Kalshi Review
The first CFTC-regulated prediction market exchange in the U.S. Independent Kalshi review: 4.4/5 for prediction markets. Best for U.S.
By Michael Hewitt, Founder & Editor-in-Chief.
Our verdict
U.S. traders who want event contracts under federal oversight get that with Kalshi: it's CFTC-regulated, legal in all 50 states, and holds funds in segregated U.S. bank accounts. That regulation is why it rates well. Fees can reach about 7% per contract depending on the market, and there's no margin, so you post full collateral.
Skip it if you want to trade on margin, or can't absorb fees of up to 7% per contract.
About Kalshi
The first CFTC-regulated prediction market exchange in the U.S. Kalshi is offered by Kalshi Inc. Our editorial rating is 4.4 out of 5.
Best for: U.S. traders who want regulated event contracts.
Editorial grade: A (composite score 88/100).
Highlights
- CFTC-regulated event contracts, fully legal in all 50 U.S. states
- Trade on elections, economics, culture, weather, and sports outcomes
- Contracts settle $0–$1 based on real-world yes/no events
What we like
- U.S.-regulated exchange with federal oversight (unlike offshore books)
- Deep liquidity on major events and clear pricing = probability
- Funds held in segregated U.S. bank accounts
Where it falls short
- Trading fees up to ~7% per contract depending on market
- No margin or leverage, so you must post full collateral
Fees, minimums, and rates
Monthly fee: Up to 7%. Minimum to open: $0. New-customer bonus: Up to $20 trading credit. Rates and promotional offers change often, so check the provider's own page before you apply.
How we reviewed it
This is a desk review: we have not opened an account with Kalshi Inc.. It is built from Kalshi Inc.'s published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the Prediction Markets shortlist. The rubric is the same for every brand.
Similar products to compare
Read our full editorial methodology for how we review products.