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Alpaca review

Founded 2015 (company); broker-dealer approved 2018HQ California, USA (main office in New York per BrokerCheck)Platforms Web, API

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QuantWheel

Sync · Trade soon

Direct integration. QuantWheel reads your positions and trades at Alpaca and gives you personalized suggestions. Placing orders from QuantWheel is coming soon.

Fee per contract
$0 per contract
to open a contract
Exercise and assignment
Not published
per event
Approval
Spreads
up to spreads
Margin rate
6.25%
on a $50,000 balance
Countries
US and worldwide; support confirms if your country is supported
from the broker's own pages

What you can trade

From the options agreement

  • 0DTE
  • Index options (SPX)
  • Options on futures, not offered
  • Spreads in an IRA, not offered
  • Portfolio margin (Not published)
  • Paper trading
  • 24/7 support (Not published)

PlatformsWeb, API

Cost to open

Per-contract fee only

One cash-secured put1 contract
$0
Ten-lot iron condor40 contracts
$0
Twenty covered calls20 contracts
$0
One turn of the wheelput assigned, call exercised, 2 contracts
Not published

Exchange fees and per-order minimums are extra where the fee schedule has them.

What Alpaca costs for the way you trade

A year of fees from Alpaca's published prices, checked 7 and 8 October 2026.

How you trade
8
1
$1.20
Alpaca standard price$0.07 a trade, 10% of your premium
$1,194 a year
Among 21 brokers open to residents of the United StatesLowest is Firstrade at $3.67 a year, plus small regulatory fees it does not publish
21st on the fees it publishes

Not counted because Alpaca does not publish them: assignment fee, platform fee, inactivity fee.

Compare every broker for this pattern

QuantWheel

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Direct integration. QuantWheel reads your positions and trades at Alpaca and gives you personalized suggestions. Placing orders from QuantWheel is coming soon.

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Fees explained

What each line of the fee schedule means for an options order

Alpaca

$0 per contract, charged on each leg. A ten-lot iron condor is 40 contracts, so $0 to open, and the same again if you close it before expiry. Exchange fees and per-order minimums are extra where the fee schedule has them.

Not published Cost to open

The options agreement approves up to spreads in a margin account. Spreads are not allowed in an IRA. It does not publish whether portfolio margin is offered.

Not offered.

What changed at Alpaca

Every fee, term and policy we track, with the day it moved

No change recorded since the last check. A change to a fee or a rule appears here on the day we record it.

Questions people ask

Answered from the documents above

Alpaca

Yes, it is Sync · Trade soon. QuantWheel syncs the account's positions and trades and suggests trades and rolls; placing orders from QuantWheel is coming soon. Connect Alpaca

$0 per contract; one fee for exercise and assignment is not published, from the fee schedule checked 8 October 2026. Exchange fees are extra. Compare fees across brokers

0DTE trading is allowed. Index options such as SPX are offered. The options agreement approves up to spreads in a margin account. Brokers for 0DTE

US and worldwide; support confirms if your country is supported, according to Alpaca's own pages. Check with Alpaca before you open an account. Brokers by country

Facts from Alpaca's own fee schedule and options agreement, checked 8 October 2026.