The Public app uses a social media-focused approach when appealing to new investors.
You have the ability to follow other investors and see exactly what they are investing in.
On top of all this, the Public app is free of commissions and has no account minimums.
Inside the app are over 5,000 stocks and ETFs as well as cryptocurrencies you can invest in as well!
When determining if a financial app is safe, the two things you should look at primarily is if this brokerage is a member of SIPC as well as the app security itself.
Public is a member of SIPC, so you are fully SIPC insured.
Through the SIPC, you have coverage for up to $500,000 worth of securities. Cash held within the brokerage account for the purpose of investing is covered up to $250,000 as well.
Keep in mind, however, that the SIPC protects you in the event that your brokerage loses your financial assets. It does not protect you from losses experienced from investing in the financial markets.
This makes Public just as safe as any other brokerage platform out there in terms of protection against the loss of your financial assets.
However, keep in mind that cryptocurrency held within Public is not covered by SIPC or any government insurance program.
Beyond the SIPC factor, as far as the app security itself goes, they use AES 128-bit encryption as well as TLS 1.2 to ensure user data is secure at all times.
