How to Trade
on Kalshi

1. 1
   Create your Kalshi account

   Go to kalshi.com and click "Sign Up." You'll need your email, a password, your date of birth, and your Social Security Number for identity verification. Kalshi is a CFTC-regulated designated contract market: full brokerage-grade KYC is required. Verification is typically automated and completes in minutes, though some accounts require 1–2 business days.
2. 2
   Download the Kalshi app

   Kalshi is available on iOS and Android. The mobile app supports all functionality: browsing markets, placing limit and market orders, managing positions, and depositing funds. The web platform at kalshi.com is equally full-featured. There is no need to choose: both update in real time.
3. 3
   Fund your account

   Navigate to the Wallet section in the app or web dashboard. Add funds via ACH bank transfer (minimum $1, typically settles in 1–3 business days) or wire transfer (same-day funding, higher minimum). Kalshi may offer instant access to a portion of ACH deposits while the transfer clears. All funds are held in USD in segregated customer accounts.
4. 4
   Explore the market catalog

   Kalshi organizes markets into categories: Sports, Politics, Economics, Weather, Crypto, Science, and more. Browse by category or use the search bar to find a specific market. Each market shows the current YES and NO bid prices (in cents per $1 payout), volume, open interest, and resolution date. New markets are added regularly: the catalog is the broadest of any US prediction market platform.
5. 5
   Analyze a contract before trading

   Click into any market to see the full orderbook depth, historical price chart, contract rules, and resolution criteria. The YES price implies probability: a YES contract at 63¢ means the market assigns 63% probability to that outcome. Study the resolution source: Kalshi publishes exactly which data provider or official body will determine the outcome. Never trade a contract whose resolution criteria you don't understand.
6. 6
   Place your first order

   Choose YES or NO, select limit or market order type, and enter your position size in contracts. A limit order lets you set the exact price you're willing to pay; a market order fills at the best available price immediately. Review the fee shown (0–7% of net profit on winning trades; applied at resolution, not at order entry). Confirm the order. It appears in your open positions immediately upon fill.
7. 7
   Manage your open positions

   Open positions are visible in the Portfolio section alongside a real-time P&L. You can sell any position before resolution at the current market price: useful for locking in gains or cutting losses. Kalshi supports setting price alerts and monitoring specific markets. You can also set limit sell orders to automatically exit at a target price.
8. 8
   Resolution and tax reporting

   At resolution, winning contracts automatically settle at $1.00 per contract; losing contracts settle at $0.00. The 0–7% fee is deducted from the profit on winning contracts at this point. Kalshi sends 1099-MISC tax forms by February each year covering all event contract activity. Net profits are ordinary income at federal and applicable state rates.

Kalshi offers the broadest market catalog of any US prediction market platform. Every category is traded in the same account, funded with USD, with no crypto wallet required.

For most retail traders, limit orders are strongly recommended. The bid-ask spread on prediction market contracts can be 2–5¢ wide: a market order on a 60¢ contract with a 3¢ spread effectively costs you 3¢ (5% extra) compared to patiently waiting for a limit fill.