Public.com Review: Fees, Features, and Who It's For
Public.com built its reputation by dropping payment for order flow in favor of optional tipping and a social investing feed — here's what that actually means for costs and asset choice.
A broker built around dropping a common industry practice
Public.com emerged in its current form in 2019 and quickly became known for a decision that set it apart from most commission-free trading apps: in 2021, it announced it would stop taking payment for order flow (PFOF) on stock and ETF trades — the practice where a broker routes orders to market makers in exchange for a fee, a model critics argue can create a conflict of interest with getting customers the best execution price. In its place, Public introduced an optional-tipping model, letting users voluntarily add a gratuity on trades instead. It's worth noting this applies specifically to equities and ETFs; on options trades, Public has instead introduced a rebate program that shares a portion of order-flow-related revenue back with the trader per contract, which is a different mechanism worth understanding on its own terms rather than assuming it mirrors the stock-trading model.
What you can actually invest in
Public's asset menu has grown substantially since its early days as a simple fractional-share stock app. Today it spans U.S. stocks and ETFs (including fractional shares), options, corporate bonds available in fractional amounts, and a dedicated Treasury account for buying short-term U.S. government bills — a feature that has become one of the platform's more distinctive draws for investors chasing yield on cash-like holdings. Public also offers cryptocurrency trading and, through its acquisition of the alternative-assets platform Otis, fractional access to collectibles and fine art. This breadth puts it closer to a multi-asset platform than a plain stock-trading app, though it still lacks some categories — mutual funds and futures, for instance — that full-service brokers carry.
- No account minimum is required to start investing.
- A built-in social feed lets users follow other investors and see portfolio activity or commentary, a feature meant to make investing feel less solitary — though it should never be treated as personalized financial advice.
- A Treasury account and high-yield cash options make the platform notably useful for investors who want to park uninvested cash productively, not just trade stocks.
Costs beyond the headline commission-free pitch
Stock and ETF trades carry no mandatory commission, and tipping is genuinely optional rather than a disguised fee. That said, Public does charge for some ancillary services — things like after-hours trading access or expedited withdrawals typically carry a fee unless you subscribe to its optional premium membership tier, which bundles in fee waivers and additional features for a monthly or annual price. As with any broker, the exact fee schedule and what's included in a premium tier can shift, so it's worth checking Public's current pricing page before assuming a specific number applies.
Regulation and account protection
Public Investing is a broker-dealer regulated by the SEC and a member of FINRA, with brokerage accounts covered by SIPC protection against broker failure (which, like all such coverage, protects against the firm's insolvency, not against investment losses). Public has used Apex Clearing Corporation for custody and clearing of brokerage assets, a common arrangement among newer trading apps that don't operate their own in-house clearing infrastructure.
Plain Investor score
Public.com
Scores reflect Plain Investor's own methodology as of September 2026 and are not personalized advice. Plain Investor is not affiliated with, sponsored by, or paid by Public.com. Always verify current fees, regulation, and features directly with the broker before opening an account. Methodology · How we make money
Public's real pitch isn't just "no commissions" — plenty of apps offer that. It's a bet that pairing a wider asset menu with a social feed and a tipping model, instead of order-flow payments, makes for a more transparent relationship with its users.
Who it's for, and who might want to look elsewhere
Public.com suits investors who want more than a bare-bones stock-trading app — particularly anyone interested in combining equities with Treasury bills, fractional bonds, or a bit of crypto and alternative-asset exposure, all inside one account with no minimum to start. The social feed is a genuine differentiator for investors who like some community context around their decisions, though it's not a substitute for independent research. Traders who need mutual funds, futures, or the deepest options analytics may find more specialized platforms — reviewed elsewhere on Plain Investor — better suited to those needs. Fees, features, and regulatory details change over time; always confirm current terms on Public.com's own site before opening an account.com.
This article is educational and general in nature. It isn’t personalized investment, tax, or legal advice — always weigh your own circumstances, or talk to a licensed professional, before making financial decisions.