Platform review · updated July 2026
Kalshi review
The first CFTC-regulated event contract exchange in the United States.
Overview
Kalshi is a CFTC-regulated exchange that lets US residents trade Yes/No contracts on real-world events. Founded in 2018 and approved as a Designated Contract Market in 2020, it pioneered the modern, fully compliant US prediction market.
Score breakdown
Score breakdown
Not yet fully scoredWeights: Regulation 30% · Liquidity 25% · Market Breadth 20% · UX 15% · Fees 10%. See our review methodology.
- Regulation & Trust (30%)
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- Liquidity & Execution Quality (25%)
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- Market Breadth (20%)
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- User Experience (15%)
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- Fees & Costs (10%)
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Registration with the CFTC, FinCEN, state regulators or foreign equivalents; enforcement history; segregated customer funds.
Median order-book depth on flagship markets and notional size that can move without more than a 1-cent price impact.
Number and diversity of active contracts across politics, economics, sports, crypto, weather, science and culture.
Onboarding, KYC, web and mobile UX, charting, API quality, support responsiveness and platform reliability.
Trading fees, deposit and withdrawal costs, funding charges and typical effective spread paid by retail users during testing.
How it works
Every Kalshi market resolves to either Yes or No based on a verifiable real-world outcome. Contract prices, expressed in cents from 1 to 99, reflect the market's implied probability. Buy Yes if you think the event will happen; buy No if you think it will not. At settlement, the winning side pays out to one dollar per contract.
Sign-up process
Sign-up takes about three minutes. Kalshi requires identity verification (name, address, date of birth, SSN) to comply with KYC rules. ACH funding is instant for most accounts.
User experience
Kalshi's interface is clean, fast and feels closer to a modern brokerage than a sportsbook. Order books, depth charts and recent trades are all visible per market.
Fees
Kalshi charges a maker/taker fee scaled by contract price. Settlement is free. There are no deposit fees for ACH; debit card deposits carry a small processing fee.
Headline cost: Up to 2% per trade
Markets covered
Pros and cons
Pros
- ✓Fully regulated by the CFTC as a Designated Contract Market,Clear settlement rules and audited market resolution,Wide coverage of politics, economics and sports event contracts,Polished iOS and Android apps with real-time pricing,USD-denominated; no crypto required
Cons
- −Fees are higher than peer-to-peer offshore venues,Position limits apply on some markets,Sports event contracts have faced state-level legal challenges
Risk and limitations
Event contracts are financial instruments. You can lose the full premium you pay. Kalshi is regulated, but availability of specific contracts varies by state and may change.
Alternatives
Run the numbers
Embedded tool
Estimate your payout on Kalshi
Position details
Result
Embedded tool
Convert any contract price into a probability
Implied probability
Final verdict
Kalshi is the default choice for US users who want regulated exposure to event contracts. The breadth of markets, the quality of the apps and the regulatory standing make it the strongest all-around platform for most American traders.
FAQ
Is Kalshi legal in the United States?+
Yes. Kalshi is cftc-regulated and currently accessible to US residents in most states, subject to state-by-state nuance.
What does it cost to trade on Kalshi?+
Kalshi charges a maker/taker fee scaled by contract price. Settlement is free. There are no deposit fees for ACH; debit card deposits carry a small processing fee.
How does Kalshi handle settlement?+
Kalshi settles each contract based on a verifiable real-world outcome. Winning contracts pay one dollar; losing contracts pay zero.
Who is Kalshi best for?+
Kalshi is best for regulated us event contracts. Kalshi is the default choice for US users who want regulated exposure to event contracts. The breadth of markets, the quality of the apps and the regulatory standing make it the strongest all-around platform for most American traders.