Public is an innovative investing platform that combines traditional brokerage services with social networking features, creating a unique experience for investors across all experience levels. The platform offers commission-free trading and a community environment where users can share insights and learn from each other.
Platform Overview
Public (formerly known as Matador) launched in 2017 and has evolved from a simple social stock trading app into a comprehensive investment platform offering multiple asset classes, advanced research tools, and portfolio management features. The platform's most distinctive feature is its social component, which allows users to follow other investors, see what they're investing in, and discuss investment strategies.
Unlike traditional brokers, Public creates a community-driven approach to investing that particularly appeals to beginners and those who value social interaction in their financial decisions. The platform is designed with an intuitive interface that simplifies the investing process, making it accessible to newcomers while still offering features that can satisfy more experienced investors.
Features and Functionality
Social Investing Experience
Public's standout feature is its social feed, where users can share investment strategies, gain insights from others, and view what fellow investors are buying and selling. This community aspect creates a collaborative environment that can be particularly valuable for those new to investing.
Fractional Share Investing
The platform allows users to start investing with as little as $1 through fractional shares, making it possible to own portions of expensive stocks that might otherwise be inaccessible. This feature significantly lowers the barrier to entry and enables better portfolio diversification, even with limited capital.
Commission-Free Trading
Public offers commission-free trading for stocks, ETFs, and options, reducing investor costs. The platform also makes bond trading more accessible compared to some competitors.
AI-Powered Research Assistant
The platform's AI-powered research agent, Alpha, provides real-time market insights to help users make informed decisions. According to the company, over 90% of users leverage this tool, and approximately 25% of Alpha-driven interactions result in a trade within three hours.
Educational Resources
Public offers comprehensive educational content, including an Options Education Hub that covers option foundations, strategies, and risk management. These resources help beginning investors understand complex concepts and make more informed investment decisions.
User Interface and Experience
The platform features a streamlined, simple interface designed for ease of use. According to reviews, executing trades is quick and straightforward – selling ETF and Bitcoin positions reportedly takes less than 20 seconds.
Investment Options
Public offers a diverse range of investment products:
Stocks and ETFs
Users can access thousands of stocks and ETFs with fractional share capabilities.
Options Trading
The platform supports options trading with commission-free execution, though per-contract fees may vary depending on the account type.
Bonds and Treasury Bills
Public was reportedly the first major investing platform to roll out Treasury Bills with on-demand liquidity. They also offer broader bond investment opportunities.
Cryptocurrency
Public enables cryptocurrency trading for over 20 coins and tokens, though this is facilitated through a third-party platform with transaction fees (1-2% markup).
Alternative Investments
One of Public's distinctive offerings is access to alternative investments such as luxury goods, contemporary art, royalties from intellectual property, and collectibles – all in one place. This provides unique diversification opportunities not commonly found on other platforms.
What's Missing
Unlike traditional brokers, Public does not offer mutual funds, which might be a limitation for investors seeking these specific investment vehicles. Some sources indicate limited account types, primarily individual taxable accounts, though more recent sources mention retirement account options are now available.
Fee Structure and Pricing
Commission-Free Basic Trading
Public offers $0 commissions on stocks, ETFs, and options trades.
No Account Minimums
There are no account minimums for basic services, making the platform accessible to investors with any budget.
Premium Subscription
Public Premium plan costs $10/month and includes advanced market data and insights.
Alternative Asset Fees
Alternative asset investments come with various fees:
- 0-10% markup on initial offerings (average around 5%)
- 2.5% trading fee on each side of secondary market transactions
- 2% annual management fee for some non-cash-flowing assets
- 10% fee on profits when an asset is sold
- Up to 5% of revenues for cash-flowing assets3
Account Fees
- $75 for transfers out
- $3.99 inactivity fee charged monthly if your account remains inactive for at least six months with less than $70 in your account
Unique Tipping Model
Instead of using Payment for Order Flow (PFOF), Public implements an optional trade-tipping feature. Users can tip the brokerage for executing trades, which helps eliminate conflicts of interest. However, some users report frustration with this feature defaulting to "on" for each trade.
Security and Trustworthiness
Regulatory Compliance
Public is regulated by top-tier regulators SEC and FINRA in the US, providing a solid foundation for trustworthiness.
SIPC Insurance
Public is a member of SIPC, which protects securities customers up to $500,000 (including $250,000 for cash claims).
Additional Insurance
Supplemental insurance for accounts with significant value up to $100 million is available.
Strong Industry Track Record
Public has maintained a strong track record in the industry and has not been involved in any major scandals, further establishing its credibility.
User Reviews and Sentiment
App Store Ratings
Public has received primarily positive ratings on app stores, with 4.7 stars on iOS and 4.3 stars on Android.
Mixed User Feedback
User sentiment from various sources presents a mixed picture:
- Many users appreciate the clean, intuitive interface and community features
- Some users express frustration with the fee structure, particularly for T-bills (0.05% of total holdings each month)
- The default tipping feature has been a point of contention for some users who forget to uncheck it
- Some users report difficulties with account closure
- Long-term users (3+ years) generally express satisfaction with the platform
Final Verdict
Public has successfully created a unique niche in the investing platform market by focusing on community engagement and accessibility. The platform is particularly well-suited for:
Ideal for:
- Beginning investors who value community learning and educational resources
- Investors interested in fractional shares with limited capital
- Those seeking alternative investments alongside traditional securities
- Users who appreciate a clean, intuitive interface
- Investors who value social interaction and community insights
Consider alternatives if:
- You need access to mutual funds
- You're an active day trader requiring advanced charting tools
- You want to avoid potential fees on alternative investments
- You prefer traditional brokerages with more comprehensive research tools
Pros
Options Trading Rebate Program: Public pays you $0.06 to $0.18 per options contract rather than charging fees
Treasury Bills with On-Demand Liquidity: Public offers T-bills with immediate liquidity, allowing you to earn high yields (Currently 4.10%-6.9% APY)
IPO access with no minimum requirement: SoFi members can invest in initial public offerings with no minimum investment threshold
Cons
Inactivity Fee for Small Accounts: Public charges a $5 fee every six months on accounts with balances under $20 that show no activity for 90+ days
Alternative Asset Trading Restrictions: Alternative investments on Public carry a 2.5% fee on both buying and selling