Hiive vs Forge vs Broker-Dealer Secondaries

Hiive and Forge are private-share secondary venues that match buyers and sellers of pre-IPO stock. A broker-dealer path—including Allocations Securities, LLC dba AllocationsX, member FINRA/SIPC, CRD 317750—is a regulated firm channel for secondary private-company securities among approved participants. Venue brand and broker-dealer registration are different diligence questions.

This page is not an offer or solicitation to buy or sell any security. It is not investment, legal, or tax advice. Private-company securities are illiquid and can result in total loss of principal. Matching and liquidity are not guaranteed. Issuer consent, ROFR, and transfer restrictions still apply. Nothing here is a recommendation to use Hiive, Forge, AllocationsX, or any other venue. Do not buy or sell based on this article.

AllocationsX firm record: FINRA BrokerCheck CRD 317750 (fetched 7 Sep 2026). Allocations Securities, LLC is a wholly owned subsidiary of Allocations, Inc.

What “Hiive vs Forge” usually means

Searchers comparing Hiive vs Forge want a secondary marketplace compare: who lists companies, how price discovery works, how companies control buyers, and how trades settle. Both firms present themselves as venues for private-company share liquidity among verified participants.

From Hiive’s public site (fetched 7 Sep 2026, hiive.com): Hiive markets a centralized marketplace for pre-IPO stock with company-controlled parameters, indications of interest, and transaction workflows. Footer disclosures state securities are offered by Hiive Markets Limited, member FINRA/SIPC (and Canadian registrations as listed on that page). Hiive’s own site says brokerage fees may apply and that references to securities are not an offer, solicitation, or recommendation.

Forge Global (forgeglobal.com) likewise operates in private-company secondaries and related data/products for institutional and accredited participants. Product lines, company coverage, and fee schedules change. This article will not invent Hiive fees, Forge fees, spreads, ticket charges, or carry. Read each firm’s live fee schedule, Form CRS / relationship disclosures, and order documentation on the day you diligence.

A third path in the same conversation is a broker-dealer / ATS channel such as AllocationsX: Allocations Securities, LLC operates secondary-market access for approved participants (allocationsx.com, and Allocations’ product split in AllocationsX secondaries vs a primary SPV). An ATS is not a national securities exchange. Access may be declined. Trading may be limited or unavailable.

Three paths that get collapsed in LP memos

You can combine vehicle + venue: LPs subscribe to a Premium SPV whose asset is a secondary block that was sourced or matched through a brokered process. Keep invoices separate—vehicle admin versus brokerage—so LPs can see both lines.

AllocationsX disclaimer (required reading)

• Firm: Allocations Securities, LLC dba AllocationsX, member FINRA/SIPC, CRD 317750.

• Check the firm: BrokerCheck.

• Not an offer: Nothing on this page offers or solicits a particular security, SPV interest, or ATS order.

• Illiquidity: Private securities do not behave like listed equity. Matches can fail. Company consent can block settlement after a match.

• SIPC: SIPC protects against missing assets if a member broker-dealer fails, within SIPC limits and rules. SIPC does not protect against a decline in market value. Confirm coverage facts with SIPC and the firm.

• Membership ≠ endorsement: FINRA/SIPC membership does not imply FINRA, SEC, or SIPC endorsement of any trade or company.

Indicative prices on any marketplace or ATS site are not recommendations and are not restated here.

Fee hygiene: what you may quote

Hiive / Forge: No fee table in this article. Open each firm’s current disclosures, customer agreement, and any published fee schedule. If a number is not on a primary page you can archive, leave the cell blank.

Allocations vehicle admin (not ATS brokerage), from fees fetched 7 Sep 2026:

• Standard SPV — $9,950 one-time (VC assets, up to 35 investors, one close).

• Premium SPV — $19,500 one-time (any asset type including secondaries as an asset type, up to 50 investors, multiple closes with one included).

• Fund — $19,500/year.

• Platform carry — 0%.

• Additional fees may apply (extra investors, extra closes, distribution pricing at liquidity).

AllocationsX ATS / brokerage compensation: Not published as a simple public number on allocations.com/fees as of 7 Sep 2026. Do not invent one. Ask the desk or rely on then-current order docs.

Secondary SPV setup workflow (vehicle side): secondary SPV complete guide, what are secondary SPVs, product page secondary SPV, and venture secondaries in 2026 for market context—not trading advice.

Diligence checklist (marketplace or BD)

1. Registration. Which legal entity is the broker-dealer? BrokerCheck CRD? Canadian or other licenses if relevant?

2. Customer gate. Accredited / qualified purchaser tests; who can be declined.

3. Company controls. Pre-approval of buyers/sellers, price bands, trading windows, batch transfers.

4. Settlement. Stock transfer agent process, ROFR clocks, opinion letters, payment timing.

5. Fees. Commission, spread, platform fee, custody—copied from primary docs only.

6. Conflicts / data. How indications of interest are shown; whether company affiliates can trade; what “index” or “reference price” means (Hiive50 on Hiive’s site is disclosed as informational, not a recommendation—read their disclaimers).

7. Vehicle need. Single buyer account vs pooled Premium SPV for multiple LPs.

When GPs still form a secondary SPV

Form a vehicle when multiple LPs must pool into one purchaser, you need GP promote in an OA, and you need K-1s / capital accounts. Use Premium SPV on Allocations when secondaries are the asset type ($19,500 published; fetched 7 Sep 2026). Use a marketplace or BD account when an approved participant is trading as principal (or through its own vehicle) without needing a new multi-LP raise.

None of those sentences is a recommendation to transact in any name.

Is Hiive the same as Forge?

No. Both operate in private-company secondaries, but they are separate firms with separate registrations, products, company coverage, and fee schedules. Compare them from primary disclosures—not from invented blog tables.

Is AllocationsX a substitute for Hiive or Forge?

Not automatically. AllocationsX is Allocations Securities, LLC (FINRA/SIPC, CRD 317750), a broker-dealer channel for secondaries among approved participants. Hiive and Forge are separate venues/firms. Product fit is fact-specific. This is not an offer.

Can you quote Hiive or Forge fees here?

No. Allocations’ compliance rule for this slate forbids invented competitor fees. Use each firm’s live schedule and order docs.

Does a Premium SPV equal ATS access?

No. Premium SPV is vehicle administration (secondaries allowed as an asset type on /fees). ATS or marketplace access is a separate customer relationship with a broker-dealer or venue.

Is this article recommending any secondary trade?

No. It is educational product-structure content only. It is not an offer or solicitation and not buy/sell advice.