Kalshi Promo Code and Review

Kalshi is a CFTC-regulated prediction market platform where you can trade on real-world events. The platform supports traditional banking methods, plus crypto through an approved third-party provider. Key features include the ability to enter and exit positions at any time up to event resolution.

Popular markets available for trading include politics, economic indicators, crypto, sports, and cultural happenings. You make your selections by simply choosing “Yes” or “No” on outcomes. Contract prices fluctuate in real time based on trading activity.   

In this detailed review of Kalshi, we explain how the trading app works, walk through its pros and cons, and detail how trading fees compare to others. We also cover how to use the Kalshi promo code and how to buy and sell contracts.

Kalshi promo code and quick facts

Pros

• CFTC-regulated: Kalshi operates as a designated contract market regulated by the U.S. Commodity Futures Trading Commission.
• Availability: You can trade on Kalshi in all 50 states. 
• Variety: Diverse lineup of markets, including crypto, economics, politics, and sports. 
• Clear fees: Just .01-.02 per contract, depending on prices. Fees are capped for 100 contract trades. 

Cons

• Learning curve: Event-based contracts resemble futures trading, which may be unfamiliar to casual users.
• Liquidity depth: Trading volume is dominated by popular markets, with varying liquidity in other categories. 
• Support: Extensive and informative help center, but limited to email support if you need additional assistance. 
• Opposition: Ongoing regulatory scrutiny. Pending legal cases in multiple states that question its status under existing state laws.  

Is Kalshi legal?

Yes. Kalshi is a financial exchange based in the United States that allows users to trade on real-world outcomes through event contracts. It was founded in 2018 by Tarek Mansour and Luana Lopes Lara, two MIT graduates who aimed to make financial markets more accessible.

The predictions market operates under full regulatory oversight from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM). This is the same legal status held by traditional commodity exchanges. 

Kalshi has grown rapidly since receiving CFTC approval in 2020. Its user base continues to expand. Traders can fund their accounts through standard banking methods or approved payment partners.

Kalshi’s Growth & Market Entry

Kalshi officially launched its live markets to the public in 2021. The platform has steadily expanded its offerings to cover a wide range of interests. In 2024, Kalshi made headlines for seeking approval to offer contracts on U.S. elections. 

Increased attention and regulatory debate followed, with the platform’s quest becoming successful in advance of the 2024 elections. It was a smash hit, with Kalshi attracting over $200 million in volume on the outcome of the presidential race. 

In 2025, Kalshi expanded to include markets for sports. Interest and trading activity have exploded since that point. For example, a typical NFL game will often see over $10 million in volume, with some primetime and marquee games easily eclipsing $30 million. 

While sports have brought more people in the door, trading activity also remains strong in other popular segments, including crypto prices, economic indicators, and political happenings. For October 2025, Kalshi hit $4.39 billion in trading volume.      

How Kalshi Works

Kalshi lets users trade on the outcome of real-world events through event contracts. Trading is available in a range of categories, including politics, sports, crypto, and economics. Examples include: 

• Democratic presidential nominee in 2028?
• Pro football champion? 
• How high will Bitcoin get this year? 
• Fed decision in December?  

To participate, you buy a “Yes” or “No” contract that reflects what you think will happen. Each contract is priced between $0.01 and $0.99, representing the market’s consensus probability. 

• A “Yes” contract priced at $0.65 implies a 65% market belief that the event will occur.
• A “No” contract priced at $0.35 implies a 35% belief that it will not.
  

Learn more: How to trade contracts

When the event settles, winning contracts are paid out at $1 each, while losing contracts expire at $0. Profits are simply the difference between your purchase price and the $1 payout, minus Kalshi’s trading fee. Consider the following example: 

• You buy 100 “Yes” contracts on “Inflation above 3% in Q4” at $0.54, for a total cost of $54.
• If the event resolves in your favor, your position settles at $1 per contract, for a $100 total.
• Your profit is $46, less roughly $1.75 in fees, for a net gain of $44.25.

Kalshi charges a $0.01-$0.02 fee per contract, depending on the trade price, with caps in place for 100-contract trades. Trades settle automatically once an event’s outcome is confirmed by a designated third-party source. 

The platform’s structure makes it one of the simplest ways for U.S. traders to participate in event-driven markets within a fully regulated framework. For active traders seeking a transparent and compliant option, Kalshi remains a top choice. 

Markets available for trading

Kalshi has an extensive list of markets available for trading. The menu is segregated by key and popular categories, and you can also view what’s available by checking out the trending, new, and all tabs. 

While many markets are listed in the simple yes/no format, there are some with multiple options to choose from. Examples include how high or low the Bitcoin price will get in 2025, with yes/no contracts available at multiple points.   

The table below lists the main market categories, along with examples of what you’ll find for each. 

How to buy and sell contracts at Kalshi

Once you complete the simple sign up process at Kalshi, you can start trading contracts right away. The registration process is standard. You’ll enter the requested details, upload identification, and agree to the terms. 

From start to finish, it’s a couple of minutes of your time. Once you complete the process correctly and successfully, your account will be approved. You’ll then navigate to the cashier section, choose your preferred method, and add funds to trade with. 

After that, you can start exploring what you would like to trade. 

You can scroll through the highlighted markets or browse the main category tabs. 

When you find the option that interests you, just tap it to bring up the full menu. 

You’ll select the price point that you want to trade, choose yes or no, and then enter the dollar amount for your order. 

On the next screen, just verify that everything looks correct, and click submit to place your trade. 

After the simple registration process is out of the way and your account is funded, it’s easy to trade on Kalshi. In the future, it would be nice to see some additions to the mobile menu, such as overall volume leaders or most active contracts in the past 24 hours. 

Kalshi vs. Other Prediction Market Apps

Here’s a closer look at how Kalshi compares to other prediction market apps.

Kalshi vs Polymarket:

• Kalshi is a fully regulated U.S. exchange operating under the CFTC as a Designated Contract Market (DCM). Trading is in USD.
• Polymarket is a decentralized, blockchain-based platform that operates globally using USDC. It’s preparing for a full return to the U.S.
• Kalshi focuses on compliance, predictable fees, and transparency.
• Polymarket emphasizes speed, decentralization, and market variety.

Kalshi vs PredictIt:

• Kalshi is a fully regulated exchange with low fees, deeper markets, and no position caps.
• PredictIt operates under a limited CFTC exemption with strict limits on trade size and market scope. Charges fees on withdrawals. 
• Kalshi offers broader market categories and faster settlement.
• PredictIt primarily focuses on U.S. political contracts.

Kalshi vs Legal Sportsbooks:

• Kalshi offers market-based pricing with peer-to-peer trading, similar to financial exchanges. 
• Sportsbooks use fixed odds set by the house. Their offerings center around sports, with very limited exceptions
• On Kalshi, users can trade on politics, economics, crypto, weather, and other non-sports events.
• Kalshi is accessible in all 50 states, while sports betting is only legal in 38 states plus Washington, D.C., and retail only in eight of those markets. 

The table below gives you a high-level view of how prediction apps operate in comparison to sportsbooks. If you need more information, we have an article that shows comparables of contracts vs. sportsbook odds.

What others are saying about the app

While reviewing Kalshi, we checked out user feedback across major review platforms. On Trustpilot, the app holds an average of a 2.9 rating. It’s rated much more positively at the App Store and Google Play, currently standing at 4.7 and 4.5, respectively.  

Many reviewers complimented the app for its smoothness and ease of use. On the complaint side, common gripes had to do with liquidity in select markets. In Kalshi’s defense, the platform can’t control what’s going to attract interest, and current volume for each market is clearly displayed. 

During our own test runs, we aligned with the positive reviewers. From signing up to placing trades, it’s a seamless experience. Trading on Kalshi is a breeze when you’re on a desktop or laptop. You’ll find the same when you use the iOS or Android apps.  

Kalshi deposit and withdrawal options

Kalshi offers several deposit and withdrawal options: bank transfer (ACH), wire transfer, debit cards, Google Pay, and crypto via its partner ZeroHash. Debit card and Google Pay deposits incur a 2% processing fee, plus a fixed $2 fee for withdrawals. 

The minimum deposit amount is $10, with the exception of wire transfers, which require at least $1,000. The Kalshi cashier function is simple and easy to use. Once you’re signed up for your account, transactions are processed seamlessly and securely.

How to contact customer support

There are a few ways for users to get help from Kalshi customer support.

Options

• Email: [email protected]
• Help Center: Large library of articles, guides, and market-rule explanations
• Discord: Active community with staff participation
• X (Twitter): Updates, announcements, and service alerts

During our review, we found the Help Center to be clear and detailed, especially for understanding contract rules and settlement procedures. On Trustpilot, several negative reviews targeted support wait times, while positive reviewers indicated a much better experience. 

We emailed support for a question on crypto deposits. It took about 4.5 hours to receive a reply. 

While that’s not exactly speedy, the rep was helpful and clearly answered our question. Kalshi could earn stronger marks here by adding real-time live chat support options. 

Who Kalshi Is Best For

Kalshi is a great fit for both new and experienced prediction market traders. Its low fees, clear rules, and transparent volume make it easy to get up to speed, while CFTC oversight provides an extra layer of security and safety. 

It’s not the best fit for those who are looking for a traditional broker environment or a replica of sports betting. You’re not buying and selling stocks, nor will you have an abundance of player props to choose from. 

Prediction market trading is more akin to futures markets or a commodities exchange. There is a small learning curve, but one that can be overcome quickly when you’re ready to get started. If you’re looking for a simple place to forecast event outcomes, Kalshi fits the bill. 

Final rating 4.5 out of 5.0

Kalshi is a fully regulated U.S. exchange that has experienced tremendous growth in a short period of time. You can trade on a diverse range of markets with ease. The simple yes/no format, fee structure, and transparent environment are key highlights.  

In the U.S., Kalshi has established itself as the dominant force in prediction markets for the time being, but the landscape will become much more competitive in the future. Trading volume is consistent for sports, crypto, economic, and political markets, but can be volatile elsewhere. 

The platform has made great progress thus far and continues to evolve, but some improvements would help take it to the next level. 

• Fee consistency: The fee for 1 contract is 0.01 or 0.02, depending on the underlying price. Fees are capped for 100 contract trades, but also vary by price point. Consistency in fees would provide much more clarity for users. 
• Customer service: Live chat and phone support would be a tremendous help. While the team is responsive via email, real-time support is always welcome when funds are changing hands. 
• Customer-facing data: It’s currently a heavy lift for users to dig into market data. The “trending” section reveals nothing of substance, while drop-down arrows for filtering options aren’t always responsive.    

Kalshi has positioned itself as the leading regulated prediction market platform in the U.S. For anyone interested in trading real-world outcomes within a secure, compliant, and intuitive environment, Kalshi is absolutely worth your time.

FAQs

Can you make money trading on Kalshi?

Yes, but profits are never guaranteed. Event contracts carry risk, and outcomes can be unpredictable. Most users should approach Kalshi as a trading platform, not a source of income.

Is Kalshi legal in the United States?

Yes. Kalshi is fully regulated as a Designated Contract Market (DCM) overseen by the Commodity Futures Trading Commission (CFTC). This makes it currently one of the few federally regulated event-contract exchanges.

How do fees work on Kalshi?

Kalshi charges between $0.01 and $0.02 per contract, depending on the contract price. Fees are capped on 100-contract blocks, which can make trading more cost-efficient for active users.

Can I cancel a trade after placing it?

No. Once an order executes, it’s final. You can close your position by selling the contracts back into the market before the event settles.

Is Kalshi available in all U.S. states?

Yes. Kalshi is federally regulated and can operate nationwide. Individual states have raised concerns. The situation is fluid in some markets with cases pending. 

What happens when a market settles?

Winning contracts pay out $1 each, while losing contracts expire at $0. Funds are credited to your balance automatically after the event resolves.

How is the outcome of a market decided on Kalshi?

Kalshi uses verified third-party data sources listed in each market’s rules. Once the event occurs, the exchange confirms the result and settles all contracts automatically.