Whitebox Review

Long-term ETF investors in Germany

BaFin

Founded 2016 · Germany

Why investors choose this broker

BaFin-regulated with clear German legal framework
All-in fee includes custody, rebalancing, and transactions
Automatic deviation-based rebalancing included
No deposit, withdrawal, or inactivity fees

Review summary

Whitebox is a German BaFin-regulated robo-advisor offering ETF-based managed portfolios with tiered fees from 0.95% down to 0.35% and automatic rebalancing.

Pros

BaFin-regulated with clear German legal framework
All-in fee includes custody, rebalancing, and transactions
Automatic deviation-based rebalancing included
No deposit, withdrawal, or inactivity fees
No minimum holding period or exit charges
Multiple strategies including ESG-oriented options
Savings plan available from 25 EUR per month
Client securities held as segregated assets at flatexDEGIRO Bank AG

Cons

High starting fee of 0.95% p.a. for portfolios under 30,000 EUR
Primarily available in Germany and Austria; platform and support in German only
No self-directed trading - managed portfolios only
No demo or trial account
No ISA, SIPP, or tax wrappers outside German structures
No direct stock, crypto, or CFD trading

Company background

Whitebox GmbH was founded in July 2014 by Salome Preiswerk and Dr. Birte Rothkopf and launched its retail service in 2016. The company is headquartered in Freiburg im Breisgau, Germany, and operates as an independent digital asset manager. Whitebox holds a BaFin licence for financial portfolio management under the German Securities Institutions Act (WpIG) and uses flatexDEGIRO Bank AG as its custodian bank. The platform serves retail investors in Germany and Austria and cooperates with Morningstar Investment Management Europe Ltd on its value-based portfolio research.

Whitebox offers four managed ETF-based strategies: Whitebox Value, Whitebox Value Green, Whitebox Global, and Whitebox Global Green. The Value strategies combine active allocation decisions with passive ETF instruments using Morningstar research data. The Global strategies use GDP-weighted passive portfolios. Asset classes covered include equities, bonds, real estate, infrastructure, commodities, and cash.

Fees and pricing

Whitebox charges a single all-in annual management fee covering asset management, custody, rebalancing, and transaction costs. The fee is tiered by assets under management: 0.95% per year below 30,000 EUR, 0.85% for 30,000-50,000 EUR, 0.75% for 50,000-100,000 EUR, 0.60% for 100,000-250,000 EUR, 0.45% for 250,000-500,000 EUR, and 0.35% above 500,000 EUR. There are no performance fees. Account opening, deposits, withdrawals, and inactivity are all free. There is no minimum holding period and no exit fee. A recurring savings plan is available from 25 EUR per month.

Regulation and safety

Whitebox GmbH is authorised by BaFin as a financial portfolio manager under the WpIG. Client securities are held as legally segregated assets (Sondervermögen) in individual custody accounts at flatexDEGIRO Bank AG, a licenced German bank. This means client assets are protected from Whitebox's own creditors in the event of insolvency. Cash deposits at the custodian bank are covered by German statutory deposit insurance up to applicable limits.

Platform experience

Whitebox is available through a web application and iOS and Android mobile apps. Onboarding is fully digital and includes a risk-profiling questionnaire. Investors select one of the four strategies and a risk level that sets the equity-to-bond allocation. The platform rebalances portfolios automatically using a deviation-based algorithm: when components drift outside defined bands, the portfolio is restored to its target. Incoming deposits and dividends are used preferentially for rebalancing to limit tax-realising sales. The platform is operated primarily in German.

Pros and cons

Whitebox's main advantages are its BaFin regulation, all-in fee structure with no hidden costs, automatic deviation-based rebalancing, and ESG-oriented strategy options. Client assets are held as segregated property at a licenced German custodian bank. The main drawbacks are the 0.95% starting fee for smaller portfolios, restriction to Germany and Austria, no self-directed trading or demo account, and a platform and support experience primarily in German.

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Trading fees & commissions

Whitebox charges an all-in annual management fee that scales from 0.95% for portfolios under 30,000 EUR down to 0.35% for portfolios above 500,000 EUR; there are no separate custody, deposit, withdrawal, or inactivity fees.

Fees

Item	Fee
Account	Free
Custody	Free; included in annual management fee
Deposit	Free
Inactivity	Free
Management	0.95% p.a. up to 30,000 EUR; 0.85% p.a. 30,000-50,000 EUR; 0.75% p.a. 50,000-100,000 EUR; 0.60% p.a. 100,000-250,000 EUR; 0.45% p.a. 250,000-500,000 EUR; 0.35% p.a. above 500,000 EUR
Withdrawal	Free; no minimum holding period
Performance	None
Rebalancing	Free; automatic deviation-based rebalancing included

Trading platform & features

Platforms

Whitebox Web app
iOS app
Android app

Regulation and investor protection

Whitebox GmbH is authorised by BaFin as a financial portfolio manager (Finanzportfolioverwaltung) under the German Securities Institutions Act (WpIG). Client securities are held as segregated assets (Sondervermögen) in individual custody accounts at flatexDEGIRO Bank AG, which is subject to German statutory deposit insurance.

Broker FAQs

Is Whitebox safe?

Whitebox GmbH is authorised by BaFin under the German Securities Institutions Act (WpIG). Client securities are held as legally segregated assets at flatexDEGIRO Bank AG, a licenced German custodian bank, meaning they are protected from Whitebox's own creditors.

Is Whitebox a scam?

No. Whitebox is a regulated German financial portfolio manager authorised by BaFin. The company has been operating since 2016 and its client assets are held in segregated custody at flatexDEGIRO Bank AG.

Is Whitebox regulated and by whom?

Yes. Whitebox GmbH is regulated by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), Germany's federal financial supervisory authority, for financial portfolio management.

Does Whitebox keep client funds in segregated accounts?

Yes. Client securities are held as legally segregated assets (Sondervermögen) in individual custody accounts at flatexDEGIRO Bank AG. This means client assets are separate from Whitebox's own assets.

What happens to my money if Whitebox goes bankrupt?

Client securities are held as segregated assets at the custodian bank flatexDEGIRO Bank AG and are legally protected from Whitebox's own creditors. Cash deposits at the custodian bank are covered by German statutory deposit insurance up to applicable limits.

What products does Whitebox offer?

Whitebox offers managed ETF-based portfolios across four strategies: Whitebox Value, Whitebox Value Green, Whitebox Global, and Whitebox Global Green. Portfolios cover equities, bonds, real estate, infrastructure, commodities, and cash via ETFs and index funds.

What investment strategies does Whitebox offer?

Whitebox offers four strategies: Value, Value Green, Global, and Global Green. The Value strategies apply active allocation decisions informed by Morningstar research data. The Global strategies use GDP-weighted passive portfolios. Green variants apply sustainability criteria.

Does Whitebox offer ESG or sustainable investing options?

Yes. Whitebox offers Whitebox Value Green and Whitebox Global Green strategies, which apply sustainability and ESG criteria to portfolio construction.

Can I do self-directed trading with Whitebox?

No. Whitebox is a managed portfolio service only. Investors cannot buy or sell individual securities directly; all investment decisions are handled by the Whitebox algorithm.

What does Whitebox charge in management fees?

Whitebox charges an all-in annual fee ranging from 0.95% for portfolios under 30,000 EUR down to 0.35% for portfolios above 500,000 EUR. The fee covers asset management, custody, rebalancing, and transaction costs.

Are there deposit or withdrawal fees at Whitebox?

No. Deposits, withdrawals, and account opening are all free. There is no minimum holding period and no exit fee.

Does Whitebox charge an inactivity fee?

No. Whitebox does not charge an inactivity fee.

Does Whitebox have a demo account?

No. Whitebox does not offer a demo or trial account.

Does Whitebox have a mobile app?

Yes. Whitebox provides apps for iOS and Android, as well as a web application.

Is Whitebox good for beginners?

Whitebox can suit beginner investors who want a fully managed, low-cost ETF portfolio without needing to select individual securities. However, the 0.95% annual fee for smaller portfolios is above the average for passive robo-advisors, and there is no demo account.

Is Whitebox good for long-term investing?

Whitebox is designed for long-term wealth building through diversified ETF portfolios. The tiered fee structure rewards larger portfolios with lower rates, and automatic rebalancing is designed to maintain the target allocation over time.

Where is Whitebox available?

Whitebox is primarily marketed to residents of Germany and Austria. The platform and support are in German. It is not available to US citizens or individuals with US tax liability.

Bottom line

Whitebox suits users who want a BaFin-regulated, fully managed ETF portfolio with transparent all-in fees, automatic rebalancing, and no lock-in periods, particularly those based in Germany or Austria with larger portfolios that benefit from the tiered fee structure. It may not suit users who want self-directed trading, a trial or demo account, support in languages other than German, or access from outside Germany and Austria.

Whitebox

Long-term ETF investors in Germany

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Your capital is at risk. Other fees apply.