Kalshi Review 2025: Rated 4.1 out of 5
Author
Reviewed By
Last Updated: 18 August, 2025
Overall Rating
Markets & Liquidity
Experience & Tools
Payments
Safety
Customer Support
Kalshi isn’t a traditional sportsbook; it’s a prediction market where you buy “Yes/No” contracts on sports and real‑world events, then trade them like shares.
In our testing, the mobile apps, real‑time charts, and ability to sell early made it feel closer to a stock exchange than a book.
Sports coverage is still thin, promos are scarce, and fees need a clear explanation, but compliance, transparency, and data tools are strong.
In this review, we take a deep dive into Kalshi, analyzing everything from its experience to customer support, so you can see whether or not the platform is worth using.
We use a points-based system to calculate an objective, overall star-based rating.
For more information on how we rate view here.
Kalshi overview
How does Kalshi work?
You’re not betting a moneyline; you’re buying a position in a Yes/No market.
Prices reflect probability (e.g., $0.62 implies ~62%).
If the event happens and you hold Yes, you’re paid $1 per contract (minus fees).
You can sell early if the price moves your way, just like closing a trade.
What we did: We bought NBA “Yes” playoff contracts at $0.22, then sold at $0.34 when momentum shifted.
The early exit locked profit without waiting for settlement.
Markets & liquidity – 3.7/5
Pros
- ✅ Wide mix of sports and non-sports markets
- ✅ Strong liquidity in headline events
Cons
- ❌ Limited depth in sports-only markets
- ❌ Niche events may suffer from low volume
Kalshi doesn’t operate like a sportsbook that sets odds on games.
Instead, it lists event contracts you can trade, including some sports like football, basketball, soccer, hockey, and tennis.
The range of markets is wide if you count politics, economics, weather, and culture, but pure sports coverage is limited compared to competitors.
Liquidity is generally strong in the biggest events, with tight spreads and quick matching on contracts.
However, smaller or niche markets can feel thin, making it harder to get in and out of positions at fair prices.
For sports bettors, this means you may not always find enough volume outside of major events.
Overall, Kalshi’s event-driven system offers a unique way to trade sports outcomes, but it doesn’t yet have the depth of liquidity that traditional sportsbooks or financial exchanges provide.
Experience & tools – 4.4/5
Pros
- ✅ Real-time charts and live pricing
- ✅ Early sell-back options add flexibility
Cons
- ❌ Can feel complex for casual users
- ❌ No bet-builder or same-game style options
Kalshi feels more like a trading exchange than a sports betting app or site.
The interface is clean, responsive, and available on both desktop and mobile apps.
Users can buy or sell contracts before settlement, view real-time price charts, and even connect through the API for automated trading.
During our testing, the apps ran smoothly, and early cash-out options made it easy to manage risk.
The layout resembles a stock trading app, which is a plus for those familiar with investing.
Beginners may find the data-driven screens a little overwhelming at first, but the learning curve is manageable.
Kalshi’s strongest feature is its ability to make markets feel alive, with shifting prices that reflect real sentiment in real time.
For traders who enjoy fast-moving action, the tools are impressive.
Payments – 4.0/5
Pros
- ✅ Supports bank, card, wire, and USDC
- ✅ Free deposits with bank transfer and USDC
Cons
- ❌ Card deposits include small fees
- ❌ No PayPal or popular e-wallet options
Kalshi supports common US payment options, including bank transfer, debit and credit cards, wire transfers, and USDC.
Deposits are straightforward, though card payments carry a small fee, while bank and USDC deposits are free.
Withdrawals typically process within a few business days, and we found them reliable during testing.
The platform’s fee structure is transparent overall, but not as simple as a flat rate.
Each trade carries a small variable fee, and newer users may need time to understand how it’s calculated.
Still, costs are competitive compared to other prediction markets, especially with free deposit methods available.
While Kalshi covers the basics well, the lack of PayPal or instant e-wallet support limits convenience for some users.
Expanding the range of payment methods would make it more accessible to casual bettors.
Safety – 4.6/5
Pros
- ✅ Fully regulated by the CFTC
- ✅ Collateralized contracts limit risk
Cons
- ❌ ID verification required before trading
- ❌ Users still bear normal market risk
Kalshi is one of the few platforms in this space that’s fully federally regulated.
It operates as a Designated Contract Market (DCM) under the oversight of the Commodity Futures Trading Commission (CFTC), the same regulator that oversees major exchanges like CME and ICE.
This gives Kalshi far more credibility than offshore or unregulated sportsbooks.
All contracts are fully collateralized, so users can never lose more than they pay upfront.
There’s no leverage, credit, or hidden exposure, which lowers the risk of large losses.
The platform also uses standard protections like ID verification, encryption, and two-factor authentication to keep accounts secure.
For traders worried about safety and compliance, Kalshi sets a high bar.
While no platform is risk-free, its regulation and structure make it one of the most trustworthy event-trading options in the US.
Customer support – 3.9/5
Pros
- Live chat available during trading hours
- Fast email responses (often under 15 minutes)
Cons
- No 24/7 availability
- Limited learning resources or guides
Kalshi offers support mainly through live chat and email, both handled during extended US market hours.
Response times are generally quick, and during our tests, we received email replies in under 15 minutes.
The help desk is knowledgeable, though answers tend to be short and practical rather than detailed walk-throughs.
There’s also an FAQ section on the website, but it leans more toward compliance information than step-by-step guidance for new users.
A dedicated knowledge base or video tutorials would help beginners get comfortable faster.
Overall, support is reliable when you need it, but it feels geared more toward traders familiar with exchanges than casual sports bettors.
How to sign up for Kalshi
How to use the Kalshi app
Kalshi stands out as a regulated exchange where users trade outcomes instead of betting against the house.
In our testing, the platform felt more like a stock market for events than a sportsbook, thanks to real-time charts, early sell options, and strong security.
Its biggest strengths are compliance, transparency, and innovative tools that give users real control.
Weaknesses remain in sports coverage, payment variety, and niche liquidity, which limit its appeal for casual bettors.
With an expert rating of 4.1 out of 5, we view Kalshi as a solid choice for users who want a safe, data-driven way to trade on both sports and real-world events.
It’s not for everyone, but for those seeking a regulated alternative to social sportsbooks, Kalshi is one of the most trustworthy options available.
Frequently asked questions
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References
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Below are the references we use when making these decisions: