Bison App Test 2021: Comparison & Experience with the Bitcoin App
10 Stars
Anyone who wants to buy cryptocurrencies is spoilt for choice: Which provider should you choose? In our big cryptocurrency test, we have already presented a few providers to you, and now we are adding another provider: Bison.
The Bison app is a relatively new app for trading cryptocurrencies. Behind it is the traditional stock exchange Börse Stuttgart. The goal of the Bison app is to make trading in cryptocurrencies suitable for the masses. The application is accordingly simple: you download the app, register and verify yourself and can already start trading.
In our Bison app test, we took a close look at the provider and put it to the test. What are the advantages and disadvantages? Is the app reputable? What about the offer and the fees? And is there already any experience with the app? And above all, what alternatives are there?
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Bison App Advantages & Disadvantages
What is the Bison App?
The app can be downloaded on Android and iOS devices. The app is modern and user-friendly. You don't need a wallet, a securities account or anything like that. All you need to trade cryptos is the app. With the app, you can keep track of the market, your own investments and the current prices.
In addition, there is an exclusive Cryptoradar that shows the sentiment on the most important cryptocurrencies. You can see which coins are currently being discussed without having to use other social networks. Price alerts can also be set individually.
Bison app experience
In our Bison app review, we looked at several factors to test the app thoroughly.
Offer
The world of cryptocurrencies is very large - which makes buying and selling different cryptocurrencies all the more interesting. Investors have various options for investing and trading in cryptocurrencies. Whether crypto exchange, online marketplace or crypto app - investors buy and sell cryptocurrencies in different ways.
However, the offer of the Bison app is far from ideal. Currently, only 5 cryptos are available to customers:
Surname | shortcut |
|---|---|
Bitcoin | BTC |
Bitcoin Cash | BCH |
Ethereum | ETH |
Litecoin | LTC |
Ripple | XRP |
Of course, one has to take into account that the Bison app is a relatively young app. In time, more cryptocurrencies will most likely be offered. However, if you want to trade other cryptocurrencies, we recommend our crypto test winner eToro. Here you can trade with over 16 different cryptocurrencies.
Functions
At Bison, the motto is "concentrate on the essentials". Accordingly, the functions are the same. One has the possibility to trade, buy and sell with the 5 coins. In addition, there is a Cryptoradar, which informs the user about the most important news concerning the offered coins.
One also has the possibility to view real-time charts and receive notifications. One can also create price alerts. As I said, the app essentially focuses on the most important functions for buying and selling cryptocurrencies.
There is also one plus point: there is a free demo account that one can try out without risk. So, first and foremost, you can have a look at the app and try out the functions before committing capital.
Payment methods
The minimum deposit in the Bison app is 20 euros. However, there is a big minus point in the payment methods: you can only make a deposit by bank transfer. Accordingly, you have to deposit your current account and top up the account.
There are no other deposit options. It is unclear whether other payment methods are planned for the future.
However, if you choose our test winner eToro, for example, you have various payment methods at your disposal, such as credit card, bank transfer, PayPal, Skrill, Neteller and many more.
Step by step guide: Registering with the Bison App
Step 1: Registration
You can only register via your smartphone. To do this, download the Bison app from either the Google Play Store or the App Store. After installation, open the app and click on Register.
Step 2: Verification
When registering, you will first be asked for your email address. This must then be confirmed immediately. As soon as the email address has been verified, you can start playing around with the demo account. Here you have a virtual credit of 50,000 euros at your disposal.
However, if you want to trade with real money, you have to be verified via a video identity procedure. If you are lucky, a member of staff is ready to take over the verification. However, many customers complain about not being able to be verified even after several days. If it does work, you have to top up your account.
Step 3: Deposit
The deposit is made via a SEPA transfer. You will be shown the SolarisBank details. As a rule, a bank transfer takes 2-3 working days. After that, the money should already have arrived on the Bison customer account.
Step 4: Buy and sell Bitcoin with Bison App
After you have successfully topped up your customer account, you can already start buying. This is relatively simple and clear. First, you select the cryptocurrency you want to buy from the list. Afterwards, you receive a binding purchase request, which you then have to confirm with .
After the purchase, the desired cryptocurrency appears in the portfolio. In our Bison app test, this was uncomplicated and also quite fast.
However, if you want more from an app than just buying 5 different coins, you should take a closer look at our test winner eToro. Here you have the option of trading more than 16 cryptocurrencies. Moreover, there is not only an in-house app, but also a web application. With eToro, you don't need a wallet or a securities account and you can also buy real coins. In addition, the verification process is easier and faster. eToro is a licensed and regulated broker.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Safety
The deposit guarantee at Bison is 100,000 euros. Cryptocurrencies are held in trust by blocknox GmbH, but are not insured.
Important: Bison is not a regulated or supervised exchange. Furthermore, trading at Bison has nothing in common with trading securities on a public stock exchange.
Customer service
Bison's customer service also leaves a lot to be desired. The provider can be contacted via the contact form or by e-mail to [email protected]. There is no live chat and the service is not available. There is no live chat and no telephone advice. In addition, according to Bison App experiences, there are several complaints that the support generally takes a long time to answer questions.
Fees
Deposits and withdrawals at Bison are free of charge. However, spreads are incurred when trading cryptocurrencies. These are as follows:
Crypto | fee |
|---|---|
Bitcoin | 0.75% |
Bitcoin Cash | 0.75% |
Ethereum | 0.75% |
Litecoin | 0.75% |
Ripple | 0.75% |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Experiences and user opinions on the internet
On the provider Trustpilot, the app receives a poor rating. Currently, 132 independent members and users have given a rating for the app, most of which are quite negative.
The main criticism is the verification process, which according to customers can sometimes take weeks. There are also complaints that after bank transfers, the money has not appeared in the customer account in the Bison app. The transfer to another wallet also takes far too long, according to customers.
Other reviews on the internet also report that the support is insufficient and that there are too few cryptocurrencies for trading. In addition, important functions are also lacking.
Is the Bison app a scam?
In our Bison App test, we could not find any signs that the provider is a scam. Registering, depositing and buying coins is relatively easy. However, the functions are limited and customers also complain about the lengthy verification process. Apparently there are also problems with the transfer to the Bison account.
However, we could not confirm this in our Bison app test. However, we have to say that the app still leaves a lot to be desired. There are only 5 cryptocurrencies to choose from and few functions and additional services. Even though the Stuttgart stock exchange is behind it, the Bison app is not a regulated or supervised trading app. If you want to be on the safe side, you should opt for another provider.
However, the Bison app has actually been mentioned in some television programmes as well as in media reports. It has to be said that this is really still a very young app, which will most likely improve and expand in the future.
Bison app conclusion - our evaluation
After our Bison App test, we can confidently say: There are better providers. The app sticks to its motto "Concentrate on the essentials" - and there is really nothing more to say about this. The offer of just 5 cryptocurrencies is very small and certainly not everyone's cup of tea.
In addition, there are few functions and no other additional services. So the Bison app is really still in its infancy. As far as the fees are concerned, these are at least presented transparently, but also in the upper price segment. Here, too, there is definitely room for improvement.
Customer service also leaves a lot to be desired. You can only contact them via the contact form or by e-mail. For short-term questions about trading or the app, there is no way to reach the service as quickly as possible. There is a relatively good FAQ page, but when difficulties arise, the first thing to do is to wait.
In general, we recommend all investors to wait before deciding to use the Bison app. The young app will hopefully expand and develop in the coming months. However, if you want to trade cryptocurrencies right now, you should turn to eToro.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The Bison app is a crypto trading app that was only launched in 2018. The partner of the Bison app is the Stuttgart Stock Exchange. On the Bison App, you can buy and sell 5 different cryptocurrencies.
In our Bison App test, we unfortunately had to conclude that it is not worth opening an account with Bison. First of all, the offer is far too small and the Bison App is also not a licensed or regulated broker. In addition, many customers seem to have problems with the verification and transfer of money. That's why we recommend opting for another provider, such as eToro.
If you want to open a Bison account, the minimum deposit is 20 euros. If you transfer more money, you risk more, of course. You have to keep in mind that trading cryptocurrencies is always risky and losses cannot be ruled out.
The payout usually takes 2-3 business days. The payout is also made to the bank account on file.
First of all, you need a verified Bison account, a starting capital and a good basic knowledge of cryptocurrencies. Since there is unfortunately a lack of functions, you should thoroughly read up on the subject matter beforehand
