Kalshi review 2026: the most regulated US prediction market
The widest range of fully US-regulated markets, clear fees and apps on every device. Where it shines and where it doesn't.
Verdict: Kalshi is the best all-round prediction market for most US beginners. It's a CFTC-regulated exchange with markets on economics, politics, sports, weather and culture, works on web, iPhone and Android, and publishes a clear fee formula. Downsides: fees are highest on 50/50 markets, and sports markets are blocked or contested in some states.
Our score: 4.6 / 5 · Offer: Trade $25, get $25 with code WINPREDITCS (checked 27 September 2026)
On this page
Kalshi offer, checked 27 September 2026
Trade $25, get $25
Promo code: WINPREDITCS
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information. Terms apply.
Kalshi at a glance
| Founded | 2018 |
| Regulator | CFTC (designated contract market) |
| Markets | Economics, politics, sports, weather, culture, finance, crypto |
| Devices | Web, iPhone, Android |
| Deposits | Bank transfer, debit card, wire, crypto (options vary) |
| Availability | Most US states; not Nevada (checked 27 September 2026) |
How we scored Kalshi
| Criterion | Score |
|---|---|
| Safety and regulation | 5 / 5 |
| Market range | 5 / 5 |
| Costs (fees and spreads) | 4 / 5 |
| Ease of use | 4.5 / 5 |
| Availability (states and devices) | 4.5 / 5 |
| Overall | 4.6 / 5 |
Equal weights; affiliate commissions play no part. How we review.
Pros and cons
Pros
- Fully federally regulated, with customer funds held separately under CFTC rules.
- The most variety: thousands of markets, from Fed decisions to box office.
- Clear fees published as a formula (see fees explained).
- Works everywhere: browser and both mobile platforms.
- Beginner-friendly interface with the rules shown on every market.
Cons
- Fees are highest at 50¢, which is where many popular markets sit.
- Sports contested by states: not available in Nevada, and could change elsewhere.
- Smaller crypto-native crowd than Polymarket on some global events.
What we saw in our own Kalshi account
Our editor uses a funded Kalshi account. These screenshots were taken on 27 September 2026 (prices and rates change).
- Interest on cash: the portfolio screen showed a 3.25% interest rate on idle cash and open positions. Few sportsbooks or apps pay anything on your balance.
- One page per question, one price per answer: each answer has its own Yes and No price in cents. The price is roughly the chance the market gives it.
- Clear settlement history: after an event, the History tab shows each market and your final position, so you can see exactly what paid out.
Who Kalshi is best for
- Beginners who want the most regulated option
- Traders interested in economics, weather and politics, not just sports
- Android and desktop users
How to get started
Follow our Kalshi sign-up guide. Compare it with the alternatives in Kalshi vs Polymarket.
Read next: Prediction market age requirements and prediction markets by state.
Frequently asked questions
Is Kalshi legit?
Yes. Kalshi is a CFTC-regulated designated contract market, the same type of federal licence held by futures exchanges.
Is Kalshi better than Polymarket?
Kalshi is better for Android and desktop users and for the widest range of US-regulated markets. Polymarket often has deeper trading on big global events and is iPhone-only in the US. See Kalshi vs Polymarket.
How does Kalshi make money?
From trading fees on contracts, calculated with a published formula.
