Reviewed by Sam Xu
Melbourne AI Expert
Overview
Alpaca provides easy-to-use APIs that enable developers and businesses to trade with algorithms, build financial apps, and embed investing into their services. The platform supports trading stock, options, and crypto, with features like instant tokenization, high yield cash, and multi-leg options strategies. It is trusted by millions of traders and hundreds of fintechs and institutions, offering commission-free trading and developer-friendly SDKs.
Key Features
- Instant Tokenization Network for tokenized equities with in-kind mint/redemption and 24/7 API access.
- High Yield Cash with competitive APY on uninvested USD and up to $2.5M FDIC sweep coverage.
- Multi-Leg Options for trading spreads, straddles, and condors with real-time/historical data and zero commissions.
- 24/5 Trading with always-on access, REST/FIX integration, and real-time overnight data.
- Fully Paid Securities Lending to earn passive income on owned securities.
- Stock Lending for automatic share lending and interest income while retaining ownership.
- OmniSub for API-first sub-accounting ledger with real-time visibility into positions and transactions.
- Commission-free stock and options trading via Trading API.
- Margin and short selling with up to 4X intraday and 2X overnight buying power.
- Backtesting with free and advanced market data.
Pros & Cons
Pros
- Commission-free trading, which means users can focus on making profitable trades
- Well-designed API for algo trading
- API-first design makes it easy to connect my own strategies and execute trades
- Supports stocks and crypto with commission-free execution and reliable real-time data
- Withdrawals and operations have been smooth
- For anyone building algo systems or just wanting a flexible trading backend, Alpaca is a dependable choice
Cons
- Never had an issue and I'm quite surprised about the negative reviews
- Only use the FIFO cost method, which is unethical
- Buggy beyond belief, and has wild false apparent swings
- Support is pretty much next to useless
- Won’t honor trade limits unless you are buying in 100 lot bundles
- Getting ready to pull money out of Alpaca
What Users Say About Alpaca
Quotes from G2, Reddit, and other public reviews
- 'I’ve been using Alpaca for trading stocks since 2023, then a couple of years. Never had an issue' – User, Trustpilot
- 'Well-designed API for algo trading’ – User, Trustpilot
- 'The API-first design makes it easy to connect my own strategies and execute trades' – User, Trustpilot
- 'Supports stocks and crypto with commission-free execution and reliable real-time data' – User, Trustpilot
- 'Alpaca interface was very easy and trades low-cost' – Reddit user
- 'Automating the day trading process has dramatically improved my trading results' – Medium user
Pricing
$0 borrow fees on ETB securities; commission-free trading
No specific plan names or prices listed; focuses on $0 commissions and fees for Trading API usage, with account-level configurability for High Yield Cash.
Affiliate link · Not financial advice
Final Verdict
Alpaca is ideal for developers and algo traders with its API-focused, commission-free platform. While praised for ease and reliability, some report bugs and support issues. This is not financial advice; research thoroughly.
Affiliate link · Not financial advice
About the Reviewer
Sam Xu
Verified ExpertMelbourne AI Expert • Melbourne, Australia
Sam Xu is a Melbourne-based AI specialist with over 8 years of experience in fintech and AI tool evaluation. He has researched 100+ investment tools and helps traders and investors choose the right technology for their needs.
Last updated: