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Companies’ fees are entry hurdles that prevent many prospective investors from getting started. Trading costs are being reduced, and some new brokerage platforms and free stock trading apps even provide commission-free trading.
The Public is one of these free platforms. We’ll go into great depth in Public App Review about this exciting new platform in this Public app review to help you determine if it would suit you.
Fundamentals of Public App Review
An app-based brokerage company named Public (formerly known as Matador) provides free trading with no minimum deposit. Public Holdings Inc. is the company’s official name, and it belongs to the SIPC and FINRA. The website went up in 2017.
To get started, the founders sought venture capital money. Notable investors through the Series A and Series B funding included Will Smith, through his Dreamers VC company, and NFL player JJ Watt, among others.
Like other recent popular online brokerage platforms, the Public is a commission-free platform with no minimum deposit restrictions. The platform does, however, include a social media component. As the name implies, everyone may view your public portfolio, and you can also explore other users’ portfolios.
Public’s tagline is “Everyone’s an InvestorTM,” and you will discover a platform that is simple to use and enables you to purchase and sell stocks without encountering many difficulties.
But, it might not have all the features and resources you get with more sophisticated online brokerages.
Public App Charges and Fees
Use of the Public app is free.
Any stock investment carries no commission. Moreover, no fees are associated with processing fund transfers into or out of your account. The company’s basic idea is that investing little sums, say $10 as a beginner, is meaningless if you have to spend $10 in commission fees. So you won’t incur any expenses from day-to-day trading.
For more sophisticated services, there are, nevertheless, certain expenses. They consist of the following:
- Overnight domestic checks: $35
- International wire transfers: $30
- Statements on paper: $35
- Stop payments and returned checks: $30
- Trades with a broker on the phone: $30
The fact that the Public has a liberal transfer policy sets it different from many other free stock apps.
The Public won’t impose a fee even if you move money from another brokerage. Moreover, the Public frequently pays any fees levied by your initial brokerage.
Platform Options
Public provides some fantastic capabilities, unlike many more recent investment apps with severely constrained functionality.
The platform also offers some unique educational and social aspects that can benefit investors of all experience levels, and you can purchase any stock regardless of its share price.
Purchasing Fractional Shares and Partial Share Slices
According to the conventional stock market paradigm, you must pay the total share price to own an equity stake in a company. While most investors find this to be effective, there are some excellent businesses with sky-high stock prices. Giants like Amazon, Google, and others can fetch hundreds of dollars for each share. So, purchasing even a single share of stock in these firms may not be a choice for inexperienced or small investors.
The Public operates somewhat differently. You can invest as much as you can afford using this site. Hence, if you have $100, you can purchase a $100 share, enabling you to participate in your preferred firms without meeting a high entrance threshold.
You may also purchase whole shares of stock from the Public. You can then access the market, stop orders, and limit types by doing this. You can trade more widely as a result. Share slices only offer a special perk for the platform.
Buy, Sell, or Hold Cryptocurrency? Public Crypto
Certain users were allowed to buy, trade, and hold cryptocurrencies on the Public platform near the end of 2021. While not accessible to all users, they intend to do so by the end of 2021.
Currently, the platform offers 10 different types of cryptocurrency for sale to the general Public:
Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), Ethereum Classic (ETC), Dash (DASH), and Zcash are some examples of cryptocurrencies (ZEC).
You can place limited orders for purchasing and selling, and you can purchase or sell cryptocurrency at whatever price.
Purchase Bitcoin via a public app.
You can only buy, trade, or hold your cryptocurrency in Public because it will be stored with Apex Crypto. It cannot be used as payment online or sent to an external cryptocurrency wallet. Thus, it is less adaptable than purchasing through a conventional Bitcoin exchange. Yet, if you only want to invest in cryptocurrencies, this would be a smart place to start.
Real-time, immediate fractional stocks
Many investment brokers typically queue up orders for fractional shares of stock. They might only subject children to them once daily or even only once each week. Due to this, you can experience issues with pricing accuracy while purchasing stocks. Hence, once the buy order is processed, you will know the exact price you are working with.
The public app is different because your stock order is executed immediately. It lets you see the price you receive in real time and will help you get a more realistic image.
Moreover, Public will reinvest your dividends if you request, allowing you to boost your earnings by investing your money immediately rather than letting it sit in your account unused.
Friendly Stock Categorization
Looking at a list of stock options might be intimidating for many novice investors. As you might need to become more familiar with the stocks, they might appear to be arranged bizarrely or illogical. It is a result of the stocks’ industry-based organization. To locate a corporation, you must understand how it is classified.
The public app, however, has flipped this on its head. The stocks are categorized into themes on the app, making them more user-friendly. Hence, you may rapidly browse these sectors and invest in businesses that interest you if you are interested in new-age industries or female-led businesses.
Some themes include The Future is Female, Bio-Tech, New Kids on the Block, and Cannabis.
Public Investment
The Public gets its name from the social investing component of its platform, as we briefly mentioned above. Traders can post trade-related queries and opinions in the public community forum. You can talk about your experiences or pose questions to those with first-hand knowledge of the relevant category. As a result, a social component is created where you may acquire advice and criticism to facilitate smart trading.
The social investing public app
This social feed may completely alter the situation. Previously, financial firms could not freely share information about other users’ investing strategies. You may get some useful information and insight into how others invest by following people on Public and viewing their portfolios.
Of course, before you pay attention to any advice or make significant investments, you’ll want to confirm that the person you’re following is trustworthy. However, the site will make you feel like you are not struggling alone. When investing, it might resemble a jungle where aggressive investors rule and the smaller investors struggle to advance. It may be scary for beginners. While you are starting to invest, feeling like you have assistance and direction might help you get through your initial obstacles.
Support for Chat
Like many other free stock app options, the public app does not have physical places to interact with brokers in person. The platform does, however, offer chat help. It gives you access to the customer service staff if you have questions about investing or problems using the app.
Referral Initiative
The robust recommendation scheme is one of the Public’s best qualities. You’ll receive a referral link when you sign up, and when someone you refer signs up, you’ll get paid in shares. Moreover, your friend will also receive one. Referrers and referees are each given free shares valued at up to $15.
Go to the gift icon on your app, choose “copy invite link,” and then send your referral link to a friend, member of your family, or other acquaintance. You will both receive your free stock once they have created a “qualifying account” using your link.
Benefits and Drawbacks of Public
Like every other financial tool or product, the Public is not faultless. It would be best to weigh the advantages and disadvantages to determine whether it fits your needs.
The Pros
Free Investing: The major advantage of Public is that using it is free. Of course, this will appeal to novice investors who need more funds to purchase shares. The clever investor who does not want to pay expensive fees and commissions will also gain from it. The Public lets you invest, exchange, and withdraw money for free. Remember that some complex services, such as share lending or order flow payments, will cost money.
Investing Community: The Public can give you the impression that you are traveling with others in investing. There is a network for investors as well as chat support. It can guide you through your first investments and inform you about more sophisticated possibilities.
The Public is unusual in that it also provides real-time fractional investing. Real-Time Fractional Stocks While Acorns, Betterment, or Robinhood may provide free commissions or fractional shares, they rarely offer both options.
Abundant Investment Information: Many free investment apps contain only basic data. On the other hand, the Public strives to teach you more about investing, including little-discussed subjects. It covers topics like industry trends and best practices for investing. Even background information about certain businesses is available. It may be helpful if you want to invest while helping a cause.
The Cons
Still a New Business: Public has only been in business for a short while, and while the company does seem promising in terms of what it offers, it lacks a track record of ten years (or longer) to demonstrate that they’re in it for the long run.
The public app is presently only accessible to Americans who live in the USA. You can only establish an account if you reside somewhere else.
Getting Going
Rest assured that Public strives to make the registration procedure as simple as possible if you enjoy what you’ve read so far and want to get started.
The process begins with the download of the app. Devices running iOS and Android can both use the app. Click the website’s link below, fill out the form with your mobile number, and then download the app on your chosen device. The organization continuously updates and enhances the app.
Establish a Profile
After downloading the app, you’ll have to respond to a few simple questions.
The General Public will inquire about your name, social security number, banking information, and age. Remember that you must be at least 18 years old to open an account.
Choose Stocks To Begin Live Trading
You can trade over 5,000 equities that are listed on Public. Themes have been created for these. It will assist you in finding new businesses in your preferred industries.
Select a category, look through the list, and choose a business that interests you. The Public does offer a wealth of data on each business. You may therefore look into company histories, user reviews, and trends. Even a list of subbrands is included. Even the various brands that a parent business owns are listed. This can greatly aid your learning process before deciding to invest.
This software responds quite promptly. No matter how much money you deposit, you can start investing as soon as your account opens. You can begin real-time trading once your cash transfer has been successful. You can quickly place trades as long as the market is active.
Investing Monitoring
Once you’ve chosen and purchased a few stocks, sit back and see how the markets react. You won’t likely get rich overnight if you purchase small fractional stock shares, but it can be intriguing to watch and follow your investments as they increase over time.
By default, the Public automatically deposits dividends in cash. But, you can choose to have Public automatically reinvest your dividends.
You can activate the service by sending a message to the support staff. Or, if you’d rather, you may enable it yourself by visiting your “Account” page, clicking on the “Settings” icon, and then scrolling down to the “Dividend Reinvestment” area. Reinvesting dividends will ensure that none of your money is left in non-interest-bearing cash deposits and that it returns to the markets to grow as the dividends are received.
Is going public a wise choice for you?
For novice investors and those searching for fee-free trading, Public app review, has some excellent advantages. It makes it a tempting proposal that merits careful study.
The Public has much to offer if you have little money but want to start investing or need assistance and direction to improve your investing abilities. Most investors will also find the absence of commissions or fees appealing.
The Public app is great for many investors but might only be for some. You might be better suited to another platform if you reside outside the US, often day trade, or need more automated capabilities. Also, it is important to remember that Public only supports more complicated trading choices like cryptocurrency or OTC stocks.
