Alpaca Trading Alternatives

The best alternatives to Alpaca Trading are

1. TD Ameritrade - US-based stockbroker
2. Robinhood - US zero-fee discount broker
3. Webull - US discount broker

Let's see in a bit more detail how the Alpaca Trading alternatives compare to Alpaca Trading and each other:

Why are these brokers considered good alternatives to Alpaca Trading? There are many areas based on which Alpaca Trading can be compared with others. When we say a given online broker is a good alternative to Alpaca Trading we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

Alpaca Trading alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• Alpaca Trading is recommended for traders interested in algorithmic stock trading
• TD Ameritrade is recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
• Robinhood is recommended for beginners and buy-and-hold investors focusing on the us stock market
• Webull is recommended for investors and traders looking for zero-commission trading and focusing on us markets

Important factors of finding Alpaca Trading alternatives

So far BrokerChooser has reviewed 77 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether Alpaca Trading or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Alpaca Trading is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Alpaca Trading alternative.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Alpaca Trading this is not a problem as you can have it ready on the same day you registered.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Alpaca Trading, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Alpaca Trading alternative is a must.

Now let's dive into the details of how Alpaca Trading and its alternatives perform in the most important areas!

Alpaca Trading was founded in 2015 and it's a commission-free API stockbroker. Alpaca is based in San Mateo, CA, and is only available to US residents. It is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). Alpaca Trading, although it is still a young startup, is regulated by top-tier regulators, which increases its safety for investors and traders. 

Alpaca provides access to the US stock markets, historical data, and fundamental data through their API.  Alpaca's founders believe their software allows retail traders to capitalize on the machine learning and automation that historically only institutional investors have been able to use. Coders have the opportunity to build their own algorithms and contribute to the Alpaca developers community.  Eventually, Alpaca founders have expressed interest in opening up pre-made algorithms to non-coders, but for now, their platform also includes capabilities for manual order-entry and research.

Recommended for traders interested in algorithmic stock trading

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Fees

4.9

Alpaca Trading offers zero-commission stock and ETF trading and low margin rates. The non-trading fees are also competitive: there is no account fee or inactivity fees. For wire withdrawals, there is a fee, but this is consistent with other US brokers.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

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Account opening

4.8

Opening an account with Alpaca is quick and digital, with no minimum deposit required. Our account was verified within one business day. Integrating your Alpaca account with third-party softwares can be a bit complicated, but there is great guidance on Alpaca's website.

Learn more about Alpaca Trading minimum deposit here.

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Deposit and withdrawal

1.8

Alpaca provides easy-to-use and free withdrawal and deposits through bank transfer. Similar to the other US brokers, Alpaca does not support multiple currencies or credit/debit card funding. Furthermore, there is a high fee for wire withdrawals.

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Web trading platform

3.7

Alpaca's web trading platform is useful for using alongside the API. It feels safe, user-friendly, and visually pleasing. However, it does not allow for customization, there are no price alerts, and the search function is limited.

Learn more about Alpaca Trading's web trading platform in the detailed Alpaca Trading review.

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Markets and products

2.0

Alpaca Trading currently only provides access to US stocks and ETFs. Other asset classes, like options or bonds, and international market coverage are missing.

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Verdict

Alpaca Trading is a great broker for traders looking to build their own algorithms and focusing on the US market.

The API tools are extremely great and the fees are low: zero commission, no inactivity, or deposit fees. In addition, Alpaca provides free access to software such as Polygon, Alpha Vantage, and TradingView, which have great research capabilities. 

On the other hand, Alpaca has limited customer support. For technical issues, their email support is available, otherwise, customers are directed to GitHub where other community users can help debug code or offer suggestions. Further, you can use only bank transfer to deposit or withdraw Lastly, it must be noted that Alpaca only provides access to US stocks and ETFs.

Overall, for users interested in algo trading, Alpaca is an up and coming broker that is constantly improving its products and adjusting to technological advancements. It is unique in its current space and provides a great product for traders from all different experience levels. If you are looking for a strong and savy API stockbroker, join Alpaca and see what the hype is about. 

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TD Ameritrade was founded in 1975 and is one of the biggest US-based stockbrokers. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).

TD Ameritrade is considered a safe broker since it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials, and is overseen by top-tier regulators.

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

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Fees

4.3

TD Ameritrade offers free stock and ETF trading, while forex, bond and options fees are also low. On the other hand, it charges high fees for mutual funds and futures.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

3.6

TD Ameritrade offers many different account types, and there is no minimum deposit for US citizens.

If you are interested more in TD Ameritrade minimum deposit, this overview will help you.

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Deposit and withdrawal

2.2

TD Ameritrade has user-friendly account funding with no deposit fees, but USD is the only available base currency, and wire transfers incur a high fee.

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Web trading platform

4.3

TD Ameritrade offers a good web trading platform with a clean design. On the flip side, the platform is not customizable.

Learn more about TD Ameritrade's web trading platform in the detailed TD Ameritrade review.

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Markets and products

4.0

You can trade many asset classes, from stocks to futures and forex, while nice extras include social trading and robo-advisory. On the other hand, only the US market is covered.

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Verdict

TD Ameritrade is one of the biggest US online brokers. It charges no commission on stock and ETF trades.

Research and education are outstanding at TD Ameritrade, offering you many useful tools. The 'thinkorswim' desktop trading platform is one of the best on the market. Customer service is great, you will get relevant answers within a short time.

TD Ameritrade has some drawbacks, though. It charges high financing (margin) rates, and it doesn't accept credit/debit cards and electronic wallets for money transfers. Furthermore, the product portfolio covers only the US market.

As TD Ameritrade offers great education tools including a demo account. We encourage you to try it.

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Robinhood is a US-based, zero-fee discount broker established in 2013. The company is regulated by top-tier financial authorities, such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Besides the brokerage service, Robinhood also introduced Cash Management to help clients earn interest on uninvested funds. Click here for more details on this great and unique service.

BrokerChooser is committed to bringing high transparency and clarity to its customers, including brokers and partners. BrokerChooser's Advertiser Disclosure.

Recommended for beginners and buy-and-hold investors focusing on the us stock market

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Fees

4.8

Trading US stocks and ETFs is free at Robinhood. The broker doesn't charge an inactivity or withdrawal fee.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

The account opening at Robinhood is seamless, fully digital and can be completed within a day. On the negative side, the broker only accepts US clients and IRA accounts are not available.

If you are interested more in Robinhood minimum deposit, this overview will help you.

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Deposit and withdrawal

2.3

Deposit and withdrawal at Robinhood are free and easy and a great cash management service is available. On the other hand, you can use only bank transfer and deposits above your 'instant' limit may take several business days.

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Web trading platform

4.5

Robinhood provides a safe, user-friendly and well-designed web trading platform. On the downside, customizability is limited.

Learn more about Robinhood's web trading platform in the detailed Robinhood review.

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Markets and products

2.4

Robinhood's product portfolio is limited, as it offers only stocks, ETFs, options and cryptos. Furthermore, assets are limited mainly to US markets.

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Verdict

The biggest argument in favor of Robinhood is its appealing fee structure. US stock trading is commission-free and there is no withdrawal or inactivity fee. Robinhood clients can trade on awesome and user-friendly mobile and web trading platforms. The account opening is easy, fast and fully digital.

Robinhood has some drawbacks though. Most of the products you can trade are limited to the US market. Customer support is weak; you can only reach them via e-mail and it can take some time to get an answer. The broker provides educational articles but little else to guide you in the world of trading.

If you want to trade US stocks for free and are looking for an easy-to-use platform, Robinhood is your best choice.

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Webull is a US-based fintech startup offering zero-fee or discount brokerage services. The company was founded in 2017 and is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull is considered safe because it is regulated by top-tier financial authorities and provides a maximum of $500,000 investor protection, including a $250,000 limit for cash under the Securities Investor Protection Corporation's (SIPC) protection scheme.

Recommended for investors and traders looking for zero-commission trading and focusing on us markets

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Fees

4.7

Webull offers commission-free trading for US-listed stocks, ETFs and options. There is no withdrawal fee for ACH transfers and no inactivity fee. However, wire transfer fees are quite high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

Webull's account opening process is seamless and fully digital, and verification takes less than a day. However, Webull is available only for clients from limited countries, such as the US.

If you are interested more in Webull minimum deposit, this overview will help you.

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Deposit and withdrawal

1.9

At Webull, you can use only bank transfer to add or withdraw funds, and wire transfer fees are high. As a plus, transferring money is easy and user-friendly and ACH transfers are free.

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Web trading platform

4.5

Webull offers an easy-to-use web trading platform suitable for both beginners and experts, with many advanced features. On the negative side, there is no two-step, safer login.

Learn more about Webull's web trading platform in the detailed Webull review.

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Markets and products

1.7

Webull has a limited product portfolio that includes only US-based stocks, ETFs and options. Popular asset types such as funds, bonds or forex are not available.

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Verdict

Webull's fees are great. You can trade with commission-free US stocks, ETFs and options. The account opening is easy, fully digital and fast. The platforms are easy to use and well-structured.

Webull has some drawbacks though. The product portfolio is quite limited, covering only US stocks, ETFs and options. You can use only bank transfer for deposit or withdrawal, and wire transfers are charged for both directions. Phone and email customer support are hard to contact.

As the account opening is seamless, and Webull offers commission-free stock and ETF trades, feel free to try it.

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Based on our analysis, there are several good alternatives to Alpaca Trading. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.