Kalshi Review
4.5The CFTC-regulated US event exchange — trade in dollars, fully above board.
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Key facts
- Type
- Regulated US exchange
- Founded
- 2018
- Fees
- Trading fee per contract (~0.07 × price × (1 − price)); ACH deposits free
- Minimum deposit
- No minimum
- Payments
- USD — bank transfer (ACH), debit card, wire
- Availability
- United States (all 50 states); expanding internationally
Our scores
What we like
- CFTC-regulated designated contract market — the legal way to trade events in the US
- Native USD deposits and withdrawals, no crypto required
- Clean, beginner-friendly interface with limit and market orders
- Provides 1099 tax forms — taxes are dramatically simpler
What could be better
- Trading fees eat into thin edges compared with Polymarket’s zero-fee model
- Liquidity is solid on headline markets but thin on the long tail
- Market lineup constrained by what regulators approve
Regulation first
Kalshi is a CFTC-designated contract market, which makes it the most clearly regulated way for Americans to trade event contracts. Funds sit in segregated accounts, disputes follow exchange rules, and you get real tax documentation. After winning its court fight over election markets in 2024, its lineup has expanded substantially — including economics, weather, politics, and sports-adjacent events.
Fees and costs
Kalshi charges a trading fee that scales with how uncertain the contract is — roughly 0.07 × price × (1 − price) per contract, so a 50¢ contract costs about 1.75¢ in fees while contracts near 1¢ or 99¢ cost almost nothing. ACH deposits and withdrawals are free. It’s fair pricing, but active traders should model fees into any strategy.
Liquidity and markets
Headline markets (Fed decisions, CPI prints, elections) have respectable depth, helped by institutional market makers. Niche markets can be thin, with wider spreads than Polymarket equivalents. The flip side: Kalshi lists rigorous, well-defined contracts on economic data that few other venues touch.
Usability
The onboarding flow feels like a modern brokerage: KYC, link a bank, fund in dollars, trade. The interface explains contracts in plain English, making it the easiest real-money platform for newcomers in our testing.
Our verdict
Kalshi is the obvious choice for US-based traders: regulated, dollar-denominated, and easy to use. You pay for that comfort through trading fees and somewhat thinner books, but for most people the trade-off is worth it.
Best for: US traders who want a regulated, fiat-native experience
Some links on this page may be referral links — see our disclosure.