In the contemporary world of finance, the manner in which individuals approach investing is constantly evolving. With a rise in technological advancements, several platforms have emerged, offering a diverse range of financial services. One such establishment that has gained attention due to its unique approach is ‘Public.’ As a broker based in New York City, Public promises both a user-friendly platform and a community-driven environment for investors. This Public review delves deep into Public offerings, exploring their features, pricing, usability, and more to determine whether they stand up to their reputation.
List of Contents
Overview: Public
Account Minimum: $0
Fees: $10 per month (for premium tier), ranging markup from $0.49 to 1.25% of the order while trading cryptocurrencies.
The Public is a renowned broker located in New York City, United States. It was established in 2019 by Jannick Malling and Leif Abraham. Public delivers an advanced mobile and web investing platform that supports fractional investments. However, the securities in every account at Public are safeguarded up to a maximum of $500,000.
Products
Public provides its clients with a taxable, individual brokerage account where they can invest in the following:
- Cryptocurrencies
- Stocks
- ETFs
- Treasuries
- Unique Alternatives (fractional shares)
Pricing
The Public app stands out for being completely free of charge for trading fees, commissions, and account management. Additionally, they apply a markup ranging from $0.49 to 1.25% of the order while trading cryptocurrencies. Moreover, the Public offers a premium tier at $10 per month.
Here are some additional costs that will be charged while trading with the Public.
| Additional Cost | Cost |
| Alternative Assets Transaction | 2.5% per transaction |
| Domestic Overnight Checks | $35 |
| Outgoing Domestic Wire Transfers | $25 |
| Paper Statements | $5 |
| Returned Checks and Stop Payments | $30 |
| Outgoing ACAT Transfer | $75 |
Order Types
When engaging with fractional shares with the Public broker, the system automatically sets your order as a market order. However, when you’re transacting with whole shares, you have the flexibility to select a limit order, market order, or stop order. However, it’s essential to be aware that there’s no feature for selecting tax lots for the Public.
Usability
Public broker offers an intuitive platform that ensures a smooth user experience. After installing the app, you’ll be prompted to respond to some basic queries to complete your registration and establish your account. On the web variant of the Public’s trading interface, data representation is more extensive compared to the mobile version.
Upon crediting your account, you can begin by hunting for stocks and ETFs, examining other users’ portfolios, and embarking on your investment voyage. The main page showcases both market metrics and insights from the user community concerning transactions. An additional feature allows you to observe the posts and portfolio details of other traders by accessing their profiles. Engage in conversations, send direct messages, or initiate group chats as per your preference.
To discover new stocks, simply input the ticker code into the provided search bar or navigate through the diverse sectors delineated by the Public. Noteworthy sectors comprise companies unveiling their profits, newcomers in the market scene, meme-centric stocks, ventures focusing on space exploration, ETFs, and the most dynamic performers. Public categorize firms under various themes, letting you pick a desired sector and peruse the corresponding roster.
Trade Experience
While Public’s app paved the way, the subsequent web platform mirrors it in most aspects. The key distinction arises from the web platform’s capability to utilize a more expansive display space, optimizing content placement and visualization. Nevertheless, when it comes to functionalities, tools, and trading experiences, both platforms are virtually indistinguishable.
Mobile Trade Experience
The mobile app from Public Broker delivers a satisfactory workflow, but its trading features lean toward simplicity. Advanced customizations, such as trading directly from the chart or queuing multiple orders, are not present. This streamlined approach makes it particularly accessible for novices and newcomers, enabling them to initiate buy or sell orders swiftly.
To invest in a particular stock or ETF, simply search for your desired asset and tap on “Invest.” Subsequent prompts will guide you to specify either a particular dollar value or the number of shares for the transaction. Public places significant emphasis on its community-driven features, showcasing investor trades and using hashtag categorization to offer a dynamic array of trading options.
Account and Research Amenities
The Public broker presents foundational data tailored for novice investors, making decision-making straightforward. While it offers distinct themes like meme stocks, space exploration, and green energy, its basic membership lacks a plethora of tools and functionalities.
Stock Features
- Stock Screener: Public does not feature stock screeners, but it does showcase themes grouping stocks, as well as top mover lists. These, however, lack customization capabilities.
- ETF and Mutual Fund Screener: The Public refrains from providing screeners for ETFs or mutual funds.
- Options Screener: Options contracts or their screeners are absent on this platform.
- Fixed Income Screener: There are no provisions for fixed income assets or their screeners.
- Charting: While the platform doesn’t have intricate charting functionalities, it does exhibit basic price history visuals. Charts can also be integrated into discussions.
Useful Tools
- Tools and Calculators: Investors can use the Public’s capital gains tax calculator to gauge tax obligations based on various parameters. Additionally, a fractional share calculator displays the number of shares purchasable with specific dollar amounts.
- Trading Idea Generators: Rather than dedicated trade idea generators, the Public fosters an investing community. This allows users to interact and gain insights from fellow investors, with topics often revolving around stock performance, risk strategies, or broader market sentiments.
- News Feed: Relevant company news, sourced from trusted publications like Market Watch, Barron’s, and Reuters Business Insider, is prominently displayed on the homepage.
- Third-Party Research: Basic members don’t have access to third-party research. However, premium members are privy to advanced data, intricate company metrics, ratings, and insights from Morningstar.
- DRIP: Stocks that yield dividends offer an option to reinvest back into the respective company. If dividends don’t suffice for a full stock share, fractional shares are allocated.
- Cash Management: The Public earns interest on idle cash balances, constituting one of its income avenues.
Additional Features
- SRI/ESG Research Facilities: Beyond specific themes like green energy, Public doesn’t support socially responsible investing (SRI) or environmental, social, and governance (ESG) research tools.
- Portfolio Analysis: The platform’s analysis tools are confined to basic account balance overviews and available buying power.
Security and Reliability
Ensuring the safety and security of user accounts and data is a top priority for the Public.
- Two-Factor Authentication (2FA): The Public integrates SMS-based 2FA to make sure users can access their accounts exclusively from their designated devices.
- Top-Tier Encryption: The Public adopts bank-level security measures, utilizing AES 256-bit encryption to protect user data.
- SIPC Affiliation: Being a member of the Securities Investor Protection Corporation (SIPC), every account on Public is automatically shielded with protection worth up to $500,000.
Transparency
Since its establishment in 2019, the Public broker has maintained a clean regulatory record. Additionally, the company prioritizes transparency by openly displaying its fee structure and pricing details on its official website.
Available Account Types
The Public exclusively provides taxable individual brokerage accounts to its users.
Education
The public broker offers an extensive repository of resources accessible via its mobile app and website, encompassing topics like investing, retirement, and stock market nuances. Additionally, the Public collaborates with various organizations to host live events and interactive workshops.
A significant portion of the educational content on Public is driven by the platform’s social media component. Investors have the opportunity to participate in discussions, directly communicate with other members, or create group chats. It’s worth highlighting that users can’t view someone else’s complete portfolio, only the stocks they’ve shared on the Public app.
Pros & Cons
Pros
- User-Friendly Mobile Use
- Free-Charge for Order Flow
- Fractional Share Availability
- Social Media Integration
Cons
- Restricted Investment Choices
- Limited Account Options
- Lack of Advanced Functionalities
Pros Clarified
- The Public’s mobile application is designed for ease and convenience. Opening an account is a swift process, and users can effortlessly browse through the platform’s features.
- The Public abstains from the PFOF practice, where brokerages earn rebates by directing trades through specific clearing firms. Instead, they introduce an optional tipping mechanism for users who wish to support the platform.
- The Public allows the purchase of fractional shares, enabling those with limited funds to invest in companies and thus democratizing the investing process.
- With Public, users can engage with a vibrant community of investors by following prominent creators and exchanging investment ideas. This approach fosters an inclusive and educational environment within the stock market.
Cons Clarified
- The Public’s investment selection is restricted. While investors can dive into stocks, ETFs, treasuries, and select alternative assets like collectibles, and cryptocurrencies, they won’t find mutual funds, options contracts, bonds, or forex trading opportunities.
- The Public broker offers a narrow range of account choices. Users can only set up a taxable individual brokerage account, with no provisions for IRAs or joint accounts.
- The functionality of the Public platform is basic. It lacks sophisticated charting tools, does not come with comprehensive stock screeners, and misses out on other advanced stock evaluation features.
Is Public A Worth Broker to Get?
The Public broker primarily caters to novice investors eager to foster a sense of community and exchange insights. The platform’s offerings are streamlined, providing solely taxable individual brokerage accounts.
For investors seeking a broader suite of portfolio options, such as retirement accounts and mutual funds, or those aiming to refine their investing prowess, a more established brokerage might be a more fitting choice. Nevertheless, the Public perceives a significant cohort of modern, mobile-centric investors who value social integration and gravitate towards their platform for this unique feature.
Conclusion
The Public has carved out a niche in the crowded financial marketplace by combining modern technology with the age-old practice of investing. Its user-centric model, combined with a commitment to transparency, places it in a favorable light for those seeking to begin their investment journey within a community-driven setting. While it might not cater to the advanced needs of seasoned investors or those looking for a broader array of account types, Public’s unique approach to blending social media and investing makes it a contender for those new to the world of finance. As always, potential investors should thoroughly research and understand any platform’s terms and services before committing.
FAQs
The Public is a financial institution based in New York City, established in 2019 by Jannick Malling and Leif Abraham. It offers an advanced mobile and web investing platform that supports fractional investments.
The Public allows clients to invest in cryptocurrencies, stocks, ETFs, treasuries, and unique alternative assets through its platform.
Trading fees, commissions, and account management are free of charge on The Public. However, there are certain costs associated with specific transactions, such as a markup for trading cryptocurrencies and fees for domestic overnight checks, wire transfers, and other actions. Additionally, a premium tier is available at $10 per month.
The Public prioritizes the safety and security of its users. It integrates SMS-based two-factor authentication and uses AES 256-bit encryption to safeguard user data. Moreover, being a member of the Securities Investor Protection Corporation (SIPC), every account on Public is covered up to $500,000.
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