Kalshi Review 2025: Comprehensive Event Contract Trading
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- Stock trade fee
- N/A
- Minimum deposit
- $0
Summary
Trade events for less than $1 per contract, and earn 3.75% on cash and open positions.
Kalshi is a regulated prediction market platform, letting customers trade on the outcome of specific yes-or-no events. Kalshi offers event contracts on a wide range of topics, including economics, politics, sports, culture, weather and financials such as commodities, forex, and the S&P and Nasdaq indexes. Kalshi is exclusively an event contracts trading platform, so you won't find other tradable assets. But you can earn 3.75% on your cash and open positions and will find a user-friendly platform that makes event contracts trading accessible to all traders and investors.
Pros
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Large selection of event markets
-
Earn a 3.75% interest rate on cash and open positions
-
User-friendly platform
-
Web and mobile trading
-
Immediate account funding to trade without delay
Cons
-
Confusing fee structure
-
Exclusively offers event contracts
-
No instant deposits
-
Customer support only available via email
What is Kalshi?
Kalshi is the first exchange regulated by the Commodity Futures Trading Commission dedicated to trading event contracts. Event contracts are a type of financial derivative that lets you trade on the outcome of future events, spanning everything from political elections to sporting events to economic indicators, and almost everything in between.
This beginner-friendly platform lets people trade on timely events like:
- How many initial jobless claims will there be the week ending June 12, 2025?
- US Open Golf Championship Winner?
- How high will bitcoin get this year?
- Highest temperature in New York City today?
While it’s not the first platform to offer event-contract trading, it pioneered the regulated financial exchange model for them in the US.
What I like about Kalshi
Kalshi stands out among event trading platforms for its breadth of tradable markets, competitive interest on uninvested cash and open deposits and user-friendly platform.
Large selection of event markets
Kalshi’s got an impressive selection of markets available for trading. It offers access to:
- Politics
- Sports
- Culture
- Crypto
- Climate
- Economics
- Mentions
- Companies
- Financials
- Tech & Science
- Health
- World
Compared to Robinhood and Interactive Brokers (IBKR), which also offer access to event contracts, Kalshi’s market selection is unmatched.
Earn a 3.75% interest rate on cash and open positions
Kalshi lets you earn interest on the cash and the underlying collateral for your positions. This means you can earn interest on the uninvested cash in your Kalshi account and on your open positions, even before a market is resolved.
User-friendly platform
Kalshi stands out for its clean, intuitive interface on both web and mobile. Markets are neatly categorized and odds are clearly displayed, making it easy even for beginners to interpret market sentiment and place trades.
Immediate account funding to trade without delay
Event contracts can move quickly, depending on the nature of the event and how new information becomes available. This makes it important to get cash into your account quickly to trade. Kalshi offers immediate funding for deposits made via bank transfers. Up to $150 will be available for immediate funding on your first bank transfer. The amount available for immediate funding increases for subsequent deposits, allowing you to receive up to $250 of your transaction instantly.
Where I think Kalshi falls short
Exclusively offers event contracts
Although it outshines other event contracts trading platforms by offering the most comprehensive market access, Kalshi exclusively offers event contracts. So, while Robinhood and Interactive Brokers offer fewer event markets, they do offer additional tradable assets. If you’re looking for a consolidated trading platform, Kalshi may not be right.
Confusing fee structure
Whereas Robinhood and Interactive Brokers charge a straightforward $0.01 commission — or $0.10 for CME event contracts on IBKR — on trades, Kalshi’s fee structure is more complex.
It charges a variable transaction fee on the expected earnings of the contract, which it calculates by multiplying the maximum potential earnings from the contract by the implied probability of you making these earnings. Implied probability is a common calculation used in betting, in which betting odds are converted into a percentage.
Kalshi’ fees
Below is Kalshi’s fee schedule, which will give you an idea of what you’ll pay for each trade.
| Price of 1 contract | Fee for 1 contract | Price for 100 contracts | Fee for 100 contracts |
|---|---|---|---|
$0.01 | $0.01 | $1 | $0.07 |
$0.05 | $0.01 | $5 | $0.34 |
$0.10 | $0.01 | $10 | $0.63 |
$0.15 | $0.01 | $15 | $0.90 |
$0.20 | $0.02 | $20 | $1.12 |
$0.25 | $0.02 | $25 | $1.32 |
$0.30 | $0.02 | $30 | $1.47 |
$0.35 | $0.02 | $35 | $1.60 |
$0.40 | $0.02 | $40 | $1.68 |
$0.45 | $0.02 | $45 | $1.74 |
$0.50 | $0.02 | $50 | $1.75 |
$0.55 | $0.02 | $55 | $1.74 |
$0.60 | $0.02 | $60 | $1.68 |
$0.65 | $0.02 | $65 | $1.60 |
$0.70 | $0.02 | $70 | $1.47 |
$0.75 | $0.02 | $75 | $1.32 |
$0.80 | $0.02 | $80 | $1.12 |
$0.85 | $0.01 | $85 | $0.90 |
$0.90 | $0.01 | $90 | $0.63 |
$0.95 | $0.01 | $95 | $0.34 |
$0.99 | $0.01 | $99 | $0.07 |
Information accurate as of June 11, 2025
Kalshi charges no membership fee and no ACH deposit or withdrawal fees. However, it does charge a 2% fee associated with debit deposits and withdrawals.
Is Kalshi legit?
Yes, Kalshi is a legitimate company. It was founded in 2018 by MIT graduates Tarek Mansour and Luana Lopes Lara, and it’s headquartered in New York City.
In November 2020, the Commodity Futures Trading Commission (CFTC) approved Kalshi as an authorized Designated Contract Market (DCM), establishing Kalshi as the first regulated financial exchange dedicated to trading event contracts. With this, the company was approved to operate as a federally regulated exchange that allows investors to trade directly on the anticipated outcome of future events.
A few months later, in February 2021, Kalshi announced that it had secured $30 million in Series A funding. Sequoia Capital led the funding round with participation from Charles Schwab, Henry Kravis, SV Angel and previous investors Neo and YC Continuity.
The Kalshi exchange officially launched in June 2021.
Kalshi reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | A |
| BBB customer reviews | 1.13 out of 5 stars, based on 222 customer reviews |
| Trustpilot score | 1.2 out of 5 stars, based on 4,039 customer reviews |
| Apple App Store Score | 4.3 out of 5 stars, based on 4,550,337 customer reviews |
| Google Play Score | 4.2 out of 5 stars, based on 518,160 customer reviews |
| Customer reviews verified as of | 20 June 2025 |
Kalshi doesn’t have many reviews across the major review sites. However, the reviews available largely lean negative, with several accusations of unauthorized bank account charges. In stark contrast, reviewers on the major app stores mostly praise the user-friendly platform and customer support.
What do people on Reddit say?
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Frequently asked questions
Is Kalshi legal in all states?
Kalshi is available in all 50 US states and is only available to US residents. The company is also preparing for an international launch and has a waitlist available for those interested.
Your reviews
Matt Finder
Investments editor
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