Hedge Funds & Prop Firms An effortless, institutional-grade API for your fund

With Trading API's simple integration, ultra-low latency and cost-effective plans, your strategy launches quickly and scales with ease

$0.0005

per share traded

*As low as with Elite Smart Router

5.00%*

Margin rate

*When using Alpaca Elite

Borrow fee on ETB

5,000+ Easy-to-Borrow (ETB) securities available

1.5ms

Order processing

99.99%

System Uptime

Since January 2025

Responsive and scalable to support your growth

Developer-First API

Start trading in just hours (not weeks). Connect to Alpaca's Trading API to quickly execute across paper or live and elevate your experience with Alpaca Elite.

Performance-Driven Platform

Execute at ultra-low latency, powered by a next-gen OMS that makes processing 100x faster with real-time event streaming via WebSockets. We support FIX messaging, Direct Market Access Gateway*, and advanced order routing.

Streamlined Operations and
White-Glove Support

Simplify onboarding for international business accounts including Portfolio Transfers— all supported by a dedicated institutional team. Have a particular request? We’d be happy to get on a call with you.

Licensed, secure and fully self-clearing

Self-Clearing Operations

We clear and custody as members of DTCC, FICC, and OCC to provide trade processing, settlement, and security at reduced costs for our global partners.

Direct Market Access

Our Nasdaq membership provides us low-latency, direct order book connectivity and comprehensive order types for precise execution.

Regulated & Protected

We're a FINRA-regulated entity with SIPC protection up to $500,000 per customer (cash sub-limits apply) and optional excess coverage where applicable.

Security & Privacy by Design

We adhere to the highest standards in security and privacy protection: ISO 27001:2022 certified, SOC 2 Type II controls, GDPR, EU US DPF, CSA Level 1, and ICO standards.

Order Privacy

We protect institutional order flow to prevent front-running, reduce market impact, and safeguard trading—ensuring execution and confidentiality at scale.

Alpaca takes a proactive approach to safeguarding client assets. Customer cash is segregated into a special reserve account with one of America's highest-rated credit banks, ensuring it is held exclusively for the benefit of customers. Additionally, Alpaca does not engage in proprietary trading*— ensuring that our customers are always put first."

Tammy Wetterwald, CFO of Alpaca Clearing

Dedicated resources and support ready for you

Get quickly integrated with our docs

Trade a variety of asset classes like stocks, ETFs and options, easily. Plus use up to 4x buying power for intraday and 2x for overnight trades, short selling, and advanced order types — all delivered through our reliable API.

Have a question? Great, let's talk!

Our dedicated institutional sales team is here to help. Reach out to us with any inquiries, and we'll provide the support you need.

Disclosures

Brokerage services are provided by Alpaca Clearing, member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc.

Technology and services are offered by AlpacaDB, Inc.

Brokerage services are provided to customers who can write automated investment code and self-direct their own investments. Alpaca brokerage services are only provided to customers who agree to electronically sign agreements and agree to receive messages, confirmations, and statements electronically. Is Alpaca right for me?

This is not an offer, solicitation of an offer, or advice to buy or sell securities or cryptocurrencies, or open a brokerage account or cryptocurrency account in any jurisdiction where Alpaca Clearing or Alpaca Crypto respectively, are not registered or licensed, as applicable.

The Paper Trading API is offered by AlpacaDB, Inc. and does not require real money or permit a user to transact in real securities in the market. Providing use of the Paper Trading API is not an offer or solicitation to buy or sell securities, securities derivative or futures products of any kind, or any type of trading or investment advice, recommendation or strategy, given or in any manner endorsed by AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate and the information made available through the Paper Trading API is not an offer or solicitation of any kind in any jurisdiction where AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate (collectively, "Alpaca") is not authorized to do business.

You should know that the use or granting of any third party access to your account information or place transactions in your account at your direction is solely at your risk. Alpaca does not warrant against loss of use or any direct, indirect or consequential damages or losses to you caused by your assent, expressed or implied, to a third party accessing your account or information, including access provided through any other third party apps, systems, or sites.

Market prices, data and other information available through Alpaca are not warranted as to completeness or accuracy and are subject to change without notice. System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. A more complete description of the impact these factors may have can be found in our risks of automated trading systems section.

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.

There are risks unique to automated trading algorithms that you should know about and plan for. You should setup a method or system of continuous monitoring or alerting to let you know if there is a mechanical failure, such as connectivity issues, power loss, a computer crash, or system quirk. You should also monitor for instances where your automated trading system experiences anomalies that could result in errant, missing, or duplicated orders. A more complete description of these and other risks can be found in our FAQ section.

Conditional orders may have increased risk as a result of their reliance on trigger processing, market data, and other internal and external systems. Such orders are not sent to the market until specified conditions are met. During that time, issues such as system outages with downstream technologies or third parties may occur. Conditional orders triggering near the market close may fail to execute that day. Furthermore, our executing partner may impose controls on conditional orders to limit erroneous trades triggering downstream orders. Alpaca Clearing may not always be made aware of such changes to external controls immediately, which may lead to some conditional orders not being executed. As such, it is important to monitor conditional orders for reasonability. Conditional orders are “Not Held” orders whose execution instructions are on a best efforts basis upon being triggered. Furthermore, conditional orders may be subject to the increased risks of stop orders and market orders outlined above. Given the increased potential risk of using conditional orders, the client agrees that Alpaca Clearing cannot be held responsible for losses, damages, or missed opportunity costs associated with market data problems, systems issues, and user error, among other factors. By using conditional orders the client understands and accepts the risks outlined above. Alpaca Clearing encourages leveraging the use of Paper accounts to become more comfortable with the intricacies associated with these orders.

ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities.

All accounts are opened as limited purpose margin accounts. You should know that margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. For more information please see Alpaca's Margin Disclosure Statement and Margin Agreement. These disclosures contain information on Alpaca Clearing's lending policies, interest charges, and the risks associated with margin accounts.

Any fee you pay is based on the specific transaction and not the value of your account. In general, we do not charge a commission for trades. However, certain arrangements with authorized business partners may preclude commission free trades by Alpaca Clearing. If your account is established via an authorized business partner, please refer to the fee schedule provided through your authorized partner’s website or platform. Customers of Alpaca Clearing should refer to the Alpaca Clearing Brokerage Fee Schedule. Please ensure you review the fees and costs identified on any confirmations and statements you receive.

Cryptocurrency is highly speculative in nature, involves a high degree of risks, such as volatile market price swings, market manipulation, flash crashes, and cybersecurity risks. Cryptocurrency is not regulated or is lightly regulated in most countries. Cryptocurrency trading can lead to large, immediate and permanent loss of financial value. You should have appropriate knowledge and experience before engaging in cryptocurrency trading. For additional information please click here.

Cryptocurrency services are made available by Alpaca Crypto, a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Please see the Disclosure Library for more information.