StartEngine vs Wefunder vs Republic: Choosing a Crowdfunding Platform

There is no single best equity crowdfunding platform: StartEngine, Wefunder and Republic all host Reg CF raises up to the $5M annual cap, but they differ in how they charge, who sees your deal and how much of the campaign you run yourself. At the time of writing, Wefunder has the simplest published pricing (a 7.9% success fee), StartEngine bundles the most hands-on services and its own secondary market, and Republic screens harder and works best for startups with a strong product brand. Whichever you pick, most of the money usually comes from people you bring yourself, so your own campaign site and marketing matter as much as the portal.

What each platform actually is

All three are SEC-registered intermediaries, and all three let non-accredited investors back you under Regulation Crowdfunding. The differences start above that baseline.

• StartEngine runs Reg CF through its funding portal and Reg A+ and Reg D 506(c) offerings through its broker-dealer, StartEngine Primary. It also operates StartEngine Secondary, an SEC-registered alternative trading system where shares from some past raises can trade.
• Wefunder is built around the "Community Round": a Reg CF raise that starts with non-binding reservations and turns into investments once the Form C is filed. It also lists certain Reg A+ and Reg D offerings, including SPV-based rounds for accredited investors.
• Republic hosts Reg CF raises (often on its Crowd SAFE), a Reg A+ program for companies raising $5M to $75M, and accredited-only deals through affiliated entities. In November 2025 it closed its acquisition of INX, a company with US broker-dealer, trading-system and transfer-agent licenses, which it describes as a step toward more liquidity options for its holders.

Fees and the real cost of a raise

Headline fees are only part of the bill. Budget for the Form C, the CPA financial review (an audit for larger raises), legal review, escrow, card processing and your own marketing.

• Wefunder publishes the clearest pricing: no upfront fee, a 7.9% success fee withheld at close, and an annual admin fee of up to $1,000 for post-close investor services. Investors pay their own transaction fee on top of their investment (2% for ACH or wire, higher for cards).
• StartEngine does not publish a flat rate. Its broker-dealer disclosure (effective August 2025) says Reg CF placement fees can reach roughly 13% and Reg A+ fees are typically capped around 9%. It may also receive warrants or equity of up to 5% of an offering, and some offerings add an investor convenience fee of up to 3.5%. Its FAQ puts typical Reg CF setup costs, mainly the financial review and legal documents, at $4,000–$10,000, and Reg A+ at $50,000–$100,000.
• Republic charges a commission only on successful raises. It is usually a cash percentage of the amount raised plus a percentage paid in the securities you offer, and the exact terms appear in each Form C. Its help center lists baseline third-party costs of about $3,000 (Form C preparation plus escrow), with financials, attorney review and roughly 2.5% card processing on top. Investors usually pay a 2.5% admin fee (minimum $5, capped at $250).

To compare fairly, model one target raise, say $750K, on each platform. Count cash fees, equity or warrants given up, fixed costs and the annual fees after close. The percentage alone can mislead you.

Investor audience, minimums and how deals get seen

Each portal has a large investor base, but every platform reports the same pattern: deals that bring their own early momentum are the ones the community notices.

• Wefunder says this plainly in its help center: you have to raise $50K on your own through your campaign link before Wefunder's organic investors can discover you. In most Community Rounds the minimum investment is $100.
• StartEngine promotes campaigns to its investor list at funding milestones and assigns a fundraising strategist who helps with marketing strategy and digital ads. The minimum investment is set per offering.
• Republic lets founders open a free Teaser Page to collect interest before launch,. Minimums vary by offering.

For every platform, non-accredited investors are subject to the Reg CF limits across all portals: the greater of $2,500 or 5–10% of income or net worth per 12 months, depending on their finances.

Campaign page control, vetting and timeline

All three platforms host your pitch on their own template. You supply the story, video, team and financials, but the layout, the investment flow and the compliance review stay with the portal. That is why the campaign page itself rarely tells you which platform to choose.

Vetting and speed are where the platforms differ most. Wefunder lets you publish a pitch and take reservations within minutes, then requires $50K in reservations before the Form C is filed. After filing, funds are held for at least 21 days. StartEngine checks basic eligibility and fit, with onboarding usually taking four to six weeks. Campaigns typically run 60–90 days, and you can start drawing funds once you pass 120% of your minimum goal and the cooling-off period ends. Republic admits only US-incorporated companies that pass its investment committee, so the bar is higher.

Secondary market and liquidity

Reg CF securities generally can't be resold for one year, so liquidity is a long-term question on every platform. StartEngine Secondary lets eligible companies have their common stock quoted after that period. There are listing fees, a 12-month minimum quotation period and ongoing reporting, and sellers pay a commission. Republic Secondary Market is free for issuers and investors, but eligibility depends on your transfer agent, the security type and holding periods. Wefunder has no comparable public trading venue. If giving investors a path to liquidity is part of your pitch, check eligibility in writing before you sign.

What you control outside the platform

The portal hosts the offering, but the traffic is yours to build. In our projects the work that moves a raise usually happens before launch and outside the platform:

• Your own campaign site. A dedicated page on your domain explains the company, shows traction and sends visitors to the portal to invest. Under Reg CF Rule 204, anything that mentions the terms of the offering has to stay within the "notice" format: a short description of the business, the issuer's contact details, the terms, and a link to the intermediary. Discussion of terms belongs on the portal's channels. That is why an investor website built for Reg CF works as a funnel, not a second offering page.
• Email capture before launch. A waitlist on your site, plus Republic's Teaser Page or Wefunder's reservations, builds the early momentum that decides whether a portal's community engages. Pre-filing outreach falls under the testing-the-waters rules and needs the required legends. Wefunder asks founders to keep screenshots of these communications for the Form C.
• Analytics. Tag every link to the portal with UTM parameters and track email, social and paid traffic separately. The portals report on investments, not on the journey before the click.
• Ads and landing pages. Ads and the landing pages behind them have to meet the same advertising limits and the platform's own guidelines. Have counsel or the portal review them before spend goes live.

Part of this is platform-specific. Our StartEngine campaign work and Wefunder campaign work start from each portal's rules for what can link where, and the campaign site follows them.

How to choose: a practical decision rule

• Pick Wefunder if you want predictable, published pricing, a fast self-serve start, and you already have a community likely to commit the first $50K.
• Pick StartEngine if you want more done for you (a strategist, ad support), plan to move on to Reg A+ later, or a secondary market for your investors is a priority. Model the placement fee and warrants carefully.
• Pick Republic if you're a venture-style startup with a recognizable consumer or tech brand, can pass a stricter review, and want to test demand with a Teaser Page first.

In every case, ask each platform for a written term sheet for your raise size, compare the all-in cost, and start building your own site and email list at least six to eight weeks before launch. That pre-launch audience matters more than which portal you choose.

This article is general information, not legal or investment advice. Offering compliance stays with your securities counsel and funding portal.