Public.com Review (2026)
*Public Investing, Inc. is a registered broker-dealer and member of FINRA and SIPC. Clearing services provided by Apex Clearing Corporation. Zero commission applies to standard wholesale-routed US exchange-listed equities. Optional routing to lit bourses incurs a pass-through fee. Fixed income, options, and margin borrowing involve material financial risks.
The Vibe Check
"Public made headlines by taking a public stand against Payment for Order Flow (PFOF) on equities, replacing it with an optional 'tipping' model. Since then, they have evolved from a social-investing app into one of retail finance's most versatile multi-asset hubs. While competitors bury fixed-income behind legacy mutual fund screener pages, Public gives retail investors clean, app-native access to **direct Treasury bills and high-yield corporate bonds**, paired with an **options rebate program** that pays you $0.06 to $0.18 per contract traded. Their **margin lending rates (5.15% base)** also challenge Interactive Brokers by beating the 11% to 12% tolls at legacy banks. But watch the fee schedule: direct **lit-exchange equity routing costs $0.003/share**, non-Premium bond accounts carry a **$3.99/month fee**, crypto charges a **1.25% markup**, and moving your portfolio to another broker incurs a **$100 outbound ACATS toll**."
The Fine Print: Valerie's Public.com Fee Audit
Public offers transparent pricing across equities and options, but monetizes through bond maintenance schedules, asset management tiers, and secondary operational fees:
| Fee Type | Public.com Pricing Schedule | Valerie's Audit Notes |
|---|---|---|
| US Stocks & ETFs (Wholesale) | $0.00 Commission | Default wholesale route executed with $0 commission and zero mandatory routing surcharge. Optional voluntary tipping prompt supported. |
| Lit Exchange Direct Routing | $0.003 / Share | ⚠️ Surcharge applied if you manually direct equity orders straight to lit bourses (NYSE, Nasdaq, IEX) rather than wholesale internalizers. |
| Equity & ETF Options | $0.00 + Contract Rebates | $0 contract commission. Traders enrolled in the Options Rebate Program earn between $0.06 and $0.18 per contract based on monthly volume. |
| Proprietary Index Options | $0.35 / Contract | Pass-through exchange index option fee levied on proprietary cash-settled index contracts (e.g., SPX, NDX). |
| Treasury Accounts (T-Bills) | 0.09% – 0.24% Annual Fee | Administered via Jiko Securities. Tiered annual management fee: 0.24% on first $100k, scaling down to 0.09% over $5M, plus par markups. |
| Corporate & Municipal Bonds | $0.50 / $100 Par Value | Standard bond execution markup ($5.00 per $1,000 bond face value). Non-Premium accounts incur a $3.99/month bond account fee. |
| Margin Financing Rate | 5.15% Base (FFTR + 1.15%) | Pegged to the upper Federal Funds Target Range. Scales down to 4.20% (FFTR + 0.20%) on debit balances exceeding $50 million. |
| High-Yield Cash Sweep | $0.00 (Up to $5M FDIC) | Uninvested cash is swept across partner depository banks to secure extended FDIC insurance while paying benchmark-competitive yields. |
| Outbound ACATS Transfer | $100.00 Flat | ⚠️ Full account transfer fee if moving your portfolio out to an external broker. Outgoing DRS transfers incur $115 per security. |
| Account Inactivity Fee | $3.99 / Month | Assessed only on accounts holding total equity under $70 that show zero transaction activity for 6 consecutive months. |
*Cryptocurrency trading is offered through Zero Hash LLC with volume-tiered spreads starting from $0.49 on micro-orders up to 1.25% on standard balances.
The Core Edge: Modern Fixed Income, Options Rebates & Low Margin Rates
While most modern retail brokerages copy Robinhood's equities-and-options playbook, Public has built an edge around yield, transparency, and fixed income:
First, Public democratized the **retail bond desk**. Traditional brokers force investors to navigate complex over-the-counter debt trading screens with $10,000 minimum trade sizes. Public allows retail investors to buy fractional corporate bonds (such as Apple, Tesla, or JPMorgan debt) and high-yield Treasuries directly inside a clean mobile interface, locking in stated coupon yields down to $100 par value increments.
Second, their **Options Rebate Program** flips the standard industry fee model. While brokers like TradeStation and E*TRADE charge $0.50 to $0.65 per contract, Public charges $0 per contract and pays active options traders a cash rebate between **$0.06 and $0.18 per contract**, passing a share of wholesale order-flow revenue directly back to the investor.
Third, their **margin financing structure** is one of the most transparent in retail finance. Pegged directly to the Federal Funds Target Range (FFTR + 1.15%), a base margin rate of **5.15% on balances under $50,000** completely undercuts traditional retail brokerages like Schwab, Fidelity, and E*TRADE, where retail margin rates often sit between 11% and 13%.
Pros and Cons Breakdown
What We Love
- Direct, clean access to individual Treasury bills and corporate bonds from $100 par value
- $0 commission on equity options plus cash rebates ($0.06–$0.18/contract) for active volume
- Low, benchmark-pegged margin rates (5.15% base tier) beating legacy US brokers
- Option to route equity orders to lit exchanges for $0.003/share instead of internalizers
- High-Yield Cash account provides extended FDIC insurance coverage up to $5,000,000
- 24/5 trading access on thousands of eligible exchange-listed US stocks and ETFs
- Uncapped 1% account transfer match promotions for qualifying inbound ACATS transfers
Where It Falls Short
- $3.99/month bond account fee for non-Premium members holding corporate debt
- Direct lit order routing incurs a $0.003 per share surcharge
- High $100.00 outbound ACATS transfer fee if you move your portfolio elsewhere
- 1.25% fee on cryptocurrency trading is high compared to dedicated spot crypto exchanges
- No advanced institutional desktop terminal (like thinkorswim or Desktop 10)
- Lacks support for custodial, trust, or business corporate entity accounts
Valerie's Final Verdict
"Public.com is an exceptional platform for modern balanced wealth builders. If you want a unified mobile portfolio that seamlessly combines $0-commission stocks, cash-rebate options, fractional high-yield corporate bonds, and automated Treasury bill compounding at low margin rates, Public is a leader in user experience and pricing. However, day traders who need multi-screen desktop Level 2 hotkeys will miss dedicated workstations like thinkorswim, and you should review the $3.99 monthly bond fee if you hold small corporate debt positions without a Premium membership."
Open An Account If:
You want direct access to corporate bonds and Treasury bills, want to earn cash rebates on options trading, or plan to use low-rate margin borrowing.
Skip It If:
You require institutional multi-monitor desktop software, trade spot crypto in high volume, or hold small corporate bond balances under $1,000.
Public Investing, Inc. is a member of FINRA/SIPC. Brokerage products are not FDIC insured, have no bank guarantee, and may lose value.