Public.com Review 2025
The anti-Robinhood. No payment for order flow, lowest margin rates in the industry (4.9%), and free options with rebates.
The Bottom Line
Public positioned itself as the ethical alternative to Robinhood by eliminating payment for order flow in 2021. They compensated by building other revenue streams—and now offer the lowest margin rates in the industry (4.9%) plus access to bonds and alternative investments.
For margin users especially, Public is compelling. The rate advantage over Fidelity (10.575%) is substantial—nearly $3,000/year on a $50,000 balance.
What Public Does Best
Lowest Margin Rates: 4.9%
No one beats Public's 4.9% margin rate. Compare to Robinhood Gold (5.75%), IBKR (5.83%), or Fidelity (10.575%). If you trade on margin, this is the place.
No Payment for Order Flow
Like Fidelity, Public routes orders to exchanges rather than selling them to market makers. Better execution, especially on larger orders.
Free Options With Rebates
Not only are options free, but Public shares exchange rebates with you. You might actually get paid on certain orders.
Multi-Asset Platform
Beyond stocks and options, Public offers Treasury bills, corporate bonds, and alternative investments (like art and collectibles). More diversification options than Robinhood.
Where Public Falls Short
Smaller Company
Public doesn't have Fidelity's $11 trillion in assets or Schwab's 400 branches. It's a smaller operation with less brand recognition.
Limited IRA Match
Public offers only 1% match on transfers—not contributions. Robinhood (3%) and Webull (3.5%) are better for IRA matching.
Basic Research
Analyst ratings and news, but nothing like Fidelity's comprehensive research library.
Fees & Pricing
| Fee Type | Cost |
|---|---|
| Stock/ETF Trades | $0 |
| Options | $0 (+ rebates) |
| Margin Rate | 4.9% |
| Cash APY | 3.3% |
| Transfer Match | 1% (uncapped) |
Who Should Use Public
- Margin traders wanting the lowest rates
- Those who care about PFOF and execution quality
- Multi-asset investors wanting bonds and alternatives
- Large transfers (1% uncapped match is great for $100K+)
Who Should Look Elsewhere
- IRA investors: Robinhood's 3% match beats Public's 1%
- Research lovers: Fidelity and Schwab are better
- Those wanting established names: Fidelity has more trust
The Verdict
Public carved out a smart niche: the ethical alternative with the lowest margin rates. For margin traders especially, it's a no-brainer. For everyone else, it's a solid option if PFOF concerns you but Fidelity feels too old-school.