Public.com vs Alpaca Comparison: Fees, Features, and More (2026)

Public.com 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: Public.com vs Alpaca (2026)
Feature Public.com Alpaca
Website https://www.public.com/ https://alpaca.markets/
Broker Type Discount (self-directed online retail brokerage) API-first self-clearing broker-dealer (Trading API for retail/algo; web dashboard available)
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 regular hours (US-listed); $2.99 extended/OTC (waived for Premium) $0 commission (retail US stocks/ETFs); plus SEC/FINRA/CAT fees. Elite Smart Router: $0.0005–$0.004/share
Fractional Shares? Yes ($5 min outside plans; $1 in Investment Plans) Yes (from $1 notional; 2,000+ US equities)
Percent Allocations? Yes (Investment Plans: custom 1% allocations; Direct Indexing weighting) Yes, via API
Crypto Trading? Yes (via zerohash; 60+ assets including BTC/ETH; 24/7; $1 min). Yes (most US states via API/dashboard; 24/7)
Crypto Fees zerohash: $0.49–$6.29 (≤$500); 1.25% (>$500). Recurring plans 1.25%. API volume-tiered (0.10–0.60%). Maker/taker 0.15%/0.25% (under $100k 30d vol) to 0%/0.10% ($100M+); on received asset
Options Trading? Yes (stock, ETF, and index options; multi-leg strategies). Yes (Levels 1-3 equity/ETF; index options live)
Options Fee $0 commission/per-contract for stock/ETF options plus $0.06–$0.18 rebate/contract. Index: $0.35–$0.50/contract. Regulatory fees apply. $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs
Bond Trading Available? Yes (fractional Treasury/corporate from $100; Bond Account; municipals coming soon). No (Broker API partners only; not Trading API/dashboard retail)
Receives payment for order flow (PFOF)? Yes (receives PFOF on options and wholesale equity routing). Yes (receives PFOF rebates)
Interface: Web trading? Yes (full web platform plus iOS/Android apps). Yes web dashboard; no official mobile app (third-party/TradingView yes)
Desktop trading? No. Web platform and mobile apps only; no native downloadable desktop trading software. No
API Trading? Yes. Public Trading API (stocks, ETFs, options, crypto, bonds) available to all members; no approval required. Yes (Alpaca Trading API)
Mutual Funds: Offered? No No
Total Mutual Funds None None
NTF Mutual Funds None None
Non-NTF Fund Fee N/A N/A
Early Redemption Fee? N/A N/A
Redemption Hold (Days) N/A N/A
Early Redemption Fee N/A N/A
Accounts: Margin Accounts? Yes Yes; all accounts opened as margin (limited margin if equity under $2,000).
IRAs Offered? Yes (Traditional and Roth); no SEP Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements.
HSAs Offered? No No
Money Market Sweep? Yes (High-Yield Cash Account bank sweep) 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, via Public Advisors LLC automated Direct Indexing, Generated Assets, and Treasury Accounts. No
Robo-Advisor Service Public Advisors (Direct Indexing, Generated Assets, Treasury Accounts) N/A
Robo-Advisor Fees Direct Indexing 0.19% AUM annual; Generated Assets 0.49%; Treasury Accounts tiered 0.09%-0.29%. Brokerage fees may apply. N/A
Basics: Headquarters New York, NY San Mateo, CA
Year Founded 2019 2015
Clearing Firm Apex Clearing Corporation Self-clearing (Alpaca Clearing)
Local Branches? No No
New Account Minimum $0 (no account minimums; as little as $1 to start) $0

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