TDAmeritrade vs Alpaca Comparison: Fees, Features, and More (2025)

TDAmeritrade and Alpaca are two leading discount brokerages offering commission-free stock and ETF trading. Use this head-to-head comparison table to evaluate fees, features, trading tools, and account options to help you decide which broker is right for you in 2025.

Head-to-Head Comparison: TDAmeritrade vs Alpaca (2025)
Feature TDAmeritrade Alpaca
Website https://www.tdameritrade.com/ https://alpaca.markets/
Broker Type Full-Service API-Only
Trading: Stock & ETF? Yes Yes
ETF & Stock commission No fee No fee
Fractional Shares? No Yes
Percent Allocations? No Yes; via API
Crypto Trading? No Yes
Crypto Fees not applicable 0.35%
Options Trading? Yes No
Options Fee 65 cents not applicable
Bond Trading Available? Yes No
Pays for Order Flow (PFOF)? Yes Yes
Interface: Web trading? Yes No
Desktop trading? Yes; thinkorswim No
API Trading? Yes; TD Ameritrade for Developers Yes; Alpaca Trading API
Mutual Funds: Offered? Yes No
Total Mutual Funds Over 13,000 None
NTF Mutual Funds Over 3,700 None
Non-NTF Fund Fee $49.99 not applicable
Early Redemption Fee? Yes not applicable
Redemption Hold (Days) 30 days not applicable
Early Redemption Fee $49.99 not applicable
Accounts: Margin Accounts? Yes Yes
IRAs Offered? Yes No
HSAs Offered? Yes, through other providers No
Money Market Sweep? No No
CDs Offered? Yes No
Robo-Advisor: Offered Yes No
Robo-Advisor Service Schwab Intelligent Portfolios none
Robo-Advisor Fes 0.00% to 0.30% not applicable
Basics: Headquarters Omaha, NE San Mateo, CA
Year Founded 1975 2018
Clearing Firm TD Ameritrade Clearing Apex Clearing
Local Branches? Yes, about 260 locations No
New Account Minimum $0 $0

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