Alpaca review
Updated September 28, 2026 · BrokerCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Alpaca charges $0 a stock and $0 an options contract, and its position on stock trade fee is 1 of 161 brands ranked. It suits experienced traders and day-traders who want API access and a mobile app, not beginners wanting guided investing or a long market list.
Key facts
- Best for
- Experienced traders and day-traders who place their own orders.
- Stock trade fee
- $0 (Source, checked September 26, 2026)
- Markets
- Stocks, ETFs, Options, Crypto (Source, checked September 26, 2026)
- Regulators
- SIPC (Source, checked September 26, 2026)
- Investor protection
- SIPC up to USD 500,000 (Source, checked September 26, 2026)
- Options contract fee
- $0 (Source, checked September 26, 2026)
- Platforms
- Trading API, TradingView, Mobile app (Source, checked September 26, 2026)
- Legal entity
- ALPACA SECURITIES LLC (Source, checked September 26, 2026)
- Support channels
- Chat, Help-centre, Community, Email (Source, checked September 26, 2026)
- Features
- Demo account, Fractional shares, Crypto, Options, Mobile app
- Pricing model
- Commission-free
- Audience
- Experienced traders, Day traders
- Official website
- alpaca.markets
Pros and cons
Pros
- Access to Trading API, TradingView and Mobile app lets you run orders yourself, from API to charts to app.
- Investor protection of SIPC up to USD 500,000 on the account.
- demo account, fractional shares and crypto puts fractional shares, a demo account, crypto, options and a mobile app in one place.
Cons
- The market list runs to stocks, etfs and options, leaving out forex, CFDs, bonds and funds.
- Support runs on chat, help centre and community only, with no phone line listed.
- Across the stock brands here, 72.03% of retail accounts lose money, and commission free pricing does not change that.
Who it suits
- Experienced traders who want to place their own orders through Trading API, TradingView and Mobile app.
- Day-traders and options traders, with options in stocks, etfs and options at $0 a contract.
- US investors whose holdings sit inside SIPC up to USD 500,000.
Who should look elsewhere
- eToro, for a wider asset list with forex, CFDs and futures: stocks, etfs and forex.
- Vantage, if you need metals in the same account: forex, cfds and stocks.
- CFI, if forex and CFDs alongside stocks matter more than an API: stocks, etfs and forex.
How your money is protected
Alpaca holds a US listing with SIPC, and the registration is SIPC member 69928. Money held on the account is described as SIPC up to USD 500,000. SIPC is the only regulator named, so that figure is the cover available rather than one layer among several. Readers comparing costs should treat it as a ceiling on the scheme, not a promise about returns.
The company behind it
The contracting entity is ALPACA SECURITIES LLC, named against the US registration SIPC member 69928. Support runs on chat, help centre and community, so questions go to chat, email, the help centre or the community, and no phone line appears in that list. The entity name and the registration both point to the same scheme that sets the protection figure.
How Alpaca compares
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Where Alpaca is available
- Licence in United States
- SIPC (SIPC member 69928), checked September 26, 2026
Frequently asked questions
What does it cost to trade stocks and options at Alpaca?+
Stock trades cost $0 and an options contract costs $0, and the pricing model is commission free. The table median for a stock trade sits at €0, so Alpaca sits at the cheapest end of the market. Those per-trade figures are the only charges listed for the account.
Who regulates Alpaca and how is the account protected?+
Protection is stated as SIPC up to USD 500,000, the firm is recorded as SIPC member 69928 and the legal entity behind the account is ALPACA SECURITIES LLC. The only regulator named is SIPC, so that figure is the cover a reader can point to. No UK regulator is listed for the account.
Which markets can I trade through Alpaca?+
The market list is stocks, etfs and options. That covers equities, ETFs, options and crypto in one account, and it leaves out forex, CFDs, bonds and funds. A trader who needs currencies or contract for differences alongside equities would have to look at another broker.
What can I use to place trades?+
Access comes through Trading API, TradingView and Mobile app, so orders can go from a self-run API to TradingView charts or the mobile app. The app is part of the feature set along with fractional shares, a demo account, options and crypto. Trading through an API suits anyone building their own screens or automations.
Who is Alpaca aimed at?+
The stated audience is experienced and day traders, so the platform is aimed at traders who already know what they want to do. A demo account is part of the feature set, which gives room to test the interface before committing money. The trading API sits alongside the mobile app rather than replacing it.
How do I get help if something goes wrong?+
Support runs on chat, help centre and community, so questions go to chat, email, the help centre or the community. No phone number appears in that list, which leaves callers without a listed route. Traders running their own algorithms may find that fine and get answers in the community instead.
Can I buy fractional shares and practise on a demo first?+
Both are listed in demo account, fractional shares and crypto, alongside options, crypto and the mobile app. A demo account lets the platform be tried before any money goes in, and fractional shares let a position be sized below a whole share. Fractional shares appear on 25.7% of the brands here, so the feature is not a given elsewhere.
How likely am I to lose money trading here?+
Across the stock brands in the table, 72.03% of retail accounts lose money, and the range runs 40.3% to 88%. On options the median is 69%. Alpaca's commission free model changes the cost, not the odds.
Sources
- sipc.org/list-of-members checked September 26, 2026
Backs: Regulators, Investor protection, Legal entity, Licences
“reportingFileNumber=69928; name=ALPACA SECURITIES LLC”
- alpaca.markets checked September 26, 2026
Backs: Audience, Platforms, Markets
“Execute your trading algorithms”
- alpaca.markets/options checked September 26, 2026
Backs: Features
“Paper trade, backtest, and execute”
- alpaca.markets/support checked September 26, 2026
Backs: Support channels
“Frequently Asked Questions, Community Forum, Community Slack”
- walletinvestor.com/news/trading-news/alpaca-trading-api-a... checked September 26, 2026
Backs: Stock trade fee, Options contract fee, Pricing model
“$0 commission for eligible retail API trades”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Minimum deposit, Account fee, Inactivity fee, Retail accounts that lose money.