Frequently Asked Questions

The BSDEX is operated by the Baden-Württembergische Wertpapierbörse GmbH (BWWB GmbH), which also acts as a holding company of the (public-law) stock exchange. BWWB GmbH regulates trading with its own market organization and monitors its regularity. The technical operator is the Boerse Stuttgart Digital Exchange GmbH. This is a joint venture and the shareholders of this joint venture are Börse Stuttgart Group, Axel Springer and finanzen.net.

The BSDEX is a multilateral trading system that brings together buyers and sellers of digital assets through an open order book. This means that customer orders are executed directly against each other. The trading venue complies with the regulatory requirements in accordance with section 2 (12) KWG. For all further information on trading, we recommend you to go through the market regulations which are a part of the General Terms and Conditions of the Baden-Württembergische Wertpapierbörse GmbH. In addition, our customer service support@bsdex.de is at your disposal.

Trading on the BSDEX involves transaction fees, which varies depending on the order type. Transparency is very important to us. The transaction fees and corresponding examples for their calculation are part of the general terms and conditions of the Baden-Württembergische Wertpapierbörse GmbH. The following table provides a brief overview:

The amount of the transaction fee depends on whether the relevant order is executed as a maker order or a taker order (part). The following distinction applies to this:

• The order will be executed as a Taker-Order, as long as it is immediately executed against an order already in the order book after its transmission to the BSDEX in continuous trading.
• The order is executed as a maker order, as long as it is first placed in the order book after its transmission to the BSDEX in continuous trading and later executed against one or more newly arriving orders.

When executed in auctions, unlimited orders are always regarded as taker orders, limited orders as maker orders.

In addition, the customer currently has no costs for the deposit or disbursement of Euro or cryptocurrencies or their safekeeping. Furthermore, no account maintenance fees will be charged.

With the experience of the traditional trading business behind us, BSDEX offers a reliable and transparent environment for the trading of digital assets in Germany.

Transparency is ensured by the open order books, which provide information about existing orders and the current market situation. The orders of investors are executed according to fixed rules against each other. These rules are transparent for all investors and can be seen in the rules and regulations. Our own market surveillance monitors compliance with established rules and standards and ensures reliable trading.

In addition, EUWAX AG, as part of the Börse Stuttgart Group, ensures liquidity in trading. Our state-of-the-art user interface also provides professional functionality for all investors.

The money deposits of the investors are kept free of charge by a German bank and are covered by the statutory deposit insurance in Germany. Custody of digital assets is also free of charge in Germany and meets high security standards.

The customer identification is completely digital and allows easy and fast access to the trading venue.

Currently we do not offer an application for mobile devices. However, the browser view of BSDEX is optimized for mobile view.

At the moment our offer is limited to Germany. However, our goal is to make it available in other countries in the future.

In order to register, you need to visit www.bsdex.de. On the upper right edge of the screen you will see the "Login" button. Click on the “Login” button to start your registration process.

Alternatively, you can also register via the following link:
https://app.bsdex.de/signup

As part of the registration process, you will receive an e-mail with a link to confirm your registration. After confirmation, you can log in to BSDEX. After the successful verification and the deposit of credits, you can start the trading directly and without any complications.

According to the terms and conditions, accessing the BSDEX for informational purposes requires that you register with your real name, e-mail address and password of your choice on the website and confirm the e-mail address provided. The use of fancy / fake names is not permitted.

After your registration, our system automatically sends you an e-mail with a link confirming your registration to the e-mail address you provided. If you do not receive this message, it may be due to one of the following reasons:

The e-mail is recognized as spam by your mail provider or mail server
Please check in the spam folder of your mailbox to see if our e-mail was mistakenly recognized as spam.

When entering your e-mail address, you made a typo
If you have mistakenly made a typo when entering your e-mail address, our system will not be able to deliver the e-mail with the confirmation link. To avoid this problem, you can simply start the registration again.

Unfortunately, we do not yet offer this functionality. Currently, BISON users still need a separate account to use BSDEX.

Please make sure that your browser cache is empty or use the incognito mode of your browser. If the login is still not possible, please contact our support (support@bsdex.de) with a description of the problem.

The reference account refers to the bank account defined by the last deposit process, to which solarisBank transfers the Euro credit according to the instructions of the participant in accordance with the solarisBank terms and conditions. It serves as a personal Fiat deposit and withdrawal account of a customer.

Your linked BSDEX credit account is not used for processing payment transactions and is similar to a securities account and not suitable as a clearing account. Both the deposit and payout process can take up to three banking days.

No, only one reference account can be assigned to each participant.

To change your password please use the following link: https://app.bsdex.de/reset_password Please enter your registration e-mail address and we will immediately send you a link where you can choose a new password.

In the "Personal settings" section, you will find the corresponding input option for changing your address. You will receive a mobile TAN on the deposited mobile phone number to confirm the change. Please enter this six-digit code in the field provided for confirmation and confirm.

In this case, please contact our Customer Support at the following e-mail address: support@bsdex.de. We will then clarify with you all the necessary steps so that you can continue trading.

In the "Personal Settings" section you will find the corresponding input option for changing your mobile phone number. To do this, first click on the button "Remove phone number". You will receive a mobile TAN on the deposited mobile phone number to confirm the change. Please enter this six-digit code in the field provided for confirmation and confirm.

Note: To increase the security of your account, a second safety factor is mandatory for withdrawals and trading. Unfortunately, without a verified mobile number, you cannot trade or withdraw.

To add a new mobile number, please enter it in the field provided and confirm by clicking on the "Save" button and then on the "Verify" button. You will receive a mobile TAN on the deposited mobile phone number to confirm the change. Please enter this six-digit code in the field provided for confirmation and confirm.

In this case, please contact our Customer Support on the following e-mail address: support@bsdex.de

IDnow is one of the leading providers of identification solutions in Europe. The products of the Munich-based company guarantee Europe-wide legal compliance and high data security.

To be able to act on the platform, we must first verify your identity. Follow the instructions on the respective websites.

If you wish to verify yourself with your passport or a foreign ID card which does not contain your address, you will also need a legible, printed utility bill that is not older than 6 months and also includes your specified address during the video call.

You can verify for your personal BSDEX account from 08:00 to 24:00 from Monday to Sunday.

In order to access the BSDEX trading environment, you must meet the eligibility requirements. We will notify the user of successful registration using the e-mail address provided by the user. This usually takes a few minutes, but may take longer in some cases.

There are various reasons for this. We want to help you complete your verification as soon as possible. Please send us an e-mail with a description of your problem: support@bsdex.de. Our staff will contact you immediately.

Tips for a successful verification:

• Make sure your internet connection is sufficient for video identification
• IDnow needs access to your microphone and camera for the verification process. Please grant the appropriate access rights as part of the verification process
• It's best to stay in a quiet room with a good internet connection

To be able to verify and trade on BSDEX, you will need:

• an e-mail address to which you have exclusive access
• a valid mobile phone number
• own German bank account (IBAN)
• an internet-enabled device with integrated camera
• a valid identity document with citizenship in the European Economic Area

• You are at least 18 years old.
• You have your own German bank account. No matter which bank.
• You are a resident of Germany.
• You are a citizen of the European Economic Area.
• You use the BSDEX only for private purposes and for your own account.
• You are currently not taxable in the US.

Currently we offer the trade of Bitcoin against Euro. In near future, we will make additional digital assets accessible through the trading venue.

The Bitcoin (BTC) is a cryptocurrency that is generated and managed on the basis of blockchain technology which is decentralized and operates on an open peer-to-peer network on the Internet. Bitcoin transactions are authorized using cryptographic techniques and verified by the participants in the Bitcoin network. The special feature of Bitcoin is that, in contrast to conventional currencies, it is not controlled by a central bank, but as an open-source software project with publicly traceable code.

Cryptocurrencies such as Bitcoin are subject to sharp price fluctuations, leaving investors with a significant market price risk. Even a total loss of invested capital is possible when investing in cryptocurrencies.

Currently you can choose between the order types 'Limit Order' and 'Market Order'. Further order types will be added in the future.

Orders are sorted in the order book on the respective page according to the price-time priority. Market orders have the highest rank. After that, the rank initially depends on the limit of the order, whereby the rank of an order on the buy side increases with increasing limit and the rank of an order on the sell side increases with decreasing limit.

If several orders are at the same limit level on one side of the order book, the ranking of these orders depends on the time of their arrival in the trading system, whereby orders received earlier receive a higher rank; the same applies to several market orders.

Limit orders are issued specifying a limit which defines the maximum purchase price for a buy order and the minimum sell price for a sell order. Limit orders should run at the specified limit or better.

Market orders are issued without specifying a limit ("cheapest" or "best"). Such unlimited buy or sell orders should be executed at the best price achievable in the current order book.

Stop orders are issued indicating a stop limit (stop price) and entered into the order book as a market order (stop market order) after reaching the stop price or, if an additional execution limit is specified, as a limit order (stop limit order).

A price with revenue issued after the entrance of the stop order is the deciding factor in reaching the stop price. Furthermore, the lowest-limit sell order and the highest-limit buy order in the order book determine whether stop orders are triggered in sell transactions and buy transactions respectively. Stop orders are not visible in the order book until the stop price is reached.

Participants' orders specify the intended buy or sell volume in the respective cryptocurrency. This does not apply to market and stop market orders relating to the purchase of cryptocurrencies; in this case, the participant states the intended buy volume in Euro (€). Market and stop market orders of this kind can lead to non-executable residual volumes; these are automatically removed from the trading system.

Further information can also be found in the basic and risk information for private customers.

Example:

Selling with stops:
If you place a sell order with a stop, the best selling price in the order book or that of the trade with revenue is the triggering price. As soon as the trigger price is reached, the sell order is transferred to the order book according to the number of items and, if applicable, the limit price.

Buying with stops:
If you place a buy order with a stop, the best buy price in the order book or that of the trade with revenue is the triggering price. As soon as the trigger is reached, the buy order is transferred to the order book according to the amount or number of items and, if applicable, the limit price.

They indicate in the order the intended purchase or sales volume expressed in the respective cryptocurrency. Excluded are market orders relating to the purchase of cryptocurrencies; Here you enter the intended purchase volume in Euro. Market orders may result in non-executable residual volumes; these are automatically removed from the trading system.

There is no limit on trading volumes in BSDEX. As a verified customer, you can trade independently with the credit available to you.

The subsequent change of an order submitted to the trading system is currently not possible. A change in the order parameters, such as the limit, is only possible by deleting the order and re-setting an order with changed order parameters.

Orders are valid until they are deleted (maximum of 360 calendar days).

You do not need your own external wallet or a depot to trade through the BSDEX. The entire infrastructure will be provided to you upon completion of the identification. Simply register, verify, deposit, and buy and sell digital assets through BSDEX.

The trading day begins in Germany with an opening auction at the winter time at 01:30 (CET) and ends at 01:00 (CET) the following day. During summertime, trading hours start at 02:30 (CEST) and end at 02:00 (CEST) the following day. After completion of the opening auction, continuous trading will commence. Continuous trading can be interrupted by underground auctions. For you as a participant the trade is anonymous. Before and after a deal, participants do not have the option to assign orders to other participants.

In an auction, price determination and order execution take place at a certain time. Prior to this time, orders will not be executed against each other even if they are executable. For example, an auction may be triggered as part of a volatility interruption. For further information, we would like to recommend you to refer to “§ 5 Price determination and order execution in the auction” which can be found in the General Terms and Conditions of the Baden-Württembergische Wertpapierbörse GmbH.

For further questions about auctions please contact our support at support@bsdex.de.

The volatility interruption in continuous trading improves price continuity and can reduce the risk of loss, for example in the case of flash crashes. A volatility interruption is triggered if the next potential execution price is outside the price ranges previously set by BWWB GmbH.

Price range 1: Refers to the price last determined in the respective cryptocurrency, regardless of whether the price determination was carried out in continuous trading or in an auction. BWWB GmbH defines a maximum permissible deviation from this price for each cryptocurrency.

Price range 2: This is wider than the price range 1 and refers to the last price of the respective cryptocurrency, determined in an auction. BWWB GmbH defines a maximum permissible deviation from this price for each cryptocurrency.

In continuous trading, price determination and order execution are carried out continuously. Every new order arriving in the trading system is immediately checked for its executability against orders already in the order book. As far as an executable situation arises, the trading system executes an order execution, otherwise the newly arriving order is placed in the order book. The order execution depends on the price-time priority. A newly arriving, executable order is executed against the order on the other side of the order book, which has the highest rank.

If a newly arriving order can only be partially executed, the part not executed remains in the order book. If it is a non-executable remnant of a buy market order, it will be deleted. The price of the executed part of the order is based on the limit of the order in the order book against which the executed part of the newly arrived order is executed. This may result in an order being executed in multiple sub-runs at different prices for each sub-run.

As our banking partner and licensed full bank, solarisBank is responsible for the safekeeping of all euro balances.

No, these services are currently free of charge.

Currently you can transfer money to your BSDEX credit account using a standard SEPA transfer. Please note that express transfers are currently not supported. In future, further deposit options will be provided.

Verified customers can currently receive a maximum of € 20,000 per transfer and up to a maximum of 200,000 € per calendar month to your BSDEX credit account.

Please use the personal bank account of your house bank (so-called reference account) for the deposit. Transfers from other accounts are rejected. It is important that you are the personal account holder. If you have any problems with the deposit, please contact: support@bsdex.de.

This can have various reasons. We want to help you complete your deposit as soon as possible. Please send us an e-mail with a description of your problem: support@bsdex.de. Our staff will contact you immediately.

Please note that a SEPA transfer may take up to three banking days. For further questions or problems please contact: support@bsdex.de

No, the deposit in Euro is currently free.

Use the appropriate functionality on our platform. Please note that a transfer to your reference account can take up to three banking days.

No, the withdrawal of Euro is currently free.

Yes, we offer this functionality. Use the corresponding functionality in the wallet overview to unlimited deposit. Your deposited crypto-currencies will then be held in trust for you by blocknox GmbH.

If you have any further questions regarding the deposit process, please contact our support team at: support@bsdex.de.

No, the payout of crypto currencies is currently free for you.

The security of your assets is a high priority for us. We therefore carefully examine every payout. This process can take several working days. We ask for your understanding.

If you have any further questions regarding the withdrawal process, please contact our support team at: support@bsdex.de.

No, the deposit of crypto currencies is free of charge for you.

The deposit of your crypto currencies may take several business days in some cases.

The safekeeping of your cryptocurrencies will be taken over by blocknox GmbH on a fiduciary basis. It is a subsidiary of Boerse Stuttgart Digital Ventures GmbH.

Your crypto assets are held in trust by blocknox GmbH, but are not insured by us or a third party. Blocknox GmbH has implemented a comprehensive and multi-level security concept for safekeeping.

As these are cryptocurrencies, they are in particular not covered by the German deposit guarantee system for Euro credit balances.

The solarisBank is assigned to the statutory deposit insurance of the compensation scheme of German banks GmbH (EdB). Further details can be found in the general terms and conditions of solarisBank, the "Information on deposit protection" (www.solarisbank.de/content/partner/information_einlagensicherung) and the website of the compensation fund of German banks GmbH at www.edb-banken.de. The deposit insurance also includes the clearing accounts.

No, safekeeping is currently free.

Currently, you can deposit Euros directly into your BSDEX credit account. Our product team is already working on additional deposit options to make access to BSDEX as easy and comfortable as possible.

No, a transfer of data to the tax office does not take place. Each customer is responsible for their own taxation.

We treat your data carefully and adhere to the current legal requirements, such as the EU General Data Protection Regulation, the German Federal Data Protection Act and other applicable data protection regulations.

Should it come in some cases to official investigations and / or suspected cases of violation of the Money Laundering Act, we cooperate with the respective authorities.

Profits in Euros or another cryptocurrency will result in a private sale transaction i. S. of § 23 para. 1 sentence 1 no. 2 EStG. However, the profit is only taxable if there is not more than one year between the acquisition and the sale (speculation period) and the annual exemption limit of EUR 600 has been exceeded. However, this exemption limit applies to the total profit from all private sales transactions within one year.

The gain on the sale of cryptocurrencies is the difference between the acquisition cost and the selling price. In this case, the FIFO method is used (section 23 (1) no. 2 sentence 3 EStG), according to which it is assumed that the stocks first purchased were first sold.

If the speculative period is more than one year, profits from the sale of cryptocurrencies in the private sector are not subject to income tax.

This information does not constitute tax or legal advice. If you have any questions about your income tax return or other tax issues, please contact your tax advisor.