Alpaca vs Charles Schwab Comparison: Fees, Features, and More (2026)
Alpaca and Charles Schwab 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 2026.
| Feature | Alpaca | Charles Schwab |
|---|---|---|
| Website | https://alpaca.markets/ | https://www.schwab.com/ |
| Broker Type | API-first self-clearing broker-dealer (Trading API for retail/algo; web dashboard available) | Full-service |
| Trading: Stock & ETF? | Yes | Yes |
| ETF & Stock commission | $0 commission (retail US stocks/ETFs); plus SEC/FINRA/CAT fees. Elite Smart Router: $0.0005–$0.004/share | $0 online (listed stocks/ETFs) |
| Fractional Shares? | Yes (from $1 notional; 2,000+ US equities) | Yes (most U.S.-listed stocks/ETFs, from $1) |
| Percent Allocations? | Yes, via API | Yes (Personalized Portfolio Builder) |
| Crypto Trading? | Yes (most US states via API/dashboard; 24/7) | Yes, via Schwab Crypto (BTC/ETH currently; not NY/LA/territories) |
| Crypto Fees | Maker/taker 0.15%/0.25% (under $100k 30d vol) to 0%/0.10% ($100M+); on received asset | 0.75% of notional value (min $0.01) per buy/sell |
| Options Trading? | Yes (Levels 1-3 equity/ETF; index options live) | Yes |
| Options Fee | $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs | $0 online commission + $0.65 per contract |
| Bond Trading Available? | No (Broker API partners only; not Trading API/dashboard retail) | Yes |
| Receives payment for order flow (PFOF)? | Yes (receives PFOF rebates) | Yes (receives PFOF rebates) |
| Interface: Web trading? | Yes web dashboard; no official mobile app (third-party/TradingView yes) | Yes |
| Desktop trading? | No | Yes, thinkorswim desktop (Windows/Mac; free for brokerage clients) |
| API Trading? | Yes (Alpaca Trading API) | Yes, Trader API (Individual) for self-directed retail accounts (orders, data; via developer.schwab.com) |
| Mutual Funds: Offered? | No | Yes |
| Total Mutual Funds | None | ~14,500 from 600+ families (incl. 4,000+ NTF) |
| NTF Mutual Funds | None | 4,000+ (no-load via OneSource & others) |
| Non-NTF Fund Fee | N/A | Up to $74.95/buy online ($0 sell); some $49.95; 8.5% cap, <$100 exempt |
| Early Redemption Fee? | N/A | No; $49.95 Schwab fee on NTF funds held ≤90 days (some exemptions) |
| Redemption Hold (Days) | N/A | 90 days (NTF/OneSource funds; some Schwab Funds exempt) |
| Early Redemption Fee | N/A | $49.95 online/automated phone; $49.95 + $25 broker-assisted |
| Accounts: Margin Accounts? | Yes; all accounts opened as margin (limited margin if equity under $2,000). | Yes ($2,000 min. cash or marginable securities) |
| IRAs Offered? | Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements. | Yes (Traditional, Roth, SEP, Rollover, Inherited, Custodial, SIMPLE) |
| HSAs Offered? | No | Yes (HSBA via participating HSA providers; no standalone Schwab HSA) |
| Money Market Sweep? | Yes; opt-in FDIC Bank Sweep/High-Yield Cash for uninvested cash (variable APY, up to $1M FDIC). | Yes (Cash Features Program: Bank Sweep or Schwab One Interest) |
| CDs Offered? | No | Yes (brokered CDs via Schwab CD OneSource) |
| Robo-Advisor: Offered | No | Yes |
| Robo-Advisor Service | N/A | Schwab Intelligent Portfolios® (Premium also offered) |
| Robo-Advisor Fees | N/A | $0 advisory (standard); $300 one-time + $30/mo (Premium); ETF OERs 0.02–0.15%. Mins $5k/$25k. |
| Basics: Headquarters | San Mateo, CA | Westlake, TX |
| Year Founded | 2015 | 1971 |
| Clearing Firm | Self-clearing (Alpaca Clearing) | Charles Schwab & Co., Inc. (self-clearing) |
| Local Branches? | No | Yes, more than 420 branches in 48 U.S. states |
| New Account Minimum | $0 | $0 |
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