This tutorial is a step-by-step demonstration of how to fund an account via the Broker API and is part of the Alpaca 101 Tutorial Series. We will move forward assuming that you’ve registered on the Alpaca website. If you haven’t please visit Alpaca and sign up. Feel free to check out the other tutorials in this series at Alpaca Resources.
Please note that this tutorial reflects a sandbox testing environment. If you decide to transition to a live production environment, features and entitlements may differ to ensure handling of clients’ live accounts are compliant with all applicable rules and regulations.
What is Broker API?
Alpaca is built for developers and traders. That being said we are incredibly excited to announce we have established our very own broker product that can evolve alongside the Alpaca platform. Alpaca users can develop in sandbox environments, allowing users to access all the functionality of an operational brokerage in parallel with becoming compliant with applicable rules and regulations should you decide to transition to a live production environment. We are releasing a series of tutorials to provide guidance on the core features of the Broker API, so make sure to check out Alpaca Resources. Let’s get started!
How to Fund an Account via Broker API
Step 1: Broker Dashboard
Similar to the Algo Dashboard, the Broker Dashboard displays all of the information relevant to one’s broker account. The main page, shown below, includes an overview of the number of active accounts, assets under management (AUM) along recent signups, transactions, and orders. When logging in for the first time, you will notice there is not any information present in the dashboard as below
There are also subpages for the firm’s balance, active accounts, transactions (orders and ACH/Wire transfers), and documents.
Step 2: Live Testing
To set up your environment first navigate to the
API/Devs page where there is a box in the right-hand corner called
Seed Env. By clicking this, your environment will be populated with random test users. This allows you to start testing different API calls without needing to create user accounts in your environment. After this, your dashboard should contain randomly generated test signups and amounts under Assets Under Management (AUM).
Now that the sandbox environment contains users, we can move on to testing out the API calls. Navigate first to the
API/Devs page and then the
Live Testing page which will look like this
This will be the medium in which we test the API call in the next section.
Step 3: Sending the Request Body
Let’s create a raw request to fund an account via the Broker API below. In this tutorial, we will be depositing $5000 via a wire transfer. As we want to transfer the amount into our account we will POST to the following endpoint:
/v1/transfers. Note in the sandbox environment, you can instantly deposit to or withdraw from an account with a virtual money amount. More information concerning transfers in the production environment can be found in our Broker Documentation.
Find the JSON body for our request below:
Step 4: Response for a Successful Request
If all has been successful one will receive the following response object which includes properties such as the type of transfer, amount, status, the direction of the transaction.
Great! Now, moving forward here are some important points to remember:
- In the sandbox environment, you can instantly deposit and withdraw from an account with a virtual money amount, however, for wire transfers in production, you would need to create the bank resource first using the Bank API.
- One can query a list of transfers for an account, specified by an
account_id, using the following API call:
Some Enums to be aware of:
- TransferDirection: INCOMING (Deposits) or OUTGOING (Withdrawals)
- TransferType: ach (ACH Transfer) or wire (Wire Transfers)
- TransferStatus: QUEUED, PENDING, REJECTED, and APPROVED with the respective qualifications of each status found here in the Broker Documentation.
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Commission-Free trading means that there are no commission charges for Alpaca self-directed individual cash brokerage accounts that trade U.S. listed securities through an API. Relevant SEC and FINRA fees may apply.