Overview
Public aims to democratize investing by providing an accessible platform for newer and experienced investors alike. Founded in 2019, Public set out to offer a straightforward way to invest in a variety of assets. They distinguish themselves by being one of the first to introduce commission-free, real-time fractional investing. As a comprehensive investing service, Public caters to individuals looking to manage a diverse portfolio that includes stocks, ETFs, bonds, treasuries, and cryptocurrencies.
In the competitive landscape, Public aligns with consumer-friendly platforms like Robinhood and SoFi by eliminating commissions and offering fractional shares. However, where it differentiates itself is with the additional availability of bonds and treasuries, as well as a high-yield cash account offering 4.6% APY. This makes it a compelling choice for those interested in steady income streams and a multi-asset portfolio without the hassle of managing multiple accounts.
Despite these strengths, Public might not fully meet the needs of advanced traders. Competitors like Fidelity and TD Ameritrade offer more comprehensive analytical tools and deeper access to financial markets, which are better suited for high-frequency traders and those needing advanced charting capabilities.
Fees and pricing
Public stands out for its $0 commission on stocks and ETFs, a major appeal for thrifty investors who are vigilant about keeping costs low. Additionally, it charges no fees for its high-yield cash account, providing a seamless way to earn a competitive 4.6% APY without any subscriptions or balance requirements.
One of the most attractive features is the absence of account maintenance fees, aligning Public with key competitors like Robinhood, which also offers commission-free trades. However, unlike Robinhood, Public does not charge for additional account management, making it an even more cost-effective option.
For those looking for enhanced features, Public offers a Public Premium membership that includes access to advanced data and institutional-grade research. While specific pricing for this tier isn't mentioned, expect it to align with similar offerings on the market, which range around $10-$15 per month.
Here’s a fee comparison table:
| Fee Type | Public | Robinhood | E*TRADE |
|---|---|---|---|
| Stock/ETF Commissions | $0 | $0 | $0 |
| Account Fee | $0 | $0 | $0 |
| Premium Features | Yes (cost not specified) | No | Yes ($15/mo) |
"Public provides a transparent and affordable entry into the world of investing for beginners and experienced investors alike."
Trading platform and tools
Public delivers a user-friendly mobile-first platform designed primarily for straightforward usability, appealing to investors who favor simplicity. The application offers essential trading functionalities, but lacks the advanced charting tools found in rivals like TD Ameritrade's Thinkorswim.
Public's standout tool is its integration of AI-powered insights through Alpha, powered by OpenAI's GPT-4. This assistant allows users to query market trends and past performance, which, while innovative, may not fully compensate for the lack of a robust desktop trading experience.
Comparatively, platforms such as E*TRADE and Fidelity provide an extensive suite of charting capabilities, custom alerts, and technical indicators. Public’s offering is basic, covering the essential data analysis needs of beginner to average traders but falling short of what advanced users might require.
Here is a feature comparison checklist:
| Feature | Public | Robinhood | Fidelity |
|---|---|---|---|
| Fractional Trading | Yes | Yes | Yes |
| Crypto Trading | Yes | Yes | No |
| Treasuries | Yes | No | Yes |
| Advanced Charting | No | No | Yes |
Range of investments
Public provides a broad array of investment options beyond the typical stocks and ETFs. The platform enables access to cryptocurrencies, including Bitcoin and Ether, as well as bonds and treasury bills. This extensive range of products makes Public a good fit for those looking to balance traditional equity investments with digital assets and fixed income securities.
The platform was a pioneer in incorporating cryptocurrencies alongside conventional investment products back in 2021, and more recently expanded into treasury solutions in 2023. Although it lacks futures and other more complex derivatives, this shortfall is common across the commission-free broker landscape.
By amalgamating various asset types under one platform, Public caters well to investors who prefer consolidating their investments without shifting between different brokerages.
Research and analysis
Public's research offerings are tailored through its Public Premium service, offering comprehensive data analytics and institutional-grade research. While they provide solid fundamental data and performance metrics, these features do not yet match the depth available through Bloomberg terminals or even Fidelity's robust analysis tools.
Public does include simple data visualization tools and some community-driven insights, helpful for getting basic overviews and investor perspectives. Despite this, the platform's analytical toolkit could improve to serve more data-driven decision-makers better.
For those needing detailed analytics and advanced screeners, services like TD Ameritrade and E*TRADE might prove more satisfactory.
::warning Watch out: Public's reliance on basic research tools might not satisfy data-centric traders. :::
Mobile experience
The mobile app from Public is its centerpiece, designed for seamless and intuitive navigation. It incorporates user-friendly interfaces suitable for all levels of investors, from novice to experienced users who are more accustomed to mobile interactions.
It works well for simple trading tasks, account monitoring, and accessing AI-driven insights through Alpha. The app is not clutter-heavy, making it excel in what it offers rather than confusing users with redundant features.
However, compared to platforms like Fidelity or TD Ameritrade, which offer more sophisticated mobile tools, Public is positioned towards investors more interested in a no-frills approach.
Account types and retirement
Public supports standard taxable accounts, letting users manage their investment needs with flexibility. It also includes features like the high-yield cash account without conditions on balance requirements or subscription fees.
However, Public's range of retirement accounts is not as robust as competitors like Charles Schwab or E*TRADE, which offer numerous IRA options with more diverse tax advantages. Public's focus remains on maintaining simplicity and accessibility, somewhat limiting more complex integration of retirement products and services.
Potential users needing specialized retirement planning, or seeking vehicles like SEP IRAs or custodial accounts, may find better service from traditional brokers.
Who should NOT use Public
Public might not suit high-frequency traders who need sophisticated tools and immediate trade executions, especially since it lacks advanced desktop platforms and technical analysis tools. Those who require deep market insights or comprehensive historical data will likely find Public's offerings insufficient.
For investors looking to explore mutual funds or need future/option trading capabilities, there are definitely better options in the market. Fidelity, for instance, offers a deeper and more versatile product range and better platform infrastructure—appealing to advanced investors needing all-in-one solutions.
For these users, Public's straightforward, minimalistic approach won’t provide the breadth needed for more aggressive or diversified investment strategies, which are better served by E*TRADE or TD Ameritrade.
The bottom line
Public’s strengths lie in its accessibility, diverse investment options, and no-fee structure, which adds major value for beginners and intermediate investors. Its platform is ideally designed for individuals who wish to diversify with a straightforward, integrated approach to stocks, bonds, crypto, and cash accounts without financial barriers.
While it’s a great entry point due to its simplicity and cost-effectiveness, those requiring complex financial products or sophisticated analytical tools should look elsewhere. Alternatives like Fidelity or TD Ameritrade offer more comprehensive packages for experienced investors.
For users just starting on their investment journey or content with basic market interactions, Public is an excellent choice with its generous offer of assets and beginner-friendly environment.
