Kalshi Review 2026
The Gold Standard US Prediction Market
Kalshi is the leading US prediction market: CFTC-licensed, USD-settled, no crypto required. It offers the widest market catalog among regulated US platforms, the most trader-friendly fee structure, and the strongest regulatory foundation. This review covers everything: fees, markets, safety, the mobile app, and who Kalshi is (and isn't) right for.
Kalshi quick numbers — 4.7/5
- CFTC-licensed: legal in all 50 states
- USD settlement: no crypto required
- Profit-only fee: $0 on losing trades
- Widest market catalog: politics, econ, sports, weather
- 1099-MISC issued automatically (net profit)
- CFTC Part 190 fund segregation
- Won 2024 federal court case on political markets
- No point spreads, player props, or parlays
- No daily fantasy sports (DFS)
- Binary yes/no only: no continuous price contracts
- Some niche markets have thin liquidity
- No signup bonus or promotional offers
- No international market (US only)
Kalshi fee structure — profit-only model
Kalshi charges a profit fee of 0–7% of net profit, applied only on winning contracts. If your trade expires worthless, you pay $0. No deposit fees, no withdrawal fees for standard ACH, no per-trade fee on losers.
How profit fee compares: Kalshi only charges you when you win. Polymarket charges ~2% on every trade regardless. PredictIt charges 5% of profit + 10% withdrawal. On a 40% win rate, Kalshi's profit-only model means you pay fees on 40% of trades: Polymarket charges on all 100%.
What can you trade on Kalshi?
- US elections (presidential, congressional)
- Federal appointments (Fed Chair, SCOTUS)
- Legislative outcomes (will bill pass?)
- International elections (UK, France, etc.)
- Geopolitical events
- Fed Funds rate decisions
- CPI, PCE, NFP data releases
- S&P 500, NASDAQ levels
- GDP growth rate
- Unemployment rate
- Championship winners (Super Bowl, NBA, etc.)
- Game outcome contracts
- Season win totals
- Award winners (MVP, Cy Young, etc.)
- Major tournament winners
- Hurricane named storm probability
- City temperature thresholds
- Snowfall totals
- Seasonal milestones
- Heat records
Kalshi also offers crypto markets (Bitcoin price thresholds, Ethereum levels) and miscellaneous event contracts. The catalog expands regularly: Kalshi adds new contract types faster than any other US platform.
Is Kalshi safe? Regulatory protection explained
Kalshi is a Designated Contract Market under the CFTC: same regulatory category as CME Group. Active since 2021.
CFTC Part 190 requires customer funds in separate accounts from company capital. Unlike FTX or unregulated platforms, Kalshi cannot use your money for operations.
Kalshi won a D.C. Circuit federal court case in 2024 confirming political event contracts are lawful commodity products: the strongest possible legal validation.
Operating since 2021 with no insolvency events, no regulatory shutdown, and no reported fraud. Backed by major institutional investors.
Is Kalshi right for you?
- Traders who want political and economic markets
- Anyone who wants USD settlement (no crypto)
- Traders in states where Polymarket QCEX is restricted
- Sports outcome bettors (championship winners, game results)
- Weather and climate event traders
- Robinhood users who want deeper market access
- Traditional sports betting (spreads, props, parlays)
- Daily fantasy sports
- Global event markets with heavy international liquidity (use Polymarket)
- Traders who want continuous price markets
- People who want signup bonuses
Common Kalshi questions
Is Kalshi legit?+
Yes. Kalshi is a CFTC-licensed Designated Contract Market operating legally in all 50 US states since 2021. It won a major federal court case in 2024 confirming the legality of its political event contracts. Customer funds are held in segregated accounts under CFTC Part 190 rules.
What are Kalshi's fees?+
Profit fee of 0–7% on winning contracts only. No fee on losing trades, no deposit fee (ACH), no withdrawal fee. The exact rate depends on contract type: published at kalshi.com/fees.
Is Kalshi better than Polymarket?+
For US traders who want USD settlement without crypto: Kalshi. For traders who want the deepest global political event liquidity and are comfortable with USDC: Polymarket. Many serious traders use both. Kalshi is also available in states where Polymarket QCEX is restricted (AZ, TN, MD).
Does Kalshi have an app?+
Yes: Kalshi has iOS and Android apps available on the App Store and Google Play. The mobile app supports all trading functions including deposits, market browsing, order placement, and portfolio tracking.
How do I withdraw money from Kalshi?+
Kalshi → Portfolio → Withdraw → select bank account → enter amount. Withdrawals via ACH take 3–5 business days. You cannot withdraw funds committed to open positions: close or let positions expire first.
More Kalshi guides
How to trade on Kalshi
Account setup, depositing funds, placing your first order, and understanding Kalshi's market catalog.
TaxesKalshi tax guide
1099-MISC, how Kalshi calculates net profit, and why Kalshi losses avoid the OBBBA sports betting cap.
ComparisonKalshi vs Polymarket
The two most important US prediction markets compared: USD vs USDC, fee models, market coverage.