Alpaca vs Vanguard Comparison: Fees, Features, and More (2026)
Alpaca and Vanguard 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 | Vanguard |
|---|---|---|
| Website | https://alpaca.markets/ | https://investor.vanguard.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 |
| Fractional Shares? | Yes (from $1 notional; 2,000+ US equities) | Yes; eligible Vanguard ETFs/dollar-based trading |
| Percent Allocations? | Yes, via API | Yes; Vanguard Digital Advisor/asset-allocation tools |
| Crypto Trading? | Yes (most US states via API/dashboard; 24/7) | No |
| Crypto Fees | Maker/taker 0.15%/0.25% (under $100k 30d vol) to 0%/0.10% ($100M+); on received asset | Not applicable |
| 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 | $1/contract |
| Bond Trading Available? | No (Broker API partners only; not Trading API/dashboard retail) | Yes; Treasuries, bonds, and CDs |
| Receives payment for order flow (PFOF)? | Yes (receives PFOF rebates) | No |
| Interface: Web trading? | Yes web dashboard; no official mobile app (third-party/TradingView yes) | Yes |
| Desktop trading? | No | No |
| API Trading? | Yes (Alpaca Trading API) | No |
| Mutual Funds: Offered? | No | Yes |
| Total Mutual Funds | None | Over 3,000 |
| NTF Mutual Funds | None | Over 1,800 |
| Non-NTF Fund Fee | N/A | $20 online for transaction-fee funds; $0 for NTF funds |
| Early Redemption Fee? | N/A | No |
| Redemption Hold (Days) | N/A | 60 days |
| Early Redemption Fee | N/A | $50 |
| Accounts: Margin Accounts? | Yes; all accounts opened as margin (limited margin if equity under $2,000). | Yes |
| IRAs Offered? | Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements. | Yes; Traditional, Roth, SEP, Rollover, and Custodial |
| HSAs Offered? | No | No |
| Money Market Sweep? | Yes; opt-in FDIC Bank Sweep/High-Yield Cash for uninvested cash (variable APY, up to $1M FDIC). | Yes; settlement-fund/cash-deposit sweep |
| CDs Offered? | No | Yes |
| Robo-Advisor: Offered | No | Yes |
| Robo-Advisor Service | N/A | Vanguard Digital Advisor |
| Robo-Advisor Fees | N/A | 0.20% all-index; 0.25% active/index mix |
| Basics: Headquarters | San Mateo, CA | Valley Forge, PA |
| Year Founded | 2015 | 1975 |
| Clearing Firm | Self-clearing (Alpaca Clearing) | Vanguard Brokerage Services |
| Local Branches? | No | No; phone/online service |
| New Account Minimum | $0 |
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