Axos Invest vs Alpaca Comparison: Fees, Features, and More (2026)

Axos Invest 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 2026.

Head-to-Head Comparison: Axos Invest vs Alpaca (2026)
Feature Axos Invest Alpaca
Website https://www.axos.com/invest https://alpaca.markets/
Broker Type Discount API-first self-clearing broker-dealer (Trading API for retail/algo; web dashboard available)
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 per trade (other fees may apply) $0 commission (retail US stocks/ETFs); plus SEC/FINRA/CAT fees. Elite Smart Router: $0.0005–$0.004/share
Fractional Shares? No Yes (from $1 notional; 2,000+ US equities)
Percent Allocations? No (self-directed) Yes, via API
Crypto Trading? No Yes (most US states via API/dashboard; 24/7)
Crypto Fees N/A Maker/taker 0.15%/0.25% (under $100k 30d vol) to 0%/0.10% ($100M+); on received asset
Options Trading? Yes (subject to approval) Yes (Levels 1-3 equity/ETF; index options live)
Options Fee $1.00 per contract ($0.80 with Axos Elite, $10/mo) $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs
Bond Trading Available? No No (Broker API partners only; not Trading API/dashboard retail)
Receives payment for order flow (PFOF)? Yes (receives PFOF rebates) Yes (receives PFOF rebates)
Interface: Web trading? Yes Yes web dashboard; no official mobile app (third-party/TradingView yes)
Desktop trading? No No
API Trading? No Yes (Alpaca Trading API)
Mutual Funds: Offered? Yes No
Total Mutual Funds 10,000+ None
NTF Mutual Funds 10,000+ (no-load) None
Non-NTF Fund Fee $0 (no-load) N/A
Early Redemption Fee? Yes (no broker short-term fee listed) N/A
Redemption Hold (Days) None listed by broker (fund-specific possible) N/A
Early Redemption Fee $0 (no broker fee listed) N/A
Accounts: Margin Accounts? Yes (self-directed; approval required, $2,000 min equity) Yes; all accounts opened as margin (limited margin if equity under $2,000).
IRAs Offered? Yes (Traditional, Roth, Rollover; SEP not listed) Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements.
HSAs Offered? No No
Money Market Sweep? Yes (Axos Clearing Insured Deposit Program) Yes; opt-in FDIC Bank Sweep/High-Yield Cash for uninvested cash (variable APY, up to $1M FDIC).
CDs Offered? No No
Robo-Advisor: Offered Yes No
Robo-Advisor Service Axos Managed Portfolios N/A
Robo-Advisor Fees Model fee 0.20–0.59% AUM (varies by model/AUM); $40 min annual if model fee <$10/qtr; +0.20% optional TLH ($25k+) N/A
Basics: Headquarters Las Vegas, NV San Mateo, CA
Year Founded 2009 (as WiseBanyan); rebranded 2019 2015
Clearing Firm Axos Clearing LLC Self-clearing (Alpaca Clearing)
Local Branches? No No
New Account Minimum $0 (Self-Directed); $50 IRA; $500 Managed Portfolios $0

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