Source-backed analysis7
Review basis
Research-based review: the AppDuo Editorial Team compiled it from official pages, documentation, app stores, press and user feedback, without hands-on testing. Every claim links to a source with the date it was checked.
7 reference sourcesInformation updated Nov 10, 2026
How we review
Kalshi Review
CFTC-regulated prediction market exchange trading event contracts from 1 to 99 cents
By AppDuo Editorial Team · Updated
- Web
- iOS
- Android
- API
On this page
Decide at a glance
Our verdict
Kalshi suits US-based users who want to trade event contracts on a federally licensed exchange, with markets from economics and weather to sports. The trade-offs: you can lose your entire stake, fees apply to each trade, and its sports contracts face a series of legal disputes with US states.
Best for: People who want to trade event contracts (Fed rates, inflation, weather, sports) on a federally regulated exchange
Skip it if: Anyone who cannot accept losing the full amount staked
Pros
- Per its official pages, Kalshi is a CFTC-regulated designated contract market with an AML/KYC program
- 4.8/5 on the App Store from over 679,000 ratings
- Wide range of markets: finance, economics, climate, culture and sports; an API is available to developers
Cons
- Trades can lose the entire stake, and fees apply per trade (taker $0.07 to $1.75 per 100 contracts on most markets)
- Sports contracts have drawn state suits and injunctions per Wikipedia's summary (e.g. Massachusetts, September 2025 and January 2026); the legal position may change
All pros and cons · Who is it for?
Pros
- No subscription fee; a public fee schedule covers each market series
Cons
- Google Play rates the app 18+ and labels it Real Gambling/Paid Contests; it is not a casual-use app
Best for
- Developers who need an API for market data and trading
Skip it if
- Those who want phone or chat support; the pages AppDuo reviewed show only a help center
Problems it solves
Experience & key features
What it is
Kalshi is a US prediction market exchange where users buy and sell contracts on real-world event outcomes. According to its about page, it was founded in 2018 by Tarek Mansour and Luana Lopes Lara. Its help center and app listing say Kalshi is under CFTC oversight and is a designated contract market (DCM). Wikipedia dates the DCM licence to November 2020 and the public launch to July 2021.
How it works
Per the App Store description, each contract costs 1 to 99 cents and can be sold at any time; at market close each correct contract pays $1. Markets cover the S&P 500, Bitcoin, Fed rates, inflation, city temperatures, cultural awards and many sports. The app offers combos (several outcomes in one trade) and live trading as games unfold. The Google Play description also lists perpetuals for going long or short on crypto, gold, oil and US stock indexes without owning the asset. Kalshi also provides an API for developers.
Fees and risk
The official fee schedule lists taker fees of $0.07 to $1.75 per 100 contracts on most markets; on combos, makers pay 50% of the taker fee, and some series carry extra fees or different multipliers. Kalshi stresses that members can lose the full cost of a transaction, including fees. Google Play rates the app 18+ with a Real Gambling/Paid Contests label, and Kalshi's FAQ gives a minimum age of 18, compared with 21 for sportsbooks.
More analysis
Legal disputes and alternatives
Kalshi argues that sports event contracts fall under the CFTC's federal jurisdiction. According to Wikipedia's summary, several states and tribes sued or sought injunctions in 2025 and 2026, and courts have ruled inconsistently. This is a secondary source, so check the latest position for your state. For a crypto-based prediction platform, Polymarket is the comparison point; for conventional stock and crypto trading, see Robinhood or Coinbase.
Screenshots
Plans & pricing
Prices last verified Nov 10, 2026
Tài khoản tiêu chuẩn (phí theo giao dịch)
PersonalFree
No subscription fee appears on the pages AppDuo reviewed; Kalshi charges per trade. Per its fee schedule, takers on most markets pay $0.07 to $1.75 per 100 contracts, depending on the contract price. On combos (excluding uncorrelated NFL combos), makers pay 50% of the taker fee, or $0.04 to $0.88 per 100 contracts. Some series carry additional fees or different fee multipliers.
- Free plan limits
- Per the App Store description, contracts cost 1 to 99 cents and each correct contract pays $1 at market close. You can lose the full cost of a trade, including fees.
- Free trial
- No free trial
Cancellation & refunds
Not applicable, as there is no paid plan. Executed contracts settle under each market's rules.
Privacy
The Google Play Data safety section (self-declared by the developer) says the app may share five data types with third parties, including personal and financial info, and may collect six types, including location. Data is encrypted in transit and users can request deletion. Kalshi runs an AML/KYC program that verifies identity before a deposit, and its sign-up form asks for legal name, date of birth and address. AppDuo could not open Kalshi's full privacy policy (the page failed during research), so read it before signing up.
Kalshi alternatives
Frequently asked questions
Is Kalshi legal?
Per its official pages, Kalshi is a CFTC-regulated DCM. However, several states dispute its sports contracts, according to Wikipedia's summary. Check the rules where you live.
Does Kalshi charge fees?
No subscription fee appears on the pages AppDuo reviewed. Kalshi charges per trade; taker fees on most markets run $0.07 to $1.75 per 100 contracts. See the official fee schedule for individual series.
How old do I need to be to use Kalshi?
Kalshi's FAQ gives 18 as the minimum age to register and trade. Google Play rates the app 18+.
Does Kalshi have an API?
Yes. The site footer lists API & developers and the help center has an API & Developers collection.
Review evidence & sources7
Scores
- Ease of use
- 8.0
- Features
- 8.0
- Value for money
- 7.0
- Performance
- 6.8
- Support
- 6.5
- Privacy & security
- 6.5
Why this score
4.8/5 on the App Store from over 679,000 ratings. The mechanic is simple: contracts cost 1 to 99 cents and pay $1 if correct. Sign-up requires identity verification.
Why this score
Thousands of markets across finance, economics, climate, culture and sports; combos, live in-game trading, perpetuals on crypto, commodities and US stock indexes, and an API. The listing calls Kalshi a Preferred Prediction Market Exchange of the NBA.
Why this score
No subscription, but per-trade fees of $0.07 to $1.75 per 100 contracts on most markets. The risk of losing the full stake is inherent to the product and not a pricing factor either way.
Why this score
No independent uptime data. Wikipedia lists settlement and trade-freeze incidents in 2026 (e.g. January and March 2026); AppDuo did not check them against primary sources.
Why this score
There is a help center organised by topic and a detailed compliance FAQ. The pages AppDuo reviewed gave no support phone number or email, so the score stays mid-range.
Why this score
Google Play declares possible sharing of personal and financial info with third parties and collection of location. KYC is standard for a regulated exchange. The full privacy policy could not be read.
What users say
- Apple App Store (Mỹ)4.8/5 · 679,774
Sources
- Vendor-providedKalshi about pageNov 10, 2026
- Vendor-providedKalshi fee scheduleNov 10, 2026
- Vendor-providedKalshi FAQ (compliance)Nov 10, 2026
- Vendor-providedKalshi Help CenterNov 10, 2026
- storeApp Store listing (US)Nov 10, 2026
- storeGoogle Play listingNov 10, 2026
- Community-reportedWikipedia: Kalshi (company history and legal disputes)Nov 10, 2026
Specs & compatibility
- Developer
- Kalshi Inc.
- Headquarters
- United States
- Launched
- 2021
- Category
- Finance
Capabilities
- Mobile app
- Public API
Platforms
- Web
- iOS
- Android
- API
Interface languages
- English
- Portuguese
- Spanish
Integrations
- Kalshi API
Support
- Help center
Change history
- Company.Per Wikipedia, Kalshi is valued at $22 billion after a TCV-led round; in March 2026 it had raised $1 billion.
- Update.Per Wikipedia, the CFTC rejects Kalshi's congressional-control contracts and Kalshi sues; in 2024 a D.C. federal court rules the CFTC overstepped.
- Launch.Earliest release date of the app on the US App Store (per iTunes data).
Full change history (5)
- Launch.Per Wikipedia, Kalshi launches publicly.
- Company.Per Wikipedia, Kalshi receives a designated contract market (DCM) licence from the CFTC.
About the author
Reviews & comments
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