Alpaca review

Alpaca is a hosted API platform for trading and brokerage services, rather than a self-hosted trading server or a standalone client library. Developers connect applications and algorithms to its Trading API; businesses can use the Broker API to offer brokerage services inside their own products. The platform covers stocks, options and crypto, with market-data access for strategy development and trading workflows.

That puts Alpaca between an application and brokerage infrastructure: your code calls its APIs to access trading and market-data capabilities, while Alpaca provides the hosted service. The product also supports paper trading before deployment, according to the product facts. Multi-leg options can be traded, backtested and executed through API access. For firms building a financial app, the Broker API extends the integration beyond placing trades to offering brokerage services. Pricing and limits vary by API product, so a Trading API prototype and a Broker API deployment should be evaluated against different plan tables.

The integration surface is Alpaca's hosted APIs. The homepage names REST and FIX integration for its 24/5 Trading API offering, and Reddit users describe the REST APIs as straightforward. SDKs are available for Python, .NET/C#, Go, Node and more, according to the product facts. The homepage also names OAuth integration for connecting apps, algo bots and platforms such as TradingView.

Developers can use market data to backtest strategies and paper trade before deployment. Multi-leg options support covers trading, backtesting and execution, with access to real-time and historical data. Those capabilities give teams a path from strategy development to API-based execution, but the available data feeds and request limits depend on the plan. The homepage does not name a CLI or webhook integration surface; confirm current SDK coverage and implementation details in Alpaca's developer docs before choosing a language or integration pattern. For Broker API integrations, the product is aimed at businesses embedding brokerage services in their products.

Trading API access starts with Free (Basic) at $0 per month. It lists 200 API calls per minute and 200 historical-data requests per minute, with real-time equities from IEX, indicative options feeds, and a WebSocket allowance of 30 equity symbols and 200 options quotes. Historical data goes back to 2016, but the latest 15 minutes are restricted. Algo Trader Plus is $99 per month; it lists 10,000 API calls per minute, unlimited calls on the market-data interface, unlimited equity WebSocket symbols, 1,000 options quotes, and real-time SIP and OPRA feeds.

Broker API pricing is separate: Standard is $0 per month for equities and 1,000 requests per minute. StandardPlus3000 is $500 per month; StandardPlus5000 is $1,000; StandardPlus10000 is $2,000. The higher tiers list more requests per minute, and options are included at no extra charge on the two top tiers. The options indicative feed costs $1,000 per month on Standard and StandardPlus3000. Prices are monthly; annual rates and overage terms are not published.

Alpaca is presented as a hosted API service. The vendor does not publish an open-source licence or self-hosting option on its homepage, so teams should plan to integrate with an external service rather than deploy Alpaca as their own server. The homepage also does not describe a data-export mechanism; ask Alpaca what account, trading and market-data records can be exported, in which formats, and under what plan or retention terms.

The main migration work would be replacing the API integration and adapting any application logic to another provider's trading, brokerage and market-data interfaces. That is a manageable boundary if your code keeps provider-specific calls behind an adapter, but trading workflows and data assumptions can create lock-in if they are spread through the application. Confirm access to historical records and account data before making Alpaca a system of record.

Rate limits and data entitlements are the first production checks. Free (Basic) lists 200 API calls per minute and a restricted latest 15 minutes of historical data; the paid Trading API tier lists 10,000 calls per minute. Broker API limits vary from 1,000 to 10,000 requests per minute across the listed plans. Match those caps, WebSocket allowances and feed types to expected concurrent users and strategy activity, and ask what happens at the limit because overage behavior is not published.

Reddit users report that Alpaca's data API changed and that some developers now use other sources for data. Other comments raise concerns about live crypto execution and fill quality. Those are user reports, not a service-level guarantee; validate feed suitability and execution requirements with Alpaca before relying on them. Alpaca's disclosures also warn that orders outside regular hours can face price fluctuations, partial executions or delays. Account protections differ by where funds are held: brokerage funds are described as SIPC insured, while FDIC sweep funds are intended to qualify for pass-through FDIC coverage and are not SIPC protected.