An apparatus for setting a joining or functional element comprising a mount, a punch disposed on the mount, a hold-down device surrounding the punch, a die, which is disposed on the mount and lies coaxially opposite the punch, a drive unit for effecting a relative movement of punch and die, and a control unit. According to the invention, the drive unit moves the die relative to the mount. Furthermore, a loading device for providing a loading stroke of the hold-down device for loading of a joining or functional element with prespecified stroke path of the hold-down device, and a force-exerting member, are provided, in order to, in the setting of a joining or functional element, press the hold-down device, in a pressure phase differing from the loading stroke, with predefined compressive force against a workpiece. Furthermore, a method for setting a joining or functional element is proposed.