Public.com Rating: 
- Minimum to open: $0
- Stocks & ETFs: $0
- Options: $0
- Mutual Funds: n/a
Overview of Public.com
While the name may not immediately sound like a brokerage, Public.com offers unique trading features that are worth exploring. Here’s a look at what this platform provides:
Investing System
Public offers self-managed accounts but does not provide financial planning or advisory services. With a self-directed account, users can trade the following assets:
- Cryptocurrencies
- Treasury bonds (but no other types of bonds)
- Exchange-traded funds
- Closed-end funds
- Stocks
- Options
- Alternative investments
The alternative investments section allows trading in collectible items like Air Jordans, Banksy artwork, digital art, and iconic video games. Public.com converts these items into shares, which users can trade on the platform.
Public only offers individual taxable accounts—no retirement or tax-advantaged accounts are available.
With an individual account, users can set up recurring investments in a selected group of assets through a feature called an Investment Plan. A plan can include up to 20 assets, including stocks, ETFs, or cryptocurrencies.
Another unique feature is Alpha, an AI tool developed in partnership with GPT-4. It provides insights like analyst recommendations and earnings call summaries within hours of the calls.
Public.com is only available to U.S. residents who are U.S. citizens, permanent residents, or visa holders, and a Social Security Number is required.
Securities on Public are protected by SIPC, providing up to $500,000 in insurance coverage. Through Public’s clearing firm Apex, there is an additional insurance policy offering up to $37.5 million for stocks and ETFs.
Alternative investments are typically not covered by SIPC. However, physical items are insured by Aspen American Insurance Company, while digital and intangible assets are self-insured.
Cash Management
Public doesn’t offer standard banking features like debit cards or check-writing options. However, uninvested cash can be swept into FDIC-insured partner banks like SoFi Bank and BMO Harris.
Users can fund their Public accounts through paper checks, ACH transfers, or wire deposits. Notably, Public also allows funding via debit card, with a $1,000 limit.
Commissions and Minimums
Public charges commissions for certain trades. For example, trading over-the-counter or after-hours costs $2.99. Alternative assets have a 2.5% trade fee, and Treasury bonds incur a 0.05% monthly fee. Investment Plan trades also have fees, ranging from $0.49 to $1.99 per purchase, depending on the plan tier.
Premium members can avoid some of these charges, like fees for OTC and after-hours trades. A Premium membership costs $10 monthly or $96 per year. Premium benefits include VIP support, Morningstar research, and customized portfolio insights.
Both Premium and regular users pay no commission on standard stock and ETF trades. There is a $5 inactivity fee every six months, which can be waived by maintaining a $20 balance or having account activity in the past 90 days.
Mobile App
Public’s mobile app, available for Android and Apple devices, is user-friendly but lacks some features, such as mobile check deposit and live video news. However, it includes essential tools, particularly the trade ticket, which supports the following order types:
- Market
- Limit
- Stop
On the app, users can add assets to a watchlist or set up alerts via icons in the top-right corner of each asset profile. The profile page includes a basic chart, though it lacks tools and doesn’t support horizontal rotation.
One standout feature is the community forum, where Public users can discuss investments and market news. The Feed icon at the bottom of the app links to this social network, and each asset profile has a bulletin board for further discussion.
Website
Social networking and watchlist features sync seamlessly between the website and mobile app, making it easy to switch between platforms. The website offers the same asset research as the app. Unfortunately, charting remains basic, with no tools or full-screen view.
The order ticket on the website matches the one on the mobile app, and users can set up a recurring purchase schedule for any individual asset.
Public does not offer any additional trading platforms, such as a browser-based platform or desktop application.
Asset Research
2 stars
Neither the website nor the mobile app has a screener. However, Public does provide ways to explore assets. Market news is accessible on the app (via the globe icon in the bottom menu) and on the website (via the Explore link in the left column). Categories include:
- Popular crypto
- Top movers
- Earnings this week
- International stocks (Y shares)
- Popular ETFs
It’s easy to scroll through these categories to view assets. Clicking on an entry pulls up the asset’s profile. Both stocks and cryptocurrencies display basic trading data, like 24-hour volume and market capitalization.
Stocks have the most information available. For example, popular stocks include analysts’ recommendations and price targets. During our review, Bank of America had recommendations from 28 analysts.
News articles appear with thumbnails and link to external sites, such as Seeking Alpha, Fox News, and Reuters.
Some resources, like detailed financial statements (cash flow, income, and balance sheet), are available only to Premium members.
Margin Service
0 stars
Public does not offer margin trading. All accounts are cash accounts.
Customer Service
Public’s website and app both have a chat feature within the Help Center. The chat starts with automated support but can connect to a human representative if needed. This live support is available on weekdays only.
Our testing found the chat service moderately helpful. Within the chat window, there’s a list of FAQs that may address common questions. For less urgent issues, users can email Public at support@public.com.
The website has a few self-service options under the settings & privacy page, accessible via the account tab in the upper-right corner.
Unfortunately, Public does not offer phone support, which could be problematic for issues needing live assistance.
Bonus Services
DRIP Service: Cash dividends in a Public account can be automatically reinvested into the securities that paid them.
Initial Public Offerings: Public.com does not offer IPO investing.
Fractional Shares: Trades on Public can generally be made in whole shares or dollar amounts. Some smaller stocks, like OTC shares, require whole-share purchases.
Individual Retirement Accounts: As noted, Public does not offer tax-deferred accounts.
Extended-hours Trading: Public clients can trade securities on weekdays from 8:00 am to 8:00 pm, New York time. Cryptocurrencies trade around the clock, seven days a week.
Periodic Mutual Fund Investing: No mutual funds are available.
Fully-paid Securities Lending Program: Public users earn 10% of the net proceeds on loaned shares. The program is managed through Apex Clearing Corp., and income is credited to accounts monthly.
Our Recommendations
Beginners: While Public.com is designed with new investors in mind, offering a large library of educational materials, it lacks managed accounts that could be beneficial for beginners. We suggest a hybrid robo-advisory account at a platform like Webull.
Active Stock Trading: While Public offers useful resources like OTC stocks and fractional shares, it doesn’t have the advanced tools needed for experienced traders. We recommend Charles Schwab instead.
Mutual Funds: Since Public does not offer mutual funds, we recommend
Firstrade, which has thousands of funds available.
Retirement Planning & Long-Term Investing: Public isn’t designed for retirement savings. In comparison, Robinhood offers resources for long-term planning, including a 1% free contribution match.
Small Accounts: Due to Public’s inactivity and other fees, we can’t recommend it for small accounts. Webull would be a better choice.
Public Brokerage Review Summary
Aside from alternative investments, Public.com lacks features that set it apart from other platforms. In many areas, it struggles to meet average standards.
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Updated on 11/12/2024.
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