Frequently Asked Questions
BISON does not charge any fees. Read more about costs and fees at BISON here: https://bisonapp.com/en/gebuehren/
Yes, with BISON you buy directly the cryptocurrency of your choice.
Frequently Asked Questions
BISON is your reliable partner for trading cryptocurrencies, as well as the first crypto-trading app with the support of a traditional stock exchange - Börse Stuttgart. We have set ourselves the goal of making trading in cryptocurrencies suitable for everyone. That's why using BISON is very simple: download the app, register, get verified, and transfer money. You can then buy and sell cryptocurrencies in the BISON app.
BISON is the first "Made in Germany" crypto-trading app and is therefore offered in German and English.
Transparency and security are very important to us. The provider of BISON is based in Germany, is subject to German regulations and is therefore trustworthy and secure for users.
With its Cryptoradar, BISON also offers a helpful and compact overview of the current market sentiment. However, every investor should decide on their own trading strategy.
Our motto: We are neither bull nor bear - simply BISON.
Using BISON is very easy - you don't need a wallet, a security account, etc. to work with BISON. Simply download the app, register, get verified, transfer money, and you can buy and sell cryptocurrencies in the BISON app. BISON does not charge trading fees - it allows free-of-charge trading of cryptocurrencies. With BISON there are no transaction fees or similar charges. You get the price shown in the app. We earn money from the margin between buy and sell prices that we offer for cryptocurrencies. BISON is smart - thanks to our Cryptoradar. Our artificial intelligence analyses Twitter to illustrate the crypto community's market sentiment and opinion for you.
No, BISON is not a cryptocurrency exchange. Your trading partner at BISON is always EUWAX AG, a subsidiary of Boerse Stuttgart GmbH, which either sells cryptocurrencies to you or buys them from you.
1. Demo: After successful registration with your email address and a password, you can make virtual purchases and sales in the demo mode.
2. Real Money: After successful verification, you can buy and sell cryptocurrencies through BISON with real money (EUR).
BISON does not charge any fees. If you want to know how we earn our money, you can read about it at "How does BISON make money?". Read more about BISON's costs and fees here: https://bisonapp.com/en/gebuehren/
BISON does not charge any fees. BISON makes money from the margin between the buying and selling prices shown in the app.
A desktop or browser version as well as a tablet version are currently unavailable. However, we plan to develop these in the near future.
BISON adapts to the language settings of your smartphone. If you don't have German as your selected language, BISON is available in English for you.
Active BISON is only offered in Germany.
Citizens of the European Economic Area (EEA) and Switzerland are subject to the passive freedom to provide services. This means that EEA citizens and citizens of Switzerland who wish to become a BISON customer on their own initiative can download the BISON App, register and trade.
Yes, after successful registration (with an email address and a password) you can test BISON in its demo mode. In the demo mode you can try out buying and selling cryptocurrencies, risk-free.
You cannot buy cryptocurrencies from BISON through your online broker. Simply download the app and buy and sell cryptocurrencies directly from your smartphone - without any complicated processes.
With BISONews, we keep you regularly informed about exciting updates and insights about BISON. We will also keep you up to date about the most important news & innovations regarding the crypto market.
You can subscribe to our free newsletter, BISONews, here in the footer on our website.
You can submit ideas, requests, and suggestions directly to the BISON product team via the BISON app by going to the menu item "BISON Support" in your settings and clicking on "Submit Feature Request".
BISON is supported by subsidiaries of the Boerse Stuttgart Group. The provider of the BISON app was the EUWAX AG, a subsidiary of Boerse Stuttgart GmbH. The BISON app is developed by Sowa Labs GmbH, another subsidiary of Boerse Stuttgart GmbH. Blocknox GmbH, a subsidiary of Boerse Stuttgart Digital Ventures GmbH, is the fiduciary custodian of the cryptocurrencies.
Currently, you can buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
We plan to add more cryptocurrencies as soon as possible. The top priority in this context is, of course, the secure, fiduciary storage of new cryptocurrencies for our customers. Setting up this process requires precision and perfection, and therefore takes time. We will keep you up to date through our newsletter BISONews and social media.
Yes, with BISON you directly buy the cryptocurrency of your choice.
We have selected the cryptocurrencies for BISON based on current market capitalization and other factors. The cryptocurrencies meet both our requirements, as well as customer demand.
BISON shows you the buying and selling prices at which you can trade your cryptocurrencies. BISON uses reference prices from other crypto-trading platforms.
With BISON you can only buy the cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) and sell them in the amount of your investment volume.
BISON is a pure crypto-trading app where you can buy and sell cryptocurrencies easily, quickly, securely, and free of charge. In addition, you can have your cryptocurrencies transferred to your own wallet.
To buy and sell cryptocurrencies with BISON you have to deposit a minimum of 20 € into your BISON account - then you can start!
No, you can also buy partial units of cryptocurrencies. At BISON, this works with up to eight decimal places. Just choose the amount you want. For example, you can buy your share of a Bitcoin for 10 €.
At BISON, buy and sell orders are limited to 100,000 €. If you want to buy or sell cryptocurrencies for more than this amount, you can do this with multiple orders of up to 100,000 €. You can make as many purchases and sales as you like every day.
No, because we want to make it as easy as possible for you to buy and sell cryptocurrencies - without any technical difficulties. BISON takes care of the complicated technical part of the crypto world for you.
For the registration in BISON we only need your email address and a password of your choice.
In the demo mode you can buy and sell cryptocurrencies with a virtual inventory of money as well as use other functions like the Cryptoradar.
Real Money Mode
You must be at least 18 years old.
You have an iOS (from version 9.0) or Android (from version 4.4) based smartphone.
You have your own SEPA-enabled bank account. It does not matter at which bank.
You reside in a country either within European Economic Area (EEA) or Switzerland.
You have the citizenship of a state approved by BaFin. The current list of eligible nationalities can be found at www.bisonapp.com/dokumente.
You only use BISON for private purposes.
You are not taxable in the USA.
In order to trade with real money, you must register in the BISON app and meet the requirements to use the BISON app. Then you have to verify your BISON account and transfer Euro to your BISON account.
To verify your BISON account, you have to start the verification process (in the settings of the BISON app) and enter the required data. A short video call will then be made to verify the data you have entered. For this, you need your valid identity card or passport, as well as a printed invoice that is not more than 6 months old and shows your given address.
You can verify your BISON account every day, even on the weekends, between the hours of 08:00 - 24:00.
BISON is currently experiencing an exceptionally high number of new customers. As a result, waiting times for completing video verification have, unfortunately, increased. We’re already working on ways to speed up this process. We sincerely apologize for the inconvenience. If the video verification is not immediately successful, please try again later. Read more: https://bisonapp.com/en/blog/current-situation-bison-january-2021/
Verification differs because the information required by law and the security features of the identity documents differ. These are necessary for successful verification. You can find the currently approved identity documents for each nationality listed at www.bisonapp.com/dokumente.
BISON is available 24 hours a day for buying and selling cryptocurrencies - even on weekends. You can also use the BISON App'a other functions without any time restrictions.
As an established German banking service provider, Solarisbank is our partner and manages all Euro balances at BISON. This is why you send your bank transfer to solarisBank.
The Solarisbank AG is an established German banking service provider. As our banking partner, it is responsible for processing payment and managing your free euro account at BISON.
We want you to be the boss of your own money. This means that, at any tine, you can decide what happens to your money on your BISON account in the BISON app. You're entitled to the statutory deposit insurance up to 100,000 €.
No, your BISON account is free of charge. We also do not charge any fees for deposits or withdrawals.
If you are still using the BISON app in demo mode, you can terminate your contract and, by extension, irrevocably close your account by going to "terminate account" in your settings under the section "BISON Support" in your menu. A message stating your request will be sent to us automatically. Once we’ve received notice of your request, your contractual relationship with EUWAX AG for the use of the demo-mode sample account will be terminated.
If you have already been verified and are therefore able to trade in the BISON app, you will need to contact email@example.com directly.
Please keep the following in mind:
- Before we can close your account, you will need to cash out all of your holdings, both in EUR and crypto.
- The email address you use to write to us must match the one registered in your BISON account.
Deposit of Money
Currently, you can transfer money to your BISON account with a SEPA transfer. We are working on offering you even more possibilities.
You can deposit money into your BISON account by making a bank transfer. After verifying your BISON account, you can click on >>Deposit Money<< in the settings. You will then be shown the necessary information for your transfer.
You can only transfer money from your personal bank accounts to your BISON account. Please note that the account holder of the BISON account and the account holder of the deposit account must be identical. Deposits from joint accounts are also possible. The deposit account must be in your name.
Your BISON account has its own IBAN. If you transfer money to this IBAN, we can easily connect this deposit to you.
You can deposit up to 20,000 € to your BISON account, per transfer. The monthly limit is 200,000 €. If you exceed these limits, your money will be refunded to you.
There may be different reasons for this. First, you should check which accounts may be used to transfer money to BISON. You should note that there are also deposit and monthly limits for your deposits. If your transfer is still rejected, please contact BISON support via firstname.lastname@example.org.
In general the duration of the deposit depends on the booking sections of the banks involved and can therefore be up to several bank working days. This period is variable, even if it is always the same banks involved. Also check again if your data for the deposit is correct, especially the IBAN given.
If this does not help, please contact BISON support via email@example.com.
No, depositing of Euros is free.
Withdraw of Money
The money available on your BISON account can be easily withdrawn in the app. Just go to the settings under "Withdraw Money". A payout usually takes up to three working days.
You can change your withdrawal account in the BISON App in the settings under "Personal Information". Please note that you can only change your withdrawal account to an account from which you have already successfully deposited.
A payout might take several business days in some cases.
As a German banking service provider, Solarisbank is our partner and manages all Euro balances at BISON. For this reason, your money is also paid out by solarisBank.
No, payments made in Euros are free of charge.
Withdraw & Deposit of Cryptocurrencies
Yes, you can have your purchased cryptocurrencies withdrawn in the BISON app. Just go to »Settings« and click on »Withdraw cryptocurrencies« under »Account«. Please note that if you enter a false wallet address, the withdrawal can no longer be reversed.
No, the withdrawal of cryptocurrencies is free of charge for you.
Please note that in some cases the withdrawal of your cryptocurrencies may take several working days.
When you withdraw funds from BISON to your own wallet, we check the address you provide for common mistakes such as typos to keep you safe. Note that not all errors can be picked up, so please make sure that the address is correct nonetheless. This is just another layer of security on top of your own caution. Because of these checks, not all address types of all currencies are supported.
We support all common address types of Bitcoin as well as all addresses of Ripple (XRP).
Only cashaddr addresses are accepted for Bitcoin Cash. BCH Legacy addresses can be converted to cashaddr addresses via the following link: https://tools.bitcoin.com/cash-address-converter/. When paying out to Cashaddr addresses, the prefix bitcoincash must be considered when entering.
Some Ethereum Wallets can cause problems when it comes to displaying the amounts of multisig transactions. Since BISON works with this technology, you can how to view such transactions here, in just a few steps. Ledger and Trezor users usually don't have these display problems.
- Step 1: Go to the Etherscan page (https://etherscan.io/).
- Step 2: Copy your Ethereum Wallet address and paste it into the search field.
- Step 3: You get an overview of your incoming and outgoing wallet transactions. In the main overview you will only see the Singlesig wallet transactions. Go to the tab ''Internal Txns''.
- Step 4: The tab ''Internal Txns'' shows you all the multisig transactions.
Yes, you can deposit your purchased cryptocurrencies in the BISON App. Just go to >>Setting<< and click on >>Deposit Cryptocurrencie<< under >>My Account<<. Please only send the correct cryptocurrency to your BISON Wallet address. Sending other digital assets will result in irreversible loss.
No, the deposit of cryptocurrencies is free for you.
The deposit of your cryptocurrencies may take up to several working days, depending on the case.
To ensure a successful deposit to your BISON account, the following requirements must be met:
- You may only deposit from wallets of which you are the beneficial owner.
- You must only send the correct cryptocurrency to your BISON depositwallet address. Sending other digital assets will result in an irreversible loss.
Storage of Cryptocurrencies
The safe storage and thus also the administration of your cryptocurrencies is overseen by the custodian blocknox GmbH on a fiduciary basis for you. This is a subsidiary of Boerse Stuttgart Digital Ventures GmbH. There, a multi-level security concept is implemented to secure your cryptocurrencies.
No, the storage is free of charge.
BISON's Cryptoradar is a sentiment based on artificial intelligence that analyzes more than two million tweets from the crypto community in real time for the investor per day. It filters them for relevance and prepares them visually. In a nutshell, you can imagine a barometer of opinions under sentiment. BISON's Cryptoradar thus shows you which tradable cryptocurrencies are currently under hot discussion - without you having to follow thousands of tweets or messages.
BISON's Cryptoradar is essentially based on the approach of machine learning, a form of artificial intelligence. Imagine the following: every day, an algorithm automatically evaluates over two million crypto-based tweets. But it cannot do this without input form the BISON team. The algorithm was "trained" over several years using training data to understand the semantics of messages and to classify tweets into one of three categories - positive, neutral or negative. In addition, each day the algorithm selects tweets that it cannot rate with 100% certainty. The algorithm then forwards these messages to our BISON team of experts who help the algorithm and tell it how to classify the messages. The algorithm remembers this information and abstracts it again in the next case. In the first step, two million tweets are checked daily for their relevance to the respective cryptocurrency. Tweets that do not add any value to the analysis (because they are either spam or similar) are filtered out. The remaining 250,000 tweets are classified by the BISON algorithm into one of the three classification categories. The result is BISON's Cryptoradar, which shows you the sentiment regarding the cryptocurrencies available in the BISON app.
In short, "sentiment" represents the opinion barometer in the crypto community and the "buzz" represents the number of people who spread their opinion about the respective cryptocurrency via Twitter. The better the average opinion about the cryptocurrency - more positive tweets - the further to the right the respective icon is placed in the Cryptoradar. The stronger the buzz of the cryptocurrency - larger number of tweets - the higher the icon is displayed. This simple representation allows you to see relatively quickly and easily what the current mood is towards Bitcoin, Bitcoin Cash, Litecoin, Ripple (XRP), or Ethereum.
Our BISON support is there for you. You can reach us via firstname.lastname@example.org.
No problem. You can click on »Forgot your password?« in the BISON app when you log in and create a new password.
You can easily change your password in the BISON app. Simply go to »Settings« and click on »Change password« under »Personal information«.
You can easily change your email address in the BISON app. Simply go to »Settings« and click on »Change email address« under »Personal information«.
You can easily change your address in the BISON app in the settings under "Personal information".
Please contact BISON support via email@example.com with your request.
Please contact BISON support via firstname.lastname@example.org with your request.
We are sorry you want to leave BISON. To cancel your account, you need to send us an email to email@example.com with the cancellation information for your BISON account. Please note the following: Before we can delete your account, you must withdraw all funds (both euro funds and cryptocurrency funds) from your BISON account. The email address from which you write to us about the cancellation must correspond exactly to the one in your BISON account.
Taxes & Data
We treat your data carefully and comply with the current legal requirements, such as the EU General Data Protection Regulation, the Federal Data Protection Act, and other applicable data protection regulations. In order to be able to offer our services in the BISON app, your personal data is required by EUWAX AG, blocknox GmbH, and Solarisbank AG. Furthermore, third parties are used as contract processors to provide services. Details can be found in the privacy statements of these companies.
If, in individual cases, official investigations and/or suspected cases of violation of the Money Laundering Act should arise, we will cooperate with the respective authorities.
You should always consult a tax or legal advisor regarding your personal tax situation, especially in regard to the specifics of your country of origin. This information does not replace tax or legal advice.
We have also summarized the tax treatment for those liable to pay tax in Germany:
The exchange or re-exchange of cryptocurrencies, which were not generated by the seller himself, into Euro or another cryptocurrency leads to a private sale transaction within the meaning of § 23 Para. 1 Sentence 1 No. 2 EStG. However, the profit is only taxable if there is no more than one year between purchase and sale (speculation period) and the annual exemption limit of EUR 600 has been exceeded. If you have any questions regarding the exemption limit for filing a joint tax return (also referred to as spousal income splitting), please contact a tax advisor. However, this exemption limit applies to the total profit from all private sales transactions within one year.
The gain from the sale of cryptocurrency is the difference between the acquisition cost and the sale price. The FIFO method is applied here (Section 23 (1) no. 2 sentence 3 EStG), according to which it is assumed that the portfolios acquired first were sold first.
If there is more than one year between purchase and sale, gains from the sale of cryptocurrencies in the private sector are not subject to income tax in this respect.
However, if you have specific questions, please consult a tax advisor.
Yes, via the Info Report, which you can access either trough your transaction overview or the settings of the BISON App. We provide a transaction overview for the entire year in the Info-Report. In this overview, you also have a calculation of the realized profits and losses at BISON according to the FiFo method (First-In First-Out). It also shows you which profits and/or losses have been reached for a holding period of less than one year and more than one year. Please note, however, that this Info-Report is not legally binding. You are responsible for the final check and specification in your tax declaration. If you have specific questions about your taxes, you should contact a tax advisor. The Info Report is optimized for the German market.
The Info-Report is designed for taxable persons in Germany. The Info-Report gives you a clear and detailed overview of your transactions and provides you a non-binding calculation of the executed profits and losses at BISON according to the FiFo method (First-In First-Out). You can access your info report in the BISON App in your transaction overview as well as in the BISON App settings. The info report for the current year will then be sent to your email address in PDF format. Please note, however, that this Info-Report is not legally binding. You are responsible for the final check and specification in your tax declaration. If you have specific questions about your taxes, you should contact a tax advisor. The Info Report is optimized for the German market.
Legal & Security
The safekeeping and thus also the administration of your cryptocurrencies is taken over by the custodian blocknox GmbH on a fiduciary basis. This custodian is a subsidiary of Boerse Stuttgart Digital Ventures GmbH. The custodian has implemented a multi-level security concept to secure your cryptocurrencies.
BISON is not a cryptocurrency exchange. Your trading partner at BISON is always EUWAX AG, a subsidiary of Boerse Stuttgart GmbH. It either sells cryptocurrencies to you or buys them from you.
A deposit insurance in the amount of 100,000 Euro exclusively covers your Euro balance with our German partner bank Solarisbank.
Your crypto assets are held in trust by blocknox GmbH, but are not insured by us or a third party. As these are cryptocurrencies, they are not covered by the German deposit insurance of Euro assets.
No, it is not a regulated or supervised exchange trading. Furthermore, trading on BISON has nothing in common with trading securities on a public stock exchange.
2FA (two-factor authentication) is the IT term for the process of dual authorization within an app or desktop application to perform a specific action. The first authorization generally consists of a login process to perform actions in an app. The second factor comes into play when special security-relevant actions are performed. This, for example, involves triggering the sending of an SMS or email. The content of the message is an individual code that is only valid for the intended action for a short time. This code must then be entered in the app to confirm the action.
With BISON, you enter and store a mobile phone number during the verification process (verification for real-money mode). All SMS messages from BISON will be sent to this stored mobile number. As a user, it is therefore important to always store your current mobile number in the BISON app. To change or update this number, it is necessary that you have access to the number stored.
You can change the stored mobile phone number independently in the BISON app settings. To do so, you need access to the mobile phone number that is currently stored – the 2FA code will be sent to this number as an SMS. If you no longer have access to the currently stored number, you must contact BISON Support to change your number. This process involves more effort and can therefore take several business days. For this reason, it is advised to make this change independently within the app.
All cryptocurrencies purchased or managed via the BISON app can also be withdrawn, provided that you are the sole beneficial owner of the recipient wallet address. In addition, you must confirm cryptocurrency withdrawals with your password and a 2FA code sent to you via SMS. Withdrawals will only be executed if you have confirmed that you are the sole beneficial owner of the recipient wallet and if the 2FA process has been successfully completed.
When you log in to your BISON account on an unknown device, a 2FA process is automatically triggered. An “unknown” device is any device that you have not yet used for logging in to your BISON account. To authorize a new device, an SMS message with a 2FA code will be sent to the phone number you have stored and entered in the app.
Complicated passwords significantly increase the security of your BISON account. It is additionally advised to change your password on a regular basis. This password change is also secured through the 2FA process: It is only possible to change your BISON account password in the app once you have confirmed this action by entering the 2FA code sent to you via SMS.
Cryptocurrencies are digital currencies with a cryptographically secured and decentralized payment system. In contrast to conventional money, such as Dollars or Euros, a cryptocurrency is only available in digital form. The technical implementation of digital currencies is based on so-called "blockchains". Cryptocurrencies are seen as a new asset class and are therefore exposed to greater volatility than conventional money.
Bitcoin (BTC) Bitcoin was released in 2009 and is the first and most important cryptocurrency. The inventor is a certain "Satoshi Nakamoto", whose real identity is unknown. Bitcoin consists of a monetary unit and a payment system. The digital currency (BTC) is created and managed in a global decentralized computer network using special software. The global system is based on a decentralized database in which all transactions are recorded in the form of a blockchain. Bitcoin gained worldwide attention due to its value growth in 2017. More information: https://bitcoin.org/en/
Bitcoin Cash (BCH) Bitcoin Cash was created from the original Bitcoin blockchain by a hard fork (a community-activated protocol or code update) in August 2017. The goal of the fork was to increase the block size and thereby significantly reduce the transaction throughput (number of transactions processed per time). More informationen: https://www.bitcoincash.org
Litecoin (LTC) Litecoin (LTC) is a global and decentralized payment network comparable to the Bitcoin network. The main differences between Litecoin and Bitcoin lie in the area of technology. The transaction speed, the maximum offer of the respective coins, and the algorithm are note-worthy. More information: https://litecoin.org
Ripple (XRP) Ripple (XRP) is an open-source protocol based on a public database. The Ripple network supports all major currencies. The XRP was released in 2012 and, unlike Bitcoin, is not based on the blockchain, nor can the coin be mined. More information: https://ripple.com/xrp/
Ethereum (ETH) Ether (ETH) is the internal means of payment for transaction processing for the global platform Ethereum. The Ethereum platform is used for Distributed Apps and enables the creation, execution and management of Smart Contracts. More information: https://www.ethereum.org
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test in Demo-Mode
You want to test the app before you start buying and selling cryptocurrencies with real money? In the demo mode, you have the possibility to do this with game money and without verification. One you’re satisfied, it’s time to get down to business in real money mode.