Trust is fundamental in the equity crowdfunding market due to its virtual nature, lack of direct interaction, and high information asymmetry. Equity crowdfunding platforms, as intermediaries, play a pivotal role in helping users develop trust in their investing activities. This study examines how equity crowdfunding platform features form investors' trust perceptions. Based on institutional trust theory, we develop and test a multi-dimensional higher-order model comprising four second-order constructs (interactivity, reputation, security, and usability). We analyse survey data from 259 participants using structural equation modelling analysis. The findings show that interactivity, security, and usability are key drivers of platform trust. Multi-group analysis identifies distinct trust formation mechanisms across investor segments, especially between professional and non-professional investors. The results offer actionable insights for platform operators to implement features that create a trusted environment and enhance platform attractiveness. Entrepreneurs and investors can use the findings to select the best ECF platform for their needs.