BISON vs BSDEX Comparison

Editorial assessment, November 2026: We have downgraded BISON to 1.9 out of 5 and do not recommend it. The deciding factor is cost. According to BISON's fee page (accessed 8 November 2026), the proportional spread on Bitcoin and Ethereum averages 1.25 percent per purchase or sale, and 1.75 percent on all other cryptocurrencies. Buying Bitcoin and selling it later therefore costs around 2.5 percent, and around 3.5 percent for other coins. Deposits by credit card, Apple Pay or Google Pay cost an extra 2.49 percent, and BISON keeps 27 percent of staking rewards on Ethereum and Solana. MiCA-licensed exchanges in our exchange comparison charge from 0.2 percent for the same purchase. The authorisation of EUWAX AG and Boerse Stuttgart Digital Custody GmbH in the ESMA register does not change this calculation.

BISON is the crypto app of Börse Stuttgart and is perceived in the DACH region as a provider with a traditional capital markets background. The provider is EUWAX AG, a Börse Stuttgart company supervised by BaFin that has notified BaFin of its crypto services under MiCA. Crypto custody is handled by Boerse Stuttgart Digital Custody GmbH, which has held a MiCA authorisation from BaFin since January 2025. Euro balances are held at Solaris SE and Deutsche Bank and are covered by statutory deposit protection up to EUR 100,000 per investor and bank. According to BISON, 69 cryptocurrencies are tradable, plus stocks and ETFs, and the app has more than 1.06 million users.

As one of the few offerings among German brokers, BISON allows free wallet transfers to your own wallets. Staking, savings plans, and an integrated tax report are also available. According to BISON, staking of Ethereum and Solana is currently not regulated under MiCA. Deposits are possible via SEPA, instant bank transfer, and credit card.

Costs sit in the spread, which according to BISON averages 1.25 % on Bitcoin and Ethereum and 1.75 % on all other cryptocurrencies, the upper range among the brokers compared. The exclusively SMS-based 2FA and the processing time for wallet transfers of up to 24 hours are also seen as room for improvement. Overall, BISON is aimed at investors who prefer an established German provider and are willing to accept trade-offs in fees and coin selection.

Editorial assessment, November 2026: We have downgraded BSDEX to 2.3 out of 5 and make no recommendation. The trading venue is regulated (Baden-Württembergische Wertpapierbörse GmbH and Boerse Stuttgart Digital Custody GmbH in the ESMA register, file dated 5 November 2026), but it offers too little: only 10 cryptocurrencies, no savings plan, SEPA transfer as the only payment method and two-factor authentication by SMS only. Buying with a market order costs 0.35 percent according to the BSDEX fee schedule (accessed 8 November 2026); the advertised 0.20 percent applies to maker orders only. MiCA-licensed exchanges with a broader offer are listed in our exchange comparison.

BSDEX is a regulated crypto trading venue of Börse Stuttgart. It is operated by Baden-Württembergische Wertpapierbörse GmbH, which notified BaFin of the venue under MiCA in July 2025. Custody is handled by Boerse Stuttgart Digital Custody GmbH under BaFin supervision, licensed under MiCA since January 2025 (according to the ESMA register, file of 30 October 2026). Euro balances are held at Solaris SE and Deutsche Bank and protected by statutory deposit insurance up to €100,000 per investor and bank. Withdrawals to your own wallet are free. That is solid, but compared with other platforms it is not enough for a good rating.

The offering is narrow: only 10 cryptocurrencies, no savings plan and SEPA bank transfer as the only payment method. BSDEX offers staking for ether and solana, at 2 to 8% a year according to its help centre, with insurance against slashing risk via Munich Re; unstaking takes 1 to 45 days depending on the blockchain. Buying with a market order costs 0.35 %; the advertised 0.20 % applies to maker orders only. Two-factor authentication works via SMS only, authenticator apps are not supported. Users are lukewarm too: the app scores 1.5 stars on Google Play and 3.2 on Trustpilot, with reports of login problems, repeated logouts and issues after updates.

Our verdict: BSDEX suits investors who only want to hold Bitcoin and a few large coins through German exchange infrastructure. If you are looking for a regulated platform with a wider selection or savings plans, Bitpanda or Coinbase are the better choice.