Alpaca

What is Alpaca?

Alpaca is a developer-first API platform for algorithmic trading across stocks, options, and cryptocurrency, operated by Alpaca Securities LLC. The platform enables builders to programmatically execute trades, backtest strategies, and embed financial services into applications through REST and FIX protocol integrations.

The Trading API provides real-time and historical market data, zero-commission order execution, and backtesting capabilities for multi-leg options strategies including spreads, straddles, and condors. The Broker API offers an end-to-end brokerage platform with sub-accounting (OmniSub), high-yield cash accounts with up to $2.5M FDIC coverage, and securities lending functionality. Extended hours trading is available 24/5 with automatic session-aware routing. Alpaca recently launched an MCP Server enabling natural language trade execution powered by AI. The platform supports fractional shares, tokenized equities through the Instant Tokenization Network, and Shariah-compliant investing options. Users include fintech startups, robo advisors, hedge funds, prop trading firms, digital wallet providers, and crypto exchanges.

Alpaca operates on a freemium model with free access to core APIs and paid tiers for advanced features and higher usage limits. The Elite tier targets algorithmic traders requiring low-cost execution and institutional-grade features. Developers can access comprehensive documentation, code snippets, SDKs including Alpaca-Py, and community support through Slack and GitHub. The platform integrates with TradingView for charting and QuantConnect for quantitative backtesting workflows. Geographic and regulatory restrictions apply to certain features like tokenization services.

Competitive alternatives include Interactive Brokers API, Polygon.io for market data, and Tastytrade's API for options-focused traders. Alpaca's primary differentiation lies in its commission-free structure, simplified onboarding for developers, and unified a