Bison 应用程序：1.25% 的点差、27% 的质押奖励以及无需订单簿的交易

The information provided in this article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries a high level of risk.

The Bison app belongs to the Boerse Stuttgart group, claims more than a million active users and advertises that crypto trading carries no order fees. That is true, and it is still only half an answer to the question of what the trading costs.

You pay through the spread, the gap between the buying and the selling price. Bison quantifies it itself: an average of 1.25 percent on bitcoin and ether, an average of 1.75 percent on every other cryptocurrency. Retrieved from the fee page on September 5, 2026.

This article is an assessment rather than a news report. It draws on the general terms and conditions in their versions of June 1, 2026, the special conditions for the pooled trust account of December 15, 2025, the basic and risk information of May 27, 2026, and the MiCA register of the European securities regulator ESMA. All sources are written out at the end.

Who stands behind the Bison app, and why that is more than a formality

Bison is a brand, not a company. Behind it sit several firms with clearly separated roles, and for the question of who is liable for what, that separation is decisive.

Your trading counterparty is EUWAX Aktiengesellschaft, based at Boersenstrasse 4 in Stuttgart. It does not act as an intermediary but as a direct counterparty. Clause 4.1 of the terms says expressly that customers buy crypto assets “from us” and sell them “to us”.

Your crypto assets are held by Boerse Stuttgart Digital Custody GmbH, on a fiduciary basis and as a separate company. It grew out of the former blocknox GmbH.

Your euro balance sits in a pooled trust account of EUWAX AG, maintained at Solaris SE and, since January 2025, additionally at Deutsche Bank. One point matters here: you have no contractual relationship of your own with these banks. That is set out in the special conditions for the pooled trust account.

Bison was the first German provider to hold a MiCAR licence. That is often shortened to “Bison is licensed”. More precisely, and in a form you can verify, it looks like this, according to ESMA’s MiCA register with a data status of August 17, 2026:

The largest crypto assets over 90 days, based on data from CoinMarketCap

Company Authorised since Permitted services Boerse Stuttgart Digital Custody GmbH January 17, 2025 custody and administration, transfer services EUWAX AG April 1, 2025 exchange of crypto assets for funds and for other crypto assets EUWAX AG, second entry November 21, 2025 execution of orders on behalf of clients Baden-Wuerttembergische Wertpapierboerse (BSDEX) July 3, 2025 operation of a trading platform

In all four cases the competent authority is BaFin. The custody company additionally holds a passport for 29 states, EUWAX AG for eight, and in one case for Germany alone.

The practical point that follows: the licence sits with the group companies, not with the app. When you compare providers, you are comparing these entries, and not brand names.

What trading through the Bison app costs

The fee page is easy to read, and most of what is on it really is free of charge. Retrieved on September 5, 2026:

Item Price Account opening and maintenance free Crypto order fee none Spread on bitcoin and ether 1.25 percent on average Spread on all other cryptocurrencies 1.75 percent on average Euro deposits and withdrawals by SEPA free Instant deposit by credit card, Apple Pay, Google Pay 2.49 percent Crypto deposits and withdrawals free Custody including insurance free Staking 27 percent of the rewards Securities and ETFs €1.99 per trade

Scale the spread up to your own amount before you take comfort from the zero on the order fee. A full round trip, meaning a purchase and a later sale, works out at roughly 2.5 percent on bitcoin and ether and roughly 3.5 percent on the other coins. On a €5,000 stake that is €125 or €175 that never appears as a fee on the statement. It sits in the price.

Two qualifications, in fairness to that figure. Bison writes itself that the spread “fluctuates, as it can depend on market conditions and on the size of a trade”. And the fee page carries no date. The values therefore hold as of the retrieval date, not indefinitely.

No order book: why the price holds for only ten seconds

This is the difference you cannot see inside an app. For crypto trading, Bison runs no order book. Clause 4.3 of the terms calls the procedure a request for trade system.

How it works: you are shown an indicative price, that price holds for ten seconds, and EUWAX AG is entitled to reject your trade request. So you are not trading against other market participants. You are trading against your provider, which also sets the price.

That is standard for broker apps and no disadvantage in itself; for small amounts it is simpler. It does mean, though, that there is no market depth for you to examine, and that the price is a decision taken by the provider. If you want order book trading, the venues that offer it are in our comparison of the best crypto exchanges.

At least limit buy, stop buy, limit sell and stop loss are available, and they cost nothing beyond the spread.

Withdrawals to your own wallet: here Bison is unusually generous

This is the strongest point in the offering, and it is rarely highlighted. Withdrawing cryptocurrencies to a wallet of your own is not merely free: Bison even covers the blockchain fees.

Clause 4.3 of the custody company’s terms says it literally: “We bear the transaction costs arising on these transfers.” They are first charged to the trust assets and then settled out of the company’s own funds. At most providers you carry the network fee yourself, and on Ethereum that quickly runs to several euros depending on congestion.

Anyone who genuinely wants to move crypto assets into their own custody has one of the cheapest routes here. Suitable devices are listed in our hardware wallet comparison.

The limits on withdrawals you should know before your first attempt

Free does not mean unconditional. Five points from the documentation, as of September 4, 2026:

Minimum amounts per coin. A minimum withdrawal amount is documented for around 70 cryptocurrencies, for example 0.001 bitcoin, 0.01 ether, 0.1 solana, 10 XRP, 30 cardano or 100 dogecoin. Below that, the attempt fails with an error message.

Taproot is not supported for bitcoin. Withdrawals are designed for address formats beginning with 1, 3 and bc1q. Addresses starting with bc1p, meaning Taproot, do not work. If you use a modern wallet, you have to pick a suitable receiving address deliberately.

A 24-hour waiting period after a purchase. Freshly bought holdings cannot be withdrawn immediately.

Own wallets only. The terms expressly prohibit transfers to third-party wallets, service providers included.

Cancellable for one hour after you start it, and irrevocable after that. Release runs through a password, an SMS code and an email confirmation.

For euro withdrawals a closed-loop principle applies on top: money goes back only to an account that money was previously paid in from.

Staking through the Bison app: 27 percent, and without MiCAR protection

Bison offers staking for ethereum and solana, from 0.005 ether and 0.1 solana respectively. The company gives a yield range of 2 to 5 percent a year on ethereum and 4 to 8 percent on solana. Rewards arrive weekly on Mondays. Against the risk of a network penalty, known in the jargon as slashing, there is insurance with Munich Re.

Two figures belong alongside that, and both come from Bison itself.

First: Bison retains 27 percent of the rewards. A gross yield of 5 percent therefore becomes 3.65 percent by the time it reaches you.