Kalshi
First fully CFTC-regulated US event-contract exchange.
- ✓ US residents who want CFTC-regulated, real-money trading
- ✓ Sports, economics, and political markets in one place
- ✓ USD settlement with no crypto wallet required
- ✗ Non-US users: US-only platform
- ✗ Traders who prefer crypto/USDC settlement
- ✗ High-frequency traders sensitive to 5–7% profit fees
About this operator
Kalshi is the first and only fully CFTC-regulated event-contract exchange in the United States. It offers cash-settled USD contracts on economic indicators, weather, politics, and culture, with bank-grade KYC and consumer protections that no offshore competitor matches. In 2026, Kalshi issued $2.2 million in refunds after a disputed market on Iranian Supreme Leader Ali Khamenei's tenure became contested following his death, and fined three political candidates who traded on their own primary race outcomes. Wisconsin AG Josh Kaul filed suit in April 2026 seeking to bar Kalshi and other platforms from operating in the state, arguing event contracts constitute unlicensed gambling regardless of federal DCM status.
Quick facts
| Founded | 2021 |
| Headquarters | New York, USA |
| Type | CFTC-regulated |
| Settlement | USD cash |
| Fees | 0–7% of profit |
| Min deposit | $1 |
| KYC | Full KYC required |
| Volume | $2B+ in 2025 |
| ✓ Data verified May 2026 | |
Kalshi — Scorecard
Editorial ratings based on publicly available data. Your experience may vary.
Kalshi — strengths and weaknesses
- ✓ Fully regulated in US
- ✓ Bank-grade compliance
- ✓ Economics & weather contracts
- ✗ US-only: no access for international users
- ✗ USD settlement only (no crypto payout option)
- ✗ Thinner liquidity than Polymarket on global political markets
- ✗ Fees on winning trades can reach 7% (varies by category)
What does it actually cost to trade on Kalshi?
Fees only apply to winning trades. On a $100 net profit in a typical political market (~5% fee category) you pay $5 and keep $95. On a losing trade you pay nothing. Fee rates range 0–7% by market type; check the market detail page before trading.
How to start trading on Kalshi
- 1 Create a free account at kalshi.com (email + password only)
- 2 Verify your identity: government-issued ID and last 4 digits of SSN
- 3 Fund via ACH bank transfer (1–3 business days) or debit card (instant)
- 4 Browse markets by category and tap "Buy YES" or "Buy NO" to place your first trade
Frequently asked questions — Kalshi
Is Kalshi regulated? +
Yes. Kalshi is a fully licensed Designated Contract Market (DCM) regulated by the US Commodity Futures Trading Commission (CFTC). It is the first CFTC-regulated event-contract exchange in the US, meaning customer funds are held in segregated accounts at regulated custodians and the platform is subject to ongoing CFTC oversight.
What fees does Kalshi charge? +
Kalshi charges 0–7% of net profit depending on the market type. There is no fee on losing trades. The fee is taken from your winnings, not your stake. For most markets the effective fee is in the 2–5% range of profit. There is no per-trade commission for placing or cancelling orders.
Is Kalshi available in all US states? +
Kalshi is available to users in all 50 US states and Washington D.C. because it operates under federal CFTC preemption, which overrides conflicting state gambling laws. However, sports event contracts specifically may be restricted in certain states. New Jersey users, for example, cannot trade sports event contracts on Robinhood's Kalshi-powered sports markets.
How long do Kalshi withdrawals take? +
Kalshi processes bank (ACH) withdrawals within 3–5 business days. Instant withdrawals are available to eligible accounts for a small fee. Deposits via ACH are typically available for trading within 1–3 business days; some users can trade immediately on a provisional balance.
What markets can you trade on Kalshi? +
Kalshi offers the broadest category coverage of any US prediction market: US and international politics, Federal Reserve decisions, economic indicators (inflation, unemployment, GDP), sports (NFL, NBA, MLB, soccer, and more), weather, crypto prices, financial market thresholds, and culture and pop events. New markets launch regularly.