Kalshi is legit. It is the first and only CFTC (Commodity Futures Trading Commission)-regulated prediction market in the United States. The platform received its Designated Contract Market (DCM) license in November 2020, making it subject to the same regulatory framework as the CME Group and other US futures exchanges (source: Kalshi About page).
As of February 2026, Kalshi offers trading on hundreds of event contracts spanning politics, economics, weather, science, and sports — with over $3 billion in cumulative trading volume since launch. This review covers how Kalshi works, what you can trade, the fee structure, and how to get $35 in signup bonuses.
How Kalshi Works
Kalshi structures every market as a simple yes/no binary contract. Each contract pays out $1.00 if the event happens (Yes) and $0.00 if it doesn't (No). You buy contracts at prices between $0.01 and $0.99, where the price roughly represents the market's implied probability.
Example: A contract "Will the Fed raise rates in March 2026?" priced at $0.35 means the market assigns a ~35% probability. If you buy "Yes" at $0.35 and the Fed does raise rates, you receive $1.00 — a profit of $0.65 per contract. If they don't raise rates, you lose your $0.35.
What Can You Trade on Kalshi?
| Category | Example Markets | Volume |
|---|---|---|
| Politics | Presidential elections, congressional races, policy decisions | Highest |
| Economics | Fed rate decisions, inflation (CPI), GDP, unemployment | High |
| Sports | NFL, NBA, MLB outcomes (approved 2024) | Growing |
| Weather | Hurricane landfalls, temperature records, snowfall | Medium |
| Science & Tech | AI milestones, space launches, FDA approvals | Medium |
| Culture | Award show winners, box office records, viral moments | Lower |
Kalshi's sports betting contracts were approved by the CFTC in 2024 after a landmark legal battle. Source: CFTC Press Releases.
Kalshi Fees
Kalshi's fee structure, as listed on their official fee schedule:
| Fee Type | Amount |
|---|---|
| Trading fee (per contract) | $0.02–$0.04 depending on volume tier |
| Settlement fee | $0.00 (no fee on winning contracts) |
| Deposit fee | $0.00 (free deposits via ACH, wire, or debit) |
| Withdrawal fee | $0.00 (free withdrawals) |
Kalshi vs Polymarket vs PredictIt
| Feature | Kalshi | Polymarket | PredictIt |
|---|---|---|---|
| Regulation | CFTC-regulated (DCM) | Unregulated (crypto) | CFTC no-action letter (limited) |
| US Legal | ✅ Yes, all states | ❌ No (US restricted) | ⚠️ Winding down |
| Currency | USD | USDC (crypto) | USD |
| Max Position | No limit | No limit | $850 per contract |
| Sports | ✅ Yes (since 2024) | ✅ Yes | ❌ No |
| Mobile App | ✅ iOS & Android | ⚠️ Web only | ❌ No |
| KYC Required | Yes (SSN + ID) | No | Yes |
Bottom line: Kalshi is the only fully CFTC-regulated option available to US residents. Polymarket has higher volume on some crypto/politics markets but is not accessible from the US. PredictIt is in the process of winding down after the CFTC revoked its no-action letter in 2023.
How to Get $35 in Kalshi Bonuses
New Kalshi users can earn $25 from Kalshi (their official referral program) plus $10 from Referral.ink — $35 total. Here's how:
- Sign up through our Kalshi referral link
- Complete identity verification (KYC — requires SSN and government ID)
- Deposit funds via ACH, wire, or debit card
- Wager at least $25 on any market
- Kalshi credits $25 to your account automatically
- Screenshot your trade history showing $25+ in wagers
- Submit on Referral.ink for an additional $10 (1,000 points)
Note on taxes: According to the IRS, profits from Kalshi are treated as capital gains (reported on Form 1099-B). Kalshi sends tax forms for users who exceed reporting thresholds. Consult a tax professional for your specific situation.
Kalshi Review FAQ
Is Kalshi safe to use?
Yes. Kalshi is regulated by the CFTC, which means customer funds are held in segregated accounts at regulated banks. According to Kalshi's legal disclosures, funds are protected under CFTC Rule 1.20, the same rule that protects futures traders at exchanges like the CME.
How old do you have to be to use Kalshi?
You must be 18 or older and a US resident. Unlike sportsbooks (which require 21+ in most states), Kalshi's minimum age is 18 because it's regulated as a futures exchange, not a gambling platform.
Can you make money on Kalshi?
Yes, but it's not easy. Like any trading platform, most retail participants lose money over time. Kalshi's markets are reasonably efficient, meaning prices generally reflect true probabilities. Edge comes from having better information or analysis than the market consensus.
How fast are Kalshi withdrawals?
ACH withdrawals take 2–5 business days. Wire transfers are same-day for requests submitted before 2 PM ET. There are no withdrawal fees.