Alpaca: Platform Profile

Overview

Alpaca is an API-first brokerage infrastructure company that also offers direct self-directed brokerage accounts.

Its current product set spans:

• U.S.-listed stocks;
• ETFs;
• fractional shares;
• options;
• margin;
• Traditional IRAs;
• Roth IRAs;
• crypto through a separate affiliated entity;
• trading APIs;
• broker APIs;
• market-data APIs;
• higher-tier routing through Alpaca Elite.

The biggest stale-data trap is retirement accounts.

Older Alpaca documentation can still state that retirement accounts are unsupported.

That is no longer current.

Alpaca introduced Traditional and Roth IRAs for direct Trading API users in May 2026.

May fit better for

• developers building automated trading systems;
• investors who want an API-first brokerage;
• quantitative traders;
• investors using fractional shares;
• self-directed options traders;
• investors who want conventional Traditional or Roth IRAs with API access;
• higher-balance traders who can qualify for Alpaca Elite.

May fit less well for

• investors who want a branch network;
• users who want extensive human investment guidance;
• investors seeking mutual funds;
• users who want one legal entity for securities and crypto;
• investors who need direct bond inventory;
• users who assume an API platform is automatically a low-cost fit for every trading style.

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Current broker-dealer

Current FINRA BrokerCheck:

• Broker dealer: Alpaca Securities LLC
• CRD: 288202
• SEC number: 8-69928
• FINRA member: Yes
• SIPC member: Yes

Alpaca Securities also operates under Alpaca Clearing branding in applicable infrastructure relationships.

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Direct-account minimum

Current Alpaca support:

• Individual live brokerage minimum deposit: $0

Business accounts can have separate funding requirements.

Current business-account beta disclosures show:

• Business account initial funding: $30,000

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Stocks and ETFs

Current self-directed individual pricing:

• Eligible US stock commission: $0
• Eligible US ETF commission: $0

Regulatory, CAT, routing, transfer, and other applicable fees can still apply.

Authorized partner programs and institutional arrangements can use different economics.

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Fractional shares

Current support states:

• Minimum fractional notional order: $1

That is an order-size minimum.

It is not an account-opening minimum.

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Options

Current individual self-directed accounts support options.

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Margin

Current Alpaca support:

• Standard margin rate: 6.25%
• Minimum equity for margin or short: $2,000
• Below 2000 equity buying power: 1x / limited margin

The margin rate is variable.

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Alpaca Elite

Current Elite requirements:

• Minimum deposit: $100,000
• Margin rate: 4.75%

Current equity execution choices include:

• All in price: $0.0040/share
• Cost plus base: $0.0025/share or lower with volume tiers

Exchange fees, rebates, and other pass-through costs can affect Cost Plus.

Current Elite also includes Algo Trader Plus, currently marketed at a $99/month value.

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Transfer and account fees

Current 2026 fee schedule includes:

• Incoming ACATS: $0
• Outgoing ACATS full or partial: $100
• Domestic wire: $25
• International wire: $50
• DRS outgoing: $125 per security
• DRS reject: $200
• DTC outgoing: $50 per security
• Internal transfer: $50

These are current schedule references and update triggers.

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2026 IRA launch — mandatory

Current May and June 2026 Alpaca materials support:

• Traditional IRA: Yes
• Roth IRA: Yes
• US tax resident requirement: Yes
• Active trading account required: Yes

Older Alpaca pages can still say retirement accounts are not supported.

Use the current 2026 IRA launch materials.

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IRA functionality

Current IRA documentation:

• Limited margin: 1x
• Options level: up to Level 2
• Crypto in IRA: No
• Backdoor Roth conversion: No

Transfer/rollover documentation has changed across Alpaca materials.

Keep transfer and rollover support as update triggers.

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IRA category

Traditional and Roth IRAs at Alpaca are conventional brokerage retirement accounts.

The ROIStreet Self-Directed IRAs category is reserved for alternative-asset custodial structures.

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Crypto is legally separate

Current crypto provider:

• Crypto provider: Alpaca Crypto LLC
• NMLS: 2160858
• FinCEN MSB: Yes
• FINRA broker dealer: No
• SIPC crypto: No
• FDIC crypto: No

Alpaca Crypto is a wholly owned affiliate of AlpacaDB.

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Current crypto pricing

Current lowest-volume tier:

• Crypto 30 day volume 0 to 100k:
• Maker: 0.15%
• Taker: 0.25%

Higher-volume tiers can be lower.

Store the fee table as an update trigger.

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Crypto withdrawals

Current support states:

• Crypto withdrawal platform fee: 0.5% of amount withdrawn
• Network or gas fee: additional

Supported withdrawals depend on:

• asset;
• network;
• jurisdiction.

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Crypto custody

Current support describes:

• Crypto custodian: Alpaca Crypto LLC
• Wallet security infrastructure: Fireblocks MPC-CMP

Assessment

Alpaca's strongest differentiation is not a screen or watchlist.

It is infrastructure.

The direct consumer can use the same API-first architecture that powers outside fintech products.

The 2026 IRA launch materially broadens that use case.

The legal split still matters:

Alpaca Securities handles brokerage securities; Alpaca Crypto handles crypto.

One interface or API ecosystem does not mean one legal counterparty or one protection regime.