Alpaca is an API-first brokerage platform rather than a conventional research-led retail broker. Its Trading API lets direct customers automate U.S. stock, ETF and options workflows, while its Broker API lets fintech firms build their own customer-facing investment product on Alpaca’s infrastructure.[1][2]
The technology company, securities broker and crypto company are separate. Alpaca Securities LLC—also presented as Alpaca Clearing—is the FINRA/SIPC broker-dealer and self-clearing firm. AlpacaDB supplies technology, while Alpaca Crypto handles cryptocurrency under a separate money-services framework without SIPC protection.[1]
Alpaca at a glance
| Measure | Value | Context |
|---|---|---|
| Broker-dealer | Alpaca Securities LLC dba Alpaca Clearing | FINRA CRD 288202; SEC number 8-69928.Source 1Source 9 |
| Core interfaces | REST, WebSocket/streaming APIs and web dashboard | Designed for algorithmic and embedded brokerage use.Source 2 |
| Asset classes | U.S. stocks/ETFs, options and selected fixed income | Crypto is supplied by a separate affiliate.Source 1 |
| Global infrastructure reach | 7 million+ brokerage accounts across 40+ countries | Company-reported partner scale, not direct retail-account count.Source 1 |
| Developer community | 61,000+ monthly active developers | Company-reported measure.Source 1 |
Direct trading and embedded brokerage
| Route | Primary user | What Alpaca supplies |
|---|---|---|
| Trading API | Programmatic trader, retail investor, fund or prop firm | Account, market data, orders, positions and streaming interfacesSource 2Source 1 |
| Broker API | Fintech, adviser or broker building an app | Account opening, funding, trading, custody and operational infrastructureSource 1 |
| Connect/OAuth | Third-party application linking to an Alpaca account | User-authorised access under OAuth scopesSource 1 |
| Paper trading | Developer testing | Simulated environment; not proof of live liquidity or executionSource 2 |
Trading and account costs
| Measure | Value | Context |
|---|---|---|
| U.S. stock/ETF commission | US$0 under the standard direct schedule | Regulatory, market-data, service and special-order fees can remain.Source 3 |
| Options commission | US$0 under the current direct schedule | Exchange, OCC, regulatory and contract-related charges can apply.Source 3Source 5 |
| Margin interest | 6.50% a year | Current support-page rate; charged on end-of-day debit using a 360-day basis.Source 4 |
| Minimum for margin/shorting | US$2,000 account equity | Below this level the account is restricted to 1x buying power.Source 4 |
Direct Trading API: orders and session boundaries
| Operation | Documented rule |
|---|---|
| Extended hours | Set extended-hours eligibility and use a limit order with day or GTC time-in-force; unsupported combinations are rejected.Source 10 |
| Overnight orders | Limit orders only. Day orders remain eligible into the upcoming trading day and cancel at 20:00 ET if unfilled.Source 11 |
| Overnight buying power | Day Trading Buying Power does not apply; the published maximum multiplier is 2x, subject to account eligibility.Source 11 |
| Changing a notional order | The replacement endpoint does not modify a notional-sized order; cancel it and submit a new order instead.Source 10 |
Regulatory fees and pass-throughs
| Measure | Value | Context |
|---|---|---|
| SEC fee | Sell transactions at the current principal-based rate | Rounded under the fee schedule and passed to the regulator.Source 5 |
| FINRA TAF | Per-share sell fee with a cap | Applied per trade under the current published rate.Source 5 |
| CAT fee | Per executed equivalent share | Applies to equity and options activity and can be charged on buys and sells.Source 5 |
| Options exchange/OCC fees | Contract- and venue-specific | Zero Alpaca commission does not remove third-party charges.Source 3Source 5 |
Direct Trading API: equity data plans checked 13 October 2026
| Equity-data parameter | Basic | Algo Trader Plus |
|---|---|---|
| Monthly plan price | USD 0 | USD 99Source 7 |
| Real-time coverage | IEX | All US stock exchangesSource 7 |
| Streamed symbols | 30 | UnlimitedSource 7 |
| History start | 2016 | 2016Source 7 |
| Latest historical interval | Latest 15 minutes restricted | No such restrictionSource 7 |
| Historical API request limit | 200 per minute | 10,000 per minuteSource 7 |
Cash availability and transfer processing
Sections ↑Alpaca’s still-published November 2022 direct-account FAQ describes a normal six-business-day withdrawal hold on ACH deposits, separate from buying power. It describes withdrawal to the originating bank and up to seven business days for a SWIFT deposit to post. These are dated help-page terms, not a fresh guarantee of every account’s current bank-change procedure; retain the transfer confirmation for tracing.[12]
For Broker API integrations, the transfer endpoint accepts incoming and outgoing ACH, but only outgoing wires; incoming wires originate at the sending bank. Wire withdrawals require an approved bank relationship. Sandbox ACH settles against virtual funds and wire withdrawals are simulated, so a successful sandbox transfer is not evidence of real bank arrival.[13]
Cash, lending and protection
| Feature | Structure | Protection boundary |
|---|---|---|
| Brokerage cash | Held in the securities account unless swept | SIPC applies to eligible missing-property claims, not market lossSource 6 |
| FDIC Bank Sweep | Cash moved to participating banks | Intended for pass-through FDIC protection subject to programme limitsSource 1 |
| Fully Paid Securities Lending | Eligible securities can be lent | Loaned stocks are not covered by SIPC while on loan; collateral arrangement appliesSource 1 |
| Crypto | Alpaca Crypto LLC | Not FINRA/SIPC or FDIC protectedSource 1 |
SIPC and excess coverage
| Measure | Value | Context |
|---|---|---|
| Standard SIPC | US$500,000 including US$250,000 for cash claims | Does not protect changes in market value.Source 6 |
| Excess per customer | Up to US$75m securities and US$75m cash | Current 2026 support-page statement after standard SIPC is exhausted.Source 6 |
| Excess aggregate | US$250m across Alpaca Securities accounts | Subject to policy terms and aggregate availability.Source 6 |
| BrokerCheck | CRD 288202 | Current U.S. broker-dealer record.Source 9Source 1 |
Corporate and regulatory roles
| Entity | Role | Regulatory boundary |
|---|---|---|
| Alpaca Securities LLC / Alpaca Clearing | Brokerage, clearing and custody | FINRA/SIPC; CRD 288202Source 1Source 9 |
| AlpacaDB, Inc. | Technology and API infrastructure | Not the securities broker merely because it supplies the softwareSource 1 |
| Alpaca Crypto LLC | Cryptocurrency service | FinCEN MSB/NMLS route; no SIPC or FDICSource 1 |
| Programme banks | Cash-sweep deposit holders | FDIC protection applies under bank-sweep terms, not to securitiesSource 1 |
Company background & evidence
Sections ↑- Headquarters
- San Mateo, California, United States — distributed global workforce
- Founded
- 2015 technology company; broker-dealer registered in 2018
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Alpaca Securities LLC dba Alpaca Clearing
| Issuer & identifier | Recorded status | Date & scope |
|---|---|---|
| Financial Industry Regulatory Authority288202 | Registered | Checked 10 Oct 2026Current FINRA BrokerCheck firm record; SEC number 8-69928.Source 9Source 1 |
Sources & further reading
- About Alpaca and regulatory structure Alpaca · Accessed 10 Oct 2026
- Alpaca Trading API Alpaca · Accessed 10 Oct 2026
- Alpaca Securities brokerage fee schedule Alpaca · Accessed 10 Oct 2026
- Margin requirements and current rate Alpaca Support · 1 Sep 2026 · Accessed 10 Oct 2026
- Regulatory fees Alpaca Support · 1 Feb 2026 · Accessed 10 Oct 2026
- SIPC and excess coverage Alpaca Support · 1 Feb 2026 · Accessed 10 Oct 2026
- US Market Data API: direct Trading API and separate Broker API plans Alpaca Documentation · Accessed 13 Oct 2026
- Stocks, options, fixed income and crypto access Alpaca · Accessed 10 Oct 2026
- Alpaca Securities LLC — FINRA BrokerCheck firm 288202 FINRA BrokerCheck · Accessed 10 Oct 2026
- US Trading API: extended-hours eligibility and notional-order replacement Alpaca Documentation · Accessed 13 Oct 2026
- Direct Trading API overnight session: order types, expiry and buying power Alpaca Documentation · Accessed 13 Oct 2026
- Direct-account deposit FAQ: ACH withdrawal hold and SWIFT tracing Alpaca Support · Accessed 13 Oct 2026
- Broker API transfers: supported directions, approved banks and sandbox behaviour Alpaca Documentation · Accessed 13 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.