Digitalisation has reduced costs, entry minimums and operational barriers for many retail investors. Today, it is possible to access stocks, funds, ETFs, bonds, cryptoassets or real estate investments from the same account.
But before choosing a platform, it is worth distinguishing three things: the asset you want to invest in, the vehicle you will use and the intermediary that will give you access.
Wanting exposure to equities is not the same as deciding whether to do so through stocks, a fund or an ETF. And buying those products directly through a broker is not the same as delegating management to a roboadvisor.
That is why the right question is not which platform offers the most products, but what function you need it to fulfil.
Broker: when you want to choose your investments directly
Brokers allow you to buy and sell listed products such as stocks, ETFs, bonds or, in some cases, investment funds.
Here, the investor decides what to buy, how much to invest and when to change their position. The platform mainly acts as an intermediary to execute those orders and, depending on the service, may also offer periodic investment plans, analysis tools or access to international markets.
This model provides a high degree of control, but it also requires taking responsibility for building and maintaining the portfolio.
In addition, it is not enough to compare trading fees. It is also worth considering custody costs, currency exchange, spreads or the internal fees of the products contracted.
And there is another important issue in Spain: the vehicle can matter as much as the platform. For example, investment funds and ETFs do not have exactly the same tax treatment, even though both can be used to obtain similar exposure to a market.
Roboadvisor: when you prefer to delegate the portfolio
A roboadvisor fulfils a different function.
Instead of choosing each fund or ETF individually, the investor completes a test to determine aspects such as their horizon, financial situation and capacity to take risk. From there, the service builds and maintains a portfolio, usually through indexed products.
Platforms such as Indexa Capital, Finizens or inbestMe use this model, although the specific composition and service may vary between providers.
The main difference compared with a broker lies in who makes the allocation and rebalancing decisions.
With a broker, the investor builds the portfolio. With a roboadvisor, they delegate much of that work within previously defined parameters.
That is why both can use similar products and yet provide very different services.
Crowdfunding: access to private and less liquid investments
Crowdfunding platforms fulfil another function: facilitating access to investments that are not normally listed on public markets.
In real estate, for example, platforms such as Urbanitae allow investors to participate in specific debt or equity projects with amounts lower than those required to directly acquire a property.
Here, the investor selects the transaction, but execution is the responsibility of the developer and the horizon is usually determined by the development, sale or refinancing of the project.
The difference compared with buying an ETF or a stock is important. In crowdfunding, capital usually remains committed for months or years and the possibilities of exiting early may be very limited.
Therefore, liquidity becomes much more important.
Moreover, the fact that the platform is regulated does not eliminate the risk of each project. The return will depend on the transaction evolving as expected and may be lower than estimated or even generate losses.
Exchanges: specific infrastructure for cryptoassets
Cryptoassets have specialised platforms for buying and selling them and, in certain cases, custody.
Here, it is worth separating two decisions:
- whether it makes sense to take exposure to cryptoassets;
- and, if so, which provider to use.
The second does not replace the first.
Since 2026, the European MiCA framework has strengthened the requirements for cryptoasset service providers. Before using a platform, it is advisable to check that it is authorised by the CNMV or by another competent authority in the European Union.
Ease of trading should also not be confused with low risk. An asset may be bought or sold quickly and still present high volatility.
Multi-product platforms blur the boundaries
The categories above help to understand the market, but in practice there are more and more hybrid platforms.
The same entity may offer:
- stocks and ETFs;
- funds;
- automated portfolios;
- savings products;
- and even access to certain alternative investments.
MyInvestor, for example, currently combines several of these functions.
That is why it does not always make sense to classify a company rigidly as a “broker”, “bank” or “roboadvisor”. What matters is identifying which specific service you are using in each case.
The same platform can be used to execute a stock market order and, at the same time, offer a managed portfolio. They are different services, even if they are contracted through the same app.
Using several platforms does not mean diversifying
Another common mistake is confusing the number of intermediaries with diversification.
Having investments spread across three platforms does not guarantee a more diversified portfolio if they are all exposed to the same assets or risks.
For example, you may hold a technology ETF on one platform, a technology fund on another and technology stocks on a third, and still concentrate a large part of the portfolio in the same sector.
Diversification depends on what is inside the portfolio, not on how many apps are used to manage it.
In fact, operating with too many platforms can also add complexity: more accounts, more documentation, more monitoring and a less clear view of total wealth.
Control, delegation and liquidity: the three major differences
When choosing a type of platform, three questions are especially helpful.
The first is how much control you want to maintain over decisions.
If you want to select each investment directly, a broker or project platform may fit better. If you prefer to delegate the construction and maintenance of a portfolio, a roboadvisor fulfils another function.
The second is what degree of liquidity you need.
A listed asset can be sold relatively easily during market sessions. A private investment may keep capital locked up for much longer.
The third is what type of asset and vehicle you want to use.
It is not enough to decide “I want to invest in equities” or “I want real estate”. How that exposure is obtained also matters, as do the implications in terms of costs, taxation, risk and liquidity.
What function you need your platform to fulfil
There is no platform that is best for everything.
A broker may be suitable for those who want to select stocks or ETFs. A roboadvisor may be a better fit for those who prefer to delegate asset allocation. A crowdfunding platform provides access to private transactions that are not listed. An exchange responds to specific needs in the cryptoasset market.
The decision should therefore begin before comparing brands or fees.
First, it is worth defining which asset you want to include, through which vehicle, for how long and who should make the investment decisions.
Only then does it make sense to compare specific providers.
Because choosing a platform is not about looking for the one that offers the most products, but about knowing what job you need it to do for you.
