Kalshi Review 2025

As the first CFTC-regulated exchange dedicated to trading on real-world events, Kalshi stands out as a unique trading platform and a leading name in the emerging market of event trading.

We’re here to examine its complete offering and give you a clear overview of all of the platform’s features so you can make an informed decision before trying out trading this way.

Kalshi Overview

Kalshi was founded in 2018 by two MIT alumnus, Tarek Mansour and Launa Lopes Lara, with a clear vision of providing traders with a direct way of investing in the outcome of major future events, treating those as asset classes.

In 2024, the company made history by becoming the first fully regulated platform in over a century to offer legal election trading in the United States. 

In recent times, Kalshi has surpassed the 1 million user mark, and has facilitated more than $3 billion in trades.

The platform today covers an increasingly expanding selection of topics to trade on, including inflation and Fed interest rates, all the way to cultural events like award shows, climate trends, company financial reports, science breakthroughs and much more.

Event Contracts and Market Categories

The core of Kalshi’s business model are event contracts, which are essentially yes or no futures that pay out based on whether a specific event happens.

As a trader, you simply buy “Yes” contracts if you think the event will occur, or “No” contracts if you think otherwise. The price of the contracts ranges between $0.01 and $0.99, and will settle at $1.00 if the event happens, or $0 if it doesn’t.

The factor determining this price is the market’s implied probability of the event, for example, if a “Yes” contract is trading at $0.75, the market believes that there’s about a 75% chance said event will happen, which means that the “No” contract would be around $0.25 in this case.

These contracts always come in pairs, meaning that you are always matched with another user on the platform who is on the opposite side of the contract on the same market. 

If you trade a “Yes” contract at $0.75, the other user will trade $0.25 on the “No” contract, and if you are successful in your prediction, you will get $1, your initial investment, and the other user’s investment for their failed prediction.

What makes this approach work for Kalshi is the sheer variety of markets you can trade in on the platform.

There are currently twelve main categories of events, with dozens more subcategories for those, meaning that there are at any time hundreds of future events you can trade on.

As an example, the Economics category allows you to trade on Fed interest rate decisions, inflation numbers, GDP growth, oil and gas prices, retail/consumer spending data, job reports, company bankruptcies and more.

Other massively popular markets include sports, politics, tech & science, companies, and crypto, as well as climate and culture events.

Trading Fees Explained

Kalshi stands out from traditional brokers in its fee structure as well. The company employs a performance-based model, with trading fees being calculated dynamically, which is in stark contrast to flat commissions and spread markups found among brokerages.

Your trading fees are calculated based on the number of contracts traded, as well as the probability-priced value of each of your contracts.

A small variable fee of around one or two cents per contract is applied to immediately matched or taker orders, factoring both the price and volume of each of your trades.

Maker orders, which are limit orders that remain on the book, are usually free, unless they fall under specific categories like Federal Reserve decisions or GDP reports, which carry a reduced maker fee of 0.25 cents per contract.

Fee reductions are also offered for S&P 500 and Nasdaq-100 contracts, as the multiplied used in the pricing formula here is reduced to 3.5%.

Kalshi also features no account minimums, no fees for ACH bank deposits and withdrawals, and no monthly fees.

When it comes to deposits, debit cards are subjected to a 2% processing fee, while withdrawals come with a flat $2 fee. If you want to deposit your crypto via USDC, 

Beyond trading fees, Kalshi remains highly accessible. There are no account minimums, no monthly platform charges, and no fees for ACH bank deposits or withdrawals. 

As for crypto deposits, your fee will vary by processor, but the company ensures that the fee will be clearly visible before you commit to deposit your funds to an account.

The company also doesn’t charge any settlement or account inactivity, cancellation or other fees, making the fee structure quite light and easy to understand, whether you are a casual or professional user.

Interest Accrual on Funds and Positions

With the launch of Kalshi Klear, the first tech-first derivatives clearinghouse approved by the CTFC, the platform introduced a unique opportunity for its users to earn interest on their open positions and cash balances.

This essentially turns your idle funds into a source of passive income, offering a 3.75% annual percentage yield (APR) to eligible users. 

The interest accrues daily, based on the total value of your account, but payouts are usually credited during the first 10 business days of the following month.

To be eligible for interest payments, there are certain requirements, like maintaining a $250 account balance, as well as funding your account through Kalshi Klear.  

To qualify for interest payments, users must maintain a minimum account balance of $250 or more and must fund their account via Kalshi Klear. 

This ensures compliance and proper fund custody through FDIC-insured partner accounts. The interest rate itself is variable and subject to change, but it’s rare to find this kind of benefit on a derivatives or event-trading platform. 

By offering interest on funds this way, Kalshi reduces opportunity cost for traders and encourages longer-term, more thoughtful positions. 

This feature also adds an extra layer of return that can meaningfully enhance overall profitability, especially for users managing larger balances or holding strategic positions over time.

Demo Account

While Kalshi doesn’t feature a free trial option, it does provide a risk-free sandbox environment through its demo account.

The account uses mock info for signup, after which you practice trading with virtual funds, in the same user interface as the live platform, including contract types, order execution toosla dn market data.

Importantly, this demo environment is completely isolated from the production system, so all the data entered can be fictitious, with no crossover with your real account credentials.

This feature is great for newcomers to the world of prediction markets, as you can learn all about the platform, its fees and order flow, while also testing out different strategies in a secure and effective way to build your confidence before committing your funds in a live account.

Deposit and Withdrawal Options

User Experience and Customer Support

Kalshi is extremely easy to start using, with a modern, clean interface, delivering a streamlined experience that balances simplicity with professional tools.

This design approach makes it work superbly, regardless of the device you access it through. The desktop version features a full web interface with live charts, account management tools and order books, while accessing it through a mobile browser is really well optimized as well, providing a seamless experience.

There are also dedicated iOS and Android apps which both set the standard when it comes to quality in this financial arena.

Advanced traders will appreciate the availability of REST, WebSocket, and FIX APIs, offering full control for algorithmic and programmatic trading. 

Meanwhile, Kalshi’s PnL summaries and downloadable reports make performance tracking straightforward.

One standout feature is Kalshi’s dedicated risk management portal, where users can set trading breaks, deposit and funding caps, as well as voluntary opt-outs, making it one of the few platforms to integrate this level of responsible trading natively.

As for customer support, Kalshi emphasizes a human-first approach, with all support agents being U.S.-based. You can contact the support staff via live chat from Monday to Friday (8:00 a.m. - 3:00 p.m. ET), or via email or phone.

There is also an official Discord channel, with a thriving community supported by the company’s staff.

Lastly, Kalshi features one of the best-designed and well-thought-out-of FAQ sections we’ve seen so far, covering all the important features and details regarding your account and the way the platform operates, all in one place.

Final Verdict

Kalshi easily stands out from its competitors, both through its CTFC-regulated status and a unique trading model, offering users a safe and secure platform where you can trade directly on the events that move the markets.

Wherever your interest and expertise lay in, Kalshi is a low-barrier gateway into event-based trading, with low fees, APR on balances and institutional-grade integrations, making it easy to recommend to both new and experienced users alike.