How to Trade on Polymarket
in the US (2026)
Polymarket launched QCEX: its CFTC-licensed US platform: in December 2025. US residents can now access Polymarket's global orderbooks via a regulated invite-only app. This guide covers the waitlist, USDC setup, account verification, and the key differences from Kalshi for US traders.
- QCEX is invite-only and rolling out gradually to US users in 2026
- New York residents are explicitly blocked from QCEX: no access path currently
- Most other US states: join the waitlist at polymarket.com
- USDC (stablecoin) required: this is different from Kalshi's USD-only setup
What you need to know before you start
US access via QCEX (launched Dec 2025)
QCEX is Polymarket's CFTC-licensed US entity. It launched in December 2025 as an invite-only platform rolling out to non-NY US users. Join the waitlist at polymarket.com. Existing international Polymarket users can port their accounts.
NY residents cannot access QCEX
Polymarket's legal team explicitly blocked New York residents when launching QCEX, citing NYDFS regulatory risk. No other US state has been specifically blocked. If you're in NY, use Kalshi, PredictIt, or Robinhood instead.
Requires a crypto stablecoin
Unlike Kalshi's pure USD experience, Polymarket settles in USDC on Base (Ethereum L2). You need to acquire USDC and manage a crypto wallet. QCEX provides an integrated on-ramp, but crypto familiarity is helpful.
$8B+ lifetime volume
Polymarket has by far the deepest orderbooks on international political and crypto markets. The 2024 US election alone saw $3.5B in volume. For global events, Polymarket's liquidity typically exceeds all US competitors combined.
How to get started on Polymarket (US users)
- 1 Join the Polymarket QCEX waitlistUS residents access Polymarket through QCEX: the CFTC-licensed US entity Polymarket launched in December 2025. Go to polymarket.com or qcex.io, enter your email, and join the waitlist. Access is rolling out in batches through 2026. If you receive an invitation, proceed to step 2. Note: New York residents are explicitly blocked from QCEX as of May 2026.
- 2 Complete QCEX identity verificationOnce invited, QCEX requires full KYC: SSN or government-issued passport, proof of US address, and a selfie verification. KYC is more rigorous than some other platforms because QCEX holds a CFTC licence. Verification typically takes 1–3 business days. Residents of New York are blocked: QCEX explicitly restricts NY access citing NYDFS regulatory risk.
- 3 Set up your USDC walletPolymarket QCEX settles in USDC: USD Coin, a US dollar-pegged stablecoin on the Base network (Ethereum Layer 2). To fund your account, you need either: (a) USDC from an exchange like Coinbase that you transfer to your QCEX wallet address, or (b) use QCEX's integrated fiat on-ramp (credit/debit card or ACH to USDC). Option (b) is simpler for non-crypto users. QCEX provides a non-custodial wallet connected to your account.
- 4 Fund your account with USDCUsing the QCEX fiat on-ramp: link your bank account or debit card, specify how much USDC you want to purchase, and confirm. USDC deposits typically clear in minutes (card) or 1–3 business days (ACH). Alternatively, send USDC directly from Coinbase, Kraken, or any Base-compatible wallet to your QCEX deposit address. Minimum deposit varies: check current QCEX terms.
- 5 Browse Polymarket's global market catalogPolymarket offers the deepest orderbooks on global political, geopolitical, and financial markets of any platform. Categories include: US and international elections, crypto price markets (BTC/ETH), economic data, sports, science and tech milestones, and cultural events. Market depth is significantly greater than domestic US platforms on international political markets: Polymarket processed $3.5B on the 2024 US election alone.
- 6 Analyze the contract and place your orderEach contract shows the YES/NO price in USDC cents per $1 payout, the orderbook depth, and the resolution criteria. Polymarket uses an AMM (automated market maker) model with a CLOB (central limit order book) overlay: you can place market orders against the AMM or post limit orders. The taker fee is approximately 2% of your trade size, charged on buy and sell regardless of outcome.
- 7 Track your positions and exit if desiredQCEX provides a portfolio view of all open positions with real-time P&L in USDC. You can sell before resolution to lock in profits or cut losses: Polymarket markets are typically liquid enough to exit efficiently on mainstream markets. Price alerts and watchlists are available in the app. On-chain positions are also viewable on Polygon/Base block explorers.
- 8 Withdraw your USDCTo convert USDC back to USD cash: withdraw USDC from QCEX to your wallet, then sell USDC to USD on Coinbase, Kraken, or another exchange. QCEX may also support direct ACH withdrawal to your bank. Important: Polymarket issues no 1099. You must self-report QCEX profits on your US tax return. Keep detailed records of all trades: the on-chain transaction history on Base is your primary audit trail.
Polymarket vs Kalshi: which is right for you?
The core trade-off
- You want the deepest liquidity on global political or crypto markets
- You're comfortable with USDC and crypto wallets
- You want access to markets not covered by US platforms
- You're willing to self-report taxes (no 1099 from Polymarket)
- You're NOT in New York
- You want access right now without a waitlist
- You prefer USD settlement with no crypto required
- You want sports, weather, or economics markets
- You want a 1099 for automatic tax reporting
- You're in New York (Polymarket blocks NY)
Polymarket does NOT issue 1099s — you must self-report
Polymarket QCEX does not issue 1099 tax forms. Unlike Kalshi (which issues 1099-MISC) and Robinhood (which issues unified 1099), Polymarket leaves all tax reporting to the trader. You are legally required to report your net Polymarket profits as ordinary income on your US federal tax return.
- Export your complete trade history from QCEX: keep it for at least 7 years
- All on-chain transactions are also permanently recorded on the Base blockchain
- Net USDC profits converted to USD equivalents are ordinary income
- A crypto tax tool (Koinly, TaxBit, CoinTracker) can automate this from your on-chain data
- Consult a tax professional familiar with both prediction markets and crypto income
Common questions about Polymarket for US users
Is Polymarket legal for US users in 2026? +
Yes, via QCEX: Polymarket's CFTC-licensed US entity that launched in December 2025. US residents can join the QCEX waitlist. The global Polymarket app is not available for US residents due to CFTC restrictions from the 2022 settlement. New York residents are explicitly blocked from QCEX.
Do I need crypto to use Polymarket? +
Yes. Polymarket QCEX settles in USDC on the Base network (Ethereum Layer 2). Unlike Kalshi (pure USD), you need to acquire USDC and interact with a wallet. QCEX provides an integrated fiat on-ramp (bank account → USDC) to simplify this, but some crypto familiarity is helpful.
Why is New York blocked from Polymarket QCEX? +
Polymarket's legal team explicitly blocked New York residents when launching QCEX, citing NYDFS (New York Department of Financial Services) regulatory risk. NYDFS is the most aggressive state financial regulator in the US, and Governor Hochul issued an executive order in May 2026 against prediction market operators. Polymarket concluded the legal risk in New York wasn't worth it.
What are the fees on Polymarket QCEX? +
Approximately 2% taker fee on each trade, charged on the trade amount regardless of outcome. This is a different model from Kalshi's 0–7% of net profit: on Polymarket you pay on both winning and losing trades. For large winning trades, Kalshi's fee can be higher; for losing trades and small winning trades, Polymarket's fee is higher.
How do I pay taxes on Polymarket profits? +
Polymarket does not issue 1099 forms. You must self-report all net QCEX profits as ordinary income on your US federal tax return. Export your full trade history from QCEX and use a crypto tax tool (Koinly, TaxBit) to calculate net gains. Keep all records for 7 years.
More guides
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