Public

Public.com has evolved from a simple "social investing" app into one of the most comprehensive platforms for the modern investor. It is arguably the best brokerage for those who want to hold stocks, crypto, Treasuries, ETFs, and even alternative assets (like art or trading cards) all in one place. Its commitment to no Payment for Order Flow (PFOF) on stocks and its unique Treasury Account feature make it a more transparent and yield-focused alternative to Robinhood.

At a Glance

• Assets Supported: Stocks, ETFs, Options, Cryptocurrencies, Treasuries, Corporate Bonds, Alternative Assets (Art, Sneakers, etc.)
• Commissions: $0 on Stocks and ETFs
• Payment for Order Flow (PFOF): No (Public does not sell your stock trades to market makers)
• Account Minimum: $0
• Cash Yield: High-Yield Cash Account (offering competitive APY)
• Options Trading: Yes (With a rebate program for users)
• Subscription: Public Premium (approx. $10/mo) for Morningstar research and advanced data (Optional)

Overview

Public launched as a "social" alternative to Robinhood, but it has matured into a serious multi-asset brokerage. Its defining moment was abandoning Payment for Order Flow (PFOF) on equity trades, taking a stand for transparency. Today, it positions itself as the primary place to build a diversified modern portfolio, blending safe assets (T-Bills, High-Yield Cash) with growth assets (Stocks, Crypto, AI).

Investment Options

• Stocks & ETFs: Commission-free trading with fractional shares available.
• Treasuries: This is a standout feature. You can park cash in 6-month T-Bills directly in the app to earn state-tax-exempt yield. Public handles the roll-over automatically if you choose.
• Bonds: You can buy corporate bonds (e.g., Apple or Disney debt) to lock in yields, a feature usually reserved for clunky legacy brokerages.
• Options: Public introduced options trading with a twist: Revenue Sharing. Instead of keeping all the revenue from routing your order, they give you a rebate of $0.06 to $0.18 per contract, lowering your effective cost.
• Alternative Assets: You can invest in fractional shares of rare items, such as trading cards, luxury handbags, or royalty rights (e.g., Shrek film royalties).

Fees & Transparency

• Stock Trades: $0 commission. Public relies on optional "tips" from users on trades and interest on cash balances for revenue.
• Crypto: Variable spread/fee (approx 1.25%).
• Alts: Fees vary by asset offering (usually built into the initial offering price or a transaction fee).
• Premium: The Premium tier unlocks advanced data, portfolio management tools, and extended hours trading.

Borrower Experience

• The Interface: Clean, intuitive, and modern. It avoids the "gamification" of Robinhood (no confetti explosions) but retains the ease of use.
• Community: The social feed allows you to follow "verified" investors or friends. It creates a sense of community, though you should always do your own research rather than blindly copying others.
• High-Yield Cash: Public offers a cash account that functions like a savings account with a high APY (often matching or beating Ally/Marcus), FDIC insured up to highly elevated limits via partner banks.

Who It’s Best For

• The "Yield Hunter": If you want to move your cash easily between High-Yield Savings, T-Bills, and Corporate Bonds to chase the best safe return, Public makes this process smoother than any other app.
• The Ethical Investor: If you dislike the idea of your broker selling your data to Citadel (PFOF), Public’s transparent model is the ethical choice.
• The Diversifier: If you want 5% of your portfolio in Crypto and 5% in Art/Alts, but don't want five different apps, Public consolidates it all.

Who Should Skip It

• Day Traders: If you need hotkeys, Level 2 data, and complex technical indicators, stick with Thinkorswim (Schwab) or Webull. Public is for investors, not scalpers.
• Heavy Crypto Traders: If you trade crypto daily, the fees on Public will eat your profits. Use a dedicated exchange.
• Mutual Fund Investors: Public focuses on ETFs. If you want Vanguard Mutual Funds, go to Vanguard or Fidelity.

Bottom Line

Public.com is the best brokerage for the "intermediate" investor who has graduated from simple stock picking and wants to build a mature, diversified portfolio. Its inclusion of Treasuries and Corporate Bonds alongside Stocks and Crypto allows you to build a hedge-fund-style portfolio in a simple app. While day traders should look elsewhere, long-term investors will love the transparency and yield options.