S

Explainer

Real Shares vs Tokenized Stocks vs CFDs

When you buy a stock on a crypto exchange you might get a real share, a tokenized stock, or a CFD. Here is exactly how they differ — in ownership, rights, risk and tax.

“Buy Tesla” can mean three completely different things on a crypto exchange. The button looks the same; what lands in your account does not. Before you deposit a cent, it is worth knowing which of these you are actually getting, because each one changes your rights, your risk and how you are taxed.

Real share

The asset is legally yours, with shareholder rights.

Tokenized stock

You hold a token backed by a share in custody.

CFD

A leveraged bet on price. You own nothing.

1. Real shares

A real share is the genuine article: equity in the company, typically held for you by a regulated broker or custodian. You get economic exposure plus the legal rights that come with ownership — dividends paid in cash, voting rights, and protection under investor-compensation schemes in many jurisdictions. This is the benchmark every other product is measured against.

2. Tokenized stocks

A tokenized stock is a blockchain token that represents a real share held by a custodian. Kraken's xStocks — issued by Backed Finance and trading under tickers like TSLAX, NVDAX and AAPLX — are backed 1:1 by the underlying equity; Binance bStocks are BEP-20 certificates backed 1:1 under ADGM. The appeal is 24/7 settlement, fractional sizes and on-chain composability. The trade-off is that you depend on the issuer and its custodian: your token is only as good as their backing, their solvency, and their willingness to honour redemptions. Legally these tokens are not shares, so voting and dividend rights are limited — issuers typically reflect corporate actions in the token rather than passing through full shareholder rights.

3. CFDs and perps

CFDs (contracts for difference) and perpetual futures are derivatives. You are not buying a stock at all — you are taking a leveraged position on its price. There is no share, no voting, no dividend (only a cash adjustment), and you pay financing or funding fees to hold the position. Leverage cuts both ways and you can lose more than you put in. In some places, including the United States, stock CFDs are not available to retail traders.

Side by side

How the three models compare on the things that matter.
Real shareTokenized stockCFD / Perp
What you ownThe equity itselfA token backed by a shareA contract — nothing
Shareholder rightsYesLimited / noneNone
DividendsYes, in cashSometimes reflectedCash adjustment only
LeverageNo (unless margin)Usually noYes — core feature
Key riskMarket riskIssuer & custody riskLeverage & counterparty risk
Typical venueRegulated broker, Binance StocksKraken & Bybit xStocks, Binance bStocks, OndoBybit TradFi, Hyperliquid

Frequently asked questions

SC
Stocks on Crypto Research· Editorial team

Our research team tracks how crypto exchanges list equities and what each product legally represents — real shares, tokenized stocks, CFDs and tokenized RWAs. We test platforms and read the fine print so you know exactly what you own.

Last reviewed on June 30, 2026

Keep reading