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Public Review – The Perfect Broker for New Investors?

https://secure.gravatar.com/avatar/bf90ccb07d8f4779606bc25de91d562f?s=100&d=mm&r=g
  • Written By:
    Kevin Mercadante

    Kevin Mercadante

    Kevin Mercadante is a professional personal finance writer. He has extensive backgrounds in both accounting and the mortgage industry. ...

    Read More
  • Edited By:
    Jeff Rose, CFP®
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: February 17, 2023
  • 11 Min Read
  • This page features 4 Cited Research Articles
  • Advertising Disclosure

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Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

If you’re a new and inexperienced investor, Public offers an opportunity to invest in stocks, ETFs, and even cryptocurrencies, on a user-friendly investment platform, free of trading commissions.

Why else should you invest through Public?

  • You can open an account with no money at all.
  • Public enables you to invest through fractional shares, which means you can build an entire portfolio with just a few dollars.
  • Public provides a social community where you can exchange ideas with other investors on the platform.
  • The platform is constantly expanding its product menu, rolling out a Premium version, and acquiring a subsidiary that will enable investing in cultural assets, like art.

Want to know more?

About Public

screenshot of public online investing app website

Public is an online investing platform where you can invest in stocks, exchange traded funds (ETFs), cryptocurrencies and, in the future, art, non-fungible tokens (NFTs), collectibles, and other investments. Most trades can be made commission-free. The platform provides company information, programs about the markets, and real-time analysis to help members be better investors.

But what sets Public apart from most of the competition is the social aspect. The platform operates as a social community, where millions of investors, creators, and analysts come together to share ideas and learn what each other are doing.

The community aspect of Public takes in a well-known personalities, including actor Will Smith, NFL star J.J. Watt, creator and entrepreneur Casey Neistat, and skateboarding legend Tony Hawk.

Public was launched in 2019, and is based in New York City, with offices in Copenhagen, Denmark.

Is Public Legit?

Officially known as Open to the Public Investing, Inc., Public is an SEC and FINRA registered investment broker.

The company has a Better Business Bureau rating of “A” (on a scale of A+ to F), where it has been accredited since 2020. A total of 38 complaints have been filed against the company with the BBB over the past three years, all of which have been answered by Public.

The company also scores well with mobile users. It has a rating of 4.7 out of five stars among more than 58,000 iOS user reviews on The App Store, and 4.4 stars out of five among more than 43,000 user reviews on Google Play.

How Do You Make Money with Public?

Public is a trading app where you can make money by buying stocks, ETFs, options, and cryptocurrencies, then selling them for capital gains. But that’s not the only way you can make money with Public.

You can also earn dividends on any dividend paying stocks or funds you hold. Public does provide a reinvestment feature, so you’ll have the option to either reinvest dividends and more company stock, or take the income as cash.

Public does pay interest on cash balances. That interest income won’t be comparable to what you can get in CDs or U.S. Treasury securities, but it will provide you with an income on your uninvested cash.

But perhaps the easiest way to make money on Public is to take advantage one or more of the three Public promotions. That includes the Public New Member Reward Program, Account Transfer Bonus and the Public Referral Program, each of which will be explained in greater detail later in this review. Those bonuses will pay between $3 and as much as $10,000, so they’re well worth participating in.

Public Account Types

Public offers taxable brokerage accounts only. At this time, they do not offer retirement accounts, custodial accounts, trusts or college savings plans.

When you open an account with Public, you’ll be able to engage in commission-free trades of individual stocks, ETFs, and cryptocurrency (they plan to make art, NFTs and collectibles available in the future).

And while Public does not offer customer service by phone, you can get plenty of support on the platform.

Public provides you with access to the following:

  • Timely updates on stock, crypto, or other assets, including news on significant price changes. It also offers unique insights about your portfolio, upcoming earnings calls, company events, and more.
  • Live shows (Public Live) where you can listen to experts, analysts and journalists break down the day’s biggest market headlines.
  • Advanced data reports, where you can explore fundamental metrics and institutional grade research from Morningstar. You’ll also get perspectives from trusted research analysts.
  • “Town Halls”, providing direct access to company founders and executives.
  • The Top Movers List, where you can see the list of the stocks that have moved the most, either up or down, for the trading day.
  • An investing glossary providing explanations of important investing topics and terms, like 12 B-1 fees, the 50/30/20 budgeting strategy, asset allocation, bid/ask spread and more.
  • Customer support specialists who are FINRA licensed, and ready to help you through live chat, seven days a week.

Public Premium

For $10 per month, Public Premium offers all the features available with a Public regular account, but adds the following upgrades:

  • Advanced data and unique market metrics – access Morningstar’s industry-leading performance data, including breakdowns of ETF holdings and company performance on revenue, ESG, and other factors.
  • Analyst’s insights – learn what bulls and bears think about popular securities, including analyst’s sentiment, Morningstar’s fair value estimate, and extensive research reports.
  • VIP customer support – provides you with “white glove” support from Public’s US-based customer service team.

At this time, Public has instituted a wait list for Public Premium. You will receive early access to the service on a rolling basis, based on your order on the wait list.

How Public Works

As to the investment process, Public keeps it simple. Whether you’re investing in stocks, ETFs or crypto, all you need to do is pull up the investment category, select the security, fund or crypto you want to buy, then click the “Invest” button, and you’re all done.

Cryptocurrency

Public is joining the growing number of investment platforms that are offering investors access to cryptocurrency, in addition to more traditional investments. In fact, they give you an opportunity to invest in more than 25 cryptos.

These include Bitcoin, Ether, Cardano, Dogecoin, Solana, Litecoin, Bitcoin Cash, Stellar, Ethereum Classic, Tazos, Dash, Zcash and more. And just as is the case with stocks and ETFs, cryptos can be traded commission-free, and using fractional shares (or “slices”).

Crypto can be traded 24 hours a day, seven days a week. But you should be aware that, like other investment platforms that make crypto available, Public does not use digital wallets. That means while you can buy and sell crypto on the platform, you can’t move it into a wallet, then move it to another platform. Similarly, you won’t be able to transfer crypto held on another broker or exchange to Public.

Public Themes

You’ll also have access to Public Themes with either a regular account or with Public Premium. These are purpose-centered investment themes, giving you access and insight to companies participating in that particular industry or activity.

Examples include green power, space exploration, dividend stocks, cannabis, blockchain technology, media and entertainment, and more. Each theme will provide you with a list of individual stocks and ETFs that are part of that theme group.

The Public Social Community

One of the keys to the Public investment app is the Public Social Community. It adds a social media dimension to your investment activities, enabling you to learn from other investors, and even to share your own investment strategies, successes and failures. You can even embed a stock chart or a Public member’s profile within a message. Think of it as an investment chat room within the Public app.

You can send or receive messages to or from and individual or groups within the community. Groups can hold up to 100 participants.

Community members who participate in productive conversations, share ideas, and uphold Public’s values of transparency and respect are eligible to receive the Public Invest Hat. That’s not really a big deal, since it’s basically a baseball cap with the word “Invest” imprinted across the front.

Public makes it possible to block a community member who you want to unfollow. You can do it by visiting the member’s profile and selecting Block.

Otis

Public recently acquired Otis, which is a move that will create even more investment opportunities for participants on the platform. With that acquisition, you’ll soon be able to invest in alternative assets, like collectibles, trading cards, and contemporary art.

The acquisition is recent, and Public projects it will be at least six months before Otis will be officially integrated with Public and available to investors.

How Does Public Make Money if they Don’t Charge Fees?

Among all investment brokers, Public is especially light on fees. So, how do they make money and stay in business?

For starters, they don’t use Payment for Order Flow (PFOF), as is commonly used by other commission-free retail brokers. That’s where a broker sends trades to market makers in exchange for rebates. It’s a common source of broker income, but one that Public doesn’t use.

Instead, Public relies on the following:

  • Optional tipping. As a social investment platform, members who want to support the platform and keep Public PFOF-free can provide tips to the company, though they aren’t required.
  • Securities lending. Public uses the services of Apex Clearing as their clearing agent. Investors on the platform can choose to enroll in the Fully Paid Securities Lending Program, in which Apex can loan out their shares to other investors and institutions, usually for short sales. Those borrowers will pay interest to Apex, a portion of which is rebated to Public.
  • Interest on cash balances. Uninvested cash held by investors on the platform will earn interest, some of which is retained by Public. This is another common practice in the brokerage industry.
  • Instant withdrawal fees. Public charges a fee of 2% of the amount withdrawn on instant withdrawals.
  • Public Premium subscription fees. Premium has a fee of $10 per every 30 days, representing revenue to the company.
  • Pulse Partnerships. Public offers this service to help companies create closer relationships with their retail investors. Public partners with companies to share important information via the Public platform, in an attempt to improve investor experience. Presumably, Public earns some sort of fee paid by the companies for the service, though this isn’t specifically disclosed.

So there you have it, Public “makes its living” from sources other than commissions.

Public Features

Feature Summary:

Minimum Account Balance$0 but you will need to deposit funds to begin investing
Available AccountsIndividual taxable investment accounts only
Investments OfferedUS-listed stocks (including about 100 OTC stocks), American Depositary Receipts (ADRs) for foreign securities listed on US exchanges, ETFs, options, cryptocurrencies and initial public offerings
Cryptocurrencies Available25+
Stocks, ETFs and Options Trading Fees$0
Cryptocurrency Trading Fees1% – 2% mark-up per trade
Other FeesA Public Premium subscription is $10 per 30 days; $25 for a domestic wire transfer out of your account, and 2% of the amount withdrawn on instant withdrawals
Mobile AccessAvailable at Google Play for Android users, and at The App Store for iOS users
Extended Trading Hours8:00 AM to 8:00 PM, Eastern time, Monday through Friday
Fractional SharesPublic refers to these as “slices”, enabling you to buy small amounts of shares in stocks, ETFs, and even in cryptocurrencies
Automatic Dividend ReinvestmentYes
Clearing AgencyApex Clearing
Interest on Uninvested CashYes, through sweep account provide by Apex Clearing
Customer ServiceAvailable by either in-app chat or web chat, seven days per week; no phone support is offered

Tax Reporting and Exporting

You can import your Public 1099 form directly into TurboTax. You can even save up to $20 when you download TurboTax from Public.

Account Protection

Public is a fully regulated broker dealer, and your account is protected by SIPC insurance for up to $500,000 in cash and securities, including $250,000 in cash. Accounts are secured by bank rate security AES 128-bit encryption, TLS for secure data transit and a default two-factor authentication.

Public Promotions

Public is currently offering three promotions:

Public New Member Reward Program: Open a Public account and deposit at least $20 into it to be eligible to receive a fractional share of a designated stock, ETF or crypto asset. The reward will be worth between $3 and $300.

Public referral program. Refer family and friends to Public and you’ll receive a fractional share of an asset of your choice. The terms for your referrals will be the same as for the Public New Member Reward Program, except that both you and your referral will be eligible to receive a fractional share valued at between $3 and $300.

Account Transfer Bonus. Public will pay you a bonus ranging from $150 to as much as $10,000 if you transfer $5,000 or more in securities from another broker. You can make the transfer, without needing to sell securities. Public does not charge a transfer fee and will cover any transfer fees from the source broker up to $500. The transfer bonus amounts look like this:

How to Sign Up for a Public Account

You can sign up for Public from either the website or the mobile app by clicking “Get Started” at the top of the page. You’ll need to enter your email address and phone number, and a referral code, if you have one.

To be eligible to sign up for an account with Public you must be a US citizen and be at least 18 years old. Public will accept US permanent residents and those who have a valid visa. You must also have a valid Social Security number, a US-based phone number and a legal US residential address.

Once Public verifies the above information, you’ll receive an approval notification and a free stock available from the Free Stock button in the top right of the home screen.

Funding. To begin investing, you’ll need to fund your account. The easiest way to do this is by connecting your bank account and transferring funds to your Public account. Right now, Public can accommodate connecting only a single bank account.

Alternatively, Public can accept debit card funding of up to $5,000 per transfer. You can do this by connecting your debit card to your Public account. And if you prefer, you can also fund your account by mailing a check or by setting up an incoming wire into your Public account.

Finally, you’ll need to upload a profile photo so you can easily be identified by friends and others participating on the Public platform (remember, Public is a social investing platform, so think social media!)

Once your account has been funded, you can begin investing as you like.

Public Pros and Cons

Public Pros:

  • No minimum initial investment required.
  • Trade stocks, ETFs and cryptocurrencies commission-free.
  • Year-end tax information can be exported directly into TurboTax.
  • The New Member Reward Program will pay you a fractional share of a stock, ETF or crypto asset, worth between $3 and $300, just for opening a new account and depositing at least $20.
  • The Public referral program pays a reward comparable to the New Member Reward Program (for both you and the referral) for each person you refer to the service.
  • Account Transfer Bonus of $150 to $10,000 for transferring as little as $5,000 in securities and cash from another broker.
  • The recent acquisition of Otis will enable investors to invest in alternative assets, like rare collectibles, trading cards, and contemporary art.

Public Cons:

  • The platform does not offer retirement accounts or custodial and trust accounts. All of which are commonly available with most brokerage firms.  
  • Public does not offer customer service by phone.
  • Not available for non-US citizens and those who do not have either  US permanent resident status or have a valid visa.
  • Recurring deposits can only be set up with crypto, but not with stocks or ETFs.
  • Public charges fees for domestic wire withdrawals and Instant Withdrawals.
  • Does not offer margin trading.
  • No availability of trading penny stocks.
  • Does not offer investments in mutual funds, options or bonds.

Is Public Safe to Use for Beginners?

Public is a safe investment platform for beginning investors. Your account will be completely protected by SIPC insurance for up to $500,000, and the platform uses numerous security features, including two-factor authentication to keep your information safe. The company is also registered with both the SEC and FINRA.

Another benefit of Public is that you can open an account with no money at all. With no minimum deposit requirement, you’re free to invest as little or as much as you feel comfortable doing.

That said, Public may not be the best choice for beginning investors. Larger brokerage firms offer more investment options, including mutual funds and bonds. They also provide more educational resources and trading tools, as well as superior customer service. After all, Public does not provide investors with access to phone support.

Why You Should Open an Account with Public

Public has a lot going for it, especially for new investors looking to get their feet wet investing. They offer a combination of no minimum initial investment requirement, as well as commission-free trades. And since they can also accommodate trading in more than 25 cryptocurrencies, you’ll have an opportunity to invest in crypto in the same account where you hold your other investments.

The social aspect of Public can also be important for new and intermediate investors. You’ll be part of the Public Social Community, where you’ll be able to learn what other investors are doing, running investment scenarios by other members, and participating in group discussions.

I’m not entirely certain the Public Premium version is worth the $10 per month fee. Especially when you consider the services offered are commonly available with other investment brokers at no additional charge.

More experienced investors may also find Public to be a limited platform. That’s because it does not offer mutual funds, bonds, penny stocks, options, or margin trading.

But at this point in the game, Public is designed for new and intermediate investors. And for that group, Public is an excellent choice.

FAQs – Public.com Investing App

How does Public.com work?

Public.com allows users to open an account, link their bank account, and start investing in stocks and ETFs. Users can also follow other users and see their investments and portfolios, as well as participate in discussions and share investment ideas.

Is Public.com safe to use?

Public.com is a registered broker-dealer with the SEC and a member of FINRA, meaning that it must follow strict regulatory guidelines to ensure the safety and security of user investments and personal information.

Does Public.com charge fees or commissions?

Public.com does not charge commissions or trading fees for stock and ETF trades. However, it does charge for certain services, such as expedited withdrawals or paper statements.

Can I invest with Public.com if I’m not in the US?

No, currently Public.com is only available to US residents.

Public.com Investing App Review
public logo

Product Name: Public.com

Product Description: Public.com is a social investing platform that allows users to invest in stocks and ETFs commission-free, as well as follow investment strategies of other notable investors. The platform also provides financial education, community engagement, and a rewards program for users to earn points for completing certain activities or referring new members.

Summary of Public.com Investing App

Public.com offers a social investing platform that allows users to discover and invest in companies, ETFs, IPOs, and cryptocurrencies with fractional shares. It also provides users with personalized news feeds and real-time stock ticker updates to help them stay informed about the markets. The platform also offers community forums to connect with other investors and ask questions or share insights.

  • Cost and Fees
  • Customer Service
  • User Experience
  • Product Offerings
Overall
4.2

Pros

  • Easy to use platform that appeals to novice and experienced investors alike
  • Low commission fees on trades
  • Access to a wide array of stocks, bonds, and ETFs
  • Ability to easily track and share your portfolio with other users
  • Real-time market data, news, and analytics

Cons

  • Limited investment options
  • Lack of customer service support
  • No access to advanced trading tools or research materials
  • No phone-based customer service
  • Confusing user interface for beginners
     

4 Cited Research Articles

  1. FINRA.org (2023, Feb 17) Finra BrokerCheck Firm Summary
    https://brokercheck.finra.org/firm/summary/127818

  2. SIPC.org (n.d.) What SIPC Protects
    https://www.sipc.org/for-investors/what-sipc-protects

  3. Cfainstitute.org (2016, July) PAYMENT FOR ORDER FLOW Internalisation, Retail Trading, Trade-Through Protection, and Implications for Market Structure
    https://www.cfainstitute.org/-/media/documents/issue-brief/payment-for-order-flow.ashx

  4. International Association of Better Business Bureaus, Inc (2023, Feb 17) Business Profile for Public.com
    https://www.bbb.org/us/ny/new-york/profile/internet-service/publiccom-0121-87142673

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About the Author

Kevin Mercadante is a professional personal finance writer. He has extensive backgrounds in both accounting and the mortgage industry. In addition to writing for Good Financial Cents, Kevin's work can be seen on Dough Roller, Money Under 30, Investor Junkie and Wallet Hacks. He also blogs at his site, OutOfYourRut.com. Kevin and his wife live in New Hampshire.

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