Public.com Review: The Social Investing App That Grew Up

You’re researching brokerage apps instead of just trading on whatever you already have. That tells me something: you suspect your platform matters more than people admit. You’ve probably heard of Public—maybe from its social investing days, maybe from ads touting AI tools or high-yield cash accounts. The question isn’t whether Public is legitimate. It’s whether it offers enough to justify switching from whatever you’re using now.

Quick Verdict: Is Public Worth It?

Yes, for self-directed investors who want more than just free trades. Public combines commission-free trading across stocks, ETFs, crypto, and bonds with AI research tools powered by GPT-4, a 3.3% APY cash account, and the only options rebate program in the industry. It’s not the best platform for any single use case—Fidelity has better research depth, Tastytrade has superior options tools—but it’s surprisingly good across multiple dimensions.

Best for: Investors who want a modern, multi-asset platform with AI tools and competitive yields without paying for a premium subscription.

Skip it if: You’re an active day trader who needs Level II data, or you want human financial advisors.

What Public Actually Offers

Public launched in 2019 as the first broker-dealer to offer commission-free, real-time fractional investing. The company has since evolved from its social-investing roots into a multi-asset platform with AI research tools. Here’s what you get:

Multi-Asset Access

• Stocks: Over 9,000 stocks with fractional investing
• ETFs: Broad selection, commission-free
• Crypto: 40+ cryptocurrencies with no trading fees
• Bonds: Fractionalized corporate, Treasury, and municipal bonds
• Options: Stock and ETF options with rebate program
• Treasuries: Customizable ladder yielding around 3.59%

AI Research Tools (Alpha)

Public’s Alpha is an AI research assistant powered by GPT-4. You can ask it questions about any asset and get real-time market data, analysis, and context. The platform also includes:

• Key Moments: AI-generated summaries of major price movements
• Earnings Hub: AI recaps of earnings calls with KPIs and audio
• Generated Assets: Create custom investable indices from text prompts

The AI tools are genuinely useful for understanding why a stock moved or getting a quick overview before making a decision. They won’t replace deep research, but they reduce the friction of staying informed.

Try Public — Commission-Free Trading

The Pricing Advantage

Public’s core brokerage is free—no commissions on stocks, ETFs, or crypto. But the real value shows up in three areas most competitors don’t match:

1. High-Yield Cash Account: 3.3% APY

Uninvested cash earns 3.3% APY with up to $5 million in FDIC coverage through partner banks. That’s 20x the standard FDIC limit and competitive with high-yield savings accounts—except your cash is already in your brokerage, ready to deploy.

2. Options Rebates: $0.06-$0.18 Per Contract

Public is the only brokerage that pays you to trade options. Based on monthly volume and security type, you earn $0.06-$0.18 per contract. Most brokerages charge $0.50-$0.65 per contract. The math is significant for active options traders.

3. Low Margin Rates: 5.65%

Public claims the lowest base margin rate among leading brokerages at 5.65%. For comparison, Robinhood charges 5.75%, Schwab charges 11.75% for smaller balances.

Open a Public Account

How Public Works

Account Types

• Individual Brokerage: Standard taxable account, no minimum
• Traditional IRA: Tax-deductible contributions with 1% match
• Roth IRA: Tax-free qualified withdrawals with 1% match
• Margin Account: Borrow against portfolio at 5.65%

The IRA match is notable: Public matches 1% on contributions, transfers, and 401(k) rollovers. The catch—matched funds must stay in the account for 5 years to avoid an early removal fee.

Premium Tiers (Based on Account Value)

You don’t pay for these tiers—they unlock automatically based on your account value.

Direct Indexing

For accounts over $1,000, Public offers direct indexing across 100+ indices. This lets you own individual stocks that track an index while harvesting tax losses—a feature typically reserved for high-net-worth clients at traditional advisors.

The Philosophy Behind Public

Public explicitly rejected payment for order flow (PFOF) in 2021, a practice where brokerages sell your trades to market makers. Their stated reason: PFOF creates conflicts of interest between the brokerage and the investor.

Instead, Public makes money through:

• Interest on uninvested cash
• Margin lending
• Premium features
• Options rebate spreads

This matters because it aligns the platform’s incentives with yours. They make more money when you keep more cash earning interest, not when you trade more frequently.

The Trade-Offs: What’s Missing

Pros

• Multi-asset access: Stocks, bonds, crypto, options in one account
• AI tools included: GPT-4 powered research at no extra cost
• Competitive yields: 3.3% on cash beats most brokerages
• Options rebates: Actually get paid to trade options
• Clean interface: Modern design without overwhelming complexity
• No PFOF: Aligned incentives between platform and investor

Cons

• Fractional shares are illiquid: You can’t transfer fractional positions to another brokerage
• Limited advanced tools: No Level II data, limited order types compared to IBKR
• AI can be wrong: Alpha “may produce inaccurate or inappropriate responses” per their disclosures
• No human advisors: Self-directed only
• Social features de-emphasized: The original community aspect is less prominent now
• Variable APY: The 3.3% cash yield can change

Get Started with Public

Who Public Is For (And Who It’s Not)

Public Is For:

• Self-directed investors who want AI research tools without paying for a premium subscription
• Multi-asset investors who want stocks, bonds, and crypto in one account
• Options traders who want to earn rebates instead of paying commissions
• Yield-seekers who want competitive returns on uninvested cash
• Modern-interface fans who find Fidelity or Schwab overwhelming

Public Is NOT For:

• Active day traders who need Level II quotes, hot keys, and advanced order types—consider Interactive Brokers instead.
• Serious options traders who want sophisticated strategy tools—Tastytrade is built for this.
• Investors who want human advice—look at Fidelity or Schwab for advisor access
• Those with complex estate needs—Public doesn’t yet offer trust or entity accounts

Best Alternatives to Public

If Public doesn’t fit your needs, here are the alternatives worth considering:

Robinhood

The obvious comparison. Robinhood has a similar interface and free trading, plus a higher cash yield (4.0% with Gold). But Robinhood charges for options ($0 commission but no rebates), doesn’t offer bonds, and uses PFOF. Choose Robinhood if you prioritize the higher cash yield and don’t care about bonds or options rebates. See our Robinhood Gold review for the full analysis.

Fidelity

Fidelity offers deeper research, human advisors, and a longer track record. The interface is less modern, and you won’t get AI tools or options rebates. Choose Fidelity if you want an established institution with comprehensive services and don’t mind a dated interface.

Tastytrade

Tastytrade is purpose-built for options traders with sophisticated strategy tools, better fills, and educational content. Choose Tastytrade if options are your primary focus and you want a platform designed around that use case.

Webull

Webull offers advanced charting and extended hours for free, plus paper trading. It lacks Public’s AI tools and bond access. Choose Webull if you want advanced charting without paying for it. See our Webull review for the comparison.

Final Verdict

Public has evolved from a social investing novelty into a legitimate multi-asset platform. The AI tools are genuinely useful, the yields are competitive, and the options rebates are unique in the industry. It’s not the best platform for any single use case, but it’s surprisingly good across multiple dimensions.

If you’re currently on Robinhood and want more than just free trades—AI research, bond access, options rebates—Public is worth the switch. If you’re on Fidelity or Schwab and happy with their research depth and advisor access, there’s less reason to move.

The platform works best for self-directed investors who want modern tools without paying subscription fees. At its core, Public is betting that investors want to get smarter, not just trade more. That’s a bet worth taking.

For a broader look at trading platforms and research tools, explore our guide to the best stock research websites.

Open Your Public Account — Free

Frequently Asked Questions

Is Public.com worth it?

Yes, for self-directed investors who want more than free trades. Public offers commission-free trading across stocks, ETFs, crypto, and bonds, plus AI research tools powered by GPT-4, a 3.3% APY cash account, and options rebates of $0.06-$0.18 per contract. It’s particularly valuable if you want multi-asset access and competitive yields without paying for a premium subscription.

What are the best alternatives to Public?

The best alternatives depend on your priorities. Robinhood offers a similar interface with higher cash yields (4.0% with Gold) but no bonds or options rebates. Fidelity provides deeper research and human advisors but a dated interface. Tastytrade is better for serious options traders. Interactive Brokers suits active traders who need advanced tools and global market access.

Public vs Robinhood: Which is better?

Public edges out Robinhood for most investors. Both offer free stock and crypto trading, but Public adds fractional bonds, AI research tools, and options rebates ($0.06-$0.18 per contract). Robinhood’s advantage is a higher cash yield (4.0% vs 3.3% with Gold membership). Choose Public if you want multi-asset access and AI tools; choose Robinhood if maximizing cash yield is your priority.

How do I transfer my account to Public?

Public covers transfer fees up to $100 for accounts over $5,000. To transfer, open a Public account, go to Settings, select “Transfer an account,” and provide your current brokerage’s information. ACAT transfers typically complete within 5-7 business days. Note that fractional shares from other brokerages may be liquidated during transfer since fractional positions aren’t transferable between brokerages.

Is Public.com safe?

Yes. Public is a registered broker-dealer (Open to the Public Investing, Inc.) and member of FINRA and SIPC. Securities are protected up to $500,000 by SIPC, including $250,000 for cash. The High-Yield Cash Account offers up to $5 million in FDIC coverage through partner banks. The platform uses AES 256-bit encryption and two-factor authentication. Public has maintained 99.994% uptime according to their published data.

Does Public have hidden fees?

No significant hidden fees. Stock, ETF, and crypto trading are commission-free. Options trading actually pays you rebates ($0.06-$0.18 per contract). The main costs to know: margin interest is 5.65%, the IRA match has a 5-year holding requirement, and transfer-out fees are covered only up to $100 for accounts over $5,000. There are no inactivity fees or account minimums.

How does Public’s Alpha AI compare to other brokerage research tools?

Public’s Alpha AI is powered by GPT-4 and provides real-time market data, earnings call summaries, and contextual analysis directly within the app—all at no extra cost. Unlike traditional brokerage research (Fidelity’s reports, Schwab’s analyst ratings), Alpha lets you ask natural language questions about any stock, ETF, or crypto asset. The AI generates “Key Moments” explaining major price movements and provides earnings recaps with audio highlights. While it won’t replace deep fundamental analysis from services like Morningstar, Alpha reduces friction for staying informed and is more accessible than reading through lengthy analyst reports.

What is Public’s IRA match and how does it work?

Public matches 1% on all IRA contributions, transfers, and 401(k) rollovers with no annual cap. For example, if you transfer a $100,000 IRA from another brokerage, Public adds $1,000 to your account. Both Traditional and Roth IRAs qualify for the match. The key requirement: matched funds must remain in the account for 5 years or you’ll face an early removal fee that claws back the match. Contributions must be made via ACH from a linked bank account to qualify. This match is rare in the brokerage industry—most competitors offer no matching on retirement accounts.

Can I trade crypto on Public, and how does it compare to crypto exchanges?

Public offers trading on 40+ cryptocurrencies including Bitcoin, Ethereum, Solana, and other major tokens—all with zero trading fees. Unlike dedicated crypto exchanges like Coinbase (which charges 0.5%-4.5% fees) or Kraken, Public integrates crypto alongside your stocks, ETFs, and bonds in a single portfolio view. The trade-off: you cannot withdraw crypto to external wallets. Public holds assets in custody, which means less flexibility but simplified tax reporting since all transactions appear on one 1099 form. For investors who want crypto exposure without managing separate wallets and exchanges, Public’s approach is more convenient.