Forge Global Review

Forge Global Review 2026: The Largest Pre-IPO Secondary Marketplace, Now Backed by Schwab

Last verified: 2026-04-12 | Overall rating: 3.8/5

The 30-Second Verdict

Forge Global operates the largest secondary marketplace for private company shares, with 27,000+ transactions across 600+ companies and $18.1 billion in managed assets. The platform is SEC-registered, FINRA-regulated, and carries SIPC protection -- the full regulatory stack. Forge Funds offer entry at $5,000, though direct transactions typically require $25,000-$100,000. The November 2025 acquisition by Charles Schwab adds institutional stability but introduces uncertainty about future platform independence. Trading volume grew 73% year-over-year in 2024, signaling strong demand.

What Is Forge Global and How Does It Work?

Forge Global (NYSE: FRGE) is an SEC-registered broker-dealer and FINRA member that operates a secondary marketplace for buying and selling shares in private companies. Founded in 2014 and headquartered in San Francisco, the platform facilitates pre-IPO investing with real-time pricing data (Forge Price) on 4,700+ companies. Forge Securities LLC (CRD# 134596) operates under Regulation Best Interest. The company went public on NYSE and was acquired by Charles Schwab in November 2025. Revenue reached $78.7 million in 2024 with $1.3 billion in trading volume.

Who Is Forge Global Best For?

Forge Global is best for accredited investors who want the broadest possible access to private company shares through a regulated, institutional-grade marketplace. The $5,000 minimum through Forge Funds makes it accessible, while the 600+ company roster provides more selection than EquityZen or most competitors. If you want a more curated, smaller-company focus, EquityZen may be a better fit. If you are not accredited, this platform is not available to you.

Fees

• Account creation: $0
• Marketplace access: $0
• Transaction fee: 2-4% (varies by transaction size, market dynamics, investment type, and customer lifetime volume)
• Transaction fee minimum: Can be as low as 0% in some cases

On a $5,000 Forge Fund investment at 3% transaction fee: $150. On a $25,000 direct transaction at 2%: $500. No ongoing annual fees for marketplace access.

Minimum Investment

$5,000 through Forge Funds. $25,000-$100,000 for direct transactions. The fund option significantly lowers the entry barrier compared to traditional secondary market minimums.

Accreditation Requirements

Accredited investor status required. Qualification criteria: net worth $1M+ excluding primary residence, or annual income $200K+ individual / $300K+ joint, or current Series 7/65/82 FINRA license.

Liquidity -- How Do You Get Your Money Out?

The secondary marketplace provides improved liquidity compared to holding private company shares directly, but there is no guarantee a buyer will exist when you want to sell. Transactions are subject to company approval, limited buyer pools, and longer settlement timelines than public equities. Liquidity varies significantly by company -- well-known late-stage companies trade more actively than earlier-stage or niche companies.

Historical Returns

Forge Global does not publish aggregate portfolio returns. As a marketplace, returns depend entirely on which companies you buy and sell and when. The platform's real-time Forge Price data covers 4,700+ companies with $16.2 billion+ in cumulative transaction volume. Individual outcomes range from total loss to significant multiples.

Any returns referenced are self-reported and not independently verified.

Regulatory and Legal Structure

Forge Securities LLC is an SEC-registered broker-dealer, FINRA member, and SIPC-protected. The company is publicly traded on NYSE (ticker: FRGE) and was acquired by Charles Schwab in November 2025. Regulatory oversight is comprehensive: SEC registration, FINRA supervision, SIPC investor protection, and NYSE listing requirements.

Pros

• Largest secondary marketplace with 27,000+ transactions across 600+ companies
• SEC-registered broker-dealer with FINRA membership and SIPC protection
• Real-time pricing data (Forge Price) on 4,700+ companies for informed decision-making
• Low $5,000 minimum through Forge Funds; $0 account creation and marketplace access fees
• 73% year-over-year trading volume growth ($800M to $1.3B) in 2024
• Mobile app available on iOS and Android for trading and portfolio management

Cons

• Company reported $67.8 million net loss in 2024 despite improving metrics
• Direct transaction minimums of $25,000-$100,000 remain high for most individual investors
• Private company shares remain highly illiquid; no guarantee buyers will exist when you want to sell
• 54% of companies on platform raised capital in 2021 or earlier, with down rounds trending upward
• Settlement timelines longer than public markets with company approval requirements
• Charles Schwab acquisition (November 2025) creates uncertainty about platform independence and fee changes

The Bottom Line

Forge Global is the institutional-grade option in the pre-IPO marketplace space. The combination of SEC/FINRA/SIPC regulation, 600+ companies, real-time pricing data, and now Schwab backing makes it the most comprehensive platform for secondary private market transactions. The 73% trading volume growth in 2024 demonstrates strong market demand.

The concerns are manageable but real: the company is still unprofitable ($67.8M net loss in 2024), many companies on the platform raised capital at peak 2021 valuations, and the Schwab acquisition introduces platform-level uncertainty. For accredited investors who want the deepest liquidity pool and broadest selection in pre-IPO investing, Forge Global is the current market leader.

ModernAlts may receive compensation if you open an account with platforms reviewed on this site. This does not influence our editorial ratings or analysis. Alternative investments involve risk, including possible loss of principal. Past performance is not indicative of future results. Nothing on this site constitutes investment, legal, or tax advice.