Kalshi is a CFTC-regulated prediction market where US traders buy and sell Yes/No contracts on sports, politics, economics, crypto, climate and culture. This review covers its legal status, fees, deposits and withdrawals, app ratings and support, with a short summary of the welcome offer.
Kalshi at a glance
Kalshi is a CFTC-regulated prediction market with a $10 minimum deposit, free ACH transfers and standard taker fees of up to $1.75 per 100 contracts. The table below summarises the key facts before we go into each area in detail.
| Feature | Details |
|---|---|
| Regulator | CFTC (Designated Contract Market) |
| Legal status | Federally regulated; some states dispute sports contracts |
| Minimum deposit | $10 (wire transfers: $1,000) |
| Trading fees | Taker fee up to $1.75 per 100 contracts; maker fees on some markets only |
| Deposit and withdrawal fees | ACH free; debit card deposits 2%; crypto fees vary |
| Contract settlement | Usually within a few hours of the outcome being confirmed |
| Payout speed | ACH: a few business days; crypto: often within the hour |
| Mobile apps | iOS and Android |
| Support | In-app messenger and email; no phone support |
| Welcome offer | $55 bonus credit for new users (see the promo code guide) |
What is the Kalshi welcome offer?
New US users get a $55 bonus credit by opening an account with a promo code and trading at least $25 within 7 days. The credit expires after 7 days and becomes withdrawable once you trade an equal amount. See our Kalshi promo code guide for steps and terms.
Kalshi also runs referral, volume and liquidity incentive programs for existing traders. We cover them in the promo code guide.
Is Kalshi legit and legal in the US?
Yes. Kalshi is a CFTC-regulated Designated Contract Market (DCM) and clearing organization, approved in 2020, so federal oversight covers its markets. State regulators do dispute its sports contracts, and courts have ruled both ways. Eligible US residents aged 18 or over can trade, subject to Kalshi's terms.
| Regulatory status | Details |
|---|---|
| Regulator | US Commodity Futures Trading Commission (CFTC) |
| Status | Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) |
| Designated | 2020 |
| Customer funds | Held in segregated accounts, according to Kalshi |
| Eligibility | 18+, eligible US residents |
| State disputes | Sports contracts challenged in several states; rulings vary |
What does CFTC regulation mean for Kalshi traders?
As a DCM, Kalshi must follow CFTC rules on fair and orderly trading, market surveillance and the handling of customer money. Kalshi says customer funds are held in segregated accounts and that it monitors for manipulation, insider trading and wash trading. Regulation does not protect you from trading losses.
In practice, you trade on a regulated exchange rather than an unlicensed offshore site, you must pass identity (KYC) checks before withdrawing, and contract disputes follow a published rulebook. You can read the rulebook and Kalshi's filings on its regulatory page. Event contracts can still lose their full cost, and CFTC oversight does not change that.
Are Kalshi's sports contracts legal in every state?
Not clearly. Kalshi argues that federal law overrides state gambling rules, and some courts have agreed, including a federal appeals court in New Jersey. Others, such as a Massachusetts state court, sided with regulators, and Nevada has taken enforcement action. Rulings change often, so check current availability before you trade.
Our advice:
- Check Kalshi's current state availability and terms before you deposit.
- Do not assume that a ruling in one state applies in yours.
- Read each contract's rules, especially for sports markets.
- Only trade money you can afford to lose.
How does Kalshi work?
Kalshi lets you trade Yes/No contracts on real-world events. Each contract costs between $0.01 and $0.99 and pays $1 if your side is right and $0 if it is wrong. Other traders' orders set the price, so a 75-cent contract implies a 75% chance.
Kalshi is not a sportsbook, so it does not set odds for you to take or leave. For example, if a team is priced at $0.75 to win a title and you buy $100 of Yes contracts, you receive 133.33 contracts ($100 ÷ $0.75). A win pays $133.33, a profit of $33.33 before fees, and a loss costs the full $100. You can also sell a contract before the event ends to lock in a profit or cut a loss.
How does Kalshi settle contracts?
A Kalshi market settles once the official outcome is confirmed and Kalshi's markets team finalises the result. Most markets settle within a few hours, often about three, and winning contracts pay $1 each into your cash balance. Settlement can take longer if the official source has not published its data.
| Contract settlement | Details |
|---|---|
| Resolution source | The official source agency named in each market's rules |
| Typical timing | Within a few hours of confirmation, often about 3 hours |
| Payout | $1 per winning contract, paid to your cash balance |
| Longer waits | When official data is delayed or the rules set a later determination time |
A market's closing time and its determination time can differ, so always read the rules on the contract page before you trade.
Sign up and claim your trading bonus
Enjoy a variety of prediction markets
What can you trade on Kalshi?
Kalshi lists hundreds of event contracts across six main categories: sports, politics and elections, economics, crypto, climate and weather, and culture. Each market is a Yes/No question with a named resolution source and date, so check the contract rules before you trade.
New to the format? Read our guide to event trading.
🏅 Sports outcomes
Sports contracts cover game winners, championship futures and player awards across major leagues and tournaments, and you can trade before and during games. Sports are among Kalshi's busiest categories, but they are also the contracts at the centre of the state-level legal disputes covered above.
🗳️ Election results
Politics contracts cover elections, party control and policy outcomes, including US and some international races. Liquidity is usually strongest in headline races, so check the order book before trading niche questions.
☁️ Climate forecasts
Weather and climate markets include daily temperatures and rain or snow in specific cities. As covered in our Kalshi vs Robinhood guide, liquidity is often thinner than in sports or politics, so spreads can be wider.
📈 Economic indicators
Economic contracts track data such as inflation, interest-rate decisions, jobs figures and prices. Many have deep liquidity, which makes it easier to sell early to lock in a profit or limit a loss, and most resolve on an official data release.
💰 Crypto projections
Crypto contracts are priced on where major cryptocurrencies will trade over set periods, such as a day or a year. Check the rules for the exact price source and time of measurement.
🎥 Culture predictions
Culture markets cover award-show winners, entertainment releases, rankings and other pop-culture outcomes.
What fees does Kalshi charge?
Kalshi charges a trading fee when your order matches one already on the book (a taker order). The standard formula is 0.07 × contracts × price × (1 − price), rounded up, peaking at $1.75 per 100 contracts at 50 cents. Maker fees apply on some markets only.
| Contract price | Taker fee (100 contracts) | Maker fee, where it applies (100 contracts) |
|---|---|---|
| 10¢ or 90¢ | $0.63 | $0.16 |
| 25¢ or 75¢ | $1.32 | $0.33 |
| 50¢ | $1.75 | $0.44 |
Fees are rounded up to the next cent. Maker fees (0.0175 in the same formula) are charged only on the markets listed in Kalshi's current fee schedule, so check it before you place resting orders. Deposits by debit card carry a 2% fee, covered below.
How do deposits and withdrawals work on Kalshi?
Kalshi accepts debit cards (including Apple Pay and Google Pay), ACH bank transfers, PayPal, Venmo, Cash App (deposits only), crypto and wires. The minimum deposit is $10, or $1,000 for wires. Debit card deposits cost 2%, ACH is free, and you need to complete identity verification before withdrawing.
| Method | Deposit fee | Withdrawal fee | Speed and notes |
|---|---|---|---|
| Debit card | 2% | None | Instant deposits; card deposits can be withdrawn after 3 days; a processor review can delay card withdrawals by 3–5 business days |
| ACH bank transfer | None | None | Withdrawals take a few business days |
| Crypto (USDC) | Processor and network fees may apply | Varies | Usually the fastest withdrawal route, often within the hour |
| Wire transfer | $1,000 minimum | See Kalshi | Intended for large transfers |
Submit your identity documents as soon as you sign up, because withdrawals are only available once your account is verified.
How good are Kalshi's website and mobile apps?
Kalshi has free iOS and Android apps, rated 4.8/5 on the App Store and 4.7/5 on Google Play at the time of writing. Reviewers praise the ease of use and market variety, while complaints centre on support response times and how some markets resolve.
| Store | Rating | Number of ratings |
|---|---|---|
| Apple App Store | 4.8 / 5 | 670,000+ |
| Google Play | 4.7 / 5 | 158,000+ |
In our testing, the desktop site loaded quickly, contract prices updated in real time without lag and switching between markets was simple. The iOS and Android apps give a similar experience, and the mobile-optimised website mirrors the desktop version if you prefer not to download an app. You can create an account, trade and claim bonuses from the mobile site.
Download the app for prediction on the go
Make your predictions on sports, events and more
How good is Kalshi customer support?
Kalshi support runs through an in-app messenger while you are logged in, with email at support@kalshi.com as a backup. There is no phone or text support. Kalshi says its support team is US-based, and the Help Center covers deposits, withdrawals, trading and taxes.
Our one gripe is the lack of phone support, which matters if you need an urgent answer about a withdrawal or a disputed market. The Help Center answers most common questions, and messaging support is the route Kalshi recommends for account-specific problems.
Is Kalshi worth using?
Yes, for most US traders who want a regulated exchange with wide market choice, free bank transfers and well-rated apps. Weigh that against ongoing state disputes over sports contracts, taker fees on instant orders and no phone support. Only trade money you can afford to lose.
| Pros | Cons |
|---|---|
| CFTC-regulated Designated Contract Market | Sports contracts disputed in some states |
| Hundreds of markets across six categories | Taker fees on instant orders |
| Free ACH deposits and withdrawals | 2% fee on debit card deposits |
| Low standard fees, up to $1.75 per 100 contracts | No phone support |
| Well-rated iOS and Android apps |
Weighing alternatives? See our Kalshi vs Polymarket and Kalshi vs Robinhood comparisons. If you decide to sign up, use the links on this page and trade responsibly.
Kalshi review FAQs
Is Kalshi safe to use?
Kalshi is a CFTC-regulated exchange that requires identity verification and says customer funds are held in segregated accounts. Event contracts can still lose their full cost, so only trade what you can afford to lose.
Is Kalshi legal in my state?
Kalshi is federally regulated, but some states dispute its sports contracts and court rulings vary. Check Kalshi's current availability for your state before you deposit.
What is the minimum deposit on Kalshi?
The minimum deposit is $10 for most methods and $1,000 for wire transfers.
How much does Kalshi charge in fees?
Taker fees follow the formula 0.07 × contracts × price × (1 − price), up to $1.75 per 100 contracts on standard markets. ACH transfers and settlement are free, and debit card deposits carry a 2% fee.
Is there a bonus for new traders?
Yes. New US users can claim a $55 bonus credit by signing up with a promo code and trading at least $25 within 7 days. See our Kalshi promo code guide for the steps and full terms.
Can I use Kalshi on my mobile device?
Yes. Kalshi has free iOS and Android apps, and the mobile-optimised website mirrors the desktop version.
Disclaimer: