clearly designed and designed for easy handling.

Registration and legitimation

BISON registration works for free through the mobile app or web app by entering an email address and assigning a password. You are first in demo mode in which you can simulate both purchases and sales with the offered cryptocurrencies and thus build up an example portfolio.

If you want to trade with real money, verification is also required. To do this, you must provide your personal data, be of legal age, have a SEPA-compatible bank account and reside in the European Economic Area. In the next step, you use a valid ID card or passport to verify yourself daily from 8 am to midnight using a video authentication process. Thus, the entire registration and verification is digital and possible in a few minutes.

This is how trading and custody works at BISON and you have these deposit options

After successful verification, you can trade real money on BISON around the clock. First, you need to fund your account. BISON does not charge any fees for this. Easily send the desired amount in euros to BISON by SEPA transfer. After that, you can buy the offered cryptocurrencies as easily as with an online purchase, and then resell them later.

In addition to fast and direct trading, various other options are available to you. On the one hand you can set a limit from which you are ready to make a trade and on the other hand BISON offers you to set up savings plans. You can automatically buy cryptocurrencies weekly, monthly or quarterly from just a penny. This feature helps you approach the crypto market and build crypto assets in small steps without catching a bad buy price (average cost effect).

Store existing cryptocurrencies on BISON

You can also transfer your cryptocurrencies that are on another exchange or wallet to BISON. Attention: This only works if BISON supports the respective cryptocurrency.

What fees are incurred when trading on BISON

At BISON, no fees are charged for the execution of an order. However, you pay a spread on your buys and sells, which describes the difference between the buy and sell prices. The difference is also known as the bid-ask spread.

This spread is around 0.75% for all offered cryptocurrencies. This means that although the price of a bitcoin was 38,848 euros at the time of our research, you would have paid 39,147 euros with BISON and therefore around 0.75% more for a purchase.

Compared to other crypto trading venues, BISON performs well based on trading volume due to fees in the form of spread. For example, the crypto exchange called Coinbase, which is supervised by the Federal Financial Supervisory Authority (BaFin), charges a spread for each purchase or sale as well as a transaction fee, the amount of which depends on various factors.

Withdrawal fees at BISON

Paying your euro balances to your bank account or transferring your cryptocurrencies to another wallet is free at BISON. In both cases, the payment can take several business days.

What is the difference with Boerse Stuttgart Digital Exchange (BSDEX)

For a long time, the biggest difference was that BISON was only available as a mobile app. Now, BISON and BSDEX differ only marginally in terms of the range of tradable cryptocurrencies and fee structure. Since BSDEX is not a broker but a crypto exchange, BSDEX mediates buyers and sellers through an open order book.

This means that you can not only trade with EUWAX AG on BSDEX, but also buy cryptocurrencies from any market participant and sell them if there is a corresponding demand. In this context, transaction fees apply. Contrary to this, at BISON you only buy and sell cryptocurrencies from or to EUWAX AG.

For users who have no crypto trading experience, BISON’s offer is more suitable for beginners. Unlike BSDEX, here you can practice in demo mode first before trading with real money. Also, if you want to build crypto assets for the long term, you can create savings plans and thus get a better average purchase price.

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