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Broker Comparison

Alpaca Trading vs CMC Markets

Compare Alpaca Trading and CMC Markets side by side: fees, regulation, platforms.

Alpaca Trading

Alpaca Trading

API-driven and algorithmic traders

Alpaca Trading is a US API-first broker offering commission-free stocks, ETFs, options and crypto trading wit…

VS
CMC Markets

CMC Markets

Active forex and CFD traders

CMC Markets is a CFD and forex broker founded in 1989, with MT4, MT5, TradingView and its own web and mobile …

Head-to-head comparison

Alpaca Trading vs CMC Markets
Feature Alpaca Trading CMC Markets
Minimum deposit - There is no minimum deposit required to open an account
Stock trading fee Commission: Free for self-directed retail API accounts; SEC fee and FINRA TAF pass-through on sell transactions -
Regulators FINRA, SIPC, FinCEN BMA
Best for API-driven and algorithmic traders Active forex and CFD traders
Markets & account
Stocks
ETFs
Forex
-
CFDs
-
Crypto
Bonds
-
Options
-
Fractional Shares
-
Margin
-
Demo Account
Spread Betting
-

Pros & cons

Alpaca Trading

Alpaca Trading

Pros

  • Commission-free stocks, ETFs and options for self-directed retail API accounts
  • Paper trading environment available at no cost
  • Fractional shares supported
  • 24/5 extended trading hours on 100+ US stocks
  • Multi-leg options strategies supported
  • FINRA/SIPC member with up to $500,000 SIPC protection
  • Margin available at 4x intraday and 2x overnight
  • Securities lending program with potential income for shareholders

Cons

  • Platform is primarily API-driven; web and mobile apps are available but offer fewer features than conventional retail brokerage interfaces
  • Crypto accounts are not protected by FDIC or SIPC
  • Domestic wire withdrawals cost $25; international wires cost $50
  • Outbound ACATS transfer costs $100
  • Not suited for investors who prefer a full-featured retail brokerage app
  • Commission-free status may not apply to accounts opened through business partners
CMC Markets

CMC Markets

Pros

  • No minimum deposit required to open an account
  • No CMC deposit or withdrawal fees currently charged
  • FX Active spreads from 0.0 pips on six major FX pairs
  • 25% spread discount on 300+ other forex pairs with FX Active
  • $2.50 commission per $100,000 currency trade on FX Active
  • 0% commission on UK and European share CFDs
  • GSLO premium refunded 100% when the order is not triggered
  • MetaTrader accounts allow hedging positions by default

Cons

  • £10 monthly inactivity fee after one year without trading
  • Market data subscriptions may apply for some share CFDs
  • Guaranteed stop-loss orders require a premium
  • MT4 CFD accounts cannot access Next Generation or TradingView
  • MT4 offers only currencies, indices, commodities and cryptocurrencies
  • MT4 and MT5 demo accounts expire after 30 days of inactivity
  • MetaTrader close-out can occur below 50% of margin requirement
  • Term deposits for client money may require up to 95 days' notice
Alpaca Trading

Alpaca Trading

Alpaca Trading is a US API-first broker offering commission-free stocks, ETFs, options and crypto trading with a paper trading environment and margin accounts.

Visit Alpaca Trading Read review

Your capital is at risk. Other fees apply.

CMC Markets

CMC Markets

CMC Markets is a CFD and forex broker founded in 1989, with MT4, MT5, TradingView and its own web and mobile platforms.

Visit CMC Markets Read review

Your capital is at risk. Other fees apply.

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