Alpaca vs IBKR: paper trading compared
Alpaca Paper Trading API is a API sandbox; Interactive Brokers Paper Trading is a broker demo. Here is how their paper trading compares using only facts from provider pages and cited reviews (see each listing's sources).
Price: Alpaca — Free; IBKR — Free. Market data: Alpaca — Real-time IEX data (Paper Only accounts get IEX only); IBKR — Free trial: delayed 10-15 min (OTC spot FX & metals non-delayed); paper account mirrors live data subscriptions.
Account: Alpaca — Paper Only Account needs only an email; IBKR — Free trial, or paper account once a live account is approved (funding not required for approval). Virtual balance: Alpaca — $100,000 default; balance set when creating a new paper account; IBKR — US$1,000,000 (paper account). Reset: Alpaca — Create/delete paper accounts (replaces reset); IBKR — Yes (Client Portal).
Markets: Alpaca — US; IBKR — global (170+ markets per eggplantstockinvest). Platforms: Alpaca — API; IBKR — desktop (TWS), web, mobile.
Key differences in our data: only Alpaca works without a brokerage account; IBKR adds ETFs, bonds, crypto, forex, futures, metals, options.
Pick the one that matches the market you plan to trade and the country you live in — the availability rows below show which countries each provider confirms.
| Alpaca Paper Trading API | Interactive Brokers Paper Trading | |
|---|---|---|
| Type | API sandbox | broker demo |
| Markets | US | global (170+ markets per eggplantstockinvest) |
| Assets | stocks | stocks, ETFs, options, futures, forex, crypto, bonds, metals |
| Data | Real-time IEX data (Paper Only accounts get IEX only) | Free trial: delayed 10-15 min (OTC spot FX & metals non-delayed); paper account mirrors live data subscriptions |
| Price | Free | Free |
| Account | Paper Only Account needs only an email | Free trial, or paper account once a live account is approved (funding not required for approval) |
| Starting balance | $100,000 default; balance set when creating a new paper account | US$1,000,000 (paper account) |
| Reset | Create/delete paper accounts (replaces reset) | Yes (Client Portal) |
| Replay | unknown | unknown |
| Platforms | API | desktop (TWS), web, mobile |
| Limits | ~10% of eligible orders get random partial fill; no slippage/fees/dividends modelled | Full paper account requires approved live account |
| Country availability | Available globally (provider statement) 'Anyone globally can create an Alpaca Paper Only Account' | Confirmed in some countries; others unverified Available: US, UK, IN, AU, CA Paper account follows IBKR's accepted-countries list; free-trial eligibility not stated separately |
| Available in US | Available (verified) | Available (verified) |
| Available in UK | Available (verified) | Available (verified) |
| Available in IN | Available (verified) | Available (verified) |
| Available in AU | Available (verified) | Available (verified) |
| Available in CA | Available (verified) | Available (verified) |
FAQ
Is Alpaca or IBKR free for paper trading?
Alpaca: Free. IBKR: Free.
Which has real-time data, Alpaca or IBKR?
Alpaca: Real-time IEX data (Paper Only accounts get IEX only). IBKR: Free trial: delayed 10-15 min (OTC spot FX & metals non-delayed); paper account mirrors live data subscriptions.
Do Alpaca and IBKR require an account?
Alpaca: Paper Only Account needs only an email. IBKR: Free trial, or paper account once a live account is approved (funding not required for approval).
Where are Alpaca and IBKR available?
Alpaca: Available globally (provider statement) 'Anyone globally can create an Alpaca Paper Only Account' . IBKR: Confirmed in some countries; others unverified Available: US, UK, IN, AU, CA Paper account follows IBKR's accepted-countries list; free-trial eligibility not stated separately .
More comparisons
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Information only, not financial advice. Simulated results do not predict real results. Features and availability change and vary by country; check the provider's site. Sponsored or affiliate links, if any, are labelled.