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

Robinhood 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: Robinhood vs Alpaca (2026)
Feature Robinhood Alpaca
Website https://robinhood.com/ https://alpaca.markets/
Broker Type Online discount brokerage (mobile app, web, Legend) API-first self-clearing broker-dealer (Trading API for retail/algo; web dashboard available)
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 commissions (SEC/FINRA sell fees may apply) $0 commission (retail US stocks/ETFs); plus SEC/FINRA/CAT fees. Elite Smart Router: $0.0005–$0.004/share
Fractional Shares? Yes ($1 min; most NMS stocks/ETFs) Yes (from $1 notional; 2,000+ US equities)
Percent Allocations? No Yes, via API
Crypto Trading? Yes (US-wide via Robinhood Crypto, LLC; all states, DC, PR, USVI) Yes (most US states via API/dashboard; 24/7)
Crypto Fees MM routing: $0 commissions (RH rebate in spread); exchange routing: 0.00-0.95% volume-tiered maker/taker; transfers $0 + network fees 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 commissions for stock/ETF options; $0.35 Gold/$0.50 non-Gold per index contract plus regulatory/exchange fees $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs
Bond Trading Available? No (individual bonds/fixed-income not supported; bond ETFs/CEFs available) No (Broker API partners only; not Trading API/dashboard retail)
Receives payment for order flow (PFOF)? Yes (receives PFOF/rebates from market makers for equities, options, and crypto) Yes (receives PFOF rebates)
Interface: Web trading? Yes (web including Legend browser platform; iOS/Android mobile apps) Yes web dashboard; no official mobile app (third-party/TradingView yes)
Desktop trading? No; Robinhood Legend is a free browser-based (web) platform, not downloadable. No
API Trading? Yes for crypto (official US Crypto Trading API); no official stocks/equities trading API. Yes (Alpaca Trading API)
Mutual Funds: Offered? No No
Total Mutual Funds 0 None
NTF Mutual Funds 0 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 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 (Robinhood Strategies hybrid managed portfolios) No
Robo-Advisor Service Robinhood Strategies N/A
Robo-Advisor Fees 0.25% AUM/yr; Gold ($5/mo): 0% over $100k ($250/yr cap). $50 min. ETF expenses extra. N/A
Basics: Headquarters Menlo Park, CA San Mateo, CA
Year Founded 2013 2015
Clearing Firm Robinhood Securities, LLC Self-clearing (Alpaca Clearing)
Local Branches? No No
New Account Minimum $0 $0

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