Pre-IPO Investing Platforms Compared

Last reviewed:: September 11, 2026
Next review:: December 11, 2026
Reviewed by:: ROIStreet Publisher

Pre-IPO platforms can look similar while giving investors very different legal exposure. One transaction may transfer private-company shares directly, another may use an SPV or fund, and another may provide contractual economics tied to an employee's shares without making the investor a direct shareholder.

ROIStreet compares the mechanics that determine what the investor actually owns: primary versus secondary access, eligibility, minimums, buyer and seller fees, pricing methods, transfer restrictions and liquidity. This page does not rank private companies by expected IPO upside.

Educational comparison of published platform features. Not investment, tax, or legal advice. Not an offer or recommendation to open any account or buy any security. Some links are affiliate links. See disclosure.

How this comparison works

The most important pre-IPO question is not which logo appears on the platform. It is what legal interest the investor receives and what has to happen before that interest can become cash.

This rubric measures published access, ownership structure, pricing mechanics, fees and liquidity—not expected return and not which private company is most likely to succeed.

Evaluation dimensions and their weights
Dimension	Weight	What it covers
Ownership and transaction clarity	20%	Examines whether the investor receives direct private-company shares, an SPV or fund interest, or another contractual economic interest, and whether the transaction is primary or secondary. Direct ownership is not automatically a better investment.
Investor access and eligibility	15%	Documents accredited-investor requirements, non-accredited access, product-specific eligibility and offering exemptions. Broader eligibility is descriptive, not a safety signal.
Minimum investment and commitment	15%	Compares standard transaction minimums, offering-specific minimums and fund or SPV commitments without turning the lowest advertised opportunity into a universal platform minimum.
Fee-stack transparency	15%	Separates buyer fees, seller commissions, brokerage charges, subscription fees, fund or SPV expenses, management fees, carry and issuer-paid economics. Percentages with different calculation bases are not added together.
Pricing and market-information transparency	15%	Examines bids, asks, completed transactions, financing-round references and proprietary price estimates. A private-market estimate is not treated as an appraisal, NAV or guaranteed executable price.
Transfer restrictions and liquidity	10%	Documents rights of first refusal, issuer approval, statutory resale restrictions, secondary-market access and dependence on an IPO, acquisition or other liquidity event. A marketplace does not guarantee a buyer.
Regulatory and intermediary clarity	10%	Distinguishes broker-dealers, funding portals, advisers, exempt reporting advisers, issuers, SPVs and fund managers, including Regulation CF, Regulation A and Regulation D where applicable.

Platform comparison

Listed alphabetically. The order of this table is not a ranking.

Published fees, minimums and product availability by platform, listed alphabetically
Platform	Investor eligibility (accredited vs. non-accredited)	Current new-investment / transaction availability	Primary offering vs. secondary private-company access	Direct shares vs. SPV / fund / contractual ownership structure	Minimum investment / transaction size	Buyer / investor platform or transaction fee	Seller commission / seller-side transaction economics	Fund / SPV management fee, carry or vehicle-level economics	Pricing / valuation / bid-ask / market-data methodology	Issuer approval / ROFR / transfer-restriction mechanics	Liquidity / resale / secondary-market / exit treatment	Single-company vs. diversified fund / portfolio access	IRA / SDIRA availability	Regulatory / broker / portal / adviser / intermediary structure	Last fact checked
Equitybee	U.S. investor access to Equitybee's current private-company investment products is generally limited to accredited investors. Product, entity and non-U.S. eligibility can impose additional requirements; employee/shareholder eligibility is a separate side of the platform.	Open — Equitybee currently markets active single-company investment opportunities and private-company fund strategies to eligible investors. Opportunity access is deal-specific and individual offerings can open, fill or close independently.	Core single-company Equitybee investments are neither conventional issuer primary offerings nor ordinary secondary share purchases. Investor capital funds an employee/shareholder's option exercise or share acquisition through a Private Financing Contract or related vehicle; the employee retains the underlying shares until a qualifying liquidity event.	Single-company opportunities generally use a private-placement/private financing contract tied to an employee's option exercise rather than a direct transfer of startup shares to the investor. Equitybee also offers separate venture-fund products; ownership and economics therefore depend on the specific offering.	Single-offer minimum $10,000. The Venture Portfolio Fund lists a $100,000 minimum commitment, and the Reserved Fund is positioned for substantially larger customized deployment.	Single-company investors typically pay a 5% brokerage fee when the investment is funded. Additional performance/carry economics can apply after a successful liquidity event and fund products have separate fee schedules.	There is no ordinary seller commission because the employee/shareholder does not sell the startup shares to the investor at inception. Current Equitybee materials describe employee-side economics that can include repayment of the original funding, a 5% placement fee, contractual interest or predetermined share-value economics, and a 5% stock-appreciation fee after a successful liquidity event. Exact terms are contract-specific.	Vehicle-specific. Equitybee's Venture Portfolio Fund currently describes no annual management fee, a 5% brokerage fee as capital is deployed, and 10% carried interest; other single-company, Reserved Fund or affiliated-fund structures use their own economics. Do not apply the Venture Portfolio Fund terms to every Equitybee investment.	Equitybee's single-company opportunities are priced through contractual funding terms negotiated around the employee's option/share economics rather than a live bid-ask secondary market. Equitybee can show comparisons to company financing-round or 409A references, but those reference values are not guaranteed fair value or an executable resale price.	Because the employee generally retains the underlying shares, the initial Equitybee funding contract does not transfer startup shares to the investor and ordinarily does not add the investor to the issuer's cap table. Contractual restrictions govern the employee's later sale or transfer, and settlement depends on a qualifying liquidity event and the employee's ability to access or dispose of the shares.	No daily liquidity and no secondary order book for PFCs. Settlement depends on a future liquidity event such as an IPO, acquisition, merger, tender offer or qualifying secondary transaction, and no liquidity event is guaranteed.	Both. Equitybee offers concentrated single-company contractual exposure and diversified private-company fund strategies, including the Venture Portfolio Fund and other portfolio vehicles. The legal and fee structure differs by product.	Supported for eligible offerings through retirement-account structures and third-party custodial arrangements identified by Equitybee, subject to product and custodian requirements.	EquityBee Securities LLC is the broker-dealer through which applicable private placements and fund interests are offered and is registered with the SEC and a FINRA member. Equitybee's platform/company and affiliated fund-management entities have separate roles; broker-dealer registration does not make the investor a direct shareholder in every underlying startup.	2026-09-11
EquityZen	EquityZen's private placements are for accredited investors. Investors complete accreditation questionnaires and must continue to meet applicable private-offering eligibility requirements.	Open — EquityZen currently releases new private-company investment opportunities on an ongoing basis, with availability changing as offerings fill, expire or complete.	Primarily secondary private-company access. Standard EquityZen vehicles acquire existing private-company shares for investors, Direct Share Acquisition transactions can transfer shares directly between seller and buyer, and Express transactions can involve resale of an existing EquityZen fund interest. These are not the same as issuer primary crowdfunding.	Private-company secondary marketplace offering multiple transaction structures, including direct share acquisitions and pooled or fund-style interests depending on the deal. Investors therefore should not be described as directly owning issuer shares in every EquityZen investment; the applicable transaction and vehicle documents determine the ownership form.	Standard single-company minimum $10,000, with selected eligible opportunities as low as $5,000. Multi-company funds start at $50,000 with limited lower slots at $20,000. Direct Share Acquisitions require materially higher minimums.	One-time investor sales fee, transaction-specific. For standard EquityZen deals, the current fee is 2.5% on investments up to $1 million and 2% on amounts above $1 million. Direct Share Acquisitions use separate size-based tiers: 2.5% up to $10 million, 2% from $10 million to $20 million, and 1.5% above $20 million. EquityZen Securities LLC can partially or fully waive the applicable sales fee, and other fund products can use different economics.	2.5% on completed transaction	Product-specific. Standard single-company, non-actively-managed EquityZen vehicles generally do not use recurring management fees or carried interest, while diversified Growth Opportunity funds can charge annual management fees, carry and administrative expenses. Do not apply diversified-fund economics to a standard single-company vehicle.	EquityZen evaluates private-share pricing using the company's most recent financing round together with public information, investor demand and prior secondary-market transactions. The seller and EquityZen determine offering pricing, while direct-share transactions can involve seller-set or negotiated prices. These are private-market reference prices, not guaranteed fair value.	Private-company transactions can be subject to issuer transfer restrictions, board or company approval and rights of first refusal. An issuer can exercise its ROFR or decline a transfer, so a matched buyer and seller do not guarantee closing.	No daily liquidity and no guaranteed exit. Express Deals offer limited secondary resale of eligible fund interests but are not a liquid exchange.	Both. EquityZen offers single-company exposure through standard vehicles and direct-share transactions, plus diversified multi-company private-market funds. Express transactions can also involve existing EquityZen vehicle interests.	Supported — EquityZen documents investing through self-directed IRAs and identifies third-party providers such as Alto and Rocket Dollar, subject to custodian and offering requirements.	EquityZen Securities LLC is the broker-dealer for applicable marketplace securities activity and is an SEC-registered broker-dealer and FINRA/SIPC member. EquityZen is now part of Morgan Stanley following the January 2026 acquisition, but transaction-level ownership can still be direct shares or vehicle interests.	2026-09-11
Forge Global	Purchasing private-company securities through Forge is generally limited to accredited investors, with offering- and account-specific eligibility requirements applying to fund and retirement-account structures.	Open — Forge currently provides eligible investors access to private-company secondary transactions and private-market fund opportunities, subject to security availability, seller interest and issuer transfer requirements.	Forge's core marketplace is a private-company secondary market that connects eligible buyers and existing shareholders. Forge also offers fund structures that provide indirect exposure. Those fund interests should not be described as direct issuer-share purchases.	Private-company marketplace using broker-dealer/private-market infrastructure for secondary transactions and related private-market investment structures. Depending on the transaction, investors can obtain direct private shares or an interest through a separate investment vehicle; those ownership routes should not be collapsed into one generic structure.	Standard direct-secondary minimum $100,000; single-company Forge fund offerings can accept indications of interest starting around $5,000 on limited, offering-specific opportunities.	Direct private-share buyers generally face transaction fees in an approximate 2%–4% range, while Forge fund offerings can use a separate one-time fee commonly around 1%–2%. Exact fees depend on transaction size and product.	Direct private-share sellers generally face transaction fees in an approximate 2%–4% range, subject to transaction size and negotiated terms. Fees generally apply when a transaction closes rather than for merely listing interest.	Forge fund economics are product-specific. Current investor materials describe one-time fund transaction fees commonly around 1%–2%, with individual fund documents controlling any additional vehicle expenses, management economics or carry. Do not apply direct-share brokerage pricing to a fund interest.	Forge Price is a proprietary daily private-market pricing indicator using inputs that can include primary financing rounds, secondary transactions and indications of interest. It is a market-information estimate, not a guaranteed executable transaction price or NAV.	Private-share sales can be subject to company transfer restrictions, board approval, rights of first refusal and other issuer requirements. A marketplace match or accepted indication does not guarantee issuer approval or final settlement.	No daily liquidity and no guaranteed secondary liquidity. Matched transactions often take weeks to complete and can fail.	Both. Forge supports direct or vehicle-based single-company private-market exposure and also offers single-company and multi-company private-market funds. Ownership form depends on the specific transaction.	Supported for eligible private-market investments through self-directed retirement-account or qualified-custodian arrangements, subject to the investment and custodian requirements.	Forge Securities LLC conducts applicable private-market brokerage activity as an SEC-registered broker-dealer and FINRA/SIPC member. Forge Global is now part of Charles Schwab following the March 2026 acquisition; the corporate parent, marketplace and transaction vehicles remain distinct legal roles.	2026-09-11
Hiive	Direct private-share purchases and Hiive Fund investments are generally limited to accredited investors; certain fund opportunities can impose the higher Qualified Purchaser standard. Seller eligibility is a separate question and depends on ownership and transaction requirements.	Open — Hiive currently operates an active marketplace for private-company securities and also offers Hiive Funds to eligible investors. Individual securities, sellers and fund opportunities can appear or disappear as private-market supply changes.	Hiive's core marketplace is secondary: buyers purchase existing private-company shares from shareholders. Hiive Funds provide indirect exposure through investment vehicles rather than issuer primary crowdfunding.	Broker-dealer-operated private-company marketplace supporting more than one ownership route, including direct private-company share transactions and Hiive fund/SPV structures that hold private shares. A Hiive investment therefore can represent direct issuer stock or an interest in a separate vehicle depending on the transaction.	Standard minimum transaction $25,000 per the June 1, 2026 U.S. Form CRS. Certain private funds can impose higher minimums; there is no single universal minimum.	For direct share transactions, Hiive's brokerage commission is generally charged to the seller rather than the buyer. For Private Fund transactions, the buyer can pay a brokerage commission; Hiive's current U.S. relationship disclosure shows a maximum buyer/private-fund tier of 5%, with lower percentages for larger transactions.	Direct-share sellers pay a success-based brokerage commission when a transaction closes. Hiive's current U.S. relationship disclosure shows a highest seller commission tier of 6.80%, with lower percentages for larger transactions.	Hiive Funds currently advertise no ongoing management fee and no carried interest for Hiive-managed funds. Investors can pay the applicable transaction brokerage fee when entering and an administrative fee when distributions are processed; third-party private funds can have different economics.	Hiive Price is a daily indicative private-company price based on a time-decayed, volume-weighted blend of confirmed transactions and current bid/ask information, with the weighting adjusted for trading frequency and market activity. It is a pricing indicator, not a guaranteed executable price.	Private-company transfers can be subject to issuer approval, rights of first refusal and contractual transfer restrictions. Hiive bids and listings are indications of interest and do not guarantee that the issuer will permit a transfer or that settlement will occur.	Secondary marketplace access without daily liquidity. No guaranteed liquidity and no guaranteed exit; a holder may face no active buyer, wide spreads, transfer restrictions, company approval delays, ROFR, IPO lockups and uncertain liquidity timing.	Both. Hiive provides direct single-company private-share transactions and fund structures that can provide single-asset or multi-asset private-company exposure. Investors should verify whether they are buying shares or a fund interest.	Hiive documents investment in eligible Hiive Funds through IRA structures, including Roth IRAs, subject to the applicable custodian, fund and eligibility requirements.	Securities transactions are offered through Hiive Markets Limited, which identifies itself as a FINRA/SIPC member broker-dealer in the United States and an exempt market dealer in listed Canadian provinces. Hiive is not an investment adviser; fund and transaction vehicles remain separate from the broker.	2026-09-11
MicroVentures	Eligibility depends on the offering. Regulation Crowdfunding offerings can be open to eligible accredited and non-accredited investors age 18+, Regulation A offerings can permit public access under their terms, while Regulation D private placements are generally limited to accredited investors. Private funds and secondary transactions can impose additional requirements.	Open — MicroVentures currently lists active private-company investment opportunities across accredited private placements, Regulation Crowdfunding and secondary/private-market categories. Individual offerings open and close independently.	Both. MicroVentures supports issuer primary offerings under Regulation Crowdfunding, Regulation A and Regulation D, while also facilitating eligible secondary private-company transactions. Exposure can be direct to the issuer or through an SPV/private fund depending on the offering.	Private-market platform spanning Regulation Crowdfunding, Regulation A, Regulation D private placements, startup SPVs, private funds and private-company secondary transactions. MicroVenture Marketplace Inc. is the broker-dealer, while MicroAngel Partners LLC is a separate affiliated adviser that can manage private funds; the investor's legal interest depends on the specific offering.	Deal-specific. Selected Regulation Crowdfunding opportunities can begin around $100, while accredited-investor private placements commonly reference roughly $5,000–$15,000 and some private deals can require $25,000–$50,000 or more. No single platform minimum applies.	Current Regulation Crowdfunding and Regulation A offerings can carry a $0 investor platform fee. Regulation D placements, private funds and secondary transactions can use separate transaction or placement economics; secondary transaction fees are negotiated and offering-specific.	Secondary private-share transaction fees are negotiated and can differ by transaction and side. MicroVentures does not publish one universal seller commission that applies to every secondary sale; primary issuer offerings use separate issuer/platform economics.	Private-fund and affiliated MicroAngel Partners vehicles can charge product-specific annual management fees, carried interest, distribution fees and offering expenses. These economics do not apply universally to Regulation Crowdfunding or Regulation A investments.	Primary-offering prices are set by the issuer and disclosed in the applicable Form C, offering circular or private-placement documents. Secondary transaction prices are negotiated between market participants. MicroVentures does not publish one universal platform valuation methodology that determines fair value across all private companies.	Transfer rules depend on the security. Regulation Crowdfunding securities generally carry statutory resale restrictions during the first year, private-company shares can be subject to issuer approval and rights of first refusal, and private-fund/SPV interests follow their governing transfer provisions. No secondary exit is guaranteed.	Private-market liquidity. Selective secondary transactions can be available, but they can require issuer approval, buyer qualification and other transfer conditions; MicroVentures does not provide daily liquidity or a guaranteed secondary market.	Both. MicroVentures offers individual-company investments and secondary opportunities as well as private funds or diversified venture vehicles. Structure and diversification depend on the specific offering.	Supported for eligible investments through self-directed IRA profiles and external custodial arrangements documented by MicroVentures, subject to the offering and custodian requirements.	Applicable securities transactions are conducted through MicroVenture Marketplace, Inc., an SEC-registered broker-dealer and FINRA/SIPC member. MicroVentures operates multiple offering types, and affiliated private funds can use separate management entities. Broker-dealer membership does not protect against investment loss.	2026-09-11
Republic	Eligibility is offering-specific. Regulation Crowdfunding and qualifying Regulation A offerings can permit eligible non-accredited investors subject to applicable limits, while Republic Deal Room Regulation D opportunities are generally limited to accredited investors and can impose additional qualifications.	Open — Republic currently lists live investment opportunities, including community/retail offerings and accredited-investor Deal Room opportunities. Availability is offering-specific and individual campaigns or SPVs can fill or close independently.	Both, but primarily through issuer primary offerings and Deal Room vehicles. Republic supports Regulation Crowdfunding, Regulation A and Regulation D capital raises, while eligible securities can also have limited secondary-market functionality. Those secondary features should not be treated as the same product as a primary community round.	Multi-entity private-markets platform spanning Regulation Crowdfunding through OpenDeal Portal, broker-dealer-supported Regulation A/Regulation D activity through OpenDeal Broker, plus SPVs, later-stage private-company opportunities and tokenized-security infrastructure. The investor's ownership form is offering-specific and can include SAFEs, equity, fund/SPV interests or other private securities.	Issuers set their own minimums. Current Republic education references a $10 low-end permitted setting and a typical minimum range of $25–$250. There is no universal platform minimum.	Many Republic commitments use an investor administrative fee around 2.5%, commonly subject to a $5 minimum and $250 cap, but the fee varies by offering. Deal Room and other private-market vehicles can use different fee schedules.	For primary crowdfunding, the relevant non-investor economics are generally issuer-paid rather than a shareholder seller commission. Republic states that many Regulation Crowdfunding issuers pay cash and securities-based platform compensation, commonly referenced around 7% cash plus 2% securities; other exemptions and secondary transactions use different economics.	Deal Room SPVs commonly use product-specific vehicle economics. Republic's current help materials describe examples around a one-time 2% management fee, 1%–3% organizational fee and possible carried interest that can vary with investment size. The governing SPV documents control and these terms do not apply to ordinary Reg CF investments.	Primary offering prices and valuations are set by the issuer and disclosed in the applicable offering documents. On eligible Republic secondary transactions, sellers can set asking prices and buyers decide whether to transact. Republic does not provide one universal private-company fair-value methodology across all offering types.	Transfer restrictions depend on the security and exemption. Regulation Crowdfunding securities generally have statutory first-year resale restrictions, private-company securities can have issuer or contractual transfer limits, and Republic's secondary functionality is limited to eligible assets and does not guarantee a buyer.	Limited secondary-market functionality for eligible Republic-originated assets. Not a public stock exchange, not all assets are eligible, and liquidity is not guaranteed.	Primarily single-company access through community rounds and Deal Room SPVs, with broader Republic fund/portfolio products available separately. A single-company SPV should not be described as a diversified fund merely because it is pooled.	Supported for eligible Republic investments through IRA or self-directed IRA structures and third-party custodial arrangements, subject to the specific offering.	Republic is an ecosystem rather than one regulated entity. OpenDeal Portal LLC operates applicable Regulation Crowdfunding offerings; OpenDeal Broker LLC handles applicable broker-dealer activity for Regulation A, Regulation D and related offerings; Deal Room and fund products can involve separate adviser or manager entities. Ordinary crowdfunding users should not be described as receiving individualized advisory services.	2026-09-11
StartEngine	Offering-specific — Regulation Crowdfunding and Regulation A offerings can be available to eligible non-accredited as well as accredited investors subject to applicable limits, while Regulation D and selected private-company offerings can be accredited-only.	Open — StartEngine currently supports live primary fundraising campaigns and a separate Marketplace/ATS for securities of participating companies; each primary offering and secondary listing has its own availability.	Both. StartEngine supports issuer primary offerings under Regulation Crowdfunding and Regulation A, while StartEngine Marketplace/ATS activity can provide secondary transactions in eligible securities. StartEngine Private also uses private-company series or vehicle structures that can source private shares outside the ordinary primary-crowdfunding workflow.	Private-company capital-markets platform using separate regulated affiliates: StartEngine Capital LLC acts as the Regulation Crowdfunding funding portal, while StartEngine Primary LLC is the broker-dealer and operator of the StartEngine Marketplace ATS. Offerings can use Reg CF, Regulation A or Regulation D structures, and only eligible securities receive secondary-market access.	Each campaign sets its own minimum investment; there is no universal platform minimum. The current StartEngine IRA vehicle minimum is $2,000, separate from an offering's own minimum.	Investor fees are offering- and product-specific. StartEngine's current disclosures permit a Primary Investments service fee of up to 5%, while Marketplace/secondary transactions and private-company vehicle offerings have their own stated economics. Do not apply an older 3.5% crowdfunding reference universally.	Marketplace secondary transactions can charge transaction fees to buyers and sellers under StartEngine's current fee schedule, with stated caps up to 5% per side depending on the transaction. Primary issuers pay separate fundraising/platform economics rather than a shareholder seller commission.	StartEngine Private series and fund economics are offering-specific. Current private-company examples show materially different combinations — some use no annual management fee with carried interest, while others use an annual management fee and no carry. The individual offering documents control.	Primary offering prices and valuations are set by the issuer and disclosed in the offering documents. StartEngine Marketplace uses market bids/asks for eligible secondary securities, while StartEngine Private can reference third-party private-market data and the vehicle's acquisition terms. None is a guaranteed future IPO value.	Private securities remain subject to the applicable issuer, security and exemption transfer rules. Marketplace availability does not mean every StartEngine security is freely tradable, and issuer restrictions, holding-period rules, market demand and vehicle documents can limit resale.	StartEngine Marketplace is an SEC-regulated ATS operated by StartEngine Primary, trading 10:00 a.m.–12:00 p.m. Pacific Time on trading weekdays. Only eligible securities list, an active market may never develop and liquidity is not guaranteed.	Both. StartEngine offers individual issuer primary investments, single-company private-market series/vehicles and diversified private-company fund strategies. Those structures should remain separate in the comparison.	Supported — StartEngine accepts IRA investments over $2,000. Investors can use a StartEngine IRA or an eligible self-directed IRA custodian, with the custodian funding the private investment.	StartEngine Capital LLC (SEC 7-7, CRD 282945, SEC-registered funding portal, FINRA member, not a broker-dealer); StartEngine Primary LLC (CRD 291773, SEC 8-70060, SEC-registered broker-dealer, FINRA and SIPC member, ATS operator); registered transfer-agent affiliate.	2026-09-11
UpMarket	UpMarket's U.S. private-market opportunities are generally offered to accredited investors, with some products requiring the higher Qualified Purchaser standard. Non-U.S. access depends on local law and the specific offering.	Open — UpMarket currently lists private-market opportunities, including pre-IPO single-company offerings, on a rolling basis. Individual offerings can close, fill or become unavailable independently.	UpMarket's current pre-IPO catalog commonly provides exposure to private-company shares sourced through secondary transactions or private placement vehicles rather than public-exchange trading. Depending on the opportunity, access can be through a direct private offering, SPV or fund interest.	Qualified-investor private-markets platform with brokerage conducted through Upmarket Securities LLC and investment-management functions available through affiliated entities such as Upmarket Management LLC. Offerings can use direct private-company shares, SPVs or private-fund structures across pre-IPO, private equity, hedge fund, real-estate and other alternative strategies; ownership is deal-specific.	Current pre-IPO pages commonly display a $50,000 reference minimum. Minimums vary by offering and $50,000 is not a universal platform minimum.	UpMarket does not charge an account-opening fee. Investor charges are product-specific; current FAQ materials state that investments commonly use an upfront subscription fee and an annual management fee, with the exact percentages disclosed in the applicable offering documents.	No current universal seller commission is published for UpMarket's pre-IPO catalog. Placement, manager or transaction economics are offering-specific, and UpMarket's current FAQ does not establish a single seller-side percentage that applies across private-company opportunities.	Product-specific. UpMarket pre-IPO opportunities can use separate SPVs or access funds with upfront subscription charges, annual management fees and other vehicle expenses disclosed in the offering documents. No universal pre-IPO vehicle fee applies to every opportunity.	UpMarket's pre-IPO pages use proprietary valuation estimates that can incorporate financing-round data, third-party revenue estimates, secondary-market pricing, public-company comparables and a private-company discount. The estimate is analytical guidance, not an appraisal or guaranteed transaction price.	Private-company and SPV interests can be subject to issuer approval, rights of first refusal, contractual transfer restrictions and limited buyer availability. UpMarket does not currently operate a formal secondary market for resales of its private fund/SPV interests, although it can sometimes assist investors seeking a buyer.	No daily liquidity and no guaranteed secondary market or exit. Pre-IPO exit routes are sale in the private secondary market or holding through an IPO or acquisition, both subject to transfer restrictions, company approval, ROFR where applicable, market demand and offering terms.	Both. UpMarket offers single-company pre-IPO opportunities and private-market access funds/SPVs that can provide pooled or diversified exposure. For this page, unrelated hedge-fund, real-estate and private-credit products should remain excluded.	Supported — UpMarket's current FAQ permits eligible investments through IRAs using third-party custodians and states that UpMarket does not add a separate IRA account fee beyond the investment's standard product fees.	Upmarket Securities LLC is the FINRA-member broker-dealer for applicable securities transactions. Upmarket Management LLC has a separate commodity-pool/operator role for applicable products. The platform can host multiple vehicle types, so those regulated roles should not be collapsed into one entity.	2026-09-11

Equitybee

Investor eligibility (accredited vs. non-accredited): U.S. investor access to Equitybee's current private-company investment products is generally limited to accredited investors. Product, entity and non-U.S. eligibility can impose additional requirements; employee/shareholder eligibility is a separate side of the platform.
Current new-investment / transaction availability: Open — Equitybee currently markets active single-company investment opportunities and private-company fund strategies to eligible investors. Opportunity access is deal-specific and individual offerings can open, fill or close independently.
Primary offering vs. secondary private-company access: Core single-company Equitybee investments are neither conventional issuer primary offerings nor ordinary secondary share purchases. Investor capital funds an employee/shareholder's option exercise or share acquisition through a Private Financing Contract or related vehicle; the employee retains the underlying shares until a qualifying liquidity event.
Direct shares vs. SPV / fund / contractual ownership structure: Single-company opportunities generally use a private-placement/private financing contract tied to an employee's option exercise rather than a direct transfer of startup shares to the investor. Equitybee also offers separate venture-fund products; ownership and economics therefore depend on the specific offering.
Minimum investment / transaction size: Single-offer minimum $10,000. The Venture Portfolio Fund lists a $100,000 minimum commitment, and the Reserved Fund is positioned for substantially larger customized deployment.
Buyer / investor platform or transaction fee: Single-company investors typically pay a 5% brokerage fee when the investment is funded. Additional performance/carry economics can apply after a successful liquidity event and fund products have separate fee schedules.
Seller commission / seller-side transaction economics: There is no ordinary seller commission because the employee/shareholder does not sell the startup shares to the investor at inception. Current Equitybee materials describe employee-side economics that can include repayment of the original funding, a 5% placement fee, contractual interest or predetermined share-value economics, and a 5% stock-appreciation fee after a successful liquidity event. Exact terms are contract-specific.
Fund / SPV management fee, carry or vehicle-level economics: Vehicle-specific. Equitybee's Venture Portfolio Fund currently describes no annual management fee, a 5% brokerage fee as capital is deployed, and 10% carried interest; other single-company, Reserved Fund or affiliated-fund structures use their own economics. Do not apply the Venture Portfolio Fund terms to every Equitybee investment.
Pricing / valuation / bid-ask / market-data methodology: Equitybee's single-company opportunities are priced through contractual funding terms negotiated around the employee's option/share economics rather than a live bid-ask secondary market. Equitybee can show comparisons to company financing-round or 409A references, but those reference values are not guaranteed fair value or an executable resale price.
Issuer approval / ROFR / transfer-restriction mechanics: Because the employee generally retains the underlying shares, the initial Equitybee funding contract does not transfer startup shares to the investor and ordinarily does not add the investor to the issuer's cap table. Contractual restrictions govern the employee's later sale or transfer, and settlement depends on a qualifying liquidity event and the employee's ability to access or dispose of the shares.
Liquidity / resale / secondary-market / exit treatment: No daily liquidity and no secondary order book for PFCs. Settlement depends on a future liquidity event such as an IPO, acquisition, merger, tender offer or qualifying secondary transaction, and no liquidity event is guaranteed.
Single-company vs. diversified fund / portfolio access: Both. Equitybee offers concentrated single-company contractual exposure and diversified private-company fund strategies, including the Venture Portfolio Fund and other portfolio vehicles. The legal and fee structure differs by product.
IRA / SDIRA availability: Supported for eligible offerings through retirement-account structures and third-party custodial arrangements identified by Equitybee, subject to product and custodian requirements.
Regulatory / broker / portal / adviser / intermediary structure: EquityBee Securities LLC is the broker-dealer through which applicable private placements and fund interests are offered and is registered with the SEC and a FINRA member. Equitybee's platform/company and affiliated fund-management entities have separate roles; broker-dealer registration does not make the investor a direct shareholder in every underlying startup.
Last fact checked: 2026-09-11

EquityZen

Investor eligibility (accredited vs. non-accredited): EquityZen's private placements are for accredited investors. Investors complete accreditation questionnaires and must continue to meet applicable private-offering eligibility requirements.
Current new-investment / transaction availability: Open — EquityZen currently releases new private-company investment opportunities on an ongoing basis, with availability changing as offerings fill, expire or complete.
Primary offering vs. secondary private-company access: Primarily secondary private-company access. Standard EquityZen vehicles acquire existing private-company shares for investors, Direct Share Acquisition transactions can transfer shares directly between seller and buyer, and Express transactions can involve resale of an existing EquityZen fund interest. These are not the same as issuer primary crowdfunding.
Direct shares vs. SPV / fund / contractual ownership structure: Private-company secondary marketplace offering multiple transaction structures, including direct share acquisitions and pooled or fund-style interests depending on the deal. Investors therefore should not be described as directly owning issuer shares in every EquityZen investment; the applicable transaction and vehicle documents determine the ownership form.
Minimum investment / transaction size: Standard single-company minimum $10,000, with selected eligible opportunities as low as $5,000. Multi-company funds start at $50,000 with limited lower slots at $20,000. Direct Share Acquisitions require materially higher minimums.
Buyer / investor platform or transaction fee: One-time investor sales fee, transaction-specific. For standard EquityZen deals, the current fee is 2.5% on investments up to $1 million and 2% on amounts above $1 million. Direct Share Acquisitions use separate size-based tiers: 2.5% up to $10 million, 2% from $10 million to $20 million, and 1.5% above $20 million. EquityZen Securities LLC can partially or fully waive the applicable sales fee, and other fund products can use different economics.
Seller commission / seller-side transaction economics: 2.5% on completed transaction
Fund / SPV management fee, carry or vehicle-level economics: Product-specific. Standard single-company, non-actively-managed EquityZen vehicles generally do not use recurring management fees or carried interest, while diversified Growth Opportunity funds can charge annual management fees, carry and administrative expenses. Do not apply diversified-fund economics to a standard single-company vehicle.
Pricing / valuation / bid-ask / market-data methodology: EquityZen evaluates private-share pricing using the company's most recent financing round together with public information, investor demand and prior secondary-market transactions. The seller and EquityZen determine offering pricing, while direct-share transactions can involve seller-set or negotiated prices. These are private-market reference prices, not guaranteed fair value.
Issuer approval / ROFR / transfer-restriction mechanics: Private-company transactions can be subject to issuer transfer restrictions, board or company approval and rights of first refusal. An issuer can exercise its ROFR or decline a transfer, so a matched buyer and seller do not guarantee closing.
Liquidity / resale / secondary-market / exit treatment: No daily liquidity and no guaranteed exit. Express Deals offer limited secondary resale of eligible fund interests but are not a liquid exchange.
Single-company vs. diversified fund / portfolio access: Both. EquityZen offers single-company exposure through standard vehicles and direct-share transactions, plus diversified multi-company private-market funds. Express transactions can also involve existing EquityZen vehicle interests.
IRA / SDIRA availability: Supported — EquityZen documents investing through self-directed IRAs and identifies third-party providers such as Alto and Rocket Dollar, subject to custodian and offering requirements.
Regulatory / broker / portal / adviser / intermediary structure: EquityZen Securities LLC is the broker-dealer for applicable marketplace securities activity and is an SEC-registered broker-dealer and FINRA/SIPC member. EquityZen is now part of Morgan Stanley following the January 2026 acquisition, but transaction-level ownership can still be direct shares or vehicle interests.
Last fact checked: 2026-09-11

Forge Global

Investor eligibility (accredited vs. non-accredited): Purchasing private-company securities through Forge is generally limited to accredited investors, with offering- and account-specific eligibility requirements applying to fund and retirement-account structures.
Current new-investment / transaction availability: Open — Forge currently provides eligible investors access to private-company secondary transactions and private-market fund opportunities, subject to security availability, seller interest and issuer transfer requirements.
Primary offering vs. secondary private-company access: Forge's core marketplace is a private-company secondary market that connects eligible buyers and existing shareholders. Forge also offers fund structures that provide indirect exposure. Those fund interests should not be described as direct issuer-share purchases.
Direct shares vs. SPV / fund / contractual ownership structure: Private-company marketplace using broker-dealer/private-market infrastructure for secondary transactions and related private-market investment structures. Depending on the transaction, investors can obtain direct private shares or an interest through a separate investment vehicle; those ownership routes should not be collapsed into one generic structure.
Minimum investment / transaction size: Standard direct-secondary minimum $100,000; single-company Forge fund offerings can accept indications of interest starting around $5,000 on limited, offering-specific opportunities.
Buyer / investor platform or transaction fee: Direct private-share buyers generally face transaction fees in an approximate 2%–4% range, while Forge fund offerings can use a separate one-time fee commonly around 1%–2%. Exact fees depend on transaction size and product.
Seller commission / seller-side transaction economics: Direct private-share sellers generally face transaction fees in an approximate 2%–4% range, subject to transaction size and negotiated terms. Fees generally apply when a transaction closes rather than for merely listing interest.
Fund / SPV management fee, carry or vehicle-level economics: Forge fund economics are product-specific. Current investor materials describe one-time fund transaction fees commonly around 1%–2%, with individual fund documents controlling any additional vehicle expenses, management economics or carry. Do not apply direct-share brokerage pricing to a fund interest.
Pricing / valuation / bid-ask / market-data methodology: Forge Price is a proprietary daily private-market pricing indicator using inputs that can include primary financing rounds, secondary transactions and indications of interest. It is a market-information estimate, not a guaranteed executable transaction price or NAV.
Issuer approval / ROFR / transfer-restriction mechanics: Private-share sales can be subject to company transfer restrictions, board approval, rights of first refusal and other issuer requirements. A marketplace match or accepted indication does not guarantee issuer approval or final settlement.
Liquidity / resale / secondary-market / exit treatment: No daily liquidity and no guaranteed secondary liquidity. Matched transactions often take weeks to complete and can fail.
Single-company vs. diversified fund / portfolio access: Both. Forge supports direct or vehicle-based single-company private-market exposure and also offers single-company and multi-company private-market funds. Ownership form depends on the specific transaction.
IRA / SDIRA availability: Supported for eligible private-market investments through self-directed retirement-account or qualified-custodian arrangements, subject to the investment and custodian requirements.
Regulatory / broker / portal / adviser / intermediary structure: Forge Securities LLC conducts applicable private-market brokerage activity as an SEC-registered broker-dealer and FINRA/SIPC member. Forge Global is now part of Charles Schwab following the March 2026 acquisition; the corporate parent, marketplace and transaction vehicles remain distinct legal roles.
Last fact checked: 2026-09-11

Hiive

Investor eligibility (accredited vs. non-accredited): Direct private-share purchases and Hiive Fund investments are generally limited to accredited investors; certain fund opportunities can impose the higher Qualified Purchaser standard. Seller eligibility is a separate question and depends on ownership and transaction requirements.
Current new-investment / transaction availability: Open — Hiive currently operates an active marketplace for private-company securities and also offers Hiive Funds to eligible investors. Individual securities, sellers and fund opportunities can appear or disappear as private-market supply changes.
Primary offering vs. secondary private-company access: Hiive's core marketplace is secondary: buyers purchase existing private-company shares from shareholders. Hiive Funds provide indirect exposure through investment vehicles rather than issuer primary crowdfunding.
Direct shares vs. SPV / fund / contractual ownership structure: Broker-dealer-operated private-company marketplace supporting more than one ownership route, including direct private-company share transactions and Hiive fund/SPV structures that hold private shares. A Hiive investment therefore can represent direct issuer stock or an interest in a separate vehicle depending on the transaction.
Minimum investment / transaction size: Standard minimum transaction $25,000 per the June 1, 2026 U.S. Form CRS. Certain private funds can impose higher minimums; there is no single universal minimum.
Buyer / investor platform or transaction fee: For direct share transactions, Hiive's brokerage commission is generally charged to the seller rather than the buyer. For Private Fund transactions, the buyer can pay a brokerage commission; Hiive's current U.S. relationship disclosure shows a maximum buyer/private-fund tier of 5%, with lower percentages for larger transactions.
Seller commission / seller-side transaction economics: Direct-share sellers pay a success-based brokerage commission when a transaction closes. Hiive's current U.S. relationship disclosure shows a highest seller commission tier of 6.80%, with lower percentages for larger transactions.
Fund / SPV management fee, carry or vehicle-level economics: Hiive Funds currently advertise no ongoing management fee and no carried interest for Hiive-managed funds. Investors can pay the applicable transaction brokerage fee when entering and an administrative fee when distributions are processed; third-party private funds can have different economics.
Pricing / valuation / bid-ask / market-data methodology: Hiive Price is a daily indicative private-company price based on a time-decayed, volume-weighted blend of confirmed transactions and current bid/ask information, with the weighting adjusted for trading frequency and market activity. It is a pricing indicator, not a guaranteed executable price.
Issuer approval / ROFR / transfer-restriction mechanics: Private-company transfers can be subject to issuer approval, rights of first refusal and contractual transfer restrictions. Hiive bids and listings are indications of interest and do not guarantee that the issuer will permit a transfer or that settlement will occur.
Liquidity / resale / secondary-market / exit treatment: Secondary marketplace access without daily liquidity. No guaranteed liquidity and no guaranteed exit; a holder may face no active buyer, wide spreads, transfer restrictions, company approval delays, ROFR, IPO lockups and uncertain liquidity timing.
Single-company vs. diversified fund / portfolio access: Both. Hiive provides direct single-company private-share transactions and fund structures that can provide single-asset or multi-asset private-company exposure. Investors should verify whether they are buying shares or a fund interest.
IRA / SDIRA availability: Hiive documents investment in eligible Hiive Funds through IRA structures, including Roth IRAs, subject to the applicable custodian, fund and eligibility requirements.
Regulatory / broker / portal / adviser / intermediary structure: Securities transactions are offered through Hiive Markets Limited, which identifies itself as a FINRA/SIPC member broker-dealer in the United States and an exempt market dealer in listed Canadian provinces. Hiive is not an investment adviser; fund and transaction vehicles remain separate from the broker.
Last fact checked: 2026-09-11

MicroVentures

Investor eligibility (accredited vs. non-accredited): Eligibility depends on the offering. Regulation Crowdfunding offerings can be open to eligible accredited and non-accredited investors age 18+, Regulation A offerings can permit public access under their terms, while Regulation D private placements are generally limited to accredited investors. Private funds and secondary transactions can impose additional requirements.
Current new-investment / transaction availability: Open — MicroVentures currently lists active private-company investment opportunities across accredited private placements, Regulation Crowdfunding and secondary/private-market categories. Individual offerings open and close independently.
Primary offering vs. secondary private-company access: Both. MicroVentures supports issuer primary offerings under Regulation Crowdfunding, Regulation A and Regulation D, while also facilitating eligible secondary private-company transactions. Exposure can be direct to the issuer or through an SPV/private fund depending on the offering.
Direct shares vs. SPV / fund / contractual ownership structure: Private-market platform spanning Regulation Crowdfunding, Regulation A, Regulation D private placements, startup SPVs, private funds and private-company secondary transactions. MicroVenture Marketplace Inc. is the broker-dealer, while MicroAngel Partners LLC is a separate affiliated adviser that can manage private funds; the investor's legal interest depends on the specific offering.
Minimum investment / transaction size: Deal-specific. Selected Regulation Crowdfunding opportunities can begin around $100, while accredited-investor private placements commonly reference roughly $5,000–$15,000 and some private deals can require $25,000–$50,000 or more. No single platform minimum applies.
Buyer / investor platform or transaction fee: Current Regulation Crowdfunding and Regulation A offerings can carry a $0 investor platform fee. Regulation D placements, private funds and secondary transactions can use separate transaction or placement economics; secondary transaction fees are negotiated and offering-specific.
Seller commission / seller-side transaction economics: Secondary private-share transaction fees are negotiated and can differ by transaction and side. MicroVentures does not publish one universal seller commission that applies to every secondary sale; primary issuer offerings use separate issuer/platform economics.
Fund / SPV management fee, carry or vehicle-level economics: Private-fund and affiliated MicroAngel Partners vehicles can charge product-specific annual management fees, carried interest, distribution fees and offering expenses. These economics do not apply universally to Regulation Crowdfunding or Regulation A investments.
Pricing / valuation / bid-ask / market-data methodology: Primary-offering prices are set by the issuer and disclosed in the applicable Form C, offering circular or private-placement documents. Secondary transaction prices are negotiated between market participants. MicroVentures does not publish one universal platform valuation methodology that determines fair value across all private companies.
Issuer approval / ROFR / transfer-restriction mechanics: Transfer rules depend on the security. Regulation Crowdfunding securities generally carry statutory resale restrictions during the first year, private-company shares can be subject to issuer approval and rights of first refusal, and private-fund/SPV interests follow their governing transfer provisions. No secondary exit is guaranteed.
Liquidity / resale / secondary-market / exit treatment: Private-market liquidity. Selective secondary transactions can be available, but they can require issuer approval, buyer qualification and other transfer conditions; MicroVentures does not provide daily liquidity or a guaranteed secondary market.
Single-company vs. diversified fund / portfolio access: Both. MicroVentures offers individual-company investments and secondary opportunities as well as private funds or diversified venture vehicles. Structure and diversification depend on the specific offering.
IRA / SDIRA availability: Supported for eligible investments through self-directed IRA profiles and external custodial arrangements documented by MicroVentures, subject to the offering and custodian requirements.
Regulatory / broker / portal / adviser / intermediary structure: Applicable securities transactions are conducted through MicroVenture Marketplace, Inc., an SEC-registered broker-dealer and FINRA/SIPC member. MicroVentures operates multiple offering types, and affiliated private funds can use separate management entities. Broker-dealer membership does not protect against investment loss.
Last fact checked: 2026-09-11

Republic

Investor eligibility (accredited vs. non-accredited): Eligibility is offering-specific. Regulation Crowdfunding and qualifying Regulation A offerings can permit eligible non-accredited investors subject to applicable limits, while Republic Deal Room Regulation D opportunities are generally limited to accredited investors and can impose additional qualifications.
Current new-investment / transaction availability: Open — Republic currently lists live investment opportunities, including community/retail offerings and accredited-investor Deal Room opportunities. Availability is offering-specific and individual campaigns or SPVs can fill or close independently.
Primary offering vs. secondary private-company access: Both, but primarily through issuer primary offerings and Deal Room vehicles. Republic supports Regulation Crowdfunding, Regulation A and Regulation D capital raises, while eligible securities can also have limited secondary-market functionality. Those secondary features should not be treated as the same product as a primary community round.
Direct shares vs. SPV / fund / contractual ownership structure: Multi-entity private-markets platform spanning Regulation Crowdfunding through OpenDeal Portal, broker-dealer-supported Regulation A/Regulation D activity through OpenDeal Broker, plus SPVs, later-stage private-company opportunities and tokenized-security infrastructure. The investor's ownership form is offering-specific and can include SAFEs, equity, fund/SPV interests or other private securities.
Minimum investment / transaction size: Issuers set their own minimums. Current Republic education references a $10 low-end permitted setting and a typical minimum range of $25–$250. There is no universal platform minimum.
Buyer / investor platform or transaction fee: Many Republic commitments use an investor administrative fee around 2.5%, commonly subject to a $5 minimum and $250 cap, but the fee varies by offering. Deal Room and other private-market vehicles can use different fee schedules.
Seller commission / seller-side transaction economics: For primary crowdfunding, the relevant non-investor economics are generally issuer-paid rather than a shareholder seller commission. Republic states that many Regulation Crowdfunding issuers pay cash and securities-based platform compensation, commonly referenced around 7% cash plus 2% securities; other exemptions and secondary transactions use different economics.
Fund / SPV management fee, carry or vehicle-level economics: Deal Room SPVs commonly use product-specific vehicle economics. Republic's current help materials describe examples around a one-time 2% management fee, 1%–3% organizational fee and possible carried interest that can vary with investment size. The governing SPV documents control and these terms do not apply to ordinary Reg CF investments.
Pricing / valuation / bid-ask / market-data methodology: Primary offering prices and valuations are set by the issuer and disclosed in the applicable offering documents. On eligible Republic secondary transactions, sellers can set asking prices and buyers decide whether to transact. Republic does not provide one universal private-company fair-value methodology across all offering types.
Issuer approval / ROFR / transfer-restriction mechanics: Transfer restrictions depend on the security and exemption. Regulation Crowdfunding securities generally have statutory first-year resale restrictions, private-company securities can have issuer or contractual transfer limits, and Republic's secondary functionality is limited to eligible assets and does not guarantee a buyer.
Liquidity / resale / secondary-market / exit treatment: Limited secondary-market functionality for eligible Republic-originated assets. Not a public stock exchange, not all assets are eligible, and liquidity is not guaranteed.
Single-company vs. diversified fund / portfolio access: Primarily single-company access through community rounds and Deal Room SPVs, with broader Republic fund/portfolio products available separately. A single-company SPV should not be described as a diversified fund merely because it is pooled.
IRA / SDIRA availability: Supported for eligible Republic investments through IRA or self-directed IRA structures and third-party custodial arrangements, subject to the specific offering.
Regulatory / broker / portal / adviser / intermediary structure: Republic is an ecosystem rather than one regulated entity. OpenDeal Portal LLC operates applicable Regulation Crowdfunding offerings; OpenDeal Broker LLC handles applicable broker-dealer activity for Regulation A, Regulation D and related offerings; Deal Room and fund products can involve separate adviser or manager entities. Ordinary crowdfunding users should not be described as receiving individualized advisory services.
Last fact checked: 2026-09-11

StartEngine

Investor eligibility (accredited vs. non-accredited): Offering-specific — Regulation Crowdfunding and Regulation A offerings can be available to eligible non-accredited as well as accredited investors subject to applicable limits, while Regulation D and selected private-company offerings can be accredited-only.
Current new-investment / transaction availability: Open — StartEngine currently supports live primary fundraising campaigns and a separate Marketplace/ATS for securities of participating companies; each primary offering and secondary listing has its own availability.
Primary offering vs. secondary private-company access: Both. StartEngine supports issuer primary offerings under Regulation Crowdfunding and Regulation A, while StartEngine Marketplace/ATS activity can provide secondary transactions in eligible securities. StartEngine Private also uses private-company series or vehicle structures that can source private shares outside the ordinary primary-crowdfunding workflow.
Direct shares vs. SPV / fund / contractual ownership structure: Private-company capital-markets platform using separate regulated affiliates: StartEngine Capital LLC acts as the Regulation Crowdfunding funding portal, while StartEngine Primary LLC is the broker-dealer and operator of the StartEngine Marketplace ATS. Offerings can use Reg CF, Regulation A or Regulation D structures, and only eligible securities receive secondary-market access.
Minimum investment / transaction size: Each campaign sets its own minimum investment; there is no universal platform minimum. The current StartEngine IRA vehicle minimum is $2,000, separate from an offering's own minimum.
Buyer / investor platform or transaction fee: Investor fees are offering- and product-specific. StartEngine's current disclosures permit a Primary Investments service fee of up to 5%, while Marketplace/secondary transactions and private-company vehicle offerings have their own stated economics. Do not apply an older 3.5% crowdfunding reference universally.
Seller commission / seller-side transaction economics: Marketplace secondary transactions can charge transaction fees to buyers and sellers under StartEngine's current fee schedule, with stated caps up to 5% per side depending on the transaction. Primary issuers pay separate fundraising/platform economics rather than a shareholder seller commission.
Fund / SPV management fee, carry or vehicle-level economics: StartEngine Private series and fund economics are offering-specific. Current private-company examples show materially different combinations — some use no annual management fee with carried interest, while others use an annual management fee and no carry. The individual offering documents control.
Pricing / valuation / bid-ask / market-data methodology: Primary offering prices and valuations are set by the issuer and disclosed in the offering documents. StartEngine Marketplace uses market bids/asks for eligible secondary securities, while StartEngine Private can reference third-party private-market data and the vehicle's acquisition terms. None is a guaranteed future IPO value.
Issuer approval / ROFR / transfer-restriction mechanics: Private securities remain subject to the applicable issuer, security and exemption transfer rules. Marketplace availability does not mean every StartEngine security is freely tradable, and issuer restrictions, holding-period rules, market demand and vehicle documents can limit resale.
Liquidity / resale / secondary-market / exit treatment: StartEngine Marketplace is an SEC-regulated ATS operated by StartEngine Primary, trading 10:00 a.m.–12:00 p.m. Pacific Time on trading weekdays. Only eligible securities list, an active market may never develop and liquidity is not guaranteed.
Single-company vs. diversified fund / portfolio access: Both. StartEngine offers individual issuer primary investments, single-company private-market series/vehicles and diversified private-company fund strategies. Those structures should remain separate in the comparison.
IRA / SDIRA availability: Supported — StartEngine accepts IRA investments over $2,000. Investors can use a StartEngine IRA or an eligible self-directed IRA custodian, with the custodian funding the private investment.
Regulatory / broker / portal / adviser / intermediary structure: StartEngine Capital LLC (SEC 7-7, CRD 282945, SEC-registered funding portal, FINRA member, not a broker-dealer); StartEngine Primary LLC (CRD 291773, SEC 8-70060, SEC-registered broker-dealer, FINRA and SIPC member, ATS operator); registered transfer-agent affiliate.
Last fact checked: 2026-09-11

UpMarket

Investor eligibility (accredited vs. non-accredited): UpMarket's U.S. private-market opportunities are generally offered to accredited investors, with some products requiring the higher Qualified Purchaser standard. Non-U.S. access depends on local law and the specific offering.
Current new-investment / transaction availability: Open — UpMarket currently lists private-market opportunities, including pre-IPO single-company offerings, on a rolling basis. Individual offerings can close, fill or become unavailable independently.
Primary offering vs. secondary private-company access: UpMarket's current pre-IPO catalog commonly provides exposure to private-company shares sourced through secondary transactions or private placement vehicles rather than public-exchange trading. Depending on the opportunity, access can be through a direct private offering, SPV or fund interest.
Direct shares vs. SPV / fund / contractual ownership structure: Qualified-investor private-markets platform with brokerage conducted through Upmarket Securities LLC and investment-management functions available through affiliated entities such as Upmarket Management LLC. Offerings can use direct private-company shares, SPVs or private-fund structures across pre-IPO, private equity, hedge fund, real-estate and other alternative strategies; ownership is deal-specific.
Minimum investment / transaction size: Current pre-IPO pages commonly display a $50,000 reference minimum. Minimums vary by offering and $50,000 is not a universal platform minimum.
Buyer / investor platform or transaction fee: UpMarket does not charge an account-opening fee. Investor charges are product-specific; current FAQ materials state that investments commonly use an upfront subscription fee and an annual management fee, with the exact percentages disclosed in the applicable offering documents.
Seller commission / seller-side transaction economics: No current universal seller commission is published for UpMarket's pre-IPO catalog. Placement, manager or transaction economics are offering-specific, and UpMarket's current FAQ does not establish a single seller-side percentage that applies across private-company opportunities.
Fund / SPV management fee, carry or vehicle-level economics: Product-specific. UpMarket pre-IPO opportunities can use separate SPVs or access funds with upfront subscription charges, annual management fees and other vehicle expenses disclosed in the offering documents. No universal pre-IPO vehicle fee applies to every opportunity.
Pricing / valuation / bid-ask / market-data methodology: UpMarket's pre-IPO pages use proprietary valuation estimates that can incorporate financing-round data, third-party revenue estimates, secondary-market pricing, public-company comparables and a private-company discount. The estimate is analytical guidance, not an appraisal or guaranteed transaction price.
Issuer approval / ROFR / transfer-restriction mechanics: Private-company and SPV interests can be subject to issuer approval, rights of first refusal, contractual transfer restrictions and limited buyer availability. UpMarket does not currently operate a formal secondary market for resales of its private fund/SPV interests, although it can sometimes assist investors seeking a buyer.
Liquidity / resale / secondary-market / exit treatment: No daily liquidity and no guaranteed secondary market or exit. Pre-IPO exit routes are sale in the private secondary market or holding through an IPO or acquisition, both subject to transfer restrictions, company approval, ROFR where applicable, market demand and offering terms.
Single-company vs. diversified fund / portfolio access: Both. UpMarket offers single-company pre-IPO opportunities and private-market access funds/SPVs that can provide pooled or diversified exposure. For this page, unrelated hedge-fund, real-estate and private-credit products should remain excluded.
IRA / SDIRA availability: Supported — UpMarket's current FAQ permits eligible investments through IRAs using third-party custodians and states that UpMarket does not add a separate IRA account fee beyond the investment's standard product fees.
Regulatory / broker / portal / adviser / intermediary structure: Upmarket Securities LLC is the FINRA-member broker-dealer for applicable securities transactions. Upmarket Management LLC has a separate commodity-pool/operator role for applicable products. The platform can host multiple vehicle types, so those regulated roles should not be collapsed into one entity.
Last fact checked: 2026-09-11

Which platform fits which situation

Negotiated secondary private shares

Hiive

Hiive is built around secondary-market price discovery and negotiation between eligible buyers and existing shareholders. Investors can encounter direct private-company shares as well as Hiive fund structures, so the ownership path remains transaction-specific.

Not a fit if: Not a fit if you want guaranteed execution, public-exchange liquidity or an investment that bypasses issuer transfer restrictions and rights of first refusal.