Updated Feb. 16, 2021
Over the past three decades, investing has become dramatically more accessible with the standardization of the commission-free trading model. This has played an important role in broadening the investor class, but like many innovations, it has come with a new set of challenges that must be addressed.
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Without commission fees, brokerages lean on other forms of revenue to sustain and grow their businesses, including Payment for Order Flow (PFOF), a much-debated practice in which a brokerage firm receives rebates on trades routed through its clearing firm.
The main criticism of PFOF is that it creates misalignment between the financial aims of the brokerage and the interests of its clients. As of Feb. 16, 2021, Public is officially PFOF-free and will no longer have order flow as a revenue generator for our business. We are committing to this to better align our financial goals with the best interests of our growing community of investors.
The culture of the financial services industry has never been famous for its transparency, and we think it’s time for that to change. As a commission-free brokerage app, we want to make sure our customers fully understand, in plain terms, how our business makes money. So here’s the breakdown.
Optional Tipping
As a replacement for revenue we would otherwise generate via payment for order flow and to compensate for the additional costs of routing to exchanges, we have introduced an optional tipping feature for customers to use when they make a trade. Members can choose to add a tip to their trade to support our commitment to not participating in payment for order flow. Importantly, members can choose to execute their trades without commission fees or tipping if they so choose. You can find more information on our FAQ page.
Securities lending
Our clearing firm, Apex, is able to lend shares to investors and institutions that need or want to borrow them. Those parties (e.g., retail investors, banks, market makers, institutional investors) pay a market-driven interest rate for borrowing the shares and may use the borrowed stock to provide liquidity, hedge a position, arbitrage an opportunity, create a structured product, or bet against the price of the stock. Apex then provides us a portion of the interest they receive as a rebate against our clearing and custody fees.
Importantly, this solution does not impact your investment experience, meaning you continue to have the same investment exposure and are always able to sell their shares. You can find more about this at Public.com/disclosures/.
Interest on cash balances
How Does App Maker Earn Money Online
We earn interest on uninvested cash balances. The current interest rate as set by the Federal Reserve is 0.2%.
Subscription fees
Currently, we don’t have any paid-for premium features, but as we develop the platform we intend to introduce new products for which we might charge a subscription fee.
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As a venture-backed company, we are focused on growing our community of investors and providing the best service to them. Ensuring our financial goals align with the best interests of our customers is foundational to our future success as a business, which is why they take precedence in all the decisions we make, big and small.
As Public grows and evolves, we commit to providing continued transparency to our customers regarding how we make money.
Questions about our business (or anything else)? Send us a note at [email protected].
How often will I receive SMS?
If you are constantly online, you will normally receive at least one SMS per 24 hours.
What should I do with SMS that I received?
You will receive SMS tests with random numbers and letters in the content. Besides the random letters and numbers the content can include anything, including links. Please ignore completely all our test SMS and do not reply to any of them. We send SMS only in order to check if they have been delivered to your phone and, if so, in what form. Our test messages get forwarded to our servers after you receive them automatically. Once your balance is updated, please feel free to delete the messages.
How much money do I make and how?
You will be paid for each received test SMS and successfully pushed back to our server. One SMS could be from 0.01 USD up to 0.06 USD. For one account you can use many devices, also dual sim. As many phone numbers you register, more money you will earn.
Can I get better price per received SMS?
You, please contact us for special conditions and promotions!
Can you read my private messages?
No, we are not forwarding any information about your private messages to our servers. The app only sends the messages to our server which contains our unique test ID that our system creates. For more information please read our Privacy Policy.
I want to delete my account. What should I do?
If you would like to delete your account, you can do it using app. Go to Account section and choose Delete Account. After delete you can not use this email to login or register again. For more questions please contact us at [email protected].
Why do you pay money for receiving SMS?
The reason is that a lot of SMS providers and Mobile Network Operators need to send SMS test messages to foreign countries to verify and ensure proper delivery of their SMS routes. You actually get paid because we use your phone number to provide such testing services.
How can increase the amount of tests?
Keep the app running constantly and have stable Internet connection. At times Android OS automatically closes some apps so you need to ensure that our app is opened again in such cases. Your main goal is to keep the app always running, our system will see that your phone is available for tests and you will have a greater chance of receiving test messages.