Kalshi vs Robinhood
Published 2026-08-07 · Last reviewed 2026-08-07
TL;DR
- Kalshi: The CFTC-regulated exchange — the safest on-ramp for US traders.
- Robinhood: Event contracts bolted onto a brokerage you may already have.
- For college markets specifically, Kalshi is the one most readers should open first — us traders who want a regulated venue and a real mobile app.
| KalshiGet $10! | Robinhood | |
|---|---|---|
| Regulation | CFTC-regulated designated contract market (DCM) | Contracts cleared through a CFTC-regulated partner exchange |
| Trading fees | ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement | $0.01 per contract commission plus a $0.01 exchange fee |
| College markets | College football, March Madness, Heisman, admissions-adjacent policy markets | Thin — mostly headline sports and macro events, few college props |
| Apps | Web, iOS, Android | Web, iOS, Android |
| Deposit methods | ACH, debit card, wire ($10), crypto | Existing Robinhood brokerage balance |
| Minimum deposit | $1 | $0 (uses brokerage cash) |
| Withdrawals | ACH free, 1–3 business days; wire $30 | Standard brokerage ACH, 1–3 business days |
| US availability | Available in most US states and DC | Follows Robinhood brokerage availability |
| Best for | US traders who want a regulated venue and a real mobile app | Existing Robinhood users testing event contracts with no new account |
| Watch out for | Fees peak near 50¢ — the closer to a coin flip, the more you pay | Very limited college market selection compared with a dedicated venue |
| Sign up | Open Kalshi | No offer tracked |
Fees: what a round trip actually costs
Kalshi charges ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement. Robinhood charges $0.01 per contract commission plus a $0.01 exchange fee. Headline rates mislead on small balances: on a $20 stake, a deposit or withdrawal fee usually outweighs the per-trade commission, so count the whole round trip before deciding.
College market depth
Kalshi lists college football, march madness, heisman, admissions-adjacent policy markets. Robinhood lists thin — mostly headline sports and macro events, few college props. If you are here for college football or March Madness, depth matters more than a few basis points of fee difference — a market that does not exist cannot be traded at any price.
Access and apps
Kalshi runs on web, ios, android and is available in most us states and dc. Robinhood runs on web, ios, android and is follows robinhood brokerage availability.
The verdict
Pick Kalshi if: us traders who want a regulated venue and a real mobile app. Pick Robinhood if: existing robinhood users testing event contracts with no new account. The honest answer for most students is to open the one that lists the markets you actually want and keep the other as a price check.
Frequently asked questions
Is Kalshi or Robinhood cheaper?
Kalshi: ≈1–7% per trade (0.07 × contracts × price × (1 − price)); 0% at settlement. Robinhood: $0.01 per contract commission plus a $0.01 exchange fee. Compare on total round-trip cost — deposit fee, trading fee, and withdrawal fee together — not the headline rate.
Which has more college markets, Kalshi or Robinhood?
Kalshi lists college football, march madness, heisman, admissions-adjacent policy markets. Robinhood lists thin — mostly headline sports and macro events, few college props.
Can I use both Kalshi and Robinhood?
Yes. Many traders keep accounts on both and route each trade to whichever venue prices that market better. Nothing stops you from claiming both sign-up offers if you qualify in your state.
Is Kalshi legal in my state?
Available in most US states and DC. Robinhood: follows robinhood brokerage availability. Check the state pages on this site for the current list before depositing.
Sources & further reading
- CFTC — Designated Contract Markets (DCMs)U.S. Commodity Futures Trading Commission
- Kalshi Rulebook and exchange rulesKalshi (KalshiEX LLC)
- Polymarket Terms of Use — eligibility and restrictionsPolymarket
Related
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