ProphetX review

ProphetX is a sports-first prediction market, CFTC-designated since June 11, 2026, where you trade against other users. Straight trades carry a 2% fee on net gains, so losing trades cost nothing, and new users get a trading bonus. It's young as a regulated exchange and faces state pushback.

ProphetX is a legitimate, CFTC-regulated prediction market built around sports, where you trade event contracts against other users. Its fee is unusual: as of October 2026, straight trades are charged 2% of your net gains per market, so a losing trade costs nothing. It became a federally regulated exchange only in June 2026, and it faces some state pushback.

What ProphetX is

ProphetX was founded in 2018 and is led by co-founder and CEO Dean Sisun. It has had three lives. It launched in August 2022 as Prophet Exchange, a peer-to-peer sports betting exchange licensed in New Jersey. It then moved to a sweepstakes model. Now it runs as a federally regulated exchange: per the CFTC’s registry, ProphetX LLC was registered as a derivatives clearing organization on June 10, 2026 and designated a contract market on June 11, 2026. ProphetX announced its nationwide launch on June 18, 2026.

The CFTC’s order describes a “non-intermediated” exchange with fully collateralised contracts: you trade directly with ProphetX, not through a broker, and every position is fully paid for upfront. ProphetX’s partners page claims more than $2 billion traded all-time. That is the company’s own figure.

How ProphetX works

Every ProphetX contract pays $1 if the outcome happens and $0 if not, so prices work as implied probabilities. ProphetX runs an anonymous central limit order book: you can take an existing price or post your own limit order. You’re trading with other users, and you can exit before an event settles. Parlays are different: they’re priced through a request-for-quote system, and ProphetX’s help centre says “all parlays are placed against 3rd parties, and not against ProphetX.”

As of October 2026 the lobby lists NFL, college football, MLB, NHL, WNBA, UFC, major European soccer leagues and MLS, tennis, golf, F1, NASCAR, CFL and esports, plus futures and player props. ProphetX isn’t sports-only any more: its homepage now shows politics markets, and its October 2026 app update added election and esports markets. In-game trading is supported. ProphetX cut the live-order delay from five seconds to two in August 2026.

ProphetX fees

ProphetX’s fee page (version 1.3, updated October 12, 2026) says: “All straight trades on site will be charged a 2% trading fee on net gains per market.” Its CFTC filing describes the fee as calculated per market when the market settles. In practice:

• Win: you pay 2% of your net gain on that market.
• Lose: no fee.
• Parlays: only takers pay, using a price-based formula. Maker (resting) orders pay no trade fee. ProphetX’s filing gives an example: 100 contracts at 65¢ cost $0.92.
• Maker rebates: ProphetX’s rebate schedule returns 0–80% of fees paid, depending on your monthly volume.

Our ProphetX cost check: when is it cheapest?

On the same order, 100 contracts at 50¢ held to settlement, here’s what each exchange’s published fee rule charges:

ProphetX is cheaper than Kalshi on every outcome at this price, and it’s the only one of the three that never charges a losing trade. Novig is cheaper still for pre-game trades. See our Novig review and Kalshi review.

Deposits and withdrawals

ProphetX lists debit cards (via PayNearMe), Apple Pay, Google Pay, cash at retail stores (up to $500), EdgeBoost, online banking through Aeropay, crypto through Zerohash, and wire ($1,000 or more). Credit cards are “NOT accepted.” The minimum deposit is $10, and ProphetX says deposits “are processed instantly.”

Withdrawals go out by online banking (Aeropay), debit card, paper check or wire. Debit-card withdrawals take “24 hours to be approved then 1-5 business days.” Checks take 7–14 days, and wires ($5,000 or more) take up to 72 hours. ProphetX hasn’t published deposit or withdrawal fees beyond saying EdgeBoost has none.

The ProphetX app and sign-up

ProphetX runs on iOS (“ProphetX: Prediction Market”), Android and the web. Its terms require you to be 18 or the age of majority in your state, whichever is higher. You must enable location services. Verification needs a photo of your ID (front and back), a selfie and your SSN, and you can’t deposit or trade until it’s approved.

ProphetX sign-up bonus

ProphetX files its offers with the CFTC. Until October 28, 2026 the New Market Participant Bonus pays $75 as three $25 credits if you make at least $50 of opening trades at 80¢ or below within 30 days of approval. The second and third credits arrive 7 and 14 days later, and only after you’ve used the previous one. Each credit expires 45 days after it’s issued.

A filing dated October 15, 2026 changes this from October 29, 2026: the qualifying trade drops to $40, the bonus drops to $40 ($10 on day 1, $10 on day 8, $20 on day 15), and the 80¢ cap goes. A referral program pays the referrer $25 for a first qualifying referral, and the friend $25 after they deposit and trade at least $50. We don’t publish codes.

Where ProphetX is legal

ProphetX says it is available nationwide and uses geolocation, but it hasn’t published a list of excluded states. Connecticut’s Department of Consumer Protection named ProphetX among nine platforms ordered on September 10, 2026 to stop offering sports event contracts, and Casinos.com reported that ProphetX then withdrew from the state. Earlier, in its betting-exchange days, New Jersey’s Division of Gaming Enforcement fined it $11,000 in 2025 for accepting wagers from five self-excluded people and on a prohibited NCAA game. Check our prediction market legality tracker before you sign up.

Our verdict on ProphetX

Score: 7.4 / 10. ProphetX has a genuinely trader-friendly fee model: 2% of net gains, nothing on losses, with maker rebates on top. It also has a deep sports lobby and some of the widest deposit options we’ve seen. We hold back for three reasons: it has only been federally regulated since June 2026, it doesn’t publish where it’s unavailable, and its bonus is about to shrink. If you trade sports and want to pay only when you win, it’s worth a look. Visit ProphetX.

Figures as of October 2026 and subject to change. Scores reflect our editorial methodology, weighted for US traders. Not financial or betting advice.

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).