Prediction Market Review
Kalshi is the first CFTC-regulated prediction market exchange in the US — legitimate, safe, and well-designed. But it charges fees on every trade, requires full US identity verification, and blocks non-US residents. Here's our honest 2026 assessment.
Verdict
Kalshi is a legitimate, CFTC-regulated product for US residents who want regulatory certainty on prediction-market event contracts. If you are in the US and regulation matters to you, Kalshi is worth considering. If you are outside the US, or want 0% fees, more market coverage, or Telegram-native trading — PolyGram is the better choice.
Kalshi launched in 2021 as the first prediction market exchange to receive CFTC approval in the United States. Unlike Polymarket (which operates on crypto rails) or offshore prediction markets (which operate outside US law), Kalshi is fully registered as a Designated Contract Market (DCM) with the CFTC — the same regulator that oversees CME Group and futures exchanges.
This regulatory status gives Kalshi a meaningful advantage for US traders: customer funds must be segregated, financial audits are required, and the company has legal obligations to users. The trade-off is that Kalshi can only operate in the US and must impose full KYC on all users.
Yes — Kalshi is about as legitimate as it gets in the prediction market space. CFTC registration required regulatory review, audited financials, and ongoing compliance oversight. Kalshi is backed by Sequoia Capital, Henry Kravis (KKR co-founder), and Charles Schwab among others.
This is where Kalshi falls behind Polymarket and PolyGram. Kalshi charges a taker fee on every trade:
| 30-Day Volume | Maker Fee | Taker Fee |
|---|---|---|
| Under $100K | 0% | 1.0% |
| $100K–$1M | 0% | 0.7% |
| $1M–$10M | 0% | 0.5% |
| $10M+ | 0% | 0.35% |
For a typical trader with under $100K monthly volume, every market order costs 1% in taker fees. On a $500 position, that's $5 out of pocket per trade. Compared to Polymarket and PolyGram's 0% platform fees, this compounds significantly for active traders.
Withdrawals are free via ACH but take 2–5 business days to reach your US bank account. There are no crypto withdrawal options — Kalshi is USD-only.
Kalshi offers approximately 200+ active markets covering:
Notably absent from Kalshi: cryptocurrency price predictions, global political markets outside the US, and the broad global events catalogue that makes Polymarket and PolyGram useful for non-US traders. Kalshi's market set is narrower and US-centric by design.
When a Kalshi event resolves, winning contracts pay their face value immediately to your Kalshi USD balance. You can then withdraw via ACH bank transfer (2–5 business days). There is no instant crypto withdrawal option.
Contrast this with Polymarket and PolyGram: USDC on Polygon settles in 60–120 seconds to any crypto wallet worldwide. For traders who want fast access to their winnings, this is a significant difference.
PolyGram is globally accessible — no geo-restrictions, no KYC, no US bank required. Same prediction market quality, 0% fees, Telegram-native, with copy trading and VIP rewards.
Start Trading Free →| Feature | Kalshi | PolyGram |
|---|---|---|
| Availability | US only | Global |
| Fees | 0.35–1% taker fee | 0% platform fee |
| KYC | Full US identity verification | Email only |
| Markets | 200+ (US-focused) | 500+ (global) |
| Settlement | USD via ACH (2–5 days) | USDC on Polygon (60 sec) |
| Mobile | Responsive web app | Telegram Mini App (native) |
| Copy trading | No | Yes |
| Regulation | CFTC (US) | DeFi / on-chain oracle |
Read the full PolyGram vs Kalshi comparison for a detailed side-by-side breakdown. Or compare Polymarket vs Kalshi if you're choosing between the two biggest platforms.
Yes. Kalshi is CFTC-registered — the same regulatory standard as CME Group. Backed by Sequoia, Henry Kravis, and Charles Schwab. Customer funds are held in segregated accounts. No hacks or insolvencies since 2021 launch.
No. Kalshi requires US residency and full KYC. If you're outside the US, PolyGram is the closest alternative — global access, 0% fees, same prediction market quality.
0.35%–1.0% taker fee depending on 30-day volume. 0% maker fee. No deposit fee. Withdrawals via ACH (free, 2–5 days) or wire. Polymarket and PolyGram both charge 0% platform fees.
Winning contracts are credited immediately to your Kalshi USD balance. Withdrawal to your US bank via ACH takes 2–5 business days. Wire transfers are faster but may incur bank fees.
PolyGram for non-US users: global access, 0% fees, 500+ markets, Telegram-native. Polymarket for US users who want more crypto and global markets without Kalshi's fee structure. See our full comparison.
Kalshi has a mobile-responsive web app — not a native iOS or Android app. You access it via your mobile browser. PolyGram offers a native Telegram Mini App that works directly inside Telegram on iOS and Android.