Kalshi Review 2026
CFTC-regulated event contracts on politics, economics, and culture.
Promo code NYPREDICTS — trade $25, get $25. Available in New York and 47 other US jurisdictions.
Politics
Macro & Fed
Culture outcomes
Founder & Editor-in-Chief
TL;DR
Kalshi is a CFTC-regulated exchange where you can trade contracts on real-world questions — from CPI prints to who wins an election. For New Yorkers who already follow the Fed and the mayoral race, it's the closest thing to a public order book on the news cycle.
Trade $25, Get $25 on KalshiKalshi's minimum age is 18; we recommend 21+. Real loss risk. NY help: 1-877-8-HOPENY · text HOPENY to 467369.
Aff.We earn a commission on partner signups. Disclosure.
Kalshi · Trade $25 and Get $25!
NYPREDICTS
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
Last checked October 5, 2026
New trader offerTrade $25 and Get $25
Trade on anything — politics, the Fed, the Knicks. Sign up with code NYPREDICTS, trade $25 and Kalshi credits you $25. New US traders only.
Trade $25, Get $25 on Kalshi- Available in 48 US jurisdictions, New York included
- 18+ (we recommend 21+) · New traders only · CFTC-regulated exchange
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- D.C.
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- West Virginia
- Wisconsin
- Wyoming
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com. Kalshi's minimum age is 18; we recommend 21+. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
Our verdict
The short answer on Kalshi
Kalshi is our #3 pick: a CFTC-regulated exchange that accepts New Yorkers, with real depth in politics and macro. New York sued Kalshi on July 31, 2026; the case is pending and Kalshi keeps operating.
What changed October 1, 2026 — added the New York lawsuit against Kalshi (filed July 31, 2026) and the August 11 CFTC emergency order to the verdict, watchouts and FAQ. September 28, 2026 — added screenshots from our own funded Kalshi account and notes on Kalshi's social features. September 2, 2026 — new affiliate offer live: trade $25 and get $25 with code NYPREDICTS. Re-verified NY availability and the 48-jurisdiction footprint, and refreshed verification, withdrawal and early-exit detail.
Trade $25, Get $25 on KalshiScorecard
How it scores
4.3 Overall / 5
New York access
5.0Cost clarity
4.0Market depth
4.5App & UX
4.0Funding & payouts
4.5Support & docs
4.0
Editorial scores out of 5, set by our reviewer — not a lab test. We weight New York access heavily because that's the first question a reader here asks.
What it is
A clear-eyed look at Kalshi
Kalshi is a CFTC-regulated exchange where you can trade contracts on real-world questions — from CPI prints to who wins an election. For New Yorkers who already follow the Fed and the mayoral race, it's the closest thing to a public order book on the news cycle.
Who it's for
Best fit for…
- Politics
- Macro & Fed
- Culture outcomes
Why New Yorkers may care
The NYC angle
If your group chat litigates Eric Adams, Kathy Hochul, and the next rate decision in the same week, Kalshi is where those debates get a price.
Pros
- Federally regulated event-contract exchange.
- Deep markets on elections, inflation prints, and Fed decisions.
- Clean US-friendly onboarding.
Watchouts
- Liquidity can be thin on niche markets.
- Eligibility and product availability vary by state and category.
- New York sued Kalshi on July 31, 2026, alleging unlicensed gambling. Kalshi keeps operating under an August 11 CFTC emergency order; the case is pending.
Fit check
Who it's for
Who it's for
- New Yorkers who follow the Fed, CPI prints and city politics and want a price on them.
- Anyone who wants to exit a position early rather than wait for settlement.
Who should skip it
- Players who mainly want player props and parlays.
- Anyone unwilling to complete SSN-level identity verification.
- Traders hunting niche markets, where the order book can be thin.
Money in, money out
Funding, withdrawals and verification
- Deposits
- Debit card, ACH bank transfer, wire and crypto, with a low minimum — you can start at a few dollars. No deposit fee on standard methods. You'll need $25 of trading volume to unlock the $25 bonus.
- Withdrawals
- Cash out to the linked bank account. Expect a standard bank-transfer timeline of a business day or two, longer for the first withdrawal while verification clears.
- Identity checks
- Full identity verification is mandatory: legal name, address, date of birth and Social Security number, as required of a CFTC-regulated exchange. Kalshi's minimum age is 18; we recommend 21+.
Getting started
How to get started on Kalshi
Open Kalshi with code NYPREDICTS
Tap the Trade $25, Get $25 button on this page to open Kalshi with our link. Works on iPhone, Android and desktop.
Create your account and verify
Register with your email, then complete identity verification — name, address, date of birth and SSN. Kalshi's minimum age is 18; we recommend 21+.
Enter promo code NYPREDICTS
Add the code at signup so the new-trader offer is attached to your account.
Trade $25 to unlock $25
Fund by debit card or bank transfer and trade $25 in Yes/No contracts. Kalshi credits eligible new traders $25, and you can sell out of a position before settlement whenever there's a buyer.
Availability & terms
Kalshi is live for New York residents and in 47 other US jurisdictions. Trade $25 with code NYPREDICTS at signup and Kalshi credits you $25. Works on iPhone, Android and desktop.
See state-by-state availability →Methodology
How we reviewed Kalshi
We test Kalshi the way a New Yorker actually would: sign up from a NY IP, verify identity, fund the account, place real trades on live markets, and track the offer through to settlement. Editorial coverage is written by Catie Di Stefano and reviewed against the platform's official terms, its US regulator (CFTC, state DFS regulators, or applicable sweepstakes framework), and independent reporting. We publish fee language only when it's verifiable on the platform's official schedule, and we flag anything that changed since our last update.
Affiliate disclosure · Last updated: October 1, 2026. Product terms and promo eligibility can change without notice — always confirm on the platform before depositing.
What a Kalshi market looks like
Each contract resolves Yes or No. Prices in cents represent the market's implied probability — here, a 26% chance the Knicks win Game 5. You can buy either side, and the price moves as new orders come in.
Image: Kalshi product reference. Used for editorial illustration.
Kalshi vs Polymarket
How Kalshi stacks up against Polymarket for New Yorkers
| Kalshi | Polymarket | |
|---|---|---|
| Available in New York | Yes — state suing since July 31, 2026; pending | Yes — state suing since Sept 24, 2026; pending |
| Devices | iPhone, Android, desktop | Polymarket US app |
| New trader offer | Trade $25, get $25 | $25 bonus, $10 deposit |
| Promo code | NYPREDICTS | NYPREDICTS |
| Best for | Politics, Fed, macro, NYC races | Global news, deepest liquidity |
| Settlement | USD, federally regulated | Crypto-based, abstracted in app |
Most New Yorkers we hear from end up using both — Kalshi for US politics and macro prints, Polymarket for global news liquidity. See the Polymarket review.
Further reading
Alternatives
If this one isn't for you
Polymarket
Event markets
Our #1 pick for New Yorkers
Novig
Event markets
Peer-to-peer sports — available in NY
We use Kalshi ourselves: real screenshots
These screenshots come from our editor's own funded Kalshi account, taken on 27 September 2026. The balance and trade history are real, including a small loss. Nothing has been edited except cropping.
New on Kalshi: social features
Kalshi now has a social layer on top of trading. Here is what we found when we tried it on 27 September 2026:
- Live chat on every market. A chat panel opens under the market, so you can talk with other traders while prices move.
- Chat rooms. The Rooms button lists the busiest live chats at that moment, for example NFL games, 15-minute Bitcoin markets, the Ballon d'Or and daily weather.
- Positions next to comments. Messages and posts can show what the poster holds (for example "Lamine Yamal · $955"), so you can see who has money behind an opinion.
- Social feed. Each event has a feed ("This event" or "All") where you can post text or a GIF and attach your position. There is also an Activity tab and a Social tab in the bottom menu.
- Insider-trading reporting. Market pages include a "Report Insider Trading" button and a clear "Insider trading is prohibited" notice.
Our take: the chat is fun during live games and useful for spotting news fast, but it is unfiltered opinion (and sometimes crude). Treat it as entertainment, not advice, and never copy a trade just because someone posted a big position.
FAQ
Sources & references
Frequently asked questions
How fast does the Kalshi $25 bonus arrive?
Kalshi issues the $25 credit once you sign up with code NYPREDICTS, complete verification, and trade $25 in event contracts. Timing and terms are set by Kalshi; check the app's promotions screen for status.
Is Kalshi legal in New York?
Kalshi is available to New York residents as of October 1, 2026, but its legal status is disputed. Kalshi is a CFTC-regulated designated contract market and says federal law governs its contracts. New York sued Kalshi on July 31, 2026, alleging it is an unlicensed gambling business, and on August 11 the CFTC issued an emergency order telling Kalshi to keep operating. The case is pending, so access could change.
What is the Kalshi promo code?
The Kalshi promo code is NYPREDICTS. Enter it at signup through our link, trade $25 and Kalshi credits you $25. New US Kalshi accounts only, 18+.
How do I claim the Kalshi trade $25, get $25 offer?
Open Kalshi via the CTA on this page, create a new US account, enter promo code NYPREDICTS at signup, complete identity verification, then trade $25 in contracts. Kalshi issues the $25 credit to eligible new traders.
Kalshi vs Polymarket — which is better for New Yorkers?
Kalshi if you want US politics and macro depth — trade $25 with code NYPREDICTS and get $25 back. Polymarket if you want the deepest global-news liquidity, where $10 unlocks a $25 bonus. Both accept New Yorkers today, though New York is suing both and the cases are pending. Plenty of traders keep accounts on each.
What can I trade on Kalshi?
Politics (elections, NYC mayoral race), economics (CPI prints, Fed rate decisions, jobs reports), weather and climate, culture, and a growing list of sports-adjacent event contracts. Contract availability varies by category.
What are Kalshi's fees?
Kalshi charges a trading fee that varies by market and contract price; it is charged when your trade fills and shown before you confirm. There are no deposit fees and no monthly account fees. Check Kalshi's current fee schedule before trading.
Is Kalshi gambling?
Kalshi operates as a CFTC-regulated event-contracts exchange, not a sportsbook or casino. It's legally distinct from gambling under federal commodities law. Risk of loss is still real — never trade money you can't afford to lose.
How long do Kalshi withdrawals take?
Withdrawals go back to the bank account you linked, and Kalshi processes them as standard bank transfers rather than instant cash-outs. Allow a business day or two, and expect the first one to take longer because verification has to clear first.
Do I need to give Kalshi my SSN?
Yes. As a CFTC-regulated exchange, Kalshi runs full identity verification — legal name, address, date of birth and Social Security number — before you can fund an account and trade. That's a regulatory requirement, not a marketing step.
Can I sell a Kalshi contract before it settles?
Yes, and this is the part most people miss. Contracts trade on an order book, so you can close a position at the current price any time there's a buyer instead of waiting for the event to resolve. That's what separates it from a bet you can't take back.
Already have Kalshi? Add a second app
- ProphetX: Trade $50, Earn $75! (code
NYPREDICTS) · 49 states + D.C. Claim on ProphetX
New users only. T&Cs apply. ProphetX's minimum age is 18 (or the local age of majority if higher); we recommend 21+. Not available in Nevada. Trading involves risk. - Polymarket US (iPhone app): Deposit $10 get a $25 Trading Bonus! (code
NYPREDICTS) · 49 states + D.C. Claim on Polymarket US
18+ Only. Restrictions and eligibility requirements apply. Not available in all jurisdictions. Trading is risky. 100% loss can occur. See polymarket.com/tos for more information. The Polymarket US App serves as an independent software provider and affiliate of Polymarket US and Polymarket Clearing, the CFTC-regulated exchange and clearing organization.
18+ · T&Cs apply · Terms
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.