Public review: An AI-powered investing app with community features

In a nutshell

Public offers investors an opportunity to chat with others on the platform to share investment strategies and other information.

• Public incorporates AI-driven data and analysis, to help users make better investment decisions.
• It offers the ability to invest in alternative assets, like crypto, art, and royalties, right alongside stocks, bonds, funds and U.S. Treasury securities.
• You can open an account with no money at all, and many investments can be traded commission-free.

Public overview

One of the big advantages of investing with Public is that they offer more investments than most brokers. That includes not only stocks, bonds, ETFs and U.S. Treasury securities, but also crypto, art and royalties. They also offer a high-yield cash account and have plans for additional alternative asset classes.

At the same time, Public does not offer mutual funds or options. These are two popular investments, the absence of which may be an obstacle for some investors.

Public’s community function may be a big draw for many investors. Participants can connect with other investors on the platform, to swap investment ideas and other information. That sense of community can provide real reassurance to new and intermediate-level investors.

Much is made these days about artificial intelligence (AI), and for that reason, Public offers AI-powered fundamental data and analysis under a program they call Alpha. You can use it to access real-time information about stocks, ETFs, crypto and other assets.

Perhaps the biggest disadvantage with Public is that it is available only for individual taxable brokerage accounts. It does not offer taxable joint accounts, custodial accounts or even IRAs.

Public’s fee structure is comparable to competing brokers. But they do charge $2.99 per trade for after-hours trades and trading of OTC stocks.

Public’s features and services

Public investment selection is one of the platform’s biggest advantages. In addition to traditional investments, like stocks, bonds and ETFs, you can also invest in U.S. Treasuries, crypto, art, royalties and collectibles. The company plans to offer even more alternative assets soon.

U.S. Treasuries

You can invest in Treasuries through a Treasury Account. That account currently provides a 5.3% yield. There are no account maximums, and though the balance is not covered by either FDIC or SIPC, the securities themselves are fully backed by the U.S. government.

Crypto

You can buy and sell crypto on Public. They offer trading in Bitcoin, Ethereum and other cryptocurrencies. Those can be traded on a 24/7 basis. You can even set crypto price alerts, informing you of large increases or decreases in price. The app also provides Public Live, offering expert opinions on crypto news.

Royalties

Public enables you to invest in shares of royalties that will generate a passive income stream. Sources can include digital streaming platforms, broadcast TV, radio and other sources. The advantage of this income source is that it is not correlated with the financial markets that govern stocks and bonds.

Alternative investments

You can invest in shares of fine art and collectibles, though more alternative investments will be added in the future. This option will enable you to invest in assets once available only to the very wealthy. You can manage your shares in alternative assets in the same way you do stocks, bonds and funds.

High-yield cash account

Public is currently paying 5.1% APY on uninvested cash balances. There is no minimum or maximum account balance required, no account fees and it comes with unlimited transfers and withdrawals. In addition, no subscription is required to participate.

Meanwhile, account balances are covered by FDIC insurance for up to $5 million, since Public partners with 20 different banks that offer $250,000 in FDIC coverage each.

Public Alpha

Alpha is Public’s AI information source, which provides information on thousands of investments in plain language. You can simply ask Alpha a question about a stock or other asset and get an immediate reply.

That will give you access to a summary of recent headlines for a stock, historical quarterly earnings data and a detailed stock analysis, which includes buyer and seller ratings. Alpha will also provide a list of the market’s top gainers and losers, and it will eventually be able to provide a full portfolio analysis.

A limited version of Alpha is available through the Public, but a paid subscription to the service offers unlimited access.

Public Premium

Public Premium is offered for investors who are looking for advanced investment services. This includes advanced data and analysis and even portfolio management. At the same time, you’ll enjoy “white glove” customer service, giving you access to a dedicated support team to help you handle trades and other investment activities.

This plan level also gives you access to premium-only content, including Morningstar research and detailed performance metrics. Extended hours trading is available beginning at 8:00 AM and extending until 8:00 PM each trading day.

Premium requires a monthly fee of $10, or an annual fee of $96 (the equivalent of $8 per month). Meanwhile, the $2.99 per trade for extended hours trading and OTC trading are waived at this service level.

Investment plans

Public provides investment plans that offer a collection of assets similar to a managed portfolio. You can either have an investment plan designed for you or build your portfolio with up to 20 stocks, ETFs or crypto.

Once your portfolio is in place, you can make contributions regularly that will automatically be allocated to the target asset classes. You can change the asset classes at any time.

Portfolio options include investments based on risk tolerance, strategy-specific themes (like artificial intelligence and others) and even investing based on geographic preferences.

There is no minimum or maximum account balance, and you can fund your account with ongoing contributions. This method takes advantage of dollar-cost-averaging to build your portfolio over time.

The Investment Plan feature does have transaction fees associated with it from $0.48 to $1.99 for transactions between one and 20 symbols (tickers).

Public does have a more limited selection of tools and resources than many popular brokers. The social network feature is perhaps the single biggest resource available on the app.

Other resources include a bond screener, giving you the ability to analyze more than 10,000 bonds, and Public, which provides daily live shows on the latest market news. You can also browse the latest articles on the app, and there are some resources to help you with investing in U.S. Treasuries.

The lack of more extensive tools and resources may be due to a greater reliance on the Alpha AI feature.

Who is Public best for?

Public is best for investors who appreciate the community aspect of the investment app, enabling the ability to discuss investment strategies with others on a platform. It’s also a good choice if you are interested in the use of AI in investing, which is offered through the Alpha feature. Both can make Public a good choice for new and intermediate investors, especially since you can open an account with no money at all, and get the benefit of commission-free trading of stocks and ETFs.

Public is also a good choice if you like the idea of investing in crypto and alternative assets, right alongside more conventional investments.

Public is not recommended for all investors since it does have some significant limitations.

The first is in the types of accounts offered. The only choice is an individual taxable brokerage account. They do not offer joint accounts, custodial accounts or IRAs.

Second, you will not be interested in using Public if you want to trade options or invest in mutual funds, since neither is offered.

How Public compares

Robinhood may be the investment app that most closely matches Public. The app offers commission-free trading in stocks and ETFs. But they also offer commission-free crypto investing and will be the better choice if you are a frequent crypto trader.

Robinhood also offers options trading and IRAs, two features not available with Public. If you choose the premium Robinhood Gold account, you’ll also be eligible for a high-yield cash account (currently paying 5.00% APY), margin investing, advanced market data and professional research.

If your preference is to trade options, there may be no better platform than TradeStation. This broker specializes in options trading and offers plenty of tools and resources to help you become a more successful trader. In addition to stocks, ETFs, mutual funds and futures, TradeStation also offers crypto investing.

M1 Finance is an excellent choice if you want to enjoy the benefits of automated investment management. M1 Finance is a robo-advisor, but perhaps the most unique version in the industry. That’s because they let you choose the stocks and ETFs that will be held in your portfolios (which they refer to as “pies”), but they also have no commissions and no account management fee. You can open an account with no money and begin investing with as little as $100. You can also build as many pies as you like.

Methodology

This review is based on information provided on the Public website, as well as third-party sources providing relevant information. Those third-party sources include the Financial Industry Regulatory Authority (FINRA), the Better Business Bureau and other sources.

Frequently asked questions (FAQs)

Is Public legit?

Yes. Public is a registered investment broker with FINRA and offers both FDIC and SIPC insurance coverage on funds and securities on deposit with the company.

The company also has an A+ rating with the Better Business Bureau, the highest rating offered by the BBB.

Is Public good for beginners?

Public is good for beginners because of the combination of no minimum initial investment requirement, low fees or no fees, investment community participation and AI-driven security information.

Be aware that they offer only individual taxable accounts, and not joint accounts, custodial accounts or IRAs. If you want any of those accounts, you’ll need to hold them at a different broker.

Does Public charge a monthly fee?

The standard Public account has no monthly fee. But if you choose the upgraded Premium account, the monthly fee is $10. Premium offers enhanced trading features, advanced data and analysis, portfolio management tools, extended hours trading and VIP support from a premium support team.