Tradestation vs Alpaca Comparison: Fees, Features, and More (2026)
Tradestation 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.
| Feature | Tradestation | Alpaca |
|---|---|---|
| Website | https://www.tradestation.com/ | 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; routing/clearing 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 | Yes, via API |
| Crypto Trading? | Yes | Yes (most US states via API/dashboard; 24/7) |
| Crypto Fees | Tiered maker/taker pricing based on account balance | 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 | $0.80/contract standard tier; $0.40/contract multi-leg | $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs |
| Bond Trading Available? | Yes; Treasuries, corporate, and municipal bonds | 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? | Yes; TradeStation Desktop/Web/Mobile | No |
| API Trading? | Yes; TradeStation WebAPI and FIX APIs | Yes (Alpaca Trading API) |
| Mutual Funds: Offered? | Yes | No |
| Total Mutual Funds | Over 2,000 | None |
| NTF Mutual Funds | Not publicly stated | None |
| Non-NTF Fund Fee | $14.95 | N/A |
| Early Redemption Fee? | Varies by fund | N/A |
| Redemption Hold (Days) | Fund-specific | N/A |
| Early Redemption Fee | Fund-specific | N/A |
| Accounts: Margin Accounts? | Yes | Yes; all accounts opened as margin (limited margin if equity under $2,000). |
| IRAs Offered? | Yes; Traditional, Roth, SEP, SIMPLE, and Rollover | Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements. |
| HSAs Offered? | No | No |
| Money Market Sweep? | No | 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 | No | No |
| Robo-Advisor Service | None | N/A |
| Robo-Advisor Fees | Not applicable | N/A |
| Basics: Headquarters | Plantation, FL | San Mateo, CA |
| Year Founded | 1982 | 2015 |
| Clearing Firm | TradeStation Securities, Inc. (self-clearing) | Self-clearing (Alpaca Clearing) |
| Local Branches? | No; corporate offices only | No |
| New Account Minimum | $0 |
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