Alpaca VS Interactive Brokers
Cross-category comparison: each provider serves a different trader workflow.
UPDATED 2026-05-27 · 3 axes scored
WINNER · INTERACTIVE BROKERS · 1/3 AXES
Quick Decision
▶ PICK ALPACA IF DATA-API
- Retail algo traders
- Python quants
- Paper trading bots
- US equity automation
▶ PICK INTERACTIVE BROKERS IF BROKER
- Active multi-asset traders
- Algo developers
- International traders
- Margin/futures traders
Side-by-Side Matrix
| METRIC | ALPACA | INTERACTIVE BROKERS |
|---|---|---|
| Free Tier | Yes | Yes |
| Affiliate Program | No | Yes |
| Asset Coverage Breadth | 3 classes | 9 classes |
| Asset Coverage | US Equities · US Options · Crypto | US Equities · Global Equities · Options · Futures · Forex · Bonds · Mutual Funds · ETFs · Cryptocurrencies |
| Category | data api | broker |
Asset Class Coverage
Where the two providers overlap and where each has unique coverage.
| ASSET CLASS | ALPACA | INTERACTIVE BROKERS |
|---|---|---|
| Bonds | — | ✓ Covered |
| Crypto | ✓ Covered | — |
| Cryptocurrencies | — | ✓ Covered |
| ETFs | — | ✓ Covered |
| Forex | — | ✓ Covered |
| Futures | — | ✓ Covered |
| Global Equities | — | ✓ Covered |
| Mutual Funds | — | ✓ Covered |
| Options | — | ✓ Covered |
| US Equities | ✓ Covered | ✓ Covered |
| US Options | ✓ Covered | — |
| TOTAL CLASSES | 3 | 9 |
Only Alpaca
US Options · Crypto
Only Interactive Brokers
Global Equities · Options · Futures · Forex · Bonds · Mutual Funds · ETFs · Cryptocurrencies
Shared · 1
US Equities
Pricing Tier Map
Full tier ladder side-by-side · names and prices as published by each provider · 2 vs 3 tiers.
ALPACA · 2 TIERS FREE TIER
01
Free $0/mo
Real-time IEX data + paper trading
02
Algo Trader Plus $99/mo
SIP real-time data + unlimited API calls
▲ Free Tier · Free tier: real-time IEX feed, unlimited historical (15-min delay on SIP)
INTERACTIVE BROKERS · 3 TIERS FREE TIER
01
IBKR Tiered $0.0035/share
Min $0.35/order; volume-tiered down to $0.0005/share; exchange fees passed through
02
IBKR Fixed $0.005/share
Min $1.00/order; flat per-share commission, all exchange fees included
03
IBKR Lite $0/trade
Commission-free US stocks/ETFs (PFOF-routed)
▲ Free Tier · Live data subscriptions sold separately; demo (paper) account is free
Fit Profile
ALPACA · PROFILE DATA-API
Best For
- Retail algo traders
- Python quants
- Paper trading bots
- US equity automation
Not Ideal For
- International markets
- Deep historical tick data
- Options analytics
Full Alpaca Review
INTERACTIVE BROKERS · PROFILE BROKER
Best For
- Active multi-asset traders
- Algo developers
- International traders
- Margin/futures traders
Not Ideal For
- Casual investors (TWS learning curve)
- Pure US-stock-only retail (cheaper niche brokers exist)
Full Interactive Brokers Review
Adjacent Comparisons
Related matchups — same category first, then cross-category for context.
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