Kalshi is one of the brands that pop up when discussing prediction markets in the United States. I’ve been curious to see how well it holds up, so I registered on the platform and conducted this thorough Kalshi review.
The website itself is basic, which I appreciate, as it allows me to easily navigate and trade event contacts. Despite its simple appearance, the platform features hundreds of Yes/No contracts across different categories. Keep reading, as this detailed review will tell you what to expect when you join Kalshi.
| Payment Provider | Deposit minimum/maximum | Withdrawal minimum/maximum | Safety |
|---|---|---|---|
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at least 10$ | 10 - 2500$ | high_security |
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at least 10$ | 10 - 2500$ | high_security |
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at least 10$ | very_high_security | |
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at least 10$ | 10 - 2500$ | very_high_security |
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high_security | ||
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high_security | ||
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high_security |
Kalshi uses a straightforward binary system where you trade "Yes" or "No" shares, also known as event contracts. These Kalshi event contracts have prices ranging from 1 cent to 99 cents. Let me give an example:
Will the Citrini scenario happen?
| Market | Buy Yes | Buy No |
| Yes/No | 31 cents | 70 cents |
You select any of these shares and buy as many as you want. If your prediction at the end of the event is correct, you get a $1 payout per share. For example, buying 100 “No” contracts at $70 means you will receive $100 if the scenario does not happen and puts your profit to $30. You can also exit your position before the event resolves. This basically means selling your contracts.
At first glance, it seemed like Kalshi did not offer a welcome bonus for new traders. However, when I signed up and spent my first $10 in trades, I got a $10 bonus. The offer was instantly added to my balance, and I used it to trade more contracts.
Keep in mind that Kalshi’s welcome bonus for various states is not fixed. It can change at any time, and so will its attached conditions. If you get a different welcome offer in your location, read the fine print to learn what applies to it.
During my Kalshi review, I found the following reward programs:
| Volume incentive program | A cashback reward system that pays based on your trading volume. You can get up to $0.005 per contract. |
| Liquidity incentive program | The prediction market provides daily rewards when you place resting orders that improve liquidity on the platform. |
| Market bug bounty program | You can get up to $100 if you detect and report a bug on the prediction market. |
| Referral program | Whenever a player registers using your referral code, you receive a $25 bonus. Kalshi offers up to $1,000 through the referral program. You can join the program only after you’ve traded at least $25. |
Kalshi receives a high rating for event coverage. I came across hundreds of markets for sports, culture, crypto, climate, and economics, to mention a few. Below are more details on some of the categories I found and what to expect from each one:
The Kalshi Election section houses markets focused mostly on domestic elections. It covers electoral events on various levels, including primaries. While the US elections take center stage, the prediction market also provides options for international elections, giving you the opportunity to test your knowledge on foreign affairs. A few events under this category include:
Although elections have a different category, you can still find most of their markets in the politics section. These are in addition to other political events, such as policymaking and congressional outcomes. Many political event contracts are long-term, as they can only be resolved after the event ends. Some instances you can trade on are as follows:
If you are interested in predicting the outcomes of entertainment-related events, visit the Culture tab. Kalshi provides markets for mostly awards, movies, music, television shows, and video games. You have options like the following:
As a crypto enthusiast myself, I was delighted to find that Kalshi covers cryptocurrency outcomes. Most markets revolve around price shifts, like Ethereum’s possible price at the end of the day, Bitcoin’s price at the end of the year, and when BTC will hit 100k.
Unsurprisingly, sports markets generate the highest trading volume in the prediction market. There are options for more than 16 sports, including well-known and niche ones such as basketball, MMA, cricket, football, boxing, and lacrosse.
When making predictions on Kalshi sports, understand that you are not placing bets. Instead, you are still focused on buying Yes or No contracts to predict the possible outcome of a sports event. The event contract prices shift depending on trader’s sentiment and the latest updates regarding the sports event.
You can predict weather outcomes on the platform. Most of the time, you will find markets for the possible temperatures of specific cities at certain times of the day. A few examples include the highest temperatures in NYC today and the lowest temperatures in Los Angeles today.
The prediction market does an excellent job of covering events that directly or indirectly affect the economy. These include inflation, GDP growth rate, housing, and jobs. A few examples include:
For every market you open, you will find numbers that represent the price of their event contracts. These numbers tell the probability of that event happening. Say there is a "Yes" contract at 65 cents. It means there is a 60% chance that the specific event will happen.
Kalshi’s prices usually change based on traders' activities. When more users buy a contract, the price of that specific contract increases, but when more traders sell, the price falls. Other factors, like a key player being injured, also affect the numbers. Basically, it’s best to keep an eye on the market and watch how prices change before deciding when to trade.
Like many prediction markets I’ve used, Kalshi has a basic appearance. Its main standout feature is the light and dark modes, which you can switch on or off from your account settings. Besides this, everything else is simple. You have a plain background with bright writeups, a combination that is easy on the eyes.
The straightforward layout is a plus, as it makes it easy for you to get around. When you log in to your account, you see the deposit, leaderboard, notifications, and hamburger icons at the top right. Clicking the hamburger icon reveals additional tabs, including Account & Security, Your Activity, Documents, Settings, and Support.
The same top header includes a search box and tabs such as Socials, Markets, and Live. Below the header are the main event categories. When you pick a category, you will find the various markets you can trade on. Every page loads quickly, provided you have a solid internet connection. Overall, the website is simple and easy to use, which is great for both first-time and experienced traders.
If you plan to trade event contracts using your smartphone or tablet, you can download the mobile application. I tested both the Android and iOS apps and can confirm that they function smoothly.
For starters, they are easy to download. All you have to do is open your app store, search for Kalshi, tap the download icon, and wait for the process to be complete. The app is lightweight, so it will take only a few seconds to download on your device.
The interface is more streamlined than the website, but still easy to navigate. You still have light and dark modes. Most importantly, all of the platform’s offerings, including markets, live graphs, socials, and leaderboards, are available on the app. So, you are not missing out on anything when playing on a smaller screen.
If you would rather not download the app, the website is an excellent alternative. Thanks to HTML5, it adjusts seamlessly to fit varying screen sizes. You can add the website’s icon to your homescreen for faster access to the prediction market.
In addition to being easy to use on various devices, Kalshi has a few user-friendly tools that enhance the overall prediction experience. Check them out below:
When you visit the “Social” tab, you will find a hub where you can interact with other users. It’s quite similar to most social media channels, as you can create your own posts, send GIFs, comment under, like, bookmark, and share other traders’ posts.
You can also view other users’ profiles, including their trading volume, number of predictions, and potential payouts. If you follow anyone, you get a notification when they make new posts in the social section.
The leaderboard shows which users are doing well on the platform. It ranks top traders based on who has cashed out the most, has the highest trading volume, and has made the most predictions. You can filter the list to show the same information, but this time for a specific category, such as politics or sports. Kalshi automatically places you on the leaderboard if you fall into the top 50 or 80 positions.
The platform’s customization options are quite impressive. You can change how you want market prices to appear, turn off notifications, and choose how quickly you want trades to be completed, all from your account settings.
I like Kalshi’s market interface. For each market, you have a graph showing how prices have fluctuated since the market went live. You can hover over the graph to see the exact price for a specific day and time. There are options to comment, share, download price history, and add the market to your watchlist. At the bottom of every market are “Rules,” which provide more information about the event.
At Kalshi, you can fund your account with at least $10 via debit card, bank transfer, Venmo, PayPal, Cash App, cryptocurrency, or wire transfer. The maximum deposit limit depends on your account, but it can be up to $1,000 daily.
For withdrawals, you can use a debit card, bank transfer, or cryptocurrencies. The prediction market takes about 30 minutes to process withdrawals, though this time frame can be longer if you use a bank transfer.
Besides debit cards, which incur a 2% processing fee, Kalshi does not charge any extra fees for deposits and withdrawals. However, Kalshi transaction fees are attached to the expected returns of every contract.
Customer service is where Kalshi takes a hit. Its primary communication channel is live chat, which is accessible only when you’re logged in and through the Help Center. The thing is, responses via live chat are not always instant. You might have to submit a ticket first and wait a few hours for a reply. In your ticket, you must detail the problem, include a screenshot if necessary, and provide your Kalshi account details.
Before reaching out, you can check the help center to see if you can find answers to your questions. The help center is not very comprehensive, but it covers the major topics, including support, account management, reward programs, payments, and security.
| Customer Service |  |
|---|---|
| Available Languages: | English |
| Email: | support@kalshi.com |
| Telephone: | (332) 205‑9910 |
Kalshi is 100% legit. It is regulated by the Commodity Futures Trading Commission (CFTC), which permits it to operate legally in the United States. Thanks to this regulation, you can rest assured that the platform abides by strict rules to ensure your safety.
One of its clear security features is SSL encryption. The technology encrypts your data, preventing external parties from accessing or using it. Another is two-factor authentication, which you can easily activate in your profile settings. Once activated, the prediction market will request a code whenever you want to log in to your account.
Its demand for KYC verification is another factor that proves it is safe. The platform conducts these checks to ensure you meet the minimum age requirement for using its services. It’s also to prevent fraud and confirm that you are the same player behind deposits and withdrawals.
You are eligible to use Kalshi once you are 18 years old and physically present in any location in the US. Yes, the prediction market offers services in all 50 US states, which is impressive. Remember that you’ll have to complete KYC checks, so have the necessary documents handy so you can easily submit them after the initial registration.
Everything that Kalshi offers is easily accessible once you have an account. Creating one is easy. You start by visiting the site and filling out your details. If you prefer to use the mobile application, then download it first and launch it on your device. Below is a step-by-step guide on how to get started on the prediction market:
Click on the Kalshi promo banner on this page to visit the prediction market.
Tap the sign-up icon at the top right of the screen.
Choose if you want to join using Google, Apple, or email.
Provide your phone number to get a one-time verification code.
Fill in the code.
Enter your details, including full name, date of birth,
Submit the form.
You will get a message from the operator saying they got your application and will review it in 24 hours. Kalshi must approve your account before you can deposit or trade on the site/app.
You need to have funds in your account to trade. Once you have deposited, you can easily buy your first event contact by following these steps:
Pick a category from the options displayed in the top section of the screen.
Select an event and choose one of its markets.
Choose if you want to buy in “Contracts” or “Dollars.”
Enter the number of contracts you want to buy (if you opt for contracts).
Fill in how much you want to use for the purchase (if you prefer to buy in dollars).
Click the “Buy” button at the bottom of the page to complete the purchase.
After these steps, you wait for the event to resolve to see if you’ve won. For every successful contract, you receive a $1 payout. Alternatively, you can sell your positions and cash out before the event settles. To do so, open your portfolio, click on the sell button, and choose the number of contracts you want to sell.
Keep in mind that you can make a limit order. When you place a "Buy" limit order, you tell Kalshi the highest price you're willing to pay. If the market reaches that price or someone is already willing to trade at it, your order can be executed. If not, it stays open and may never fill.
On the other hand, if you place a sell limit order, you tell Kalshi the lowest price you are willing to accept for contracts you already own. The order only fills if another trader is willing to buy at your price or better.
I specified earlier that every market has its rules. This is where the operator also lists the source it will use to settle the market. The exact settlement source depends on the event. For example, a political market might use official election results, while an economic market might use government data releases or another named source agency.
If your contract’s value cannot be determined automatically, Kalshi can use its review process for market outcomes or other rulebook procedures to resolve it. The platform also allows traders to submit a request to settle a market. However, Kalshi’s markets team reviews that request and makes the final call.
According to Kalshi, most markets are settled shortly after they expire. Still, the exact timing depends on the market type, the data source, and the requirements for manual review. Overall, it can take between 1 and 12 hours for the platform to resolve an event. As such, do not be surprised when you do not get your winnings within minutes after an event closes.
Want a closer look at individual prediction market platforms? Use the table below to compare our reviews of Crypto.com, Kalshi, Polymarket, and Robinhood, including how each platform works and what users should know before getting started.
| Operator Review | Check The Review Here |
|---|---|
| Crypto.com | Crypto.com Review |
| Kalshi | Kalshi Review |
| Polymarket | Polymarket Review |
| Robinhood | Robinhood Review |
Kalshi is one of the leading prediction markets, and it’s easy to see why. It is a regulated platform, so you can trade event contracts without worrying about your safety. Speaking of event contracts, there are more than 1,500 options every day. These span various categories, including sports, politics, culture, and climate. It’s up to you to browse through the available markets and buy or sell event contracts.
The prediction market does not have many bonuses, but the reward programs are impressive. You can get bonuses for adding liquidity, trading larger amounts, and referring players. Its support for multiple payment methods is another plus, as it allows you to make transactions in fiat or crypto.
Although Kalshi lacks in the customer service department, its other features make it a highly rated prediction market. If you’re in the US and meet the minimum age requirement, you can easily sign up on the platform. Start by tapping the Kalshi link on this page or downloading the application on your mobile device.
Kalshi is a prediction market where you trade Yes or No contract and get a payout if your predictions are accurate.
No, you cannot. You are limited to a single account on the prediction market.
Kalshi makes money from charging a transaction fee on expected returns from event contracts.
