Rialto Markets Review 2026: Institutional-Grade Secondary Trading for Private Securities

Last verified: 2026-04-12 | Overall rating: 3.0/5

The 30-Second Verdict

Rialto Markets is not a typical investment platform. It is an SEC-registered Alternative Trading System (ATS) and FINRA member broker-dealer that provides secondary trading infrastructure for private securities. If you are looking for a place to buy individual deals, this is not it. If you are an investor holding private securities and want regulated liquidity, or a company seeking secondary trading for your shareholders, Rialto Markets is one of nine SEC-registered digital ATS platforms addressing that need. Limited public disclosure on fees, minimums, and trading volume makes evaluation difficult.

What Is Rialto Markets and How Does It Work?

Rialto Markets operates as a regulated secondary trading marketplace for private securities. The platform is an SEC-registered ATS and FINRA member broker-dealer (CRD #283477) with SIPC membership. It enables companies to offer their shareholders controlled liquidity while founders maintain oversight of their capitalization tables. The platform supports securities offered under Reg D, Reg A, and Reg CF, covering both accredited and non-accredited investor bases. Rialto also provides white-label secondary trading technology to enterprise partners.

Who Is Rialto Markets Best For?

Rialto Markets is best for holders of private securities seeking regulated liquidity and for companies wanting to offer secondary trading to their shareholders. It is not designed for retail investors looking to browse and invest in new deals. If you want primary investment opportunities, look at Republic, Percent, or Fundrise instead.

Fees

Investor fees: No direct fees charged to investors for platform participation
Issuer fees: Setup fee, annual maintenance fee, and commission per trade (specific amounts vary by issuer and are disclosed in engagement letters)
Fee structure: Success-based, conditional on deal completion

Fees are not publicly disclosed and require direct contact with the platform. On a variable per-offering minimum investment, fee impact cannot be calculated without issuer-specific information.

Minimum Investment

No platform-wide minimum. Minimums are determined by individual companies raising capital and vary by offering.

Accreditation Requirements

Partial. The platform supports both accredited and non-accredited investors depending on the regulatory framework of each offering: Reg D (accredited only), Reg A (open to all), Reg CF (crowd investors).

Liquidity --- How Do You Get Your Money Out?

Semi-liquid. The platform provides a secondary trading marketplace for private securities in a controlled environment. Investors can monetize holdings on their own timetable through the regulated ATS, though actual liquidity depends on counterparty demand. Trading volume is not publicly disclosed.

Historical Returns

Not applicable. Rialto Markets is a broker-dealer and ATS infrastructure provider, not an investment fund. Returns depend entirely on the individual securities offered through the platform.

Past performance is not indicative of future results.

Regulatory and Legal Structure

Rialto Markets holds strong regulatory credentials: SEC-registered ATS, FINRA member, and SIPC member. The firm received SEC approval on May 10, 2017 and is registered across all 52 U.S. states and territories. It is one of nine SEC-registered Digital Alternative Trading Systems. The platform operates under a founder-controlled trading environment that maintains capitalization table integrity.

Pros

SEC-registered ATS and FINRA member with SIPC protection provides institutional-level regulation
Supports multiple regulatory pathways (Reg D, Reg A, Reg CF) for diverse investor bases
One of only nine SEC-registered digital ATS platforms
Controlled trading environment with founder oversight preserves cap table integrity
White-label infrastructure available for enterprise partners
iOS mobile app available for investor access

Cons

Fee structures not publicly disclosed, requiring direct contact for pricing
Investor minimums vary widely with no published standards
Trading volume and liquidity metrics not publicly available
No Android app available
Platform is infrastructure, not a primary investment marketplace
Limited public performance data or benchmarks available

The Bottom Line

Rialto Markets occupies a specialized niche as regulated plumbing for private securities trading. Its SEC, FINRA, and SIPC credentials are legitimate and meaningful, placing it among a small group of approved digital ATS platforms.

For most retail investors, Rialto Markets is not directly relevant. You will not browse deals here like on Republic or Fundrise. However, if you hold private securities through other platforms and those companies use Rialto Markets for secondary trading, this is where you may find liquidity.

The lack of public fee disclosure, minimum investment standards, and trading volume data makes it difficult to evaluate from an investor perspective. This is primarily an enterprise infrastructure play, and should be assessed on that basis.

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.

Rialto Markets Review