Jeremy Bragin
Kalshi
A CFTC-regulated exchange with all six market categories, an open order book and interest on your balance
4.9/ 5
CoinStats scoreBest for: all six market categories, traded on the exchange itself.
- Regulator
- CFTC: a designated contract market (DCM) and derivatives clearing organization
- Fee on $100 at 50¢
- $3.50
- Minimum deposit
- $10, or $1,000 by wire
- Deposit options
- ACH, RTP, debit card, Apple Pay, Google Pay, PayPal, Venmo, Cash App (deposits only), wire and crypto deposit
- Settlement and payout
- Most markets settle within a few hours of the outcome; combos within 1 to 12 hours.
- States
- Court orders bar its sports contracts in MI, NV and WA, and more categories in NV and WA
Scored on our published method, from what Kalshi publishes.
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How we make money
CoinStats may earn a commission if you open an account through links on this page. No venue pays for its score: it comes from the same published method, applied to every app.
Is Kalshi legit?
Yes. Kalshi is a federally regulated exchange, not an offshore app with a slick website. The Commodity Futures Trading Commission designated KalshiEX LLC as a contract market on November 3, 2020.
That puts it in the same legal class as the exchanges where oil and interest-rate futures trade. Every contract's rules, down to where the result comes from, are filed with the regulator. In August 2024 the CFTC also registered its clearinghouse, Kalshi Klear, which holds your cash.
That settles “legit.” It covers less than most people assume. Regulation tells you who supervises the exchange. It does not promise a profit, and it does not settle state law. Several states call its sports contracts illegal gambling, and appeals courts are split.
Is Kalshi safe? How your money is held
Start with where your money goes. It sits in segregated customer accounts at Kalshi Klear, the clearinghouse. Klear must treat that money as yours and may not mix it with its own.
Here is what segregation does not give you. Kalshi is not a bank or a stock broker. FDIC insurance covers bank deposits, not trading positions. SIPC covers securities, and event contracts are not securities. Your protection is segregation, not insurance.
Getting in takes ID. Federal rules make Kalshi confirm who every trader is, so you upload a driver's license or passport. Logins ask for a two-factor code at least every 30 days, by text or an authenticator app.
Then there is your Social Security number. Kalshi may ask for it after sign-up. You do not need it to deposit, trade or make non-crypto withdrawals. It is used for identity checks and IRS forms. Those start once you earn over $10 in interest, or $600 in incentives, in a year.
Is Kalshi gambling?
Legally, Kalshi says no. Its contracts are regulated as derivatives under federal law, overseen by the CFTC rather than state gaming boards. In your wallet, the line is thin. You risk money on an outcome, and if you are wrong you lose all of it.
The real difference is who takes the other side. A sportsbook sets the odds and takes your wager itself. On Kalshi, the price comes from an order book, and another account takes the trade. Often that account belongs to a professional market maker. One lawsuit below is built on that point.
Judges cannot agree either. In April 2026 the Third Circuit sided with Kalshi against New Jersey. In August the Ninth Circuit ruled that Nevada can regulate its sports contracts. On September 25, 2026, the Sixth Circuit said the same for Ohio and Tennessee.
New Jersey has asked the Supreme Court to hear its case. Notice what none of these rulings questions: Kalshi's registration as an exchange. The fight is about sports. Every case is on our prediction market legal tracker.
Kalshi lawsuits and complaints
Search for Kalshi and you will find angry forum threads and a video calling it a scam. Take them seriously, but sort them. The loudest complaints fall into three groups: legality, settlement rules and withdrawal holds. The lawsuits below are real. We found no ruling on the merits in any of them.
- Class actions over sports contracts Traders say Kalshi runs unlicensed sports betting, and that they often trade against its affiliates and market makers. The suits are combined in federal court in Manhattan. Kalshi calls the claims “meritless.” Source
- The Khamenei “death carveout” case A market on whether Iran's supreme leader would leave office drew about $54 million in trades. He died on February 28, 2026. Kalshi then paid Yes holders the last price before his death, not $1, under a rule excluding death. A class action says that rule was buried in fine print. Kalshi told users many had not fully understood the market's rules. Source
- New York's lawsuit New York's attorney general sued, calling Kalshi an unlicensed gambling operation. The state says it lets 18- to 20-year-olds trade. It seeks restitution for customers and penalties of three times Kalshi's proceeds. Source
The lesson from all three is the same. Read a market's rules before you trade it, not after it settles.
How Kalshi works
Every Kalshi market is a yes-or-no question with a close date and a named source for the result. Contracts trade between 1¢ and 99¢. A winning contract pays $1 and a losing one pays nothing. So the price doubles as the market's probability.
| Cost of the contracts | $40.00 |
| Taker fee (0.07 × 100 × 0.40 × 0.60, rounded up) | $1.68 |
| Total you pay | $41.68 |
| Paid out if the answer is Yes | $100.00, a profit of $58.32 |
| Paid out if the answer is No | $0.00, a loss of $41.68 |
You do not have to wait for the result. You can sell early if someone will buy, and limit orders rest on the book for free on most series. For the full walkthrough, read how Kalshi works, step by step.
Kalshi fees, with the arithmetic
Takers pay 0.07 × contracts × price × (1 − price), rounded up to the cent, times the fee multiplier of the contract's series. Series with maker fees also charge resting orders 0.0175 × contracts × price × (1 − price). On $100 at 50¢, that is $3.50 at the standard multiplier.
| Price | Cost of 100 contracts | Taker fee | Paid if right |
|---|---|---|---|
| 10¢ | $10.00 | $0.63 | $100.00 |
| 25¢ | $25.00 | $1.32 | $100.00 |
| 50¢ | $50.00 | $1.75 | $100.00 |
| 75¢ | $75.00 | $1.32 | $100.00 |
| 90¢ | $90.00 | $0.63 | $100.00 |
Notice the shape. The fee peaks at 50¢, where the outcome is least certain, and shrinks toward either end. Bank, wire and real-time payment deposits are free, while debit cards can cost 2%. Withdrawals carry no Kalshi fee. Every rate is on our Kalshi fees page, series by series.
Does Kalshi pay out? Withdrawal times and holds
Yes. When a market settles, each winning contract credits $1 to your balance. Most markets settle within a few hours of the result. Combos take 1 to 12 hours.
Withdrawals go to a debit card, a bank account, PayPal, Venmo or a crypto wallet, with no Kalshi fee. Card withdrawals are normally instant. Bank transfers take a few business days. Wire and Cash App are for deposits only.
One rule trips people up: the security hold. Cash you deposit may wait before it can leave again, depending on how it came in. Your profits never wait. Anything beyond your deposits can be withdrawn once it settles.
| Deposited by | Withdraw the same way | Withdraw another way |
|---|---|---|
| Debit card, Apple Pay, Google Pay | Once the deposit settles | Up to 2 days after it settles |
| Bank transfer (ACH) | Once the deposit settles | Up to 2 days after it settles |
| PayPal or Venmo | No hold | No hold |
| Cash App | Not offered | No hold |
| Crypto or wire | No hold | No hold |
What you can trade on Kalshi
Kalshi lists all six categories we track: sports, politics, economics, crypto, culture and climate. Every market has a public order book, and its prices are free to read through Kalshi's API. That is why its quotes appear in our live prediction market odds.
Right now Kalshi lists 11,804 open events. An event can hold several markets, such as one per team.
| Category | Open events | Traded in 24 hours |
|---|---|---|
| Sports | 5,014 | $34.5M |
| Politics | 4,227 | $9.6M |
| Economy | 1,380 | $1.6M |
| Culture | 690 | $1.2M |
| Climate & Weather | 201 | $630K |
| Tech & Science | 175 | $689K |
| Crypto | 106 | $2.9M |
| Health | 6 | $9K |
| World | 5 | $178 |
The most traded Kalshi markets today
Where Kalshi is available
By default, Kalshi is open in every state. The exceptions come from state law, and mostly concern sports. Court orders close its sports contracts in Michigan, Nevada and Washington, and more categories in the last two. In Utah, Kalshi lost its bid to stop the state enforcing its gambling laws.
Here is the state-by-state picture, with the case behind each.
| State | Status | Contracts | Case or action |
|---|---|---|---|
| AZ | disputed | sports and election | KalshiEX LLC v. Johnson, No. 2:26-cv-01715 (D. Ariz.), consolidated with United States v. Arizona, No. 2:26-cv-02246-PHX-DMF; appeal No. 26-4281 (9th Cir.) |
| CA | disputed | sports | Blue Lake Rancheria v. Kalshi, Inc., No. 25-7504 (9th Cir. Sep 16, 2026) |
| CT | disputed | sports | KalshiEX LLC v. Cafferelli, No. 3:25-cv-02016 (D. Conn.); United States v. Connecticut, No. 3:26-cv-00498 (D. Conn.) |
| IL | disputed | sports | United States v. Illinois, No. 1:26-cv-03659 (N.D. Ill.); KalshiEX LLC v. Raoul, No. 1:26-cv-07363 (N.D. Ill.) |
| IA | disputed | sports | KalshiEX LLC v. Bird, No. 4:26-cv-00109 (S.D. Iowa Sep 8, 2026) |
| MD | disputed | sports | KalshiEX LLC v. Martin, No. 1:25-cv-01283 (D. Md.); appeal No. 25-1892 (4th Cir.) |
| MA | disputed | sports | Commonwealth v. KalshiEX LLC, No. 2584CV02525 (Mass. Super. Ct. Jan 20, 2026), stayed pending appeal; SJC-13906 |
| MI | blocked | sports | Nessel v. KalshiEX, LLC, No. 26-001087-CZ (Mich. 30th Cir. Ct.), preliminary injunction signed Sep 1, 2026 |
| MN | disputed | all | United States v. Minnesota, No. 26-cv-2661; KalshiEX LLC v. Ellison, No. 26-cv-2778; QCX LLC v. Ellison, No. 26-cv-2841 (D. Minn. Jul 27, 2026) |
| NV | blocked | sports, election and entertainment | Nevada ex rel. Nev. Gaming Control Bd. v. KalshiEX LLC, No. 26-OC-00050 (Nev. 1st Jud. Dist. Ct.); KalshiEX, LLC v. Assad, No. 25-7516 (9th Cir. Aug 28, 2026) |
| NJ | open | all | KalshiEX LLC v. Flaherty, No. 25-1922 (3d Cir. Apr 6, 2026) |
| NY | disputed | all | New York v. KalshiEX LLC (N.Y. Sup. Ct., filed Jul 31, 2026); KalshiEX LLC v. Williams, No. 1:25-cv-08846 (S.D.N.Y.) |
| OH | disputed | sports | Ohio Casino Control Commission notice of intent to fine (Apr 14, 2026); KalshiEX LLC v. Schuler, No. 2:25-cv-01165 (S.D. Ohio), aff'd, No. 26-3196 (6th Cir. Sep 25, 2026) |
| RI | disputed | sports | KalshiEX LLC v. Furcolo, No. 1:26-cv-00327 (D.R.I.), consolidated with State of Rhode Island v. KalshiEX LLC, No. 1:26-cv-00333 (D.R.I.) |
| TN | disputed | sports | KalshiEX LLC v. Orgel, No. 3:26-cv-00034 (M.D. Tenn. Feb 19, 2026), vacated, No. 26-5235 (6th Cir. Sep 25, 2026) |
| TX | unknown | sports | Lt. Gov. Patrick 2026 interim charge to Senate State Affairs (Mar 27, 2026); hearing Sep 15, 2026 |
| UT | disputed | sports | KalshiEx LLC v. Cox, No. 2:26-cv-00151 (D. Utah Aug 4, 2026); injunction pending appeal denied, No. 26-4100 (10th Cir. Sep 8, 2026) |
| WA | blocked | sports, election, politics, entertainment, culture, tech, science and mention | State of Washington v. KalshiEX LLC (King County Super. Ct.), Judge John F. McHale; preliminary injunction Jul 20, 2026, amended order Aug 12, 2026 |
| WI | disputed | sports | State of Wisconsin v. Kalshi, Inc., No. 3:26-cv-00378 (W.D. Wis.); United States v. Wisconsin, No. 2:26-cv-00749 (E.D. Wis.); Ho-Chunk Nation v. Kalshi Inc., No. 3:25-cv-00698 (W.D. Wis.) |
Outside the US, Kalshi’s restricted list names 55 countries, including the United Kingdom, Canada, Australia and France. See prediction market availability by country.
Not legal advice. States are listed where a ruling, order or action applies; every other state follows the national default.
The Kalshi app and support
On the App Store, Kalshi rates 4.8 from 547,995 ratings. On Google Play it rates 4.7 from 120K. Both were read on September 25, 2026.
Those scores tell a calmer story than the forums. Kalshi runs on iOS, Android and the web. Active traders also get Kalshi Pro, a desktop terminal released in July 2026, and a free API.
Support starts in chat, with an AI assistant before a person. Email is the backup, and there is no phone line.
Kalshi pros and cons
Pros
- Regulated at every layer. The exchange and its clearinghouse are both registered with the CFTC, and your cash is segregated.
- Every category, one order book. All six categories we track, and every market shows a public order book.
- Fees you can work out. The fee formula is published, so you can price a trade before you place it.
- Interest on idle cash. 3.25% APY on cash and open positions, for balances of $250 or more. The rate is variable.
- Fast payouts. Most markets settle within hours, and card withdrawals are normally instant.
Cons
- Sports contracts face bans. Court orders close them in Michigan, Nevada and Washington, and more states are in court.
- Settlement follows the fine print. The Khamenei market paid less than $1 because of a rule many traders missed.
- Card deposits can cost 2%. Bank, wire and real-time transfers are free; debit cards may carry a fee.
- No phone support. Help comes through chat and email, with an AI assistant first.
Kalshi vs the alternatives
Kalshi ranks first of 15 apps in our ranking of prediction market apps, at 4.9 out of 5. That does not make it right for everyone.
Robinhood routes event-contract orders to Kalshi's exchange, among others, so it suits people who already hold a Robinhood account. Polymarket US runs its own regulated exchange, funded by card, bank or wire.
Our verdict: is Kalshi worth it?
Kalshi is legit. On the facts it publishes, it is also the strongest app we rank. It is regulated at the exchange and the clearinghouse. Its fees follow a formula you can check, and it pays out fast.
The risks are specific. Sports contracts can close in your state after one ruling. Written rules decide settlement, as Khamenei traders learned. And as on any market here, you can lose everything you put in.
If those risks suit you, check whether Kalshi is legal in your state first.