Public Review: Social Investing With $0 Fees

Public is a social investing community made up of more than 2 million investors. You can trade stocks, ETFs and cryptocurrencies on Public and even purchase fractional shares, so you don't need much money to get started. 

But what sets Public apart is the ability to learn from others on the platform. This Public review can help you decide if the latest in social investing apps is right for you.

Public is a trading platform that offers social investing features. In addition to buying and selling stocks, ETFs and cryptocurrencies, you can also monitor the investments other users are making and take advantage of Public's community learning resources.

How does Public work? 

You can sign up for a Public account with no minimum deposit required. You'll use the third party-service Plaid to link your bank account and fund your Public account. You can also mail in a check, send a wire transfer or use micro-deposits to move money from your bank to Public.

With your deposited funds, you can purchase stocks, ETFs or cryptocurrency. Public makes it easy to find investments as you can search by name, see what other people are trading, or explore pre-set investing themes such as:

• Public Top 10: These are the most popular investments within the community. 
• The Metaverse: These include companies that are focused on enhancing digital experiences and creating a virtual world.
• Diverse leadership: These include companies that place a high premium on diversity and inclusion. 

Unlike with a robo-advisor, you will ultimately need to select your own investments and build your own portfolio. However, Public's social investing component can make that easier, as you can see what others are investing in and why, follow members of the community to track their portfolio or create group chats with other Public members to discuss investing opportunities. 

Who can invest with Public? 

In order to invest with Public, you must:

• Be 18 or older
• Have a valid Social Security Number
• Have a legal residential address in the United States
• Be classified as a U.S. citizen or U.S. permanent resident, or possess a valid visa

No commissions, few fees and no minimum balance required 

You don't need a lot of money to invest with Public since there's no minimum balance requirement to maintain and you won't have to pay a commission to buy or sell stocks or ETFs. There are also few other fees to worry about, although you will have to pay a small amount each month if you want paper statements or paper confirmations of trades. 

Fractional share trading 

Fractional share trading allows you to buy partial shares so your investing options aren't constrained by your budget. It's possible to invest in stocks, ETFs and cryptocurrencies with as little as $1 so you don't have to amass a fortune to get started building a diversified portfolio. This is a lower minimum investment requirement than some competitors offering fractional shares, such as Schwab, which requires a $5 minimum investment to purchase its version of fractional shares called Stock Slices. 

Unique social trading features 

Few other brokerage firms allow you to monitor the portfolios of others, receive details about trades in a news feed, or participate in chats to understand why fellow community members have made their investment choices. Public does all of that, giving you the opportunity to learn from the collective wisdom of more than two million Public users.

Cryptocurrency markup fees reduce potential returns 

When you trade cryptocurrencies with Public, the orders are sent to Apex Crypto to execute. Apex Crypto charges for its services by imposing a markup of 1% to 2% on cryptocurrency transactions. As a result, if you invest $100 in a cryptocurrency trading for $100, Apex Crypto will impose a $1 or $2 charge and you'll end up owning slightly less than a full portion of the $100 coin because Apex will take either $1 or $2 of the $100 you invested.

Public's investment options are limited

Public allows you to invest in thousands of stocks and ETFs, but not every stock that other brokerage firms offer is available. Public also offers just 27 cryptocurrencies to choose from. While this includes most major virtual currencies, some altcoins are left off the platform. 

You also cannot invest in mutual funds; bonds; or certificates of deposit with Public, while many competitors allow access to these asset classes. 

No phone support

You can contact Public via email or live chat, but there's no phone support number available. If you need timely help from a person you speak to directly, this likely won't be available.

Your ability to make money on Public varies depending on what you invest in. It's up to you to build your own portfolio by buying the stocks, ETFs and cryptocurrencies that Public allows you to trade. Your investment performance will be determined solely based on whether you make smart decisions in acquiring assets.

How do I make money with Public? 

You can make money with Public by carefully researching investment options and choosing to build a diversified portfolio of stocks, ETFs and potentially cryptocurrencies. If the assets that you have personally chosen to invest in perform well, then you will make money.

Public aims to make it easier to build a diversified portfolio by offering suggestions and insight into what assets others have been purchasing. By harnessing the power of collective knowledge, it may be easier for you to become an informed investor and build a portfolio that performs well over time. 

How do I cash out with Public? 

You can withdraw settled funds directly from the Public app anytime you want. Simply:

• Click on your Profile Icon on the top left corner of the app
• Select "Account Settings"
• Scroll down to "Banking"
• Select "Withdraw Funds"

If you have sold the free stock Public provided to you when you signed up, however, you must wait 90 days to cash that amount out. Public also indicates it can take up to five days for your bank to make transferred funds available to you. 

Public vs traditional investing 

Public makes traditional investing possible by allowing you to buy full or partial shares of stocks, ETFs and cryptocurrencies. You will experience the same returns on stocks or ETFs purchased through Public as you would through any brokerage firm. However, your cryptocurrency returns may be affected by the 1% to 2% markup charged on your transaction.

Public has received an average rating of 2.97 out of 5 stars in 38 reviews on the Better Business Bureau website. Some consumers complained of problems with withdrawals due to an inability to verify their identity. However, others have praised the app, indicating that "the community pages are filled with great, educational material."

Public's social trading concept helps it stand apart from the competitors and can be valuable for those who want to learn from their peers. Just be aware that you may not be able to invest in every asset you want, and you may pay more to buy cryptocurrencies with Public than with some competitors.