Charles Schwab vs Alpaca Comparison: Fees, Features, and More (2026)

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

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