Kalshi review
Kalshi is a CFTC-regulated US exchange, funded in dollars, with the widest range of sports and event contracts we've found. It's our top pick for most American traders, though its sports contracts face court fights state by state.
Pros
- CFTC-designated contract market since November 2020, clearing through its own CFTC-registered clearinghouse, Kalshi Klear
- Funded in US dollars with many options: bank, debit card, wire, PayPal, Venmo, Cash App or crypto, from a $10 minimum
- Free withdrawals; debit card withdrawals usually arrive within a few hours
- Broadest sports coverage we've found, including combos (parlays), plus politics, economics, weather and culture
Cons
- Taker fee peaks around 50¢: about $1.75 on 100 contracts
- Sports contracts blocked by court order in Nevada, Washington and Michigan, and contested in many other states
- Debit card deposits may carry a 2% fee
- Full identity verification required; 18+ (and the age of majority in your state)
Our verdict
Kalshi is our top-rated prediction market for most US readers. It has been regulated by the CFTC as a designated contract market since November 2020, you fund it in dollars, and it lists the widest range of sports and event contracts we’ve found. Liquidity is deep: per The Block’s data, Kalshi traded about $31.5 billion in June 2026. The main risk is legal. Its sports contracts are blocked by court order in three states and contested in many more.
Kalshi at a glance
| Kalshi, as of October 2026 | |
|---|---|
| Regulator | CFTC: designated contract market (2020); clears via Kalshi Klear, a registered DCO (2024) |
| Funding | Bank (ACH), debit card, wire ($1,000 minimum), PayPal, Venmo, Cash App, crypto; $10 minimum deposit |
| Taker fee | 0.07 × contracts × price × (1 − price), rounded up; $1.75 on 100 contracts at 50¢ |
| Withdrawals | Free; debit card usually within hours, crypto about 30 minutes, bank a few business days |
| Markets | NFL, NBA, MLB, NHL, college sports, soccer, UFC, F1, tennis, golf and more; combos; politics, economics, weather, culture |
| Age | 18+ (and the age of majority in your state) |
Who it’s best for
If you’re coming from a sportsbook, or you want a regulated way to trade events in the US without touching crypto, start here. Kalshi suits both casual sports fans and active traders who want deep order books.
Fees
Kalshi charges takers 0.07 × contracts × price × (1 − price), rounded up to the cent. It’s largest around 50¢ and falls toward zero near 1¢ or 99¢. Some markets also charge makers a smaller fee. Bank and wire deposits are free; debit card deposits may cost 2%. Full detail, with worked examples, is in Kalshi fees explained.
The legal picture
Kalshi is federally regulated, but its sports contracts are the flashpoint in a state-by-state legal fight. It won in the Third Circuit over New Jersey in April 2026, but lost appeals over Nevada (Ninth Circuit, August 2026) and over Ohio and Tennessee (Sixth Circuit, September 2026). Court orders now block its sports contracts in Nevada, Washington and Michigan. Check is Kalshi legal? for your state before signing up.
Kalshi vs the alternatives
Polymarket US charges almost the same taker fee and pays makers a rebate, but offers fewer funding methods: see Kalshi vs Polymarket. For sign-up offers, see Kalshi promo code and referral.
Score reflects our methodology, weighted for US traders. Not financial or betting advice.
Frequently asked questions
Is Kalshi legit?
Yes. Kalshi (KalshiEX LLC) has been a CFTC-designated contract market since November 2020, and it clears trades through Kalshi Klear, a CFTC-registered derivatives clearing organisation. Its sports contracts are being fought over in state courts, which affects where you can trade them, not whether the exchange is regulated.
What are Kalshi's fees?
Takers pay 0.07 × contracts × price × (1 − price), rounded up to the cent: $1.75 on 100 contracts at 50¢, less toward 1¢ or 99¢. Some markets also charge makers a smaller fee (coefficient 0.0175). There's no settlement fee, and bank and wire deposits are free.
How fast are Kalshi withdrawals?
Kalshi says debit card withdrawals usually arrive within a few hours, crypto in about 30 minutes, and bank transfers in a few business days. Withdrawals are free.
Is Kalshi legal in my state?
Kalshi is federally regulated, but as of October 2026 court orders block its sports contracts in Nevada, Washington and Michigan, and many other states are contesting them. Non-sports markets are more widely available. Check our state-by-state Kalshi legality page.
Sources
- CFTC — Kalshi designated a contract market (press release 8302-20)
- CFTC — Kalshi Klear registered as a DCO (press release 8957-24)
- Kalshi Fee Schedule (effective February 5, 2026; official PDF)
- Kalshi Help Center — Transfers FAQ ($10 minimum; wire $1,000)
- Kalshi Help Center — Debit card deposits
- Kalshi Help Center — Debit card withdrawals
- Kalshi Help Center — Bank withdrawals
- Kalshi Help Center — Crypto withdrawals
- Kalshi Help Center — Combos
- Kalshi Help Center — Signing up as an individual (18+)
- Parameter — Kalshi and Polymarket June 2026 trading volume (The Block data; secondary)
- US Court of Appeals, Third Circuit — KalshiEX v. Flaherty (April 6, 2026)
- US Court of Appeals, Ninth Circuit — KalshiEX v. Assad (August 28, 2026)
- US Court of Appeals, Sixth Circuit — KalshiEX v. Schuler (September 25, 2026)
Last checked:
18+ (21+ where required). Prediction markets involve risk of loss — only trade what you can afford to lose. Gambling problem? Call or text 1-800-MY-RESET (National Problem Gambling Helpline, 24/7).