Public – Stocks and Options

Review by eFreeware

Public is a free investing app from Public Holdings, Inc., a US brokerage platform that covers stocks, ETFs, options, bonds and crypto in a single account. It has been on Android since September 2019 and now sits at over a million installs with a 4.3 average from more than 52,000 ratings. The pitch that would draw me first is not the stock catalog but the cash side: a high-yield account paying 3.3% APY with no fees or minimums, which gives the app a job even for someone who is not ready to pick individual positions.

What separates it from a bare-bones trading app is the range of things attached to the account. There is a research layer over the stock and ETF list, an options rebate program, margin at a stated base rate of 4.90%, a crypto collection of more than 40 assets, and an API for people who want to script their own trading. That combination is unusual enough to be worth a close look before you decide whether it fits how you invest.

A brokerage account that also holds your cash

The core of the app is a self-directed brokerage account. Research tools and real-time insights cover thousands of stocks and ETFs, per the developer. Bonds and treasury accounts appear in the disclosure material alongside US-listed securities, so the product is not limited to equities, though the marketing leans heavily on the stock and ETF catalog.

The high-yield cash account is a brokerage product rather than a bank savings one. Partner banks hold the balances, which earn a variable rate and may be FDIC insured. Neither Public Investing nor its affiliates is a bank, so the insurance comes through the partner banks rather than the app itself.

For someone who keeps idle cash in the same place they trade, that arrangement is the most immediately useful part of the app. The rate is variable, so it is worth treating the headline figure as something that can move rather than a fixed return.

Options rebates and margin pricing

Public runs an options rebate program that pays between $0.06 and $0.18 per stock or ETF contract, scaled to your monthly trading volume. The developer calls it the only investing platform with options trading rebates, and the terms note that the amount can change. For an active options trader, a rebate on every contract is a different proposition from a flat per-contract fee, and it is the kind of detail that matters more the more you trade.

Margin is the other cost lever. The base margin rate is listed at 4.90%, which the developer describes as the lowest base rate among leading brokerages. Margin increases your buying power and also increases what you can lose, so the rate is a starting point for comparison rather than a reason on its own to borrow.

Options are risky and not suitable for everyone, and the disclosure material points investors to the Options Disclosure Document for that reason. Anyone considering the rebate program should read the fee schedule and the rebate terms before assuming the numbers apply to their situation.

Crypto around the clock and an API for builders

The crypto side covers more than 40 assets, including Bitcoin, Ethereum and Doge, and trading runs 24/7 with no maintenance window. Crypto trading is provided by a third party rather than by Public Investing, and holdings are not protected by FDIC or SIPC. Crypto is highly speculative and an investment can lose its entire value, which is a fair description of the asset class rather than a knock on the app.

For people who want to automate, Public offers API keys with full read and write access to your account, a Python SDK, and integrations with major AI tooling. That is a meaningful step beyond a mobile-only interface, and it points to an audience that is comfortable writing a few lines of code to place or monitor trades.

Newer additions: prediction markets and business accounts

The most recent update adds prediction markets, where you trade on events that move the markets, along with AI Agents that you can build from a prompt or from a ready-made workflow. There is also a Public Reserve tier with benefits valued at more than $4,000 a year plus 3.75% APY on cash, and extended hours that let you trade eligible assets from Sunday evening through Friday evening ET.

Business accounts are now part of the offering as well, open to single-owner LLCs, S corps and C corps. Taken together, these additions widen the app from a retail brokerage into something closer to a platform, which cuts both ways: more to use, and more to learn. A tool called GenA is described as an interactive analysis feature whose output is generated at your direction and is meant for information only, not as individualized advice, and the developer does not guarantee its accuracy or timeliness.

What you need before you can trade

Public is available to US residents who are 18 or older, and accounts are subject to approval. That is the first practical filter: this is not an app you can download and use from anywhere.

The disclosure material is dense, and it is worth reading rather than skipping. Options carry their own risk warnings. Crypto sits outside both FDIC and SIPC protection. The high-yield cash account earns a variable rate through partner banks, and the ACATS and IRA match program requires matched funds to stay in the account for at least five years to avoid an early removal fee.

None of that is unusual for a brokerage, but it shapes who the app is for. The rate on cash, the rebate schedule and the margin rate are all terms that can change, and several of them are tied to how much you trade or how long you keep money in place.

The investor this fits

I would expect Public to work best for a self-directed US investor who wants one account for several asset types and is comfortable making their own calls. The research tools and real-time insights support that, and the cash account gives the app a purpose during periods when you are not trading. Someone who trades options regularly has the clearest financial reason to look closely, given the per-contract rebate and the stated margin rate.

The API and Python SDK suggest a second audience: people who would rather script their strategy than tap through screens, and who want read and write access to their own account. The newer prediction markets, AI Agents and business accounts point to users who treat investing as one part of a broader financial setup rather than a single-purpose hobby.

The app is less obviously suited to someone who wants a hands-off, managed approach. The disclosure material puts the risk squarely on the account holder, and the features that stand out, options rebates, margin, crypto and API access, all reward attention rather than passivity.

A free platform for hands-on US investors

Public earns consideration on the strength of its breadth. For a free app with no ads and no in-app purchases, that is a lot of surface area, and the 4.3 average across more than 52,000 ratings suggests a large user base has found it workable.

The trade-offs are plain: US residents 18 and older, account approval, variable rates, terms that can change, and real risk of loss across securities, options and crypto. I would recommend it to a self-directed investor in the US who wants several asset classes in one place and is willing to read the fee schedule and disclosure documents before committing money.

What's new in version 3.266.0

This week's update includes: • Prediction markets: Trade the events that move the markets with AI Agents. • Public Reserve: Access benefits valued at $4,000+ annually, plus 3.75% APY on your cash. • 24/5 Trading: Trade eligible assets from Sunday 8 PM–Friday 8 PM ET. • AI Agents: Create a custom Agent with any prompt, or customize a ready-made workflow. • Business Accounts: Open an account for your single-owner LLC, S corp, or C corp. Disclosures available at public.com/disclosures