Public.com Review – A Look into its Regulatory Practices

At Public.com, investors can not only trade stocks and funds without fees but also participate in a vibrant community focused on transparency and financial education. The platform’s alignment with its users’ interests, avoidance of non-transparent fees, and commitment to education set it apart in the industry. 

Stay tuned to learn more about Public.com’s availability for UK residents, their regulation license, and other crucial details about this firm.

Is The Company Licensed?

Determining the regulatory status of Public.com was a challenging task, but through thorough research, we managed to uncover this crucial information on BrokerCheck by FINRA. Public.com operates under the legal entity “Open to the Public Investing, Inc.” and is a brokerage firm regulated by FINRA, specifically overseen by their New York district office. This regulation ensures that Public.com adheres to stringent industry standards and maintains a level of transparency required by a reputable financial institution.

Located at 6 Harrison St, 5th Floor, New York, NY 10013, Public.com holds licenses in 53 U.S. states and territories, showcasing its wide reach and compliance across various jurisdictions. Despite the initial difficulty in finding this information, the confirmation of Public.com’s regulatory status provides confidence in its operations. Better to avoid unregulated brokers, such as ECN Broker Review. 

User Feedback

When researching user Public.com reviews, we discovered a surprising lack of readable comments, despite the platform being in operation since 2019. This lack of feedback can be a potential problem for some users wanting to invest. However, we did manage to find some insights on Reddit, which offer a glimpse into how users perceive the platform.

One Reddit user dismissed Public.com with a simple “Nope,” indicating some sort of dissatisfaction. Another user described it as a mediocre fintech service, stating a preference for Fidelity instead. Some users suggested exploring other investment platforms such as Republic, WeFunder, and SliceSpace for more diverse options. Additionally, one user mentioned that while Public.com is decent, it is very limited in its offerings. 

These comments highlight mixed opinions and suggest that while Public.com has some merits, it may not fully meet the needs of all investors. Additionally, we encourage the firm to get more evaluations from actual members, if they want to keep their reputation in the market.

Does It Charge Fees?

Public.com does not charge commissions on trading stocks or funds, and there are no account minimums. They state they are committed to transparency and do not accept Payment for Order Flow (PFOF). When trading cryptocurrency through the Public app, orders are executed by Bakkt Crypto Solutions LLC, which charges a transparent fee per trade based on the order value. 

Users are notified before any fees are added to their account and cover the costs of most fees the first time around. If there is not enough cash in the account to cover the fees, they may result in a negative balance. 

Offerings – Crypto & Stocks

In terms of the features offered, Public.com offers a range of products including stocks, ETFs, crypto through Bakkt Crypto, royalties, alternative investments, bonds, treasuries, and a high-yield cash account. The platform also provides a Public.com app which is available once the members log in to their accounts.

Stocks

To explore the Public.com stocks, users need to sign in to their accounts. Public.com features an array of stocks with detailed information, including current prices, percentage changes, and investment options. 

The platform enhances the stock investing experience by offering powerful tools such as price alerts, enabling users to make timely investment decisions. For those interested in OTC stocks, Public.com offers over 300 select OTC stocks, primarily focusing on large-cap international companies. 

Crypto

There is a variety of Public.com cryptocurrencies for investment, including:

• Bitcoin
• Ether
• Shiba Inu
• Litecoin, and more

When users choose to invest in cryptocurrency through Public.com, they first open an account with Bakkt Crypto Solutions, LLC. However, it is important to note that Bakkt Crypto is not a registered broker-dealer or a FINRA member. 

What the platform wants to distinguish is that Public Investing operates as a registered broker-dealer, and Bakkt Crypto handles user’s cryptocurrency transactions separately. Bakkt Crypto charges a transaction fee based on the dollar value of your crypto trades, and detailed fee information is available in their Fee Schedule. 

Presence – What Investors Need to Know

Researching the platform’s presence, we found influence in several domains, including:

• United States
• Malaysia
• India
• United Kingdom
• Germany

However, the company has announced its decision to discontinue its services in the UK, impacting UK-based members who will need to sell their investments and withdraw their funds by specific deadlines. As of February 26, 2024, new investments and deposits into Public.com UK account users are no longer permitted. 

Yet, users can still sell their positions and make withdrawals, with funds needing to be converted from USD to GBP during the withdrawal process. Check out brokerage firms that operate in the UK, such as EXT LTD Review. 

Customer Support

The firm offers customer support through multiple channels to ensure users can easily find assistance when needed. For general inquiries and help, users can refer to the comprehensive FAQ section on their website, which addresses common questions such as connecting to a bank instantly, understanding unsettled funds, and making trades. For more specific or unresolved issues, users can reach out directly to the support team via email at [email protected]. 

Final Verdict

In conclusion, while their regulatory status and reliability are affirmed through their registration with FINRA and membership in SIPC, user feedback remains a mixed bag, highlighting the need for more evaluations to maintain their reputation in the market.

Despite offering a wide range of investment options, Public.com has decided to discontinue its services in the UK, impacting UK-based members who will need to sell their investments and withdraw their funds. This factor also contributes to their legitimacy.

Overall, Public.com seems committed to transparency reliability, and community. Additionally, its regulation makes it a compelling option for investors. Yet again, we highlight that even regulated entities sometimes have pitfalls. Be sure to get all the pros and cons before investing.

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