Alpaca Elite Low-Cost, Advanced Algorithmic Trading with White-Glove Support
Alpaca Elite is a packaged solution designed to elevate your trading journey. Whether you're looking to optimize your trading strategies with higher API limits, premium order types, and enhanced cost-effective execution, or seeking access to a team of experts to streamline operational efficiency, Alpaca Elite is designed to fulfill all your needs and more.
Alpaca Elite Agreement
This Alpaca Elite Agreement (the “Agreement”) sets forth the terms and conditions for a customer (“You”) to participate in the Alpaca Elite plan (“Alpaca Elite”), as described herein. Alpaca Elite is offered by Alpaca Securities LLC (“Alpaca”). Alpaca Elite is a plan through which You can receive access to certain premium account features and/or products based on certain eligibility criteria. You understand such eligibility criteria is subject to change. You understand that Alpaca may at any time and in its sole discretion, alter any fees or preferred rates and add or remove features from Alpaca Elite. You understand that Alpaca may at any time, in its sole discretion and without notice, remove your Alpaca Elite access, including if you no longer meet the eligibility criteria for the Alpaca Elite plan. You understand that this Agreement is not a recommendation to make a specific investment or to use any specific investment strategy.
Stock Lending Disclosures
Alpaca Elite users earn 50% of the interest income, while all other users can earn 20% of the interest income. For more information on Alpaca Elite please see the For more information on
Alpaca Elite please see the terms and conditions.
Please read Important Risk Disclosures With Respect To Participating In Fully Paid
Securities Lending Transactions
carefully before deciding whether to participate in lending Fully Paid Securities Lending or agreeing to enter into a Master Securities Lending Agreement with Alpaca Securities LLC.
These disclosures describe important characteristics of, and risks associated with engaging in, securities-lending transactions.
High-Yield Cash Disclosures
*Alpaca Securities offers a high-yield cash management program pursuant to the FDIC Bank Sweep.
Customer funds are treated differently and are subject to separate regulatory regimes depending on whether
customer funds are held in their brokerage account or within the FDIC Bank Sweep. Specifically, Alpaca
Securities is a member of the Securities Investor Protection Corporation (SIPC), which protects securities
customers of its members up to $500,000 (including $250,000 for claims for cash). The Federal Deposit
Insurance Corporation (FDIC) insures up to $250,000 per deposit against the failure of an FDIC member bank.
Customer funds held in brokerage accounts are SIPC insured, but are not eligible for FDIC insurance coverage.
Funds maintained in the FDIC Bank Sweep are intended to be eligible for pass-through FDIC insurance coverage,
but are not subject to SIPC coverage. FDIC insurance coverage does not protect against the failure of Alpaca,
Alpaca Securities, or any of its or their affiliates and/or malfeasance by any Alpaca or Alpaca Securities
employee. Program banks that participate in the FDIC Bank Sweep are not members of SIPC and therefore funds
held in the Program are not SIPC protected.
Please see alpaca.markets/disclosures for important
additional disclosures regarding Alpaca Securities brokerage offering as well as FDIC Bank Sweep terms and conditions.
Please note that High-Yield Cash is only available to Alpaca users who are classified as non-pattern day traders.
For Advanced Traders & Quant Funds
Elite Smart Router
A wide array of advanced investing and trading strategies are supported with higher API limit and cost-effective pricing.
Lower Margin Rate
Competitive rate at 5.5% (base rate + 1.0%). Non-elite rate is 7.0% (base rate + 2.5%)
*Base rate refers to the Fed Funds Rate
FIX API + Next-Gen OMS
Easily integrate with our APIs and execute multiple strategies at low latency with our FIX messaging and next-gen OMS.
White-Glove Account Support
High-touch account management support from a team of experts to ensure efficient operational management.
Free Market Data Subscription
Get Algo Trader Plus on us (value of $99/month). Only for personal use.
Asset Class Diversification
Trade stocks, ETFs, options, and crypto—all in one place. Earn interest on your idle cash and increase buying power with our High Yield Cash* program.
Deposit $30,000 to unlock
Elite Smart Router
Eligible to switch to an institutional-grade electronic trading strategy for enhanced order execution (commission-applies).
High Interest Stock Lending
Elite users are eligible to earn 50% of the interest income on shares that are on loan. Maximize your returns with Alpaca's Stock Lending Program.
Commission-Free
For Retail Investors
- $0 Commissions on US listed stocks, ETFs, and options
- No minimum deposit required
Elite Smart Router
For Advanced Traders
- Advanced order execution with low costs
- Premium order types
- Low minimum deposit required
Commissions
US Exchange-listed stocks / ETFs
US Exchange-listed Options
Crypto (only available to selected regions see here)
Direct Market Access Gateway
Direct Market Access Gateway is provided solely by DASH Financial Technologies ("DASH"), a member of the listed exchanges. Alpaca enables customers to route orders to the selected exchange through DASH's DMA capabilities.
Eligible Accounts
Retail Investors
Business Accounts
Minimum Net Deposit
$0
$30,000
Direct Market Access Gateway
Direct Market Access Gateway is provided solely by DASH Financial Technologies ("DASH"), a member of the listed exchanges. Alpaca enables customers to route orders to the selected exchange through DASH's DMA capabilities.
Account Features
Paper Trading
API Trading
API Calls Limit
Extended Hours Trading
200 calls / minute
1000 calls / minute
Direct Market Access Gateway
Direct Market Access Gateway is provided solely by DASH Financial Technologies ("DASH"), a member of the listed exchanges. Alpaca enables customers to route orders to the selected exchange through DASH's DMA capabilities.
Premium Order Types
MOO / LOO
(Market Open / Limit Open)
MOC / LOC
(Market Close / Limit Close)
IOC (Immediate or cancel)
VWAP (Volume Weighted Average Price)
TWAP (Time-Weighted Average Price)
DMA Gateway* (Direct Market Access)
PVOL (Percent of Volume)
Midpoint Peg
Coming soon
Coming soon
Direct Market Access Gateway
Direct Market Access Gateway is provided solely by DASH Financial Technologies ("DASH"), a member of the listed exchanges. Alpaca enables customers to route orders to the selected exchange through DASH's DMA capabilities.
Elite Smart Router: Pricing Comparison for Stocks Trading
Monthly Shares Traded*
Up to 200,000
200,001 to 1,000,000
1,000,001 to 10,000,000
10,000,001 to 50,000,000
50,000,001 or more
Pass-Through Fees
All-in (Fixed)
$0.0040
Regulatory Fees
Cost Plus (Tiered)
$0.0025
$0.0020
$0.0015
$0.0010
$0.0005
Regulatory Fees
Exchange Fees or Rebates
Exchange Fees or Rebates
*The total number of shares that have been traded within a given month and will be reset at the beginning of the following month.
All-in Plan
A straightforward, predictable cost structure at $0.0040 per share, encompassing all potential fees and rebates (not including regulatory fees).
Cost Plus Plan
Exchange fees or rebates are directly passed back to you. Alpaca will charge $0.0025 or lower with volume tiering as a commission on top of your pass-through fees or rebates. Depending on your order flows, you may receive rebates that can offset the Alpaca commission to lower your overall trading cost.
Deposit $100,000 to unlock
Lower Margin Rate
Competitive rate at 5.5% (base rate + 1.0%). Non-elite rate is 7.0% (base rate + 2.5%).
*Base rate refers to the Fed Funds Rate
Free Market Data Subscription
Get Algo Trader Plus on us (value of $99/month) - only for personal use.
White-Glove Account Support
High-touch account support from a team of experts to ensure efficient operational management.
Frequently Asked Questions
How can I join Alpaca Elite?
Sign up for an account and deposit $30,000 today. Happy trading!
Do I need to apply to receive the perks?
No, with a $30,000 deposit, you are eligible to switch to the Elite Smart Router. With a $100,000 deposit, you will automatically receive a lower margin rate, free market data subscription, and white-glove account support.
What is Elite Smart Router?
It is an institutional-grade electronic trading strategy offering cost-effective solutions with higher API limits and premium order types. For example, Alpaca will try to access dark and non-displayed liquidity before crossing the spread on marketable orders.
Does qualifying for Alpaca Elite automatically switch me to Elite Smart Router?
No, Elite users can stay commission-free as long as the order flows
remain retail in nature. See
here for factors that could flag a user as non-retail.
How does pricing work for Elite Smart Router?
All-In Plan: $0.0040 per share, encompassing all potential fees and
rebates (not including regulatory fees)
Cost-Plus Plan: $0.0025 or lower per share with volume tiering as a commission on top of your pass-through fees or rebates. Depending on your order flows, you may receive rebates that can offset the Alpaca commission to lower your overall trading cost.
Cost Plus example 1:
Buy 10 shares of XYZ @ market price
Order is executed on an exchange that charges a fee to take liquidity of $0.0020 per share
User is charged 10 x $0.0020 = $0.020 for exchange fees
User is charged 10 x $0.0020 = $0.020 of commission from Alpaca
User is charged $0.040
Cost Plus example 2:
Buy 10 shares of XYZ limit price of $10
Limit price is not marketable and therefore the limit order rests in the orderbook of an exchange
Order is eventually executed at the limit price and exchange pays a rebate of $0.0018 per share
User receives 10 x $0.0018 = $0.018 rebate from exchange
User is charged 10 x $0.0020 = $0.020 of commission from Alpaca
User is charged $0.002
Notes:
Cost-Plus Plan: $0.0025 or lower per share with volume tiering as a commission on top of your pass-through fees or rebates. Depending on your order flows, you may receive rebates that can offset the Alpaca commission to lower your overall trading cost.
Cost Plus example 1:
Buy 10 shares of XYZ @ market price
Order is executed on an exchange that charges a fee to take liquidity of $0.0020 per share
User is charged 10 x $0.0020 = $0.020 for exchange fees
User is charged 10 x $0.0020 = $0.020 of commission from Alpaca
User is charged $0.040
Cost Plus example 2:
Buy 10 shares of XYZ limit price of $10
Limit price is not marketable and therefore the limit order rests in the orderbook of an exchange
Order is eventually executed at the limit price and exchange pays a rebate of $0.0018 per share
User receives 10 x $0.0018 = $0.018 rebate from exchange
User is charged 10 x $0.0020 = $0.020 of commission from Alpaca
User is charged $0.002
Notes:
- The examples above are only indicative and will depend on where the orders are actually executed. Alpaca utilizes an institutional grade smart order router that has access to a variety of exchanges, ATS and dark pools.
- The examples above do not consider REG and TAF fees
Alpaca Securities
Alpaca Securities LLC is a member of Financial Industry Regulatory Authority, Inc. (FINRA) and Depository Trust & Clearing Corporation (DTCC).
You can check the background of Alpaca Securities on FINRA's BrokerCheck. Alpaca Securities is also a member of SIPC - securities in your account are protected up to $500,000. For details, please visit www.sipc.org
Get Started Today!
Have questions or need assistance? Our customer support team is here to help. Contact us at [email protected] and we are happy to assist.
