Kalshi Review

If you are in search of a Kalshi review, this article will give you the insight you are looking for. Kalshi is the first fully-regulated prediction market in the US regulated by the CFTC (Commodity Futures Trading Commission). 

Kalshi is a platform for trading yes-or-no contracts on real-world events, including sports, politics, and economic indicators. Unlike traditional sportsbooks, which offer fixed odds, Kalshi resembles a stock exchange in which the prices will change dynamically based on trader sentiment, and you can cash out early for profits or losses. My personal experience on the site is that it provides a clear and accessible avenue for event-based speculation.

Kalshi stands out because of its straightforward platform and variety of markets. Still, I did find some limitations, including inconsistent liquidity on the less popular markets and transaction fees that can cut into the profit margins of frequent traders.  

This article reviews and evaluates the important aspects of Kalshi, including promotions, sports and event markets, mobile experience, payment options available, security, customer support, signup response, risks, comparisons to competitors, and a conclusion recommending whether you should sign up for Kalshi based on your trading goals.

What is Kalshi

Kalshi was founded in 2018 as an exchange designed to give retail users access to event contracts. Tarek Mansour and Luana Lopes Lara thought there was an opportunity to bring structured prediction markets to the public, starting with questions like, “Will the Super Bowl total be more than 50 points?” without using an unregulated offshore betting platform. Kalshi has grown significantly with an annualized trading volume of over $50B, largely due to growth in sports and increased demand for predictions on political events.

The platform employs binary event contracts that either settle at $1 for “yes” outcomes or $0 for “no,” with each price point from 1 cent representing the perceived probability of each outcome. You purchase a “yes” contract if you believe the event will occur, and if you believe it will not occur, you would purchase the “no” contract. At any point prior to settlement on each contract you can sell the position. This will appeal to you if you’re a sports fan that likes futures markets and proposition markets. From what I have seen in testing and trading NFL futures on Kalshi, trading and pricing is clearer than traditional sports books.

For a concise summary, the following table outlines Kalshi’s essential attributes. This overview highlights Kalshi’s strengths for informed traders, and the sections below offer further detail.

What sports trading markets does Kalshi offer?

Kalshi’s sports markets have grown, and now cover most of the top leagues and big events, including NFL, NBA, MLB, NHL, UFC, NCAA football and basketball, European soccer, and more.

Kalshi has begun offering player props like “Will LeBron James score over 30 points” on a betting exchange, which I find a useful addition, especially in light of increasing regulations regarding player props in sports betting. 

Sports make up a vast majority of the total contract volume on Kalshi, and the contracts focus on both marquee future events and all the games being played on a given day.

How do event contracts function on Kalshi?

Event contracts on Kalshi work on a yes/no system. You can buy at the current market price (say, 45 cents for “yes”) and can either hold until settlement or sell beforehand.

I’ve found yes/no pricing functions like a more efficient stock market: as demand grows, so does the “yes” price, but without the sportsbook vig. Kalshi’s community-driven market proposals help keep contracts fresh, covering everything from climate to current events.

Where is Kalshi available?

Kalshi is available in every US state and territory thanks to its 2020 CFTC designation, unlike the state restrictions that most other forms of sports betting run into. 

While the platform has dealt with some legal scrutiny, it has successfully added sports contracts and has CFTC clearance, as well as various data encryption certifications and regular audits – which gives me a lot of confidence as a trader based in the US.

What bonuses and promotions are available on Kalshi?

Kalshi’s promotions are straightforward and designed to get you trading, rather than being overly complex. The only ongoing promotion available on Kalshi is a $10 refer-a-friend program. However, Kalshi does reward active traders with incentives, where you can earn rewards for volume and liquidity contributions.

What additional markets beyond sports can you access?

Non-sports areas include politics (i.e. 2026 midterm prediction), finance (i.e. Federal rate change), Entertainment (e.g. Academy Awards prediction), and climate (i.e. hurricane frequency). I saw usefulness in combining NFL trades with the Federal rate change and other economic trends.

How does the Kalshi mobile app and website perform?

The Kalshi app offers an efficient experience, with an easy-to-navigate and visually appealing design, on iOS and Android. There is also the option to use biometric authentication for quick account access. Your dashboard presents trending markets, your portfolio, and a variety of real-time charts reflecting market conditions. I felt the navigation was efficient through the sports category during live events, as it did not take long to load the segments.

Markets are separated into intuitive tabs (e.g. Sports, Politics) and a forecast section for possible movers. The dark mode provides better visibility and the gesture-based navigation aligns with mobile behavior. Overall, I felt that clarity and efficiency are key to the design.

Improved liquidity indicators and lower latency on the secondary markets would be useful future additions to the app. Desktop notifications are planned, and the current mobile-focused set-up supports the majority of traders.

What deposit and withdrawal methods are accepted on Kalshi?

• Debit Card: Instant deposits, 2% fee
• ACH/Bank Transfer: 2-4 days, no fee
• Wire Transfer: Same day, fees vary
• USDC crypto transfer: Same day via blockchain, fees vary

Kalshi is based only in the US and doesn’t support international funding methods as of now. Most funding methods have a $1 minimum with no daily maximums that I could see, although crypto deposits are capped at $500,000.

Is Kalshi safe and secure for users?

Kalshi is under federal regulation as a CFTC-regulated firm. Your money is stored away in separate accounts from Kalshi’s operational money, and daily reconciliations are done with full coverage for your money (up to $250,000) under a Fidelity Insurance Program. AES-256 encrypts your personal data, and I don’t see that the firm’s ever experienced a major data breach.

From my time using Kalshi since 2024, I’ve found it to be a reliable platform compared to some of the alternatives. Their security model offers you financial-grade safeguards plus user-friendly ones – funds sit in segregated accounts and multi-sig crypto wallets, and you’ll see that GDPR/CCPA compliant and no-data-sales privacy policy.

Automated 1099 tax reporting makes the tax side much easier as well. As well as being CFTC-licensed, they use PCI-DSS-compliant payment processing and universal SSL encryption to secure transactions. The app is further secured by a “sandbox” and if you feel you need another level of access control you can add biometric authentication.

How effective is Kalshi’s customer support?

I found that Kalshi uses email ([email protected]) for customer support and replies within 24 hours or less, faster during business hours. The help center has tutorials and FAQs for most common questions, so you may not need to contact support at all. There is no live chat or phone support, which is a drawback if you have a time-sensitive inquiry.

In my experience, active traders report efficiency while more complicated issues may take more time to process. My request to make a trade adjustment got resolved in just under 12 hours. Data I found at Trustpilot has responses the fastest under four hours if staffed, of course, even a little slower if otherwise, and they say around 80% of cases get resolved within a day.

Rapid issue resolution is a common theme throughout the reviews. A typical line from a review is: “Support quickly resolved my deposit issue.” The only point of critique is that responses from support seem templated, particularly around fees, but overall most seem happy with how the support model works.

How do you sign up for a Kalshi account?

Creating a Kalshi account only takes about 5 minutes in the app or on the web page. You enter your email and phone number, a few personal details, do an SMS verification, upload ID (like a driver’s licence), and enter the last four digits of your SSN. You must be a resident of the US and over 18 to qualify. KYC compliance is thorough yet expedited under CFTC guidelines.

Verification can be immediate or take up to 48 hours. Once you are verified, you’re good to link a funding method. I’ve helped a few people onboard and found the process to be smooth as long as the documents required are clear and legible.

What steps are required for account creation and verification?

What risks are associated with using Kalshi?

Unexpected news can lead to price swings (for example, NFL contracts being affected by injuries); niche markets might have low liquidity and be hard to get out of (unless you’re getting out before the event on purpose); and, of course, fees can eat into small gains made by the trades.

Political events have also added their fair share of volatility, and I have found myself caught out at times. Following the approach of the traders I admire, I focus on diversified positions that only represent small portions of my bankroll at a time, though I’ve recently taken advantage of Kalshi’s improved private trading tools to help steer me through uncertainty.

How does market volatility impact trades?

I’ve noticed that spikes as high as 20% on breaking news can provide various opportunities for sharper traders, but they are often difficult to navigate for those with long-term positions. I’ve limited the exposure on my own portfolio by hedging across categories.

Golf events, as a secondary marketplace, have a wide bid-ask spread which creates additional difficulty with trade executions. To avoid these difficulties, I concentrate on market areas with high trading volumes, such as NFL and NBA, which allow me to complete trades smoothly.

How does Kalshi compare to other trading platforms?

Kalshi has a stronger regulatory framework than Polymarket’s decentralized approach. Additionally, it provides more trading options than PredictIt’s political focus. Compared to sportsbooks such as DraftKings Sportsbook, Kalshi provides vig-free trading; however, it does not have as many options available for trade. The following table simplifies my findings:

I find Kalshi to be refreshingly open compared to traditional sportsbooks, even if it has less variety of markets. It’s the go-to for event-focused speculators in my view.

While sportsbooks offer more variety, Kalshi’s no-house edge makes for a fairer trading environment and helps avoid impulsive decisions. It really feels like the Robinhood of event speculating, prioritising security over Polymarket’s volatility and giving me a wider selection than PredictIt’s niche markets. For more, check out my Polymarket vs. PredictIt review page, comparing and contrasting Kalshi’s two biggest competitors.

Kalshi review conclusion

I’ve used Kalshi for regulated event trading, with a focus on sports and various other categories, and have found it to be a great option for analytical users looking for alternatives to traditional betting. It does a great job at US-wide availability, real-time pricing, and a pretty decent mobile interface. My only drawbacks are limited liquidity, fewer promotions and email support only.

Just be aware of fees and maintain strict risk management. Overall, Kalshi is a platform I would recommend to eligible US residents 18 and over looking to speculate legally and safely.