Public Review 2026: Is This Commission-Free Broker Right for You?

Overview

Public is a US-based retail investing platform founded in 2019 and headquartered in New York. The company, operated by Public Holdings, Inc., was built around the idea of making investing more transparent, social, and accessible. Unlike many traditional brokerages, Public positioned itself early as an alternative to payment-for-order-flow (PFOF) on equity trades — a controversial practice where brokers sell customer order data to market makers. This stance set Public apart and drew a younger, values-conscious investor demographic.

In 2026, Public has evolved well beyond its roots as a simple stock-trading app. It now covers US equities, ETFs, Treasury bills, corporate bonds, crypto assets, and what it calls alternative assets including fine art, collectibles, and royalties. The platform is best suited to beginner to intermediate investors in the United States who want a single destination for a diversified portfolio without paying traditional brokerage commissions.

Regulation & Safety of Funds

Public operates through its broker-dealer subsidiary, which is reportedly registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). Crypto services are handled through a separate entity, so the regulatory framework differs depending on the asset type — always check the broker's website to confirm the current regulatory structure for each product.

Securities held in customer accounts are covered by the Securities Investor Protection Corporation (SIPC), which protects eligible customers up to $500,000 (including $250,000 for cash claims) in the event of broker insolvency. This is standard across US-registered broker-dealers and represents a meaningful safety net. Public also reportedly maintains additional private insurance above the SIPC limit — verify current coverage levels directly with the firm. Crypto assets are generally not covered by SIPC, which is an important distinction for digital asset holders.

Account Types

Public keeps its account structure straightforward. The standard individual brokerage account is available to US residents aged 18 and over and requires no minimum deposit to get started. This account provides access to the full range of investable assets including stocks, ETFs, bonds, crypto, and alternatives.

Public also offers a high-yield cash account that pays a variable APY on uninvested cash — reportedly competitive against major money-market alternatives as of mid-2026, though rates fluctuate with the Federal Reserve environment. There is no traditional IRA or retirement account currently visible in the standard offering (check the broker's website for any updates to tax-advantaged accounts). Notably, margin accounts are not currently a mainstream feature for retail users, which constrains professional or active traders seeking leverage.

Spreads, Commissions & Fees

Public's headline proposition is commission-free trading on US-listed stocks and ETFs. The platform does not engage in PFOF on equities, which it claims allows for cleaner, more neutral order routing. For crypto trades, Public charges a spread built into the quoted price, which is standard for retail crypto platforms — the effective cost depends on asset and market conditions, so check the broker's website to confirm current crypto fee schedules.

Treasury and bond products may carry markups or fees embedded in the execution price. Alternative assets have their own fee structures, which vary by asset type and are disclosed at the point of purchase. There are no reported account maintenance fees or inactivity fees for standard accounts, which is a positive for infrequent investors. Overnight financing or swap costs are not applicable since Public does not offer leveraged or CFD instruments.

Trading Platforms & Tools

Public is a proprietary platform — there is no MT4, MT5, or cTrader integration. The experience is delivered through its iOS and Android mobile apps, which consistently receive strong ratings for their clean design and ease of navigation. A web-based platform is also available, though it is less feature-rich than the mobile app for certain social and analysis tools.

Key platform features include real-time quotes, a social investing feed where users can follow other investors and discuss positions, basic charting tools, earnings summaries, analyst ratings, and AI-powered investment insights branded as Public Alpha. Public Alpha is a premium tier that reportedly provides deeper portfolio analytics, advanced screening, and AI-generated research summaries. Automation tools such as algorithmic trading or custom scripting are not available, which limits the platform's appeal to quantitative or systematic traders.

Markets & Instruments

The asset universe at Public spans several categories: US-listed stocks and ETFs (including fractional shares), Treasury bills and bonds, corporate bonds, a selection of cryptocurrencies (including major tokens such as Bitcoin and Ethereum, along with a broader altcoin list), and alternative assets through partnerships with specialist platforms. Forex, commodities, and index CFDs are not offered, which is a meaningful gap for traders seeking broad global market exposure beyond US equities and digital assets.

Deposits & Withdrawals

Deposits are made via ACH bank transfer, which is the standard US brokerage funding method and is free of charge. Instant buying power is reportedly available for amounts up to certain limits, allowing investors to start trading before the ACH settlement completes. Wire transfers may be available for larger amounts — confirm current options on the broker's website. Withdrawals are processed back to the linked bank account via ACH and typically take 1–3 business days. There are no widely reported withdrawal fees, but users should check for any outgoing wire fees if applicable.

Customer Support

Public offers customer support primarily through in-app messaging and email. Live chat and phone support availability should be verified directly, as these channels have historically been limited compared to full-service brokers. Response times via in-app support are generally reported as adequate for routine inquiries but can extend during high-traffic market events. A help centre with FAQs and guides covers common account and platform questions. The support offering is functional but less robust than that of larger incumbents like Fidelity or Schwab.

Research, Analysis & Education

Public has invested meaningfully in its research layer. The platform provides analyst ratings, earnings calendars, company fundamentals, and curated news feeds for individual securities. Public Alpha (the premium tier) elevates this with AI-driven portfolio insights and deeper analysis. The social feed serves a dual role as both community engagement and informal market commentary, which experienced investors should treat as supplementary rather than primary research. Educational content includes articles and guides aimed at newer investors covering topics from basic portfolio construction to understanding alternative assets. Dedicated trading courses or video libraries are more limited compared to broker-educators like TD Ameritrade's (now Schwab) thinkorswim ecosystem.

Our Ratings

Public scores well on accessibility, transparency, and asset diversity for a retail-focused US platform. Its commission-free equity model and no-PFOF stance earn marks for investor alignment. Regulation through FINRA/SEC membership and SIPC coverage provide appropriate safety for the target market. The platform loses points for the absence of retirement accounts (verify current availability), limited leverage options, no forex or derivatives, and a support infrastructure that can feel stretched. Overall, it is a solid 4 out of 5 for the beginner-to-intermediate US investor it is designed to serve, dropping closer to 3 out of 5 for experienced or internationally-based traders.

Who It's Best For & Final Verdict

Public is best suited to US-based investors who want a single, modern platform covering stocks, ETFs, bonds, crypto, and alternatives under one roof without paying commissions. The social layer and AI tools make it appealing for self-directed beginners who want community context alongside their investing journey. It is not the right choice for active forex traders, derivatives users, international applicants, or those seeking advanced desktop-grade charting and automation. In 2026, Public remains a genuine disruptor in the retail investing space — transparent, accessible, and continuing to expand its product set — making it well worth considering for its intended audience.