Quick Verdict
Largest marketplace, $100K+ minimum, institutional-grade data and pricing. NYSE-listed (FRGE). Best for investors who want direct share ownership, real-time market data, and the deepest liquidity pool.
$10K minimum via SPV structure. 350+ companies. Great entry point for accredited investors who want pre-IPO exposure without six-figure commitments. Guided investment process.
True marketplace with visible bid/ask spreads. 500+ companies (widest selection). 0% buyer fee. Growing fastest. Direct share transfers with transparent price discovery.
Side-by-Side Comparison
This table compares every major feature across the three platforms. Data is sourced from platform websites, FINRA BrokerCheck, and SEC filings as of March 2026.
| Feature | Forge Global | EquityZen | Hiive |
|---|---|---|---|
| Founded | 2014 | 2013 | 2021 |
| Headquarters | San Francisco, CA | New York, NY | Vancouver, BC |
| Minimum Investment | $100,000 | $10,000 | Varies by listing |
| Buyer Fee | 0% | 5% one-time | 0% |
| Seller Fee | 5% | 0% | Varies |
| Transaction Type | Direct shares | SPV | Direct shares |
| Available Companies | 200+ | 350+ | 500+ |
| FINRA Member | Yes (CRD 134596) | Yes | Yes |
| SEC Registration | ATS | Broker-Dealer | ATS |
| Real-Time Pricing | Yes (Forge Intelligence) | No | Yes (bid/ask) |
| Market Data | Proprietary valuations | Basic | Live bid/ask spreads |
| Registered Users | 636,000+ | 300,000+ | 100,000+ |
| Historical Volume | $15B+ | $3B+ | $1B+ |
| Public Company | Yes (NYSE: FRGE) | No | No |
| API Access | Enterprise only | No | No |
| Accreditation | Required | Required | Required |
Forge Global: Best for Institutional-Grade Trading
Forge Global is the largest private securities marketplace, publicly traded on the NYSE under ticker FRGE. With over $15 billion in historical transaction volume and 636,000+ registered users, Forge is the dominant platform for institutional and high-net-worth pre-IPO trading.
Forge's key differentiator is Forge Intelligence, a proprietary data platform offering real-time pricing, historical trading data, and independent valuations for private companies. This level of market transparency is unmatched among competitors and makes Forge the go-to platform for investors who need data-driven decision making.
The primary drawback is Forge's high minimum investment requirement of $100,000 per transaction, which excludes smaller investors. Forge charges sellers a 5% transaction fee with no fees for buyers. The platform processes direct share transfers, meaning buyers own the actual company stock and appear on the company's cap table.
Forge Global — Best For
EquityZen: Best for Lower Minimums
EquityZen is a New York-based broker-dealer founded in 2013 that connects accredited investors with pre-IPO opportunities through a Special Purpose Vehicle (SPV) structure. This is the platform that opened pre-IPO investing to a much wider audience by lowering minimums to $10,000 per investment.
The SPV model works by pooling capital from multiple investors into a single entity that purchases a block of shares. This enables lower individual minimums but means you don't directly own the company stock — instead, you own an interest in the SPV. EquityZen charges a 5% one-time fee to buyers at the time of investment.
With 350+ available companies and a user-friendly interface, EquityZen is ideal for accredited investors making their first pre-IPO investments. The platform provides company research, valuation data, and a streamlined investment process that guides users through each step.
EquityZen — Best For
Hiive: Best for Transparent Marketplace
Hiive is the fastest-growing pre-IPO marketplace, launched in 2021 and already offering access to 500+ private companies — the widest selection of any platform. Hiive operates as a true marketplace where buyers and sellers post bids and asks, creating transparent price discovery similar to a stock exchange.
The marketplace model is Hiive's primary differentiator. Unlike EquityZen's curated SPV offerings or Forge's negotiated transactions, Hiive shows live bid and ask prices so investors can see the real-time market for any company. This transparency helps investors make more informed pricing decisions and reduces information asymmetry.
Hiive charges 0% fees to buyers, with sellers paying a variable commission. Transactions are structured as direct share transfers, giving buyers actual equity ownership on the company cap table. The platform has attracted significant institutional interest and was featured as the pre-IPO platform of choice in multiple major financial publications.
Hiive — Best For
Fee Comparison: $50K Investment Scenario
To illustrate the real cost difference, here is what a $50,000 investment in SpaceX pre-IPO shares would cost on each platform. This analysis includes explicit fees only, not bid/ask spread costs which vary by transaction.
| Cost Component | Forge | EquityZen | Hiive |
|---|---|---|---|
| Investment Amount | $50,000 | $50,000 | $50,000 |
| Buyer Fee | $0 (0%) | $2,500 (5%) | $0 (0%) |
| Shares Received | Direct ownership | SPV interest | Direct ownership |
| Total Cost to Buyer | $50,000 | $52,500 | $50,000 |
Note: Forge requires $100K minimum, so a $50K investment would not be possible on their standard platform. This comparison is illustrative. EquityZen SPVs may also charge ongoing management fees not reflected above. Use our Fee Calculator for detailed modeling.
Which Platform Should You Choose?
The right platform depends on your investment budget, desired ownership structure, and what features matter most to you. Here is a decision framework based on common investor profiles:
For a comparison that includes non-accredited options, see our Fundrise vs EquityZen vs Hiive comparison. To explore all available platforms, visit our platform comparison tool.
How the Investment Process Differs
Understanding the step-by-step investment process on each platform is critical because it affects how quickly you can deploy capital, what documentation you need, and when you can expect settlement.
Forge Global — Negotiated Transaction Model
Step 1: Create an account and complete accreditation verification (1-3 business days). Forge verifies your status through documentation or third-party services like Parallel Markets.
Step 2: Browse Forge's marketplace or work with a Forge representative to identify available shares. Forge Pro subscribers get access to real-time bid/ask data and proprietary valuations powered by Forge Intelligence.
Step 3: Place an Indication of Interest (IOI) specifying the company, share quantity, and your target price. Forge matches you with a seller or counterparty willing to transact near your price.
Step 4: Once matched, both parties enter a binding agreement. Forge handles all transfer paperwork, ROFR (Right of First Refusal) submissions to the company, and regulatory compliance.
Step 5: Settlement typically takes 30-60 days, depending on whether the company exercises its ROFR. Upon completion, shares are transferred directly to your name on the company's cap table.
Typical timeline: 30-90 days from IOI to settlement. Faster for companies with streamlined ROFR processes.
EquityZen — Curated SPV Model
Step 1: Sign up and verify accreditation. EquityZen accepts standard documentation (tax returns, brokerage statements, or employer verification letter).
Step 2: Browse available investment opportunities. EquityZen curates SPVs for specific companies and presents them with company profiles, valuation context, and investment terms. New offerings are added regularly and some fill quickly.
Step 3: Select an investment and commit your capital. The minimum is typically $10,000 per SPV. You sign subscription documents electronically through the platform.
Step 4: EquityZen aggregates all investor commitments into a single SPV entity, which then purchases the shares from the selling shareholder. This pooling mechanism is what enables the lower minimums.
Step 5: You receive an interest in the SPV, which holds the company shares. When the company has a liquidity event (IPO, acquisition, or tender offer), the SPV distributes proceeds to investors proportionally.
Typical timeline: 1-2 weeks from commitment to SPV closing. Liquidity events may be 2-7 years out.
Hiive — Open Marketplace Model
Step 1: Register and complete accreditation. Hiive's onboarding is streamlined and typically completed within 24-48 hours.
Step 2: Browse the marketplace to see live bid and ask prices across 500+ companies. Unlike Forge and EquityZen, Hiive shows you what other market participants are willing to pay or accept for any given company.
Step 3: Place a bid (if buying) or an ask (if selling). You set your own price and quantity. The marketplace matches buyers and sellers when bid/ask prices overlap. You can also accept existing bids or asks for immediate execution.
Step 4: Once matched, Hiive facilitates the transfer documentation, ROFR process, and settlement. Shares transfer directly to the buyer's name on the company cap table.
Step 5: Settlement occurs within 30-60 days. Hiive charges the seller a commission (typically 3-5%), while buyers pay nothing in platform fees.
Typical timeline: Matching can be instant if you accept a standing order. Settlement 30-60 days after match.
Real-World Return Scenarios
To illustrate how platform choice affects actual investment outcomes, consider these hypothetical scenarios based on historical pre-IPO investment patterns. These are for educational purposes and do not guarantee future returns.
| Scenario | Forge | EquityZen | Hiive |
|---|---|---|---|
| $100K in Company X at $50/share (IPO at $80) | 2,000 shares. Exit value: $160K. Return: +60% | N/A ($100K is one SPV). SPV exit: ~$152K after 5% fee. Return: +52% | 2,000 shares. Exit value: $160K. Return: +60% |
| $25K in Company Y (company stays private 5 years) | Cannot invest (below $100K min) | SPV holds shares. May charge annual admin fee ($100-200/yr). Total 5-yr cost: ~$2,250 | Holds direct shares. No ongoing costs. Can sell on Hiive marketplace if needed. |
| Need to exit early (sell before IPO) | Sell back on Forge marketplace. 5% seller fee. Most liquid. | Limited — must find another buyer for SPV interest or wait for EquityZen secondary offering. | Sell on Hiive marketplace. 3-5% seller fee. Transparent bid/ask pricing. |
These scenarios are illustrative. Actual returns depend on company performance, entry valuation, and market conditions at exit. Past performance does not guarantee future results.
Regulatory Status and Investor Protection
All three platforms are regulated financial intermediaries, but their regulatory structures differ in ways that affect investor protection. Understanding these differences is important for due diligence.
| Regulatory Aspect | Forge | EquityZen | Hiive |
|---|---|---|---|
| FINRA Registration | Yes (CRD: 134596) | Yes | Yes |
| SEC Registration Type | ATS (Alternative Trading System) | Broker-Dealer | ATS |
| Public Reporting | Yes (NYSE-listed, 10-K/10-Q filings) | Private company | Private company |
| SIPC Coverage | Cash balances protected | Cash balances protected | Cash balances protected |
| External Audit | Yes (public company requirement) | Annual FINRA audit | Annual FINRA audit |
Forge's status as a publicly traded company provides an extra layer of transparency — their financial statements, risk disclosures, and operational metrics are publicly available through SEC filings. For risk-averse investors, this public accountability is a meaningful differentiator. You can verify any platform's regulatory standing through FINRA BrokerCheck.
Other Platforms to Consider
While Forge, EquityZen, and Hiive dominate the pre-IPO marketplace, several other platforms serve specific niches or investor profiles worth considering:
Lower minimums ($5K+), mobile-first experience, curated selection of late-stage companies.
Company-sponsored tender offers and liquidity programs. Institutional-grade infrastructure.
Backed by Carta's cap table data. Direct integration with company equity management.
Access to institutional PE funds (Blackstone, KKR, EQT) with lower minimums. European focus.
Explore all 22+ platforms in our complete platform directory or use the comparison tool for side-by-side analysis.