Kalshi vs ForecastEx:
Two CFTC Exchanges, One Big Difference
Kalshi and ForecastEx are both fully CFTC-licensed designated contract markets — the same regulatory category as the CME. But Kalshi is a standalone platform you go to directly, while ForecastEx is invisible: its contracts live inside Interactive Brokers and Robinhood. That access model difference matters more than any fee comparison.
Who should use which?
You want the full prediction market experience
- You don't already use Interactive Brokers or Robinhood
- You want sports, weather, and the broadest category coverage
- You want a dedicated prediction market app
- You want deeper liquidity on most markets
You're already an IB or Robinhood user
- You have an existing Interactive Brokers or Robinhood account
- You want zero extra KYC or onboarding friction
- You only want economic and political contracts
- You prefer seeing your event contracts alongside your other positions
Full comparison table
| Feature | Kalshi | ForecastEx |
|---|---|---|
| Founded | 2021 | 2023 |
| Regulation | CFTC-licensed DCM | CFTC-licensed DCM |
| Standalone app | ✅ kalshi.com + mobile app | ❌ Accessed via broker only |
| Where to access | Directly at kalshi.com | Interactive Brokers or Robinhood |
| Extra account needed | Yes (new Kalshi account) | No (use existing broker account) |
| Extra KYC needed | Yes (Kalshi KYC) | No (broker's KYC covers it) |
| Settlement | USD | USD |
| Fees | 0–7% of net profit | No commission (bid-ask spread) |
| Min deposit | $1 | $0 (no separate deposit) |
| Politics | ✅ | ✅ |
| Economics / macro | ✅ | ✅ |
| Sports | ✅ | ❌ |
| Weather | ✅ | ❌ |
| Crypto prices | ✅ | Limited |
| Market depth | High | Moderate (growing) |
| Mobile app | ✅ Kalshi iOS + Android | ✅ Via broker mobile apps |
The key difference: where you log in
Standalone — kalshi.com
Kalshi is a destination in its own right. You open a Kalshi account, complete KYC, deposit USD, and trade at kalshi.com or in its iOS/Android app. The onboarding takes 5–15 minutes. Once set up, Kalshi has a richer interface specifically designed for event contract trading with market discovery, charts, and a full orderbook view.
Embedded — inside your broker
ForecastEx has no website you log in to. Its contracts appear inside your Interactive Brokers TWS or Robinhood app alongside your stocks, ETFs, and options. If you already have an IBKR or Robinhood account, you can start trading ForecastEx contracts with zero additional steps — your existing KYC and account balance cover it. This frictionlessness is ForecastEx's biggest practical advantage.
What you can trade
Both platforms cover US political events (elections, congressional votes) and key economic data releases (Fed rate decisions, CPI, jobs reports). The gap is everywhere else: Kalshi has sports, weather, crypto, and culture markets that ForecastEx simply does not offer. If the only contracts you care about are "will the Fed cut in September?" and "who wins the Senate?", ForecastEx via your existing broker is perfectly sufficient. If you want the full range of prediction market categories, you need Kalshi.
Common questions
What is the difference between Kalshi and ForecastEx?+
Both are CFTC-regulated DCMs but work differently. Kalshi is a standalone platform at kalshi.com. ForecastEx has no standalone interface — its markets are embedded in Interactive Brokers and Robinhood. If you already use those brokers, ForecastEx adds zero friction. If not, Kalshi is simpler.
Does ForecastEx have sports contracts?+
No. Sports contracts on Robinhood come from a separate Kalshi integration, not ForecastEx. Kalshi is the only CFTC-regulated exchange offering sports event contracts.
Is ForecastEx commission-free?+
ForecastEx has no explicit commission — costs are in the bid-ask spread. Kalshi charges 0–7% of net profit. For a large profitable trade, the comparison depends on spread width vs Kalshi's profit fee.
Should I use Kalshi or ForecastEx if I have an IBKR account?+
Use both: ForecastEx for the frictionless access to economic and political markets without a new account. Open Kalshi separately if you want sports, weather, or broader category coverage.