Alpaca
alpaca.markets
API-first US broker with commission-free stock, ETF and options trading, paper trading, and market data free on IEX or $99 a month for all exchanges.
What it is
Alpaca is a brokerage built to be used from code. Instead of a traditional trading app, it offers a trading API for US stocks, ETFs, options (including multi-leg spreads, straddles and condors) and crypto, with SDKs for Python, .NET/C#, Go and Node, a paper trading environment that mirrors the live API, fractional shares and margin accounts with up to 4x intraday and 2x overnight buying power. It also runs an MCP server so AI assistants can place trades in natural language, and a Broker API for companies building their own brokerage apps.
The market data API comes in two tiers. The free plan gives real-time stock data from the IEX exchange only over websockets, limited to 30 symbols, 15-minute delayed data from the REST API, indicative (not exchange) options quotes, crypto data and more than seven years of history, at 200 API calls a minute. Algo Trader Plus, at $99 a month, switches to data from all US exchanges, real-time OPRA options data, unlimited symbols and unlimited API calls.
Stock, ETF and options trades are commission-free for self-directed retail accounts trading through the API, although regulatory fees apply. Crypto is traded through Alpaca Crypto LLC and is not commission-free: it carries maker and taker fees that start at 0.15% and 0.25% and fall with 30-day volume.
Key features
- Trading API
- REST and websocket API for US stocks, ETFs, options and crypto, with SDKs in Python, .NET/C#, Go and Node.
- Paper trading
- A simulated account on the same API, for testing strategies before switching to real money.
- Market data API
- Real-time and historical bars, quotes, trades, snapshots and corporate actions, with more than seven years of history on both plans.
- Options trading
- Commission-free options through the API, including multi-leg orders such as spreads, straddles and condors.
- Fractional shares and margin
- Fractional share orders and margin accounts with up to 4x intraday and 2x overnight buying power.
- MCP server
- Lets AI assistants that support MCP query accounts, fetch data and place orders in natural language.
Pricing
| Plan | Price | What you get |
|---|---|---|
| Market data Free | $0 | IEX real-time via websocket (30 symbols), 15-minute delayed REST data, indicative options quotes, 200 API calls/min |
| Algo Trader Plus | $99/mo | All US exchanges, real-time OPRA options data, unlimited symbols and API calls |
Stock, ETF and options trading is commission-free for self-directed retail accounts via the API; regulatory fees apply. Crypto trading fees range from 0.15% maker and 0.25% taker down to 0% maker and 0.10% taker, depending on 30-day volume. Full fees are in Alpaca's brokerage fee schedule.
Free option: A free brokerage account with paper trading and the free market data plan: IEX-only real-time data over websockets for up to 30 symbols, 15-minute delayed REST data, indicative options quotes, crypto data and more than seven years of history.
Checked September 25, 2026 on alpaca.markets. Prices change; confirm on the provider's site before you subscribe.
Strengths
- Trading, paper trading and market data from one API and one account
- Commission-free stocks, ETFs and options for self-directed retail API users
- A free data tier that is enough to build and test a strategy
- SDKs in several languages and an MCP server for AI tools
Limitations
- The free data plan uses a single exchange (IEX) rather than all US exchanges, and delays REST data 15 minutes
- Free options quotes are indicative; real-time OPRA data needs the $99 plan
- Crypto trades carry maker and taker fees, unlike stocks and options
- There is no traditional point-and-click trading platform; it is built for people who write code
Good fit for
- Developers building and automating their own trading systems
- Python traders who want paper trading on the same API as live trading
- Fintech builders who need market data and execution from one provider
Look elsewhere if
- Traders who want a full-featured desktop or mobile trading platform
- Anyone needing futures or non-US markets
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Alpaca questions
Is Alpaca's market data API free?
Yes, the free plan includes real-time IEX data over websockets for up to 30 symbols, 15-minute delayed REST data and more than seven years of history. Full-exchange data is $99 a month with Algo Trader Plus.
Does Alpaca charge commissions?
Not on US stocks, ETFs and options for self-directed retail accounts trading through the API, though regulatory fees apply. Crypto trades have maker and taker fees.
Does Alpaca have options data?
The free plan has indicative options quotes. Real-time OPRA options data is included in Algo Trader Plus.
Can I paper trade with Alpaca?
Yes. Paper trading uses the same API as live trading, so code can move from testing to a real account with few changes.
What is the difference between IEX and SIP data?
IEX data comes from a single exchange, while SIP-level data covers all US exchanges. Alpaca's free plan uses IEX; Algo Trader Plus covers all US exchanges.
Written from Alpaca's own website and documentation. All Trading Tools lists and compares tools; it does not recommend trades or give financial advice. Sources: alpaca.markets, alpaca.markets/data, alpaca.markets/pricing, docs.alpaca.markets/us/docs/crypto-fees.