Retail investors seeking IPO access must navigate a fragmented landscape of eight primary brokerage platforms, each with distinct eligibility requirements, flipping policies, and allocation transparency. While bulge-bracket firms prioritize high-net-worth clients, platforms like TradeStation, Robinhood, Fidelity, SoFi, Moomoo, Webull, Public, and ETRADE offer varying levels of access to everyday traders. Success in this space requires maintaining multiple accounts to diversify exposure, as allocation algorithms remain opaque and highly variable. Fidelity mandates a $500,000 minimum, whereas other platforms focus on lower barriers to entry but enforce strict, often punitive, anti-flipping policies to satisfy underwriters. Because brokerage policies are subject to change and frequently lack transparency, investors should prioritize platforms with lenient holding requirements and verify specific terms directly through official FAQs rather than relying on anecdotal community data.
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