Alpaca: Fees, Features, and More (2026)
Alpaca is an API‑first brokerage aimed at developers and quant‑minded investors who want to automate trades rather than click through a dashboard. The platform supports full‑ and fractional‑share stock/ETF orders alongside partner‑facilitated crypto trading at about 0.35 % per transaction, all executable programmatically via its open Trading API. With no built‑in web or desktop interface—and no options, bonds, or mutual funds—Alpaca keeps the toolset lean so traders can focus on coding, margin‑enabled strategies with no account minimum.
| Feature | |
|---|---|
| Website | https://alpaca.markets/ |
| Broker Type | API-first self-clearing broker-dealer (Trading API for retail/algo; web dashboard available) |
| Trading: Stock & ETF? | Yes |
| ETF & Stock commission | $0 commission (retail US stocks/ETFs); plus SEC/FINRA/CAT fees. Elite Smart Router: $0.0005–$0.004/share |
| Fractional Shares? | Yes (from $1 notional; 2,000+ US equities) |
| Percent Allocations? | Yes, via API |
| Crypto Trading? | Yes (most US states via API/dashboard; 24/7) |
| Crypto Fees | Maker/taker 0.15%/0.25% (under $100k 30d vol) to 0%/0.10% ($100M+); on received asset |
| Options Trading? | Yes (Levels 1-3 equity/ETF; index options live) |
| Options Fee | $0 commission retail equity/ETF options; index $0.50/contract + ORF/OCC/exchange pass-throughs |
| Bond Trading Available? | No (Broker API partners only; not Trading API/dashboard retail) |
| Receives payment for order flow (PFOF)? | Yes (receives PFOF rebates) |
| Interface: Web trading? | Yes web dashboard; no official mobile app (third-party/TradingView yes) |
| Desktop trading? | No |
| API Trading? | Yes (Alpaca Trading API) |
| Mutual Funds: Offered? | No |
| Total Mutual Funds | None |
| NTF Mutual Funds | None |
| Non-NTF Fund Fee | N/A |
| Early Redemption Fee? | N/A |
| Redemption Hold (Days) | N/A |
| Early Redemption Fee | N/A |
| Accounts: Margin Accounts? | Yes; all accounts opened as margin (limited margin if equity under $2,000). |
| IRAs Offered? | Yes; Traditional and Roth IRAs for US tax residents (Trading API). SEP-IRA in agreements. |
| HSAs Offered? | No |
| Money Market Sweep? | Yes; opt-in FDIC Bank Sweep/High-Yield Cash for uninvested cash (variable APY, up to $1M FDIC). |
| CDs Offered? | No |
| Robo-Advisor: Offered | No |
| Robo-Advisor Service | N/A |
| Robo-Advisor Fees | N/A |
| Basics: Headquarters | San Mateo, CA |
| Year Founded | 2015 |
| Clearing Firm | Self-clearing (Alpaca Clearing) |
| Local Branches? | No |
| New Account Minimum | $0 |
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