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Public Review
A US investing app spanning stocks, ETFs, bonds, options and a high-yield cash account, with a transparency-focused, no-PFOF stance on equities.
Best for
- Beginners wanting transparency
- Multi-asset investing
- Treasuries/bonds access
Not best for
- You're an advanced active trader
- You need non-US markets
Our verdict & scoring
Public is a modern US investing app that has leaned into transparency — notably moving away from payment for order flow on stocks and adding Treasuries, bonds, options and a high-yield cash account. It's approachable for beginners while broadening into multi-asset investing.
Scores are based on our review methodology. Affiliate relationships do not buy higher ratings.
Who should actually use Public
Public suits US beginners who care how their broker makes money: it moved away from payment for order flow on stocks/ETFs and monetises transparently instead (options order flow, bond markups, an optional Premium membership). The multi-asset spread — stocks, ETFs, options, bonds, Treasuries and crypto plus a high-yield cash account — makes it a genuine one-app starting point. Advanced active traders and anyone needing non-US markets should look elsewhere.
What we'd change
The tooling is light for active traders — this is an investing app, not a trading platform — and there's no paper trading. Note the asymmetry in the no-PFOF stance: it applies to stocks/ETFs, while options order flow is still monetised, and crypto carries a spread. Some features sit behind the Premium membership.
How it compares to Fidelity
Both are SEC/FINRA-regulated with SIPC coverage up to $500,000 and $0 stock/ETF commissions. Fidelity is the deeper full-service choice — research, retirement accounts, zero-expense-ratio funds and phone support; Public counters with a cleaner modern app, Treasuries/bonds access alongside crypto, and its no-PFOF-on-equities stance. App-first multi-asset beginners lean Public; long-term wealth-builders lean Fidelity.
Pros
- No PFOF on stocks/ETFs
- Broad multi-asset access
- Clean, beginner-friendly app
Cons
- Lighter advanced tooling
- US-only
- Options order flow is still monetised
Fees & hidden costs explained
Commission-free stock/ETF trading; options contract fees may apply; some premium features via a membership.
Safety, regulation & availability
US: Open to the Public Investing, Inc. is an SEC-registered broker-dealer and FINRA/SIPC member (CRD# 127818); clearing via Apex Clearing. Serves US residents.
Account protection: SIPC coverage up to $500,000 (including $250,000 cash).
Available to retail traders in:
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Frequently asked questions
Is Public legit and safe?
Yes — Open to the Public Investing, Inc. is an SEC-registered broker-dealer and FINRA/SIPC member (CRD# 127818), clearing via Apex Clearing, with SIPC coverage up to $500,000 (including $250,000 cash).
How does Public make money without PFOF?
Public doesn't take payment for order flow on stocks/ETFs. It earns from options order flow, bond markups, the optional Public Premium membership, and crypto spreads.
What can I invest in on Public?
Stocks, ETFs, options, bonds, Treasuries and crypto, plus a high-yield cash account.
Is Public available outside the US?
No — Public serves US residents; UK and EU retail are restricted.
Does Public have paper trading?
No — Public does not offer a paper-trading account.
Official sources
Risk warning: Trading stocks, options, futures, forex, crypto, CFDs and funded accounts involves risk. You can lose money. This website is educational only and does not provide financial, investment, tax or legal advice.
Leverage, volatility, fees, spreads, liquidity and platform rules can increase losses.
Affiliate disclosure: We may earn a commission when you click some links on our site. This does not cost you extra. Our comparisons are educational and transparent, and our rankings are not affected by commissions.