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Alpaca vs Robinhood
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
- 0
- Robinhood leads
- 1
- Level
- 8
Of 9 scored facts, Alpaca leads on 0, Robinhood on 1, and 8 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 |  Robinhood |
|---|---|---|
| Fee per contract | $0 per contract | $0 per contract |
| Alpaca, Partner, index and professional rates differ | Robinhood, Index contracts and other fees extra | |
| Exercise and assignment | Not published | Free |
| Approval | Spreads | Spreads |
| Alpaca, Up to defined-risk spreads | Robinhood, Up to defined-risk spreads | |
| 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% | 5.05%Best |
| 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 only (SSN, US address; citizen, permanent resident or valid visa) |
| QuantWheel | Sync · Trade soon | Sync-only |
| Alpaca, Reads the account; placing orders from QuantWheel is coming soon | Robinhood, Reads the account; you place the orders | |
| 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.
Robinhood$0 per contract · free exercise · spreads
Robinhood opens options accounts for residents of the United States only. It charges $0 per contract (Index contracts and other fees extra). Exercise and assignment are free. It approves up to defined-risk spreads. It trades on Web, Mobile. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.
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
- Robinhood$0.07 a trade, under 0.1% of your premium
- $6.64 a year
at least $1,188 a year less at Robinhood
Not counted because Alpaca does not publish them: assignment fee, platform fee, inactivity fee. Not counted because Robinhood does not publish them: 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 Robinhood