Public vs Robinhood: Which Commission-Free Broker Fits You in 2026?
Public vs Robinhood is a comparison that looks obvious on paper — both offer commission-free stock trading and target a younger, mobile-first audience. But underneath the surface, these two platforms have taken very different paths on order execution, premium features, and what they think an investing app should actually do.
Public ditched payment for order flow, built a social investing feed, and added Treasury bills. Robinhood kept PFOF, leaned into crypto and options, and launched a cash card. Same starting point, diverging philosophies.
This guide walks through fees, investment options, platform features, and the trade-offs that actually matter when picking between them. Nothing here is investment advice — just a side-by-side comparison based on what each platform offers today.
Quick Comparison Table
| Feature | Public | Robinhood |
|---|---|---|
| Commission | $0 (stocks, ETFs) | $0 (stocks, ETFs, options, crypto) |
| Payment for order flow (PFOF) | No (eliminated in 2021) | Yes |
| Account minimum | $0 | $0 |
| Stocks & ETFs | Yes (fractional shares) | Yes (fractional shares) |
| Options | Yes (multi-leg supported) | Yes (multi-leg supported) |
| Crypto | Yes | Yes |
| Bonds / Treasury bills | Yes (T-bills from $100) | No |
| Premium tier | Alpha ($10/month or 1.8% AUM) | Gold (~$5/month) |
| Social features | Social feed, community portfolios | Basic feed (scaled back) |
| Cash card / debit | No | Yes |
| IPO access | No | Yes |
| IRA | No | Yes (with potential match) |
| High-yield cash | Yes (via T-bills in Alpha) | Yes (higher rate with Gold) |
| Best for | Transparency-focused investors | Cost-conscious active traders |
The Core Difference: Transparency vs Breadth
The fastest way to understand these apps: Public bets on transparency, Robinhood bets on breadth.
Public removed payment for order flow (PFOF) in 2021 — the first major US broker to do so voluntarily. PFOF routes customer orders to market makers who pay the broker for that flow, which critics say creates a conflict of interest. Public eliminated that revenue stream entirely.
Robinhood still uses PFOF, which helps keep its free tier genuinely free. The SEC has examined the practice extensively without banning it. The practical price difference per trade is typically fractions of a cent — negligible for most individual investors.
This split runs through both platforms. Public adds features that signal trust (no PFOF, community transparency, government-backed T-bills). Robinhood adds features that expand what you can do (crypto, options, IPOs, cash card, retirement accounts).
Fees and Premium Tiers
Both platforms are free at their core. The premium tiers are where they diverge.
Public Alpha
Public’s premium offering costs $10/month or 1.8% of assets under management annually (whichever you prefer). Alpha unlocks:
- Higher yield on uninvested cash via Treasury bill investments
- Advanced market data (real-time quotes, analyst ratings, extended trading hours)
- Morningstar research and institutional-grade insights
- Custom portfolio analytics
The T-bill yield is the main draw — it typically tracks close to the federal funds rate.
Robinhood Gold
Robinhood Gold costs roughly $5/month and unlocks:
- Higher interest on uninvested cash (rate varies with the fed funds rate)
- Larger instant deposits ($50,000 vs $1,000 on free tier)
- Morningstar research reports
- Level II market data (Nasdaq)
- IRA contribution match (on qualifying plans)
Gold is cheaper than Alpha and covers a lot of the same ground — higher cash yield, research access, better data. The IRA match is a unique perk. If you want to dig deeper into whether Gold justifies its cost, our Is Robinhood Gold worth it? breakdown covers the math at different balance sizes.
Bottom line on fees: Robinhood’s premium is half the price and includes retirement perks. Public’s premium leans harder on transparency (T-bill-backed yield, no PFOF even on premium). For free-tier users, both cost exactly nothing.
Investment Options: What You Can Actually Buy
Stocks and ETFs
Both platforms offer commission-free trading of US-listed stocks and ETFs with fractional share support. You can buy $5 worth of a $200 stock on either app. No meaningful difference here.
Options
Both now support options trading, including multi-leg strategies. Robinhood has offered options longer and has a more mature options interface. Public added options more recently but covers the essentials. Neither charges per-contract fees.
Crypto
Both offer direct cryptocurrency trading. Robinhood’s crypto selection is broader, and it was one of the first mainstream brokerages to add crypto. Public’s crypto offering is solid but more curated. If crypto is a primary focus, Robinhood currently has the edge in coin variety.
Bonds and Treasury Bills
This is where Public stands out. Public offers Treasury bills starting at $100, letting users park cash in government-backed securities that typically yield more than a standard savings account. You can hold T-bills alongside your stocks in the same account.
Robinhood does not offer bonds or T-bills directly. You could buy a bond ETF on Robinhood, but that is not the same as holding individual government securities.
Retirement Accounts
Robinhood offers Traditional and Roth IRAs with self-directed investing and a potential contribution match through Gold. Public does not currently offer IRA accounts. If retirement investing in the same app matters to you, Robinhood is the only option between these two.
Unique Features Worth Knowing
Public: Social Investing and Community
Public was built with social features at its core. You can follow other investors, see what people are buying (if they share), and read community discussions around specific stocks. It is not a copy-trading platform, but the social layer adds context that a traditional brokerage does not provide. The editorial content tends to be more educational than promotional.
Robinhood: IPO Access and Cash Card
Robinhood offers IPO access — buy shares of newly public companies before they start trading on exchanges. Not every IPO is available, but it is a feature most retail brokerages do not offer at all.
The Robinhood Cash Card works like a debit card tied to your brokerage account. Cash-back from purchases can be auto-invested. Robinhood also has a more developed crypto wallet for transferring crypto in and out of the platform.
User Experience
Public leans into content — market news, community takes, and educational material alongside your portfolio. It feels like a financial media app that happens to be a brokerage.
Robinhood is more action-oriented. Charts, price alerts, watchlists — everything is designed to get you from idea to execution with minimal taps.
For newer investors exploring what kind of experience they prefer, our best investing apps for beginners 2026 roundup covers a wider range of options.
Who Should Pick Public
Public is the stronger fit if:
- PFOF concerns matter to you. If you care about how your orders are routed and want to avoid potential conflicts of interest, Public is one of the few platforms that has eliminated PFOF entirely.
- You want Treasury bills in your brokerage account. T-bills are a low-risk way to earn yield on cash, and Public makes them unusually accessible.
- You value community and transparency. The social feed and editorial content add a layer of context that Robinhood does not prioritize.
- You do not need an IRA in the same app. Public currently lacks retirement accounts.
Who Should Pick Robinhood
Robinhood is the stronger fit if:
- You want the widest feature set for $0. Stocks, ETFs, options, crypto, IPOs, IRA, cash card — all in one app with no mandatory fee.
- Retirement accounts matter. Robinhood’s IRA with a potential Gold match is a concrete advantage.
- You trade crypto actively. Broader coin selection and a functional crypto wallet give Robinhood an edge.
- You want a cheaper premium tier. Gold at $5/month is half the cost of Alpha.
For another look at how Robinhood stacks up against a different self-directed competitor, see our Robinhood vs Webull comparison.
FAQ
Does removing PFOF actually save me money?
In theory, yes — orders routed without PFOF may get slightly better execution prices. In practice, the difference per trade is typically fractions of a cent for small retail orders. It matters more as a philosophical stance on broker incentives than as a dollar-amount savings for most users.
Can I transfer my portfolio between them?
Yes. Both support ACATS transfers, which typically take 5-7 business days. Check each platform for outgoing transfer fees.
Which app is better for beginners?
Both are beginner-friendly in different ways. Public offers more educational content and community context. Robinhood’s interface is simpler for executing trades but assumes you know what you want to buy. Our guide on how to start investing with $100 walks through the basics regardless of platform.
Are Treasury bills on Public worth using?
T-bills are backed by the US government and currently offer competitive yields. If you have idle cash earning little interest, parking it in T-bills through Public is a low-risk way to earn yield. Your cash is locked for the T-bill’s duration (typically 4-26 weeks), though Public offers some flexibility.
Is my money safe on both platforms?
Both Public and Robinhood are SEC-registered and FINRA members. Brokerage accounts on both are covered by SIPC insurance (up to $500,000 in securities, $250,000 in cash). This protects against broker failure, not market losses.
Verdict: Transparency or Feature Breadth
Public and Robinhood start from the same place — free stock trading on a clean mobile app — and go in opposite directions from there.
Choose Public if order execution transparency, T-bill access, and community-driven investing appeal to you. You give up a few features (no IRA, no IPO access) for a platform that deliberately aligns its business model with your interests.
Choose Robinhood if you want everything in one place — stocks, options, crypto, retirement accounts, a debit card — and you are comfortable with PFOF as the trade-off. It is the broader platform with the lower-cost premium tier.
The right pick depends on whether you prioritize how your broker makes money or how many things it lets you do. Our Acorns vs Robinhood piece covers the automated-investing angle, and our best investing apps for beginners 2026 roundup takes a wider view.