Options Trading with Alpaca

Paper trade, backtest, and execute your multi-leg options trading strategies on Alpaca's Trading API.

All commission-free.

Commission-free options*

*For retail investors

99.99%

Uptime

Since January 2025

1.5ms

Order processing

API Broker*

*elected by BrokerChooser

Advanced Options Trading

Develop single and multi-leg options strategies to suit your portfolio needs

API & Dashboard Ready

Trade options easily and intuitively via Trading API or our web dashboard

Execution Optimized

Execute orders at ultra-low latency, powered by our next-gen OMS

Why build with Alpaca's Trading API?

Free and Easy to Use API

SDKs are available in Python, .NET/C#, Go, Node, and more

Backtest and Paper Trade with Real-Time Market Data

With up to 10,000 API calls/min and over 7 years of historical data

Optimized for High-Volume Traders

Leverage a full suite of order types at competitive pricing with Alpaca Elite

Comprehensive Asset Classes

Gain exposure to US equity options plus crypto, stocks, and ETFs

Thriving Oauth Ecosystem

Use Alpaca Connect to discover apps built by traders just like you

Explore our docs

Join those already trading options with Alpaca

Options Beta Tester

"The API was seamless and similar to existing ones, was easy to adopt."

Options Beta Tester

"Response was fast on APIs"

Options Beta Tester

"The documentation matched my experience using the API, and that's a 5 out of 5."

Frequently Asked Questions

What options trading levels are available at Alpaca?

Alpaca offers single and multi-leg options in paper trading, with live multi-leg options coming soon. Exchange-listed US equity and ETF options (American style) are supported, while index options will be added in the future.

What are Alpaca's option trading fees?

Options trading is always commission-free for retail customers with Alpaca's Trading API. Learn about non-retail activities here.

How much money do you need to start trading options with Alpaca?

No funding minimums are required, and opening a live trading account is always free with cost-effective funding methods.

Do I need to know how to code to trade options with Alpaca?

Not at all, you can trade options through our secure, easy-to-use web dashboard.

Can you paper trade options with Alpaca?

Absolutely, we offer step by step onboarding resources to get you started and paper trading quickly here.

Where can I find examples of advanced options strategies to build with Alpaca?

You can find examples of advanced options strategies like gamma scalping and iron condors on Alpaca Learn. Our tutorials offer detailed guidance and include code snippets to help you construct and deploy easily.

Start Trading Options Now

Trade thousands of contracts with zero commissions

Disclosures

Brokerage services are provided by Alpaca Securities, member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc.

Technology and services are offered by AlpacaDB, Inc.

Brokerage services are provided to customers who can write automated investment code and self-direct their own investments. Alpaca brokerage services are only provided to customers who agree to electronically sign agreements and agree to receive messages, confirmations, and statements electronically. Is Alpaca right for me?

This is not an offer, solicitation of an offer, or advice to buy or sell securities or cryptocurrencies, or open a brokerage account or cryptocurrency account in any jurisdiction where Alpaca Securities or Alpaca Crypto respectively, are not registered or licensed, as applicable.

The Paper Trading API is offered by AlpacaDB, Inc. and does not require real money or permit a user to transact in real securities in the market. Providing use of the Paper Trading API is not an offer or solicitation to buy or sell securities, securities derivative or futures products of any kind, or any type of trading or investment advice, recommendation or strategy, given or in any manner endorsed by AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate and the information made available through the Paper Trading API is not an offer or solicitation of any kind in any jurisdiction where AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate (collectively, "Alpaca") is not authorized to do business.

You should know that the use or granting of any third party access to your account information or place transactions in your account at your direction is solely at your risk. Alpaca does not warrant against loss of use or any direct, indirect or consequential damages or losses to you caused by your assent, expressed or implied, to a third party accessing your account or information, including access provided through any other third party apps, systems, or sites.

Market prices, data and other information available through Alpaca are not warranted as to completeness or accuracy and are subject to change without notice. System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. A more complete description of the impact these factors may have can be found in our risks of automated trading systems section.

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.

There are risks unique to automated trading algorithms that you should know about and plan for. You should setup a method or system of continuous monitoring or alerting to let you know if there is a mechanical failure, such as connectivity issues, power loss, a computer crash, or system quirk. You should also monitor for instances where your automated trading system experiences anomalies that could result in errant, missing, or duplicated orders. A more complete description of these and other risks can be found in our FAQ section.

Conditional orders may have increased risk as a result of their reliance on trigger processing, market data, and other internal and external systems. Such orders are not sent to the market until specified conditions are met. During that time, issues such as system outages with downstream technologies or third parties may occur. Conditional orders triggering near the market close may fail to execute that day. Furthermore, our executing partner may impose controls on conditional orders to limit erroneous trades triggering downstream orders. Alpaca Securities may not always be made aware of such changes to external controls immediately, which may lead to some conditional orders not being executed. As such, it is important to monitor conditional orders for reasonability. Conditional orders are “Not Held” orders whose execution instructions are on a best efforts basis upon being triggered. Furthermore, conditional orders may be subject to the increased risks of stop orders and market orders outlined above. Given the increased potential risk of using conditional orders, the client agrees that Alpaca Securities cannot be held responsible for losses, damages, or missed opportunity costs associated with market data problems, systems issues, and user error, among other factors. By using conditional orders the client understands and accepts the risks outlined above. Alpaca Securities encourages leveraging the use of Paper accounts to become more comfortable with the intricacies associated with these orders.

ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities.

All accounts are opened as limited purpose margin accounts. You should know that margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. For more information please see Alpaca's Margin Disclosure Statement and Margin Agreement. These disclosures contain information on Alpaca Securities's lending policies, interest charges, and the risks associated with margin accounts.

Any fee you pay is based on the specific transaction and not the value of your account. In general, we do not charge a commission for trades. However, certain arrangements with authorized business partners may preclude commission free trades by Alpaca Securities. If your account is established via an authorized business partner, please refer to the fee schedule provided through your authorized partner’s website or platform. Customers of Alpaca Securities should refer to the Alpaca Securities Brokerage Fee Schedule. Please ensure you review the fees and costs identified on any confirmations and statements you receive.

Cryptocurrency is highly speculative in nature, involves a high degree of risks, such as volatile market price swings, market manipulation, flash crashes, and cybersecurity risks. Cryptocurrency is not regulated or is lightly regulated in most countries. Cryptocurrency trading can lead to large, immediate and permanent loss of financial value. You should have appropriate knowledge and experience before engaging in cryptocurrency trading. For additional information please click here.

Cryptocurrency services are made available by Alpaca Crypto, a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Please see the Disclosure Library for more information.

Options Trading with Alpaca

Advanced Options Trading

API & Dashboard Ready

Execution Optimized

Why build with Alpaca's Trading API?

Join those already trading options with Alpaca

Options Beta Tester

Options Beta Tester

Options Beta Tester

Frequently Asked Questions

Start Trading Options Now

Options Disclosures

Disclosures

Commissions Disclosure