Compare
Alpaca vs Firstrade
The same facts side by side. Swap a broker from the menu under its logo; the best value in each row is marked.
- Alpaca leads
- 2
- Firstrade leads
- 1
- Level
- 6
Of 9 scored facts, Alpaca leads on 2, Firstrade on 1, and 6 are level. Countries and the offer are not scored.
Head-to-head
The best value in each row is marked; rows where every broker matches carry no mark.| Fact |  Alpaca |  Firstrade |
|---|---|---|
| Fee per contract | $0 per contract | $0 per contract |
| Alpaca, Partner, index and professional rates differ | Firstrade, Regulatory fees apply | |
| Exercise and assignment | Not published | Free |
| Approval | Spreads | Naked putsBest |
| Alpaca, Up to defined-risk spreads | Firstrade, Up to naked short options | |
| 0DTE | Yes | Yes |
| Index options (SPX) | Yes | Yes |
| Options on futures | No | No |
| Spreads in an IRA | No | No |
| Portfolio margin | Not published | Not published |
| Margin rate | 6.25%Best | 11.50% |
| Platforms | Web, API | Web, Mobile |
| Paper trading | Yes | Not published |
| 24/7 support | Not published | Yes |
| Countries | US and worldwide; support confirms if your country is supported | US persons, plus residents of 27 listed countries |
| QuantWheel | Sync · Trade soonBest | Not connected |
| Alpaca, Reads the account; placing orders from QuantWheel is coming soon | ||
| Offer |
Facts from each broker's fee schedule and options agreement, checked 8 October 2026. Best marks the lowest cost or the widest allowance in a row.
The two brokers
One paragraph each.Alpaca$0 per contract · exercise fee not published · spreads
Alpaca opens options accounts for residents of the United States and the United Kingdom, among the 9 countries this directory covers. It charges $0 per contract (Partner, index and professional rates differ). It does not publish its exercise and assignment fees. It approves up to defined-risk spreads. It trades on Web, API. QuantWheel syncs positions and trades from the account and suggests; placing orders from QuantWheel is coming soon, so today you place them at the broker.
Firstrade$0 per contract · free exercise · naked puts
Firstrade opens options accounts for residents of the United States, the United Kingdom, Germany, Singapore, India and Mexico, among the 9 countries this directory covers. It charges $0 per contract (Regulatory fees apply). Exercise and assignment are free. It approves up to naked short puts, not naked calls. It trades on Web, Mobile. It is not connected to QuantWheel.
What each costs for the way you trade
A year of fees from each broker's published prices, checked 7 and 8 October 2026.
- Alpaca$0.07 a trade, 10% of your premium, fee not published
- $1,194 a year
- Firstrade$0.04 a trade, under 0.1% of your premium
- $3.67 a year
at least $1,191 a year less at Firstrade
Not counted because Alpaca does not publish them: assignment fee, platform fee, inactivity fee. Not counted because Firstrade does not publish them: clearing fee, FINRA trading activity fee, platform fee, inactivity fee.
Estimates from published fees. Your broker statement can differ, and brokers change fees. A fee a broker does not publish is never counted as $0.
Questions people ask
Alpaca vs Firstrade