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

Firstrade 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: Firstrade vs Alpaca (2026)
Feature Firstrade Alpaca
Website https://www.firstrade.com/ https://alpaca.markets/
Broker Type Discount (self-directed online brokerage) API-first self-clearing broker-dealer (Trading API for retail/algo; web dashboard available)
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 online ($19.95 broker-assisted) $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. stocks/ETFs; $5 min) Yes (from $1 notional; 2,000+ US equities)
Percent Allocations? No 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 Yes (Levels 1-3 equity/ETF; index options live)
Options Fee $0 commission and $0/contract; plus pass-through ORF (~$0.02/contract from Jul 2026) and SEC sell fees $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs
Bond Trading Available? Yes (web only; net yield basis/markup) No (Broker API partners only; not Trading API/dashboard retail)
Receives payment for order flow (PFOF)? Yes 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 11,000+ None
NTF Mutual Funds 11,000+ None
Non-NTF Fund Fee $0 online; $19.95 broker-assisted (no-load) N/A
Early Redemption Fee? No ($19.95 if held <90 days) N/A
Redemption Hold (Days) 90 days N/A
Early Redemption Fee $19.95 N/A
Accounts: Margin Accounts? Yes (approval; $2,000 min assets; not IRAs/custodial/ESA) Yes; all accounts opened as margin (limited margin if equity under $2,000).
IRAs Offered? Yes (Traditional, Roth, SEP, SIMPLE, Rollover) Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements.
HSAs Offered? No No
Money Market Sweep? Yes (FDIC sweep via Apex; 0.15%; not margin/SIMPLE IRA/ESA) Yes; opt-in FDIC Bank Sweep/High-Yield Cash for uninvested cash (variable APY, up to $1M FDIC).
CDs Offered? Yes (primary $30; secondary net yield) No
Robo-Advisor: Offered No No
Robo-Advisor Service N/A N/A
Robo-Advisor Fees N/A N/A
Basics: Headquarters Flushing, NY San Mateo, CA
Year Founded 1985 2015
Clearing Firm Apex Clearing Corporation Self-clearing (Alpaca Clearing)
Local Branches? Yes (Flushing, NY HQ office, Mon-Fri 10am-4pm ET); no nationwide network No
New Account Minimum $0 $0

Once you’ve chosen a broker, find high-performing, investable model portfolios at RecipeInvesting.com


Picked a Broker? Now Build Your Perfect Portfolio

Find high-performing, investable model portfolios (Tactical, Strategic, and Managed) at RecipeInvesting.com.

Get FREE Access
Recipe Investing Logo

Compare Firstrade to All Brokers