Kalshi Review 2026: ActionTrust Rating & Full Breakdown

Want a brief rundown of the different areas we factored in when conducting our Kalshi review? Refer to the table below for the Kalshi key facts you need to know.

Action Network scores Kalshi a 9.5 out of 10, which grades as "Outstanding" according to our ActionTrust prediction markets framework.

Kalshi earns strong marks across the board for many reasons: broad market selection, federal regulatory standing, solid fund segregation, and unusually transparent bonus disclosure compared to competitors.

Kalshi isn't perfect, though. Live-agent support can be slow, and some of its smaller markets don't have enough trading activity to make buying or selling at your preferred price easy. To be fair, limited liquidity is a common issue across prediction markets, not just Kalshi.

You can read more about how we arrived at this score in our ActionTrust scoring system.

Kalshi is a CFTC-regulated financial exchange, also known as a "prediction market".

Instead of betting against "the house" like you would at a sportsbook, you trade event contracts peer-to-peer with other users. Contract outcomes are based on whether a real-world event will happen.

Check out this video from Action Network's Joshua "Duck" Nunn for an in-depth explanation on how Kalshi works:

Kalshi doesn't use traditional sportsbook odds like -110 or +150.

Instead, contracts are priced in cents, and those prices reflect the market's implied probability. Some contracts even trade at fractions of a cent.

For example, a contract trading at 60¢ implies a 60% chance of the event happening.

If you buy at 60¢ and the event happens, your contract settles at $1, which is 40¢ in profit before fees. If it doesn't happen, the contract settles at $0 and you lose your 60¢ stake, plus any applicable trading fees.

That's how standard Yes/No event contracts work. Kalshi also has some markets with different payout structures, including NFL ladder and slingshot contracts that can settle for amounts between $0 and $1. Always check the contract's payout rules before trading.

At Kalshi, you don't necessarily have to hold a position until the event ends.

If the market price moves in your favor, you can try to sell your contracts before settlement rather than waiting for the final outcome. Whether the sale goes through depends on the market being open and having enough buyers at an acceptable price.

You can also sell at a loss, so check the available price, liquidity and any trading fees before exiting.

Kalshi gives you two main ways to enter a trade, depending on whether you'd rather buy at the current market price or set your own.

A Quick Order (also called a Market Order) attempts to fill immediately at the best available price. You can place one in two ways:

• Buy in Dollars: Enter a cash amount (ex. $50), and Kalshi will use it to buy as many contracts as possible at the available prices.
• Buy in Contracts: Enter the exact number of contracts you want (ex. 100), and Kalshi will try to fill your order using the available contracts.

A Limit Order gives you more control over the price. You set the maximum you're willing to pay per contract (say, 55¢) and how many you want to buy. If contracts are already available at that price or lower, your order can fill immediately. Otherwise, it stays on the order book until someone matches your price, you cancel the order or it expires.

Keep in mind that orders can also fill partially if there aren't enough contracts available at your chosen price.

Kalshi also offers Combo trades, which work similarly to a sportsbook parlay by combining multiple event outcomes into a single position.

Our guide to Kalshi Combo trades breaks down how they're built and priced.

The current Kalshi welcome offer is Trade $25, Get $55! New eligible users who sign up with promo code ACTION55, complete identity verification and make at least $25 in qualifying event-contract trades within seven days of opening their account can receive $55 in bonus trading credit.

A couple of things worth knowing: The $55 isn't withdrawable cash, and you have seven days after receiving it to use it. The credit can only be used on eligible Kalshi Predictions markets, with additional conditions applying before funds from the credit can be withdrawn.

See our full Kalshi Promo Code guide for the offer terms, eligible states and instructions on how to claim it.

Our team signed up for Kalshi by following these steps:

1. Tap Our Link and Create Account: Sign up with your email address or an existing Apple or Google account, entering promo code ACTION55 when prompted.
2. Verify your identity. Kalshi requires standard KYC verification before you can fund your account, since it operates under CFTC oversight.
3. Deposit funds. Add money using an available payment method, such as debit card, ACH, PayPal, Venmo, crypto or wire transfer. The standard minimum deposit is $10, although wire transfers require at least $1,000.
4. Make your qualifying trades. Trade at least $25 in eligible Kalshi Predictions contracts within seven days of opening your account to qualify for the $55 bonus credit. You can use a Quick Order or set your own price with a Limit Order.

Yes, Kalshi is a legitimate, federally regulated financial exchange registered with the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM).  

Kalshi was the first federally regulated U.S. exchange built specifically for event contracts. It's registered with the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM), meaning it follows federal exchange rules rather than the state-by-state licensing system used by traditional sportsbooks.

This federal status is a major part of what makes Kalshi different, but it's also been at the center of legal disputes with several states. Some argue that sports event contracts fall under their gambling laws, while Kalshi maintains that its markets belong under federal oversight.

Those disagreements have already led to restrictions in certain states, which we'll cover below.

Read more: How Are Prediction Markets Regulated? The CFTC’s Role With Kalshi & Other Operators

By law, Kalshi must keep customer funds segregated from its own operating capital. Your funds are held in regulated custody rather than mixed with company assets.

Kalshi uses encryption, two-factor authentication, and strict KYC verification to protect accounts and user data.

The app can also be locked behind your phone's Face ID or passcode, adding a device-level layer of security on top of Kalshi's own account protections.

Every Kalshi contract has published resolution rules that explain what determines the outcome and which sources will be used.

For standard Yes/No contracts, a correct position generally settles at $1 and an incorrect one at $0. Some markets work differently, including certain NFL player contracts that can pay an amount between those two values.

The rules also explain how unusual situations, such as cancellations, postponed events or unavailable data, are handled. That's why it's worth reading the resolution criteria for the specific market rather than assuming every contract follows the same payout rules.

No, Kalshi is a financial exchange with several key factors differentiating it from a sports betting platform. Refer to the table below for a rundown of the key differences between Kalshi and traditional sportsbooks:

Kalshi's NFL markets cover the rest of Week 6, starting with Texans vs Jaguars in London on Sunday, October 18. The afternoon slate includes Chargers vs Chiefs and Bills vs Raiders, followed by Cowboys vs Packers on Sunday Night Football. Commanders vs 49ers closes Week 6 on Monday, while Week 7 opens Thursday, October 22, with Patriots vs Bears.

Here's the confirmed NFL schedule for this stretch, with all kickoff times listed in ET.

Game-winner contracts are one option to look for on Kalshi, but some NFL matchups also have spreads, point totals, team totals and player props. I'd check the individual game page to see which contracts are available, especially if you're looking for something beyond picking the winner.

Also, remember prices can change as kickoff approaches, particularly when injury news or lineup decisions affect expectations. That's why I always check the latest contract price and settlement rules before placing an order rather than relying on an earlier quote.

"Kalshi has a lot of liquidity to list competitive NFL prices. However, you should always compare prices before trading NFL on Kalshi. When I don't have time to compare, Kalshi is still my go-to prediction market for NFL trading.
I especially appreciate the ability to create flexible Combos that can combine NFL contracts with other market niches. Plus, since Kalshi is structured around $0.01 tick sizes, it only shows probabilities/contract prices as whole numbers. A minor detail, but one that makes trading seem more simple."

The Kalshi site works well on laptops and mobile browsers alike, but many traders now opt to use the Kalshi app.

Kalshi has dedicated apps for both iOS and Android, with a trading dashboard, portfolio view and tools to find new markets.

As of 2026, Kalshi has a 4.8/5 rating on the Apple App Store and 4.7/5 on Google Play. Both versions offer access to Kalshi's main prediction-market features, although specific tools and layouts can differ between devices.

We also like that Kalshi is compatible with external apps, including the Action Network app.

If you want to keep track of your Kalshi trades alongside your sportsbook bets, BetSync is worth using. Once you connect your Kalshi account, eligible trades automatically appear in the Action Network app, where you can follow their performance without entering everything manually. You can also upload a screenshot of an existing trade if it doesn't sync.

Learn more about how BetSync works with prediction markets.

Unlike some competitors that are mobile-only for U.S. users (we're looking at you, Polymarket), Kalshi offers a full website accessible via desktop or mobile browser.

While many traders prefer the Kalshi app, the browser version offers advanced features like complete order book visibility, charting, and portfolio analytics.

Kalshi's app leans into a personalized, almost social feel rather than a bare-bones order screen. For example, the For You tab displays markets tailored to your activity and the Watchlist tab lets you track contracts you're interested in without committing to a trade right away.

Further to this, there's a leaderboard displaying the platform's top traders as well as a Social tab, where you can track the activity of fellow traders and even build a following of your own.

The Live tab highlights markets tied to events happening in real time, letting you follow prices as they change. Traders looking for fast turnover can even dip into short-term crypto contracts that settle in as little as 15 minutes.

Lastly, "search" and "category" sorting make it easy to find a specific market rather than scrolling through hundreds of contracts. If you need inspiration, you can always check to see which markets have the highest trading volume.

Kalshi is letting users unlock an exclusive football icon for their app.

All you have to do is:

• Turn on app notifications
• Join a live chat
• Follow at least two NFL teams
• Pick your favorite NFL team

Once you complete these steps, you can turn on the custom NFL app icon, which features the Kalshi logo overlaid on a football. If you want to revert back to the standard logo, just go to the Menu > App Appearance > Default icon.

A bonus: Picking your favorite team lets you rep them via a profile badge, and you get access to the team's exclusive Kalshi chat.

Look to the table below for a full breakdown of Kalshi's pros and cons:

Kalshi's market selection is both large and diverse, which is one of its biggest differentiators from a traditional sportsbook and why it's considered one of the best prediction market apps available today.

Here are some of the different types of Kalshi markets you can expect to see!

Kalshi lists event contracts on game outcomes, player props, and season futures, with live trading available during games.

Kalshi was the first CFTC-regulated platform to allow election trading, covering congressional, presidential and policy outcomes. With the November 2026 midterms approaching, markets on which party will control the House and Senate are worth watching. You can also trade on individual state races, international elections and even the 2028 presidential nominees.

Keep reading: 2026 Midterm Predictions: What Prediction Markets Say vs. the Polls

Trade on Fed rate decisions, inflation reports, jobs data, and GDP. Some traders use these markets to hedge against broader portfolio risk.

Additionally, Kalshi ranks among the best apps for crypto trading.

If you're looking for something more light and fun to trade on, check out the entertainment and culture markets at Kalshi. You can buy/sell event contracts tied to box office projections, music chart milestones, celebrity news, and even the outcome of reality TV shows like Love Island.

Trade on daily temperature forecasts (verified against National Weather Service data) and hurricane predictions.

Kalshi also offers CFTC-regulated perpetual futures on assets such as Bitcoin and Ethereum, giving eligible traders a way to take long or short positions without owning the underlying asset.

Unlike standard event contracts, perpetual futures don't have a fixed expiration date. They also use a separate fee structure, and funding payments can affect the cost of keeping a position open.

Just keep in mind there's an extra signup requirement here, and perpetual futures aren't automatically available to every Kalshi user. Eligible U.S. users must apply for a margin account, answer questions about their trading experience and risk tolerance, and complete a short educational tutorial once approved.

Kalshi also offers short-term crypto event contracts, including markets that resolve in as little as 15 minutes. Those are separate from perpetual futures.

Note: Leverage carries real risk: perpetual futures allow directional (long/short) trading with leverage, which means your position can be liquidated if the market moves against you.

Yes, Kalshi charges trading fees, but the amount depends on the market and how your order is executed.

Orders that fill immediately usually incur taker fees. If your order sits on the order book before another trader fills it, you may pay a maker fee, although many markets don't charge one.

Fees are charged when a trade executes, regardless of whether the position eventually wins or loses. Cancel an order before it fills, and you won't owe a trading fee.

Here's how each fee works.

If your order matches one already sitting on the order book, you pay a taker fee.

Kalshi's standard taker fee isn't a flat percentage. It's calculated using the contract price and number of contracts traded, with the highest fees around 50¢ and lower fees near 1¢ or 99¢.

Here's what the standard taker fee looks like at a few different prices:

Keep in mind that Kalshi rounds fees based on the total trade, which is why the fee for 100 contracts isn't always exactly 100 times the single-contract fee.

Not every Kalshi market charges maker fees. In fact, most don't. But some markets, including NFL games, do charge them when you place an order that sits on the order book until another trader fills it.

When maker fees apply, they're usually cheaper than taker fees. The standard nonzero maker rate is about a quarter of the general taker rate, and the amount you pay depends on the contract price and how many contracts you trade.

Here's what that looks like for 100 contracts on markets using the standard maker-fee formula:

On markets without maker fees, you pay nothing for a resting order that eventually fills.

One thing to remember: Placing a limit order doesn't automatically mean you'll pay maker fees. If your order matches an existing one right away, you'll pay the applicable taker fee instead. And if you cancel an order before it fills, there's no trading fee.

Kalshi doesn't charge membership or settlement fees, although certain markets have their own trading-fee schedules.

Perpetual futures are a little different. Their trading fees depend on your trading-volume tier, and you may also pay or receive funding payments while keeping a position open.

You can check the applicable fees before confirming a trade. Deposit and withdrawal fees are separate, and we'll cover those in the banking section below.

Kalshi supports several deposit and withdrawal methods, including debit cards, bank transfers, digital wallets and crypto. Not every method works both ways, though, and the fees can differ depending on how you move your money.

Here's a breakdown of the available options:

International users: Payment options are more limited outside the U.S. Eligible international customers can deposit using debit cards, crypto or wire transfers, while withdrawals are available through debit cards or crypto.

The standard minimum deposit is $10, except for wire transfers, which require at least $1,000. Availability may also depend on your location, account and payment provider.

Weekend Note: ACH withdrawals follow banking schedules, so a request made late Friday may not begin processing until the next business day.

Security Holds: Kalshi can temporarily restrict withdrawals of newly deposited funds. For debit card, Apple Pay, Google Pay and ACH deposits, funds are usually available once the deposit settles if you're withdrawing through the same method. Switching to another withdrawal method can add up to two days after settlement.

PayPal, Venmo, crypto and wire deposits don't have the same withdrawal hold periods. Trading profits can be withdrawn once they're settled and available as cash, even if part of your original deposit is still subject to a hold.

For the most accurate timing, check the withdrawal screen in your Kalshi account. It shows when your funds become available.

Here's how Kalshi compares with two other major prediction market apps: Polymarket and FanDuel Predicts.

Kalshi has an advantage over FanDuel Predicts when it comes to election and policy markets. FanDuel's current offering focuses on sports, entertainment, financial markets and crypto, with sports contracts subject to state-specific availability.

The bigger difference between Kalshi and Polymarket US is how you access them. Kalshi offers trading through both its app and desktop website, while Polymarket's U.S. platform currently operates through its iOS app.

Both exchanges use order books rather than traditional sportsbook pricing. They also operate separately from Polymarket's international platform, which uses cryptocurrency-based funding and offers additional products, including perpetual futures.

Kalshi is available to eligible users across much of the U.S., although not every contract is available in every state.

The biggest restrictions involve sports markets. As of 2026, court orders limit Kalshi's sports contracts in Michigan, Nevada and Washington, with Washington's restrictions also covering several other market categories. Legal challenges are still playing out in other states, so availability could change as those cases develop.

There's also a difference between where you can trade on Kalshi and where you can claim its welcome bonus.

The current ACTION55 promotion is available to eligible new users in 41 states plus Washington, DC. It's not available in Arizona, Illinois, Massachusetts, Maryland, Michigan, Montana, Nevada, Ohio or Washington.

Keep in mind that these nine exclusions apply to the promotion, not necessarily to every Kalshi market. You can check which contracts are available in your location directly through the platform.

Kalshi's institutional backing has put its markets directly in front of mainstream audiences.

Robinhood offers event contracts from Kalshi and other exchange partners within its own app, letting eligible brokerage customers trade prediction markets without opening a separate account directly with Kalshi.

CNN designated Kalshi its official prediction markets partner, integrating real-time probability data into its on-air political and macro coverage.

Kalshi also powers "Picks"-style markets for platforms like PrizePicks Predict, Sleeper Markets, and Plus500, and partnered with ADI Predictstreet during the 2026 World Cup for audience expansion.

In August 2026, Kalshi became the first official prediction market partner of the US Open through an exclusive, multi-year agreement with the USTA. The partnership brought Kalshi branding to the tournament's digital platforms and on-court signage, along with additional safeguards to monitor trading activity and protect match integrity.

In late August 2026, Kalshi announced exclusive multi-year partnerships with five MLB teams: the Dodgers, Braves, Red Sox, Padres, and Giants. Expect to see in-stadium signage, digital promotions, and radio integrations.

In late September 2026, Kalshi announced its partnership with CBS News. The agreement gives CBS News access to Kalshi's market data ahead of the 2026 U.S. midterms, adding a real-time measure of trader expectations alongside traditional polling and other election coverage.

Here are some key Kalshi dates over the years:

• 2018: Kalshi is founded by Tarek Mansour and Luana Lopes Lara.
• November 2020: CFTC grants Kalshi Designated Contract Market (DCM) status
• July 2021: Kalshi publicly launches
• September 2024: Wins a federal court ruling affirming its right to offer political event contracts
• January 2025: Launches sports event contracts
• February 2025: Robinhood integration begins with Super Bowl LIX event contracts
• December 2025: CNN partnership announced
• May-June 2026: CFTC approves perpetual futures for Kalshi, and the operator launches its first Bitcoin perpetual futures contract
• June 2026: Kalshi announced its partnership with ADI Predictstreet for the 2026 World Cup

Kalshi provides an annual profit-and-loss statement to help you track your trading activity, including profits, losses and fees. You can download it from the Tax Info section of your account.

Depending on your activity and whether you meet IRS reporting thresholds, you may also receive tax forms such as 1099-INT, 1099-MISC, 1099-B or 1099-DA. Just keep in mind Kalshi's 1099-B reporting applies to certain broker transactions involving crypto transfers, so you shouldn't assume every event-contract trade will appear on that form.

How you report your Kalshi activity can depend on the contracts you trade and your individual tax situation. We recommend consulting a tax professional rather than assuming the same treatment applies to every Kalshi trade.

Kalshi builds several responsible trading tools into the platform to support healthy trading habits.

Tools include:

• Trading breaks
• Time and trade limits
• Deposit limits
• Voluntary self-exclusion
• Educational guides
• Confidential professional support through Birches Health

For account security, Kalshi defaults to Face ID on supported devices, requests selfie verification for higher-risk accounts, and uses two-factor authentication and an ID Check feature to help prevent minor access.

Two newer features add extra layers of accountability:

• Inner Circle: lets family or friends view your trading activity for real-time accountability
• Health Check: offers deposit limit recommendations based on your account activity

Kalshi offers support through its app and website, with an AI assistant that can answer common questions and help route more complicated issues to the support team.

The quickest place to start is the in-app support chat. Open the menu, select Get help, then Chat with support.

Response times aren't guaranteed and can vary depending on the issue and current support volume. If you're contacting support about an account-specific problem, include your registered email address and any useful screenshots to help the team investigate.

Kalshi doesn't currently offer phone or text support. If you already have an open support chat, Kalshi recommends continuing there rather than starting a second request by email.