Public vs Robinhood: Which Investing App Should You Choose?
Quick Comparison
| Feature | Public | Robinhood |
|---|---|---|
| Stock/ETF Commissions | $0 | $0 |
| Payment for Order Flow | No — uses optional tipping model | Yes — primary revenue source |
| Crypto | Yes — 25+ coins | Yes — 20+ coins |
| Bonds/Treasuries | Yes — Treasury bills directly | No |
| Alternative Assets | Yes — art, collectibles, royalties | No |
| Options Trading | Yes (multi-leg supported) | Yes |
| Fractional Shares | Yes (as low as $1) | Yes (as low as $1) |
| Social Features | Yes — community feed, portfolio sharing | Limited |
| IRA Accounts | No | Yes (with 1% match) |
| Cash Management | High-yield account available | Robinhood Gold (competitive APY) |
| Premium Tier | Public Premium ($10/month) | Robinhood Gold ($5/month) |
The PFOF Difference
Public made a bold move in 2021: it eliminated payment for order flow (PFOF), the practice where brokers route orders to market makers in exchange for rebates. Most free brokers (including Robinhood) rely on PFOF as their primary revenue source. Critics argue PFOF can result in slightly worse execution prices for customers.
Instead, Public uses an optional tipping model — you can tip for trades if you want. The impact of PFOF on individual investors is debated (it’s typically fractions of a cent per share), but if order execution transparency matters to you, Public’s approach is philosophically cleaner.
Asset Variety
Public offers something unique: alternative assets. You can invest in fine art, collectibles, music royalties, and other non-traditional assets alongside your stocks and bonds. Public also lets you buy US Treasury bills directly — a feature that appeals to conservative investors looking for safe, short-term yields.
Robinhood sticks to traditional securities — stocks, ETFs, options, and crypto. It doesn’t offer bonds, Treasuries, or alternative assets. Where Robinhood expands is in financial services: IRA accounts (with a 1% match), cash management, and a growing banking-like ecosystem.
Social Investing
Public’s social features are central to the experience. You can follow other investors, see what they’re buying, share your portfolio performance, and participate in community discussions. It’s investing with a social media layer — useful for learning from others but potentially risky if you follow the crowd without doing your own analysis.
Robinhood has some social elements (trending stocks, news feeds) but doesn’t build its identity around community the way Public does.
Retirement Accounts
Robinhood has a clear advantage here: IRA accounts with a 1% match on contributions. Public does not currently offer retirement accounts, which is a significant gap for long-term investors.
Key Takeaways
- Public eliminated PFOF for more transparent order execution.
- Public offers unique assets — Treasuries, art, collectibles, and music royalties.
- Robinhood has IRA accounts with a 1% match — a major advantage for retirement savers.
- Public is built around social investing; Robinhood is built around simple trading.
- Both offer $0 commissions, fractional shares, and crypto trading.
Frequently Asked Questions
Does Public really have no payment for order flow?
Correct. Public eliminated PFOF in February 2021 and routes orders directly to exchanges and market makers without receiving rebates. Instead, it offers an optional tipping feature. This makes Public one of the few commission-free brokers that doesn’t rely on PFOF.
Are alternative assets on Public a good investment?
Alternative assets (art, collectibles, royalties) are illiquid, speculative, and should represent a small portion of any portfolio. They can provide diversification beyond stocks and real estate, but they’re not substitutes for core equity and bond holdings. Treat them as satellite positions.
Which app is better for beginners?
Robinhood is simpler and more intuitive for pure beginners. Public’s social features can be educational but also distracting. If you want to learn by watching others invest, Public is interesting. If you want the most straightforward path to buying your first stock or ETF, Robinhood is cleaner.
Can I buy bonds on Robinhood?
No. Robinhood does not offer bonds or Treasury securities. Public lets you buy US Treasury bills directly, which is a unique feature for conservative investors or those looking to park cash at safe yields.
Which has better customer support?
Neither is known for exceptional customer service. Both primarily offer in-app support. For brokerages with strong customer service (phone, chat, in-person), consider established brokers like Fidelity or Schwab.