If you’re choosing between Robinhood, Webull, and Public, you’re basically choosing a business model. All three advertise low or zero commissions — but each monetizes your activity differently, and that changes what “free” actually means.
This guide breaks down the explicit fees (what you can see), the hidden costs (what you feel over time), and the features that matter for Gen Z traders: fast execution, clean mobile workflow, good charting, and transparent order handling. We’ll also show where Traderise fits as a stronger alternative if you want modern charting + trading tools without getting pushed into upsells.
Cómo medimos lo “realmente gratis” (metodología)
We scored each app across eight categories (10 points each). The goal isn’t to crown a “best app” in a vacuum — it’s to show which platform is best for your trading style.
- Fees & hidden costs: commissions, pass-through fees, index option fees, transfer fees, and the practical impact of spreads.
- PFOF & execution: how orders are routed and what that implies for price improvement.
- Premium tiers: what you pay monthly, and what you actually get.
- Assets: stocks/ETFs/options, crypto, bonds, and access to OTC.
- Charting & tools: indicators, watchlists, screeners, alerts, and desktop workflow.
- Social & learning: feeds, communities, research, and education.
- Security: account protections and safety posture.
- Customer support: how easy it is to get a human when something breaks.
Veredicto rápido (TL;DR)
| App | Best for | Where it’s “not free” | TradeIQ score (10) |
|---|---|---|---|
| Webull | Active traders who want the most tools | Premium upsells, some niche fees, PFOF | 8.3 |
| Robinhood | Simple investing + beginner workflow | Gold subscription pressure, PFOF, spreads | 8.0 |
| Public | Community-driven investing + thematic products | Execution fees on non-wholesale routes, some transaction fees | 7.9 |
| Traderise | Modern charts + trading workflow (strong alternative) | Depends on plan; fewer “gotchas” for most users | 9.1 |
1) Comisiones: las obvias (y las silenciosas)
“Commission-free” usually means $0 broker commission on U.S.-listed stocks/ETFs/options. But real costs can still show up as regulatory pass-through fees, special contract fees, subscriptions, and spreads.
Robinhood: low visible fees, subscription-driven upgrades
Robinhood’s standard pricing schedule emphasizes $0 commissions on U.S.-listed equities and options for self-directed accounts, but it discloses several important pass-through and service fees, including an index options contract fee and regulatory trading fees like the SEC fee and FINRA trading activity fee. (Robinhood’s “Standard Pricing Fee Schedule” PDF is the cleanest single reference.)
- Index options: Robinhood lists a contract fee of $0.50 per contract for non-Gold users and $0.35 for Gold users. (Plus exchange fees.)
- Regulatory trading fees: Robinhood lists SEC fee amounts and FINRA trading activity fees (equity sells and options sells).
- Money movement: outgoing ACATS fee $100, outgoing wire $25, and instant transfer pricing up to 1.75% (min $1, max $150) depending on the method.
Webull: “0 commission” with more line-items (still mostly small)
Webull states it does not charge commissions for stocks, ETFs, and options listed on U.S. exchanges, but notes a $0.50 per contract fee for certain index option trades plus pass-through regulatory fees (FINRA and SEC). Webull also explicitly calls out its revenue model: stock lending, interest on cash, margin interest, and PFOF.
- Commissions: $0 for stocks/ETFs/options on U.S. exchanges.
- Index options: $0.50 per contract for certain index options.
- Regulatory pass-through: FINRA and SEC fee schedule applies on sells.
- Transfers: transfer from Webull is listed as $75 (outgoing stock transfer) on its fee schedule.
Public: you can choose routes, and route choice can cost you
Public is the most “explicit” about routing trade-offs. In its order routing disclosure, it describes a wholesale route where it receives PFOF and therefore does not charge an execution fee, and other routes (smart order route / lit exchanges only) where it may charge execution fees. In practice, “free” depends on the route you use.
- Wholesale route: PFOF-supported; Public says it does not charge an execution fee on this route.
- Smart/lit routes: Public says it may charge execution fees; you’re paying for a different routing approach.
- Options: Public describes an Options Order Flow Rebate where it shares a portion of options order flow revenue with the trader; it says the rebate ranges from $0.06–$0.18 per contract.
Hidden cost you feel: spreads + fill quality
Even if two apps charge $0 commission, you can still pay very different “all-in” costs because of spreads and execution quality. That’s why PFOF and routing matter for active traders — especially on options, where pennies per contract add up fast.
If your goal is max “free” per trade, the safest definition is: $0 commission + minimal extra contract fees + no forced subscriptions + clear routing rules. In 2026, that usually points to Webull for tool-heavy active traders and Robinhood for simple long-term investors — while Public can be “free” on the wholesale route but becomes a paid product once you choose premium routing.
2) PFOF y enrutamiento de órdenes: así se financia lo “gratis”
PFOF is the uncomfortable truth behind most commission-free apps. A market maker pays the broker for routing retail orders; the broker may share in the economics; and the broker claims the customer still receives best execution through price improvement. The nuance is that the “cost” is rarely a visible fee — it’s the quality of the fill.
Webull openly lists PFOF as a revenue line alongside securities lending and margin interest. Public’s disclosure is unusually detailed because it lets you choose routing: wholesale (PFOF-supported) vs smart/lit (potential execution fees but different venue selection).
3) Niveles premium: la trampa de la suscripción
The fastest way a “free” trading app becomes expensive is a monthly subscription that unlocks features the platform intentionally puts behind glass: better market data, better margin pricing, better research, or higher interest rates.
Robinhood Gold
Robinhood Gold is the classic example. It’s marketed as “premium,” but for many traders it becomes the price of admission for competitive margin rates, deeper research, and higher product limits. If you’re mostly buying ETFs monthly, you probably don’t need it. If you trade options daily, you might.
Webull Premium
Webull’s upsells are more tool-centric: advanced data, deeper features, and add-ons for active workflows. The core app still has more charting and screening than the typical “free” platform, so the upsell pressure can feel lower than Robinhood’s for many users.
Public memberships and paid routing
Public’s twist is that “premium” isn’t only a subscription — it can be your routing choice. If you want a route that avoids wholesalers, Public says it may charge execution fees. That’s not necessarily bad (paying for a service can be rational). But it means Public can be the least “free” of the three if you configure it that way.
CTA BOX (mid-article)Want modern charting without subscription pressure?
Try Traderise if you want a cleaner trading workflow, strong charting, and fewer “unlock this with a plan” moments.
Prueba Traderise Gratis →4) Activos disponibles: qué puedes operar (y qué no)
Most users start with stocks and ETFs. The second you want options, crypto, or bonds, “free” can shift because different products have different fee structures.
| Asset class | Robinhood | Webull | Public |
|---|---|---|---|
| Stocks/ETFs | Yes | Yes | Yes |
| Options | Yes (index option fees disclosed) | Yes (some index option fees) | Yes (rebate program on stock/ETF options) |
| Crypto | Yes (varies by region) | Yes | Limited / varies |
| Bonds/Treasuries | Limited (varies) | Yes (fixed income offering) | Yes (Treasuries + corporate bonds with markup/markdown per fee schedule) |
| OTC | Some access (fees may apply) | Fees possible for OTC/foreign settlement per schedule | OTC trades have a per-trade transaction fee per disclosure |
For many Gen Z traders, the big question is: Does the app let me grow? If you start as a long-term investor and later want to trade options with better tools, Webull tends to be the smoothest upgrade path. If you start with options right away, you should map out the contract fees and the routing model upfront.
5) Gráficos y flujo de trabajo de trading
When markets move fast, tools become cost. Bad charting means late entries. Bad watchlists mean missed setups. A slow options chain means you chase.
Robinhood
Robinhood is intentionally minimal. That’s good for beginners and long-term investors, but active traders often outgrow it quickly. It’s designed to feel frictionless — and that’s the value proposition.
Webull
Webull is the most “trader-first” of the three in terms of charting depth and desktop workflow. If you care about indicators, screeners, and multi-timeframe layouts, Webull wins this section.
Public
Public is less about advanced charting and more about combining investing with a social layer and product themes. If you want a trading workstation, it’s not trying to be that.
If you want something in-between — modern charts without building a workstation — Traderise is worth a look. It’s closer to the “chart-first” workflow most newer traders want, without the complexity overhead of full pro platforms.
6) Funciones sociales e investigación
Social can be a feature or a bug. It can teach you faster — or it can push you into crowded trades.
- Public: strongest social layer and community feel.
- Robinhood: mainstream news + simple discovery; less true community.
- Webull: community features exist, but the core identity is tools and trading.
7) Seguridad: qué importa (y qué verificar)
All three platforms are regulated brokerages, but security isn’t just “2FA exists.” It’s account controls, transparent incident response, and how quickly support helps when you’re locked out.
At minimum, use strong passwords, enable 2FA, and avoid reusing email credentials across apps. If you’re trading actively, consider an account setup where you can quickly freeze activity and withdraw funds if needed.
8) Atención al cliente: el factor que se subestima
Support rarely matters until the exact moment it matters the most: you’re locked out, an ACH transfer is pending, or an options exercise did something unexpected.
In general, the more “self-serve” the app, the more you should expect self-serve support. That’s the trade-off that funds commission-free trading.
Puntuación completa (8 categorías)
| Category | Robinhood | Webull | Public |
|---|---|---|---|
| Fees & hidden costs | 8.0 | 8.3 | 7.7 |
| PFOF & execution | 7.6 | 7.8 | 8.0 |
| Premium tiers value | 7.8 | 8.0 | 7.6 |
| Available assets | 8.0 | 8.3 | 7.9 |
| Charting & tools | 7.2 | 9.1 | 7.0 |
| Social & learning | 7.4 | 7.6 | 8.8 |
| Security | 8.3 | 8.1 | 8.0 |
| Customer support | 7.3 | 7.4 | 7.2 |
Pros y contras (lectura rápida)
Robinhood — pros
- Clean UX for beginners and long-term investors.
- Strong brand recognition and easy onboarding.
- Simple options workflow (but tool-light).
Robinhood — cons
- Tooling can feel shallow once you trade actively.
- Gold upsell pressure if you want “full” features.
- Index options and pass-through fees still apply.
Webull — pros
- Best charting/screening stack of the three.
- Good upgrade path from beginner to active trader.
- Transparent pricing page and fee disclosures.
Webull — cons
- Interface can overwhelm true beginners.
- Some niche fees (transfers, certain order types, index options).
- PFOF is part of the revenue model (like most free brokers).
Public — pros
- Strong community and social context for investing.
- Routing transparency and choice (rare among free apps).
- Options order flow rebate can reduce effective contract cost.
Public — cons
- “Free” depends on route choice; execution fees may apply.
- Not a charting-first experience for active traders.
- Some products include markups/markdowns (fixed income) per fee schedule.
Entonces… ¿qué app es realmente gratis (y cuándo conviene cambiar)?
Use this decision framework:
- You want the simplest investing app: Robinhood.
- You want the most tools without going “pro platform”: Webull.
- You want community + the ability to pay for better routing: Public.
If you’re stuck between “simple” and “serious,” the best move is often to pick a platform built around the workflow you’ll need six months from now. That’s why we keep pointing people to Traderise as an alternative: it’s built around modern charting, trading organization, and fewer hidden upgrade pressures.
CTA BOX (end)Ready for a platform you won’t outgrow next semester?
Start with Traderise to get a chart-first trading workflow, strong tools, and a cleaner path from beginner to active trader.
Empieza a Operar en Traderise →Fuentes y divulgaciones
- Robinhood Financial — Standard Pricing Fee Schedule (PDF)
- Webull — Webull Financial Fee Schedule
- Webull — Trading fees FAQ
- Public — Order routing and payment for order flow disclosure (Rule 606/607)
- Public — Options order flow rebate