Secondary Market Platforms: Complete Comparison Guide

Last Updated: January 2026

What Are Secondary Market Platforms?

Secondary market platforms are online marketplaces that facilitate the buying and selling of unlisted shares in private companies. Unlike primary markets where companies issue new shares directly to investors, secondary markets enable transactions between existing shareholders (employees, early investors) and new buyers seeking exposure to pre-IPO companies.

These platforms emerged in the mid-2000s as private companies stayed private longer—remaining private an average of 12+ years versus 4 years in the 1990s. This created trapped liquidity for employees and early investors who couldn't sell their shares through traditional means. Secondary platforms solved this problem by creating structured, compliant marketplaces for private stock transactions.

The secondary market for private shares has grown dramatically, with total transaction volume exceeding $100 billion annually as of 2025. Major platforms facilitate thousands of transactions per year across hundreds of private companies ranging from pre-IPO unicorns to earlier-stage growth companies.

Platform Comparison Table

Here's a comprehensive comparison of the six leading secondary market platforms as of January 2026:

Note: Fees and minimums current as of January 2026 and may vary based on transaction size, company, and investor profile. Always confirm current terms directly with platforms.

Forge Global

Forge Global (formerly Forge Trust / SharesPost) is the largest and oldest secondary market platform, founded in 2004. Following its merger with SharesPost in 2020 and subsequent public listing (NYSE: FRGE) in 2022, Forge has emerged as the market leader with the broadest company coverage and highest transaction volume.

Key Features

• Marketplace size: 450+ private companies listed with $20+ billion in annual transaction volume
• Institutional focus: Strong relationships with family offices, hedge funds, and institutional investors
• Trading platform: Sophisticated online platform with real-time pricing data and market depth
• Data products: Forge Data provides institutional-grade pricing and analytics on private markets
• Custody services: Integrated custody and settlement through Forge Trust Company
• Fund products: Offers Forge Accuity funds providing diversified exposure to pre-IPO companies

How It Works

Forge operates both as a marketplace (listing shares from sellers) and as a principal (buying inventory to hold and resell). Their dual model provides liquidity advantages—they can facilitate transactions even when perfect buyer-seller matches don't exist.

The platform features both listed shares (immediately available for purchase) and indication of interest functionality where buyers can express interest in unlisted companies and Forge will source shares.

Pros

• Broadest selection of companies and deepest liquidity
• Strong pricing data and market transparency
• Trusted by institutional investors and financial advisors
• Public company with regulatory oversight and financial transparency
• Full-service offering including custody, data, and funds
• Established track record (20+ years operating)

Cons

• High minimum investment ($100K) excludes smaller investors
• Higher fees (3-5%) compared to some competitors
• Platform can feel complex for first-time users
• Onboarding process can take 1-2 weeks
• Less personal service than boutique platforms

Best For

Forge Global is ideal for:

• Investors with $100K+ to deploy in private markets
• Institutional investors seeking liquidity and market data
• Buyers interested in large-cap pre-IPO companies (Stripe, SpaceX, Databricks, etc.)
• Those who value platform reputation and regulatory compliance
• Investors seeking portfolio diversification through fund products

Website: forgeglobal.com

EquityZen

EquityZen, founded in 2013, has positioned itself as the most accessible secondary platform with the lowest minimum investment. The platform pioneered shareholder structures that simplified transactions and enabled smaller investors to participate in pre-IPO opportunities previously reserved for institutional players.

Key Features

• Low minimum: $10,000 minimum investment makes pre-IPO accessible to more accredited investors
• Special Purpose Vehicles (SPVs): Pooled investment structures allowing fractional exposure to high-value shares
• Curated opportunities: Platform sources and vets opportunities, presenting quality deals
• Investor education: Extensive educational resources and transparent deal information
• Employee focus: Strong relationships with employees at target companies seeking liquidity
• Simple interface: User-friendly platform designed for individual investors

How It Works

EquityZen primarily uses SPV structures where multiple investors pool capital to purchase shares from a single seller. This allows smaller investors to participate while maintaining compliance with company shareholder limits. EquityZen acts as the manager of these SPVs and appears as a single shareholder on the company's cap table.

The platform operates on a deal-by-deal basis—opportunities are posted with detailed information, and interested investors commit capital. Once the SPV reaches the target raise, EquityZen facilitates the purchase from the seller.

Pros

• Most accessible minimum investment ($10K) in the industry
• SPV structure enables participation in high-quality companies without large capital
• Transparent deal information with detailed company profiles
• Excellent educational resources for new investors
• Strong track record with 400+ companies and thousands of transactions
• Responsive customer service and investor support

Cons

• Higher fees (5%) compared to institutional platforms
• SPV structure means you don't directly own shares (own SPV units instead)
• Less liquidity in SPV investments (harder to exit before liquidity event)
• Limited number of active deals at any given time
• Longer timeline from commitment to closing (30-60 days typical)
• No ability to sell your SPV position before company exit

Best For

EquityZen is ideal for:

• Accredited investors with $10K-$100K to invest (smaller allocations)
• First-time pre-IPO investors seeking quality opportunities
• Investors comfortable with SPV structures and illiquidity
• Those who value transparency and educational resources
• Long-term investors focused on eventual IPO/acquisition liquidity

Website: equityzen.com

Hiive

Hiive (formerly known as Equidity) launched in 2018 as a technology-forward platform focused on streamlining the secondary transaction process. Hiive emphasizes speed, transparency, and competitive pricing, positioning itself between the accessibility of EquityZen and the institutional focus of Forge.

Key Features

• Balanced minimums: $25,000 minimum investment strikes middle ground
• Competitive fees: 3% fee structure (lower than EquityZen, competitive with Forge)
• Fast execution: Streamlined process targets 30-45 day closings
• Modern platform: Intuitive interface with automated workflows and status tracking
• Direct ownership: Buyers receive direct share ownership (not SPV units)
• Company partnerships: Works with companies to facilitate employee liquidity programs

How It Works

Hiive operates a hybrid model combining marketplace listings with proactive deal sourcing. The platform maintains relationships with employees and shareholders at target companies, sourcing shares that are listed for interested buyers. Unlike EquityZen's SPV approach, Hiive typically facilitates direct share transfers, though SPVs are used for smaller transactions.

Hiive also partners with companies to run structured tender offer programs, enabling employee liquidity in a controlled, company-sanctioned manner.

Pros

• Excellent fee structure (3%) provides value versus competitors
• Fast transaction timelines reduce uncertainty
• Modern, user-friendly platform experience
• Direct share ownership in most transactions
• Growing inventory of desirable pre-IPO companies
• Strong customer service and transaction support

Cons

• Smaller company selection (200+) than Forge or EquityZen
• Higher minimum ($25K) than EquityZen
• Newer platform with shorter track record (founded 2018)
• Less institutional adoption than Forge
• Limited pricing data and market transparency tools

Best For

Hiive is ideal for:

• Investors with $25K-$500K allocations seeking value
• Those prioritizing low fees and fast execution
• Buyers who prefer direct share ownership over SPV structures
• Tech-savvy investors comfortable with modern platforms
• Participants in company-sponsored tender offers

Website: hiive.com

Carta

Carta is primarily known as a cap table management platform serving over 40,000 private companies. While not traditionally a secondary marketplace like Forge or EquityZen, Carta launched CartaX in 2018 to facilitate secondary transactions, particularly for companies already using Carta's software.

Key Features

• Company integration: Seamless integration with Carta cap table for client companies
• Tender offer management: Full-service tender offer administration for companies
• ROFR automation: Built-in right of first refusal workflows and approvals
• Employee focus: Designed primarily for employee liquidity, not external investors
• Controlled liquidity: Company maintains full control over who can buy and sell
• CartaX marketplace: Limited marketplace for external buyers (invite-only)

How It Works

Carta operates differently than other platforms. Most Carta transactions are company-sponsored tender offers where the company uses Carta's platform to offer employees liquidity. The company sets the price, determines eligibility, and controls the process.

CartaX marketplace allows some external buying, but access is limited and typically requires company approval. This makes Carta less useful for investors proactively seeking opportunities.

Pros

• Integrated cap table management eliminates administrative friction
• Company-sponsored tenders offer legitimate, approved liquidity
• Automated ROFR and approval workflows speed up process
• Trusted platform used by most high-growth private companies
• Lower risk of compliance issues or invalid transactions

Cons

• Not a true marketplace—limited opportunities for external buyers
• Access often requires company invitation or approval
• Variable fees and minimums (company-dependent)
• Cannot proactively browse and buy like other platforms
• CartaX has struggled to gain adoption versus competitors

Best For

Carta is ideal for:

• Employees of companies using Carta seeking to sell shares
• Companies looking to run tender offers for employee liquidity
• Investors who receive invitations to company-sponsored tenders
• Those prioritizing company-approved transactions

Note: For proactive buyers seeking pre-IPO opportunities, Forge, EquityZen, or Hiive are better options than Carta.

Website: carta.com/cartax

Zanbato

Zanbato, founded in 2014, targets institutional investors and high-net-worth individuals with a focus on large block trades and data-driven market intelligence. The platform combines marketplace functionality with investment banking services for complex transactions.

Key Features

• Institutional focus: Built for family offices, hedge funds, and RIAs managing substantial capital
• High minimums: $250,000 minimum investment (highest among major platforms)
• Block trades: Specializes in large transactions ($1M+) requiring discretion
• Private auctions: Facilitates competitive bidding processes for large share blocks
• Data intelligence: Proprietary pricing data and market analytics
• White-glove service: Dedicated relationship managers for large transactions

How It Works

Zanbato operates a confidential marketplace where large shareholders (early investors, founders) can sell significant positions. The platform uses private auction mechanisms where qualified buyers submit bids, and the seller selects the winning bidder based on price, terms, and timing.

For complex transactions, Zanbato provides investment banking services including deal structuring, negotiation support, and documentation.

Pros

• Best platform for large block trades ($1M+)
• Competitive fees (2-4%) for institutional-size transactions
• High level of discretion and confidentiality
• Sophisticated market data and pricing intelligence
• Investment banking support for complex deals
• Access to unique opportunities not available on retail platforms

Cons

• Extremely high minimums ($250K) exclude most individual investors
• Smaller company selection (100+) than retail-focused platforms
• Less transparent marketplace (private auctions vs. public listings)
• Longer transaction timelines (can exceed 90 days for complex deals)
• Limited platform functionality (relationship-driven vs. self-service)

Best For

Zanbato is ideal for:

• Institutional investors deploying $1M+ in private markets
• Family offices building concentrated positions
• RIAs managing private market allocations for clients
• Buyers seeking large blocks of specific companies
• Sophisticated investors who value data and discretion

Website: zanbato.com

Rainmaker Securities

Rainmaker Securities, founded in 2016, operates as a registered broker-dealer specializing in pre-IPO secondary transactions. Unlike purely technology platforms, Rainmaker emphasizes relationship-driven service with human advisors guiding investors through the process.

Key Features

• Advisory approach: Dedicated advisors work directly with investors
• Moderate minimums: $50,000 minimum investment (mid-range)
• Direct seller access: Connects buyers directly with sellers for negotiation
• Curated opportunities: Hand-selected deals presented to investor base
• Full-service support: Advisory services throughout transaction lifecycle
• Broker-dealer registration: Full FINRA registration and compliance infrastructure

How It Works

Rainmaker operates more like a traditional brokerage than a self-service platform. Investors work with dedicated advisors who present opportunities, provide market context, and facilitate negotiations between buyers and sellers. This model appeals to investors who prefer personalized service over DIY platforms.

Rainmaker sources deals through relationships with employees, early investors, and venture capital networks. Opportunities are presented to qualified investors with detailed information packs including company financials, cap table data, and market analysis.

Pros

• Personalized advisory service and human touch
• Direct negotiation with sellers (potential for better pricing)
• Moderate minimum ($50K) balances accessibility and quality
• Full-service transaction support reduces investor burden
• FINRA broker-dealer registration provides regulatory oversight
• Access to off-market opportunities not listed elsewhere

Cons

• Higher fees (4%) than some platform competitors
• Smaller scale (150 companies) than largest platforms
• Less platform functionality (no self-service browsing)
• Relationship-dependent access to opportunities
• Longer onboarding process requiring advisor calls

Best For

Rainmaker Securities is ideal for:

• Investors preferring advisory relationships over self-service platforms
• Those with $50K-$500K seeking personalized service
• Buyers who value human guidance and market intelligence
• Investors new to private markets seeking education and support
• Those willing to pay moderate fees for quality service

Website: rainmakersecurities.com

How to Choose a Platform

Selecting the right secondary market platform depends on your investment size, experience level, preferences, and target companies. Here's a framework for making the decision:

By Investment Size

• $10K-$25K: EquityZen is your only option (lowest minimum)
• $25K-$50K: EquityZen or Hiive (compare fees and available companies)
• $50K-$100K: Add Rainmaker to your comparison
• $100K-$250K: All platforms except Zanbato; Forge becomes attractive
• $250K+: All platforms available; Zanbato and Forge offer best service at this level

By Experience Level

• First-time buyer: EquityZen (best education resources) or Rainmaker (advisory support)
• Intermediate investor: Hiive (good balance of features and value)
• Sophisticated investor: Forge or Zanbato (institutional-grade tools and data)

By Priority

• Lowest fees: Zanbato (2-4%) or Hiive (3%)
• Lowest minimum: EquityZen ($10K)
• Broadest selection: Forge (450+ companies)
• Best for employees selling: Carta (if your company uses it) or EquityZen
• Personal service: Rainmaker (advisory model)
• Speed of execution: Hiive (30-45 days typical)
• Data and analytics: Forge (best market intelligence)

By Company Target

Different platforms have strength in different companies:

• Large unicorns (Stripe, SpaceX, Databricks): Forge has deepest liquidity
• Mid-stage companies ($1B-$10B valuation): All platforms competitive
• Earlier-stage ($500M valuation): EquityZen and Hiive often better sourcing
• Company tender offers: Carta (if available) or platform partnering with company

Multi-Platform Approach

Many sophisticated investors use multiple platforms:

• Create accounts on 2-3 platforms to compare available inventory
• Monitor platforms for specific target companies
• Compare pricing and terms when same company appears on multiple platforms
• Diversify platform risk (don't concentrate all investments on one platform)

Platform Fees Explained

Secondary market platforms charge fees to facilitate transactions, provide technology infrastructure, ensure compliance, and generate revenue. Understanding fee structures helps you calculate true investment costs.

Fee Structure Breakdown

Buyer Fees

Paid by the investor purchasing shares:

• Transaction fee: Percentage of purchase price (3-5% typical)
• Minimum fee: Some platforms impose minimum dollar fees (e.g., $2,500 minimum)
• SPV management fee: For SPV structures, annual management fees (0.5-1% of assets)
• Legal/escrow fees: Sometimes passed through to buyer ($500-$2,000)

Seller Fees

Paid by the shareholder selling shares:

• Transaction fee: Percentage of sale price (3-5% typical)
• Minimum fee: Ensures platform profitability on small transactions
• Legal fees: Documentation and transfer costs ($1,000-$5,000)

Fee Comparison by Platform

• Zanbato: 2-4% (lowest, but $250K minimum limits access)
• Hiive: 3% (excellent value for accessibility)
• Forge: 3-5% (varies by transaction size; larger deals get lower fees)
• Rainmaker: 4% (moderate given advisory service)
• EquityZen: 5% (highest, but justified by $10K minimum and SPV structure)
• Carta: Varies (company-dependent; tender offers may have no buyer fees)

Total Cost Example

Let's calculate total investment cost for a $50,000 investment across platforms:

For a $50,000 investment, you'd pay $1,000 less in fees using Hiive versus EquityZen. However, this must be balanced against platform features, company availability, and service quality.

Negotiating Fees

Fee negotiation is possible in some circumstances:

• Large transactions: $500K+ investments may qualify for reduced fees
• Volume investors: Regular platform users can negotiate preferred pricing
• Institutional buyers: Family offices and funds often receive discounted rates
• Competitive bidding: If you have offers from multiple platforms, use as leverage

Smaller investors ($10K-$100K) typically pay standard published rates.

Hidden Costs to Consider

Beyond platform fees, factor in:

• Legal review: Hiring attorney to review documents ($1,000-$5,000)
• Tax preparation: Complex K-1s from SPVs increase tax prep costs ($500-$2,000)
• Opportunity cost: Capital locked up 3-7+ years until liquidity event
• Verification costs: Third-party accreditation verification ($0-$500)

Due Diligence on Platforms

Before transacting on any secondary market platform, conduct due diligence on the platform itself. Not all platforms are created equal, and you want to ensure your capital is protected.

Regulatory Compliance

Check Registration Status

• Broker-dealer registration: Is the platform a registered broker-dealer with FINRA? (Rainmaker is; others use affiliated BDs)
• Alternative Trading System (ATS): Is the platform registered as an ATS with SEC? (Forge Global operates an ATS)
• Transfer agent: Does the platform have proper licensing for share transfers?
• Money transmission: Are they compliant with state money transmission laws?

Verify registration through:

• FINRA BrokerCheck: brokercheck.finra.org
• SEC EDGAR database for ATS filings
• Platform website disclosure pages (legally required to disclose registration)

Review Compliance History

• Any SEC enforcement actions or investigations?
• FINRA disciplinary history?
• State securities regulator actions?
• Customer complaints filed with regulators?

Financial Stability

Platform Funding and Viability

• Who are the platform's investors? (Strong VC backing indicates credibility)
• Is the platform profitable or venture-funded?
• What is their business model sustainability?
• For Forge (public company): Review 10-K and 10-Q filings for financial health

Custody and Security

• Where are shares held? (Qualified custodian vs. platform custody)
• What happens to your shares if the platform shuts down?
• Are cash funds held in segregated accounts?
• What insurance and security measures protect your assets?

Transaction Track Record

Platform History

• How many years has the platform operated? (Longer track record = more trust)
• How many transactions has the platform facilitated?
• Total transaction volume processed?
• Number of companies listed and active deals?

Success Rate

• What percentage of initiated transactions successfully close?
• Average time from commitment to closing?
• Have there been failed transactions or disputes?
• How does the platform handle ROFR rejections or deal failures?

User Experience Research

Check Reviews and Reputation

• Trustpilot/Better Business Bureau: Read customer reviews and ratings
• Reddit/online forums: Search for user experiences and complaints
• LinkedIn: Research platform executives and employee backgrounds
• News coverage: Any negative press or investigations?

Talk to Other Users

• Ask the platform for investor references
• Connect with other investors in your network who've used the platform
• Join private investor communities to get unfiltered feedback

Document Quality and Transparency

Legal Documentation

• Are transaction documents clear and professionally drafted?
• Do documents adequately disclose risks?
• Are there concerning terms or unusual provisions?
• Have documents been reviewed by reputable law firms?

Information Quality

• Does the platform provide detailed company information?
• Are financials and metrics disclosed?
• Is pricing methodology explained?
• Are risks clearly articulated?

Customer Service and Support

Test Responsiveness

• Contact the platform with questions before investing—how quickly do they respond?
• Is support available via phone, email, chat?
• Are customer service reps knowledgeable and helpful?
• What happens if issues arise during or after transaction?

Platform Security Checklist

Before funding your account or providing sensitive information:

• Website uses HTTPS encryption and has valid SSL certificate
• Two-factor authentication (2FA) available for account security
• Clear privacy policy explaining how data is used and protected
• Secure document upload system (not email)
• SOC 2 or similar security certifications
• Data breach history (search for past incidents)