Kalshi app review 2026: what it's like to use

Published 2026-08-07 · Last reviewed 2026-09-18

Catie Di StefanoFounder & Editor-in-Chief

Reviewed by Catie Di Stefano

TL;DR

The Kalshi app is a mobile trading app for event contracts — sports, economics, politics — on a CFTC-regulated exchange.
It's on iOS and Android, free to download, and funds via bank transfer or debit card.
Best for people who want regulated markets and tax paperwork; Polymarket's app carries more markets.

New to this? Read this first

Prediction markets price events in cents, not odds. Here is the vocabulary used on this page, in plain English.

Price = probability: A contract that pays $1 trading at 12¢ means the market thinks there's a 12% chance.
YES / NO share: YES pays $1 if it happens. NO pays $1 if it doesn't. You can never lose more than you paid.
Implied chance: Just the price read as a percentage. A contract at 14¢ implies a 14% chance.
Vig: A built-in margin some venues charge. On prediction markets you pay the spread and fees instead.
Liquidity: How much money is in the market. More money means you can get in and out at the price you see.

The Kalshi app is the fastest way to see what a prediction market actually is: a screen of questions with a price next to each one, where 63¢ means the crowd thinks it's 63% likely.

What it does well

Onboarding is brokerage-standard and takes a few minutes. The market list is browsable by category, order entry is two taps, and positions show unrealised P/L in dollars rather than odds notation — which is much easier to read if you've never used a sportsbook.

What's annoying

Thin markets have wide spreads, so the price you see isn't always the price you get. Bank deposits are occasionally declined by card issuers that flag anything event-contract related — fixable, see deposit declined by bank.

Cost

Free to install; you pay a per-contract trading fee that peaks around mid-priced contracts. Numbers in Kalshi fees.

How it compares

vs Polymarket: more regulation and 1099s, fewer markets — full comparison.
vs Robinhood: Robinhood routes its event contracts through Kalshi, so you're often trading the same underlying market with a different interface — Kalshi vs Robinhood.
vs everything else: best prediction market apps 2026.

Before you download

Check your state on the availability list — the app installs anywhere but trading is gated by location.

Get started

Trade $25 and get $25 with code COLLEGEPM.

Download Kalshi and claim $25 →

Price → probability → payout

Contract price in cents (e.g. 14)Amount you put in ($)

Implied chance: 14.0%
Contracts: 143
Pays back: $142.86
Profit if right: $122.86

A contract settles at $1 if the event happens and $0 if it doesn't, so the price is the market's probability. Every contract you buy at this price pays $1 — the cheaper the price, the less likely the market thinks it is.

Your first trade, step by step

Fund a small balanceOpen an account, verify your ID, and deposit $10–$20 by debit or ACH. You must be 18+ and in an eligible state.
Find the marketSearch the event by team, player or headline. Check the price and the volume — thin markets move a lot on small orders.
Read the price as a probabilityA 23¢ YES contract means the market gives it about a 23% chance. If you think it is higher than that, YES is the value side.
Place a limit orderEnter the price you want rather than taking the market. You buy shares, not a bet slip — the most you can lose is what you paid.
Decide your exitYou can sell any time before the event resolves, or hold to settlement where each winning share pays $1.

Ready to try it: open Kalshi. 18+, eligible states only. Trade what you can afford to lose.

Sources & further reading

Kalshi — official siteKalshi
Designated Contract Markets (DCMs)CFTC

Frequently asked questions

What is the Kalshi app?

It's the mobile app for Kalshi, a CFTC-regulated US exchange where you trade yes/no contracts on real-world events. Each contract settles at $1 if the event happens and $0 if it doesn't, so the price doubles as a probability.

Is the Kalshi app free?

The app is free to download on iOS and Android. You pay trading fees per contract and possible fees on certain withdrawal methods, not a subscription.

Is the Kalshi app available on Android?

Yes — Kalshi ships both an iOS and an Android app, which is a difference from Polymarket's US app, which has been iOS-first.

How much money do you need to start on the Kalshi app?

Contracts are priced in cents, so you can start with a very small balance. Practically, $10–$20 is enough to place a few positions and test deposits and withdrawals end to end.

Is the Kalshi app safe?

It runs full identity verification and customer funds are held in segregated accounts under a federally regulated exchange. Market risk — losing what you commit — is the real exposure.

Can you trade college sports on the Kalshi app?

Kalshi lists a range of sports markets. College football and basketball coverage varies by season and by market; Polymarket has generally carried the deeper college slate.

What does the price actually mean?

A contract settles at $1 if the event happens and $0 if it doesn't, so the price is the market's probability. A contract at 23¢ means roughly a 23% chance, and $1 buys about 4.3 shares.

How much money do I need to start?

You can place a real trade with $10–$20. Contracts are priced in cents, so a $20 balance buys dozens of shares on a cheap market. Start small until you have seen a position settle.