Kalshi Review 2026 — Fees, App & FL Legality

Rated 4.8 out of 5 · first in our Florida ranking

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Status in Florida: Available (as of October 3, 2026). No Florida enforcement action was found; the governor said in Feb 2026 the state was examining whether prediction markets conflict with the Seminole compact. Details: Florida legality guide.

Quick answer

Kalshi is a CFTC-designated contract market, first in our Florida ranking and rated 4.8 out of 5. It works on the web, iPhone and Android, and its status in Florida is Available (as of October 3, 2026). Offer for new users: Trade $25 and Get $25! with code MIAPREDICTS (valid in 47 states plus D.C.).

Kalshi · Trade $25 and Get $25!

MIAPREDICTS

Claim on Kalshi (opens in a new tab)

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 27, 2026

Regulator

CFTC (DCM)

Min deposit

$10

Florida access

Available (as of October 3, 2026)

Platforms

iOS · Android · Web

Age

Minimum 18; we recommend 21+

Welcome bonus

Trade $25 and Get $25! · code MIAPREDICTS

Our verdict

Kalshi is first in our Florida ranking, rated 4.8 out of 5. It is a CFTC-designated contract market that works on the web, iPhone and Android and covers sports, politics, economics and culture markets in one account. If you can only download one app, this is it.

Scorecard

Trust & Regulation 5.0 / 5

Liquidity 5.0 / 5

User Experience 4.5 / 5

Bonus Value 3.0 / 5

FL Availability 5.0 / 5

Welcome offer

Trade $25 and Get $25! · code MIAPREDICTS

Enter code MIAPREDICTS at sign-up. The offer is valid in 47 states plus D.C. 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.

Code: MIAPREDICTS

Kalshi portfolio screen showing a $32.80 balance — Our editor's funded Kalshi account (September 2026)

Kalshi for Florida traders

Florida is on the list of states where Kalshi's MIAPREDICTS offer is valid.
Florida-specific markets to look for: the 2026 governor race (Donalds vs Jolly), the Senate special election (Moody vs Nixon), hurricane landfalls during the June–November season, and the state's pro teams.
Florida's only licensed online sportsbook is Hard Rock Bet, under the Seminole Tribe compact. Kalshi is not a sportsbook, so it sits outside that arrangement; see our Florida legality guide for where the 2026 federal court split leaves Florida.
Florida has no state income tax, so there's no state tax on winnings; federal tax still applies.

Pros

Works on the web, iPhone and Android
CFTC-designated contract market
Sports, politics, economics and culture markets in one account

Cons

Bonus is small vs. DFS competitors

Key features

CFTC-designated contract market (since November 2020)
Sports, politics, economics & culture markets
Welcome offer valid in 47 states plus D.C., incl. FL
Web, iPhone and Android

What is Kalshi?

Kalshi is a federally regulated US event contract exchange overseen by the Commodity Futures Trading Commission (CFTC). Instead of betting against a sportsbook, you trade Yes/No contracts against other users on real-world questions — from 'Will the Heat make the playoffs?' to 'Will the Fed cut rates in December?'. Contracts settle at $1 if Yes wins and $0 if No wins, so the price (in cents) is the implied probability.

Markets and coverage

Kalshi covers a broad catalog: sports (NBA, NFL, MLB, NHL, college, UFC, F1, golf, tennis), elections, the Fed, inflation, weather, hurricanes, awards shows, box office, crypto prices and more. For Florida residents this is huge — you get full access to FL-specific markets like Heat/Dolphins/Marlins/Panthers outcomes and hurricane landfalls without geofencing issues.

Liquidity and pricing

Liquidity varies by market. Headline markets are the most actively traded; thin niche markets can have wider spreads, so check the order book before you size a trade.

User experience

The mobile app is clean, fast and has matured a lot in 2024–2025. Charts, order book depth and a portfolio P&L view are all one tap away. The only nit: order entry on illiquid markets occasionally requires a manual price tweak vs a one-tap accept.

Fees, deposits & withdrawals

Kalshi charges a transaction fee when a trade is executed, worked out from the contract price and the number of contracts; the fee is shown in the order ticket before you confirm. Minimum deposit $10. Bank transfer (ACH) and wire deposits are free (wire minimum $1,000); debit card deposits may carry a 2% processing fee. Withdrawals to a bank account, debit card, PayPal, Venmo or crypto are free; Kalshi sets a personal daily withdrawal limit and holds recently deposited funds briefly before they can be withdrawn.

Safety and regulation

Kalshi (KalshiEX LLC) has been a CFTC-designated contract market since November 3, 2020. That is a different regime from offshore prediction markets and sweepstakes apps. Event contract trading still involves risk.

Welcome bonus

The current offer is Trade $25 and Get $25! with code MIAPREDICTS, for new users only. Review Kalshi's current terms (kalshi.com/tc/500) before trading.

Who Kalshi is best for

Anyone in Florida who wants real prediction markets — politics traders, sports fans who want continuously priced contracts on tails and futures, and macro/crypto traders. If you've outgrown sweepstakes apps and want the real thing, this is the upgrade.

Kalshi fees

Trading fee	Charged when a trade executes; based on the contract price and number of contracts, shown in the order ticket
Deposit fee	$0 by bank transfer (ACH) or wire; debit card may carry 2%
Withdrawal fee	$0 (bank account, debit card, PayPal, Venmo, crypto)

Deposits & withdrawals

Method	Minimum deposit	Deposit fee	Withdrawal
Bank transfer (ACH)	$10	Free	Free
Debit card (incl. Apple Pay, Google Pay)	$10	May carry a 2% processing fee	Free
Wire transfer	$1,000	Free	Large amounts only

State availability

Kalshi's MIAPREDICTS offer is valid in 47 states plus D.C. (not Michigan, Nevada or Washington).

View all eligible states

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
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

How we tested

Catie opened and funded an account on Kalshi with her own money (about $200), placed real trades and withdrew. The screenshots on this page are from that account.

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.

Kalshi home screen with trending NFL markets — Home: trending markets, with live NFL games at the top.

Kalshi trade history with settled World Cup trades — Trade history from our account: settled World Cup contracts.

Kalshi Yes and No prices on a weather market — Yes/No prices in cents. Example: 35¢ would mean the market sees roughly a 35% chance.

Kalshi market rules and resolution sources — Every market lists its rules and the sources used to settle it.

Kalshi market timeline and payout details — Timeline and payout: when the market closes and when winners are paid.

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.

Kalshi live chat opened on the Ballon d'Or market — Live chat sits under each market.

List of active Kalshi live chat rooms — Rooms: jump between active chats (NFL games, Bitcoin, Ballon d'Or, weather).

Kalshi social post box with a Position button — Social feed: post text or a GIF and attach your position.

Ready to try Kalshi?

Trade $25 and Get $25! · code MIAPREDICTS

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Sources & references

Commodity Futures Trading Commission: Event Contracts (opens in a new tab), CFTC.gov
KalshiEX LLC: DCM Registration (opens in a new tab), CFTC.gov
Reuters: Kalshi wins court battle to offer election contracts (opens in a new tab)
Wall Street Journal: Prediction markets coverage (opens in a new tab)
National Council on Problem Gambling — 1-800-GAMBLER (opens in a new tab) — NCPG

External links open in a new tab. We cite primary regulatory and major news sources where possible. Citations to trusted regulators (CFTC, SEC, IRS, NOAA, .gov, .edu) are dofollow; commercial outbound links are not endorsements.

Frequently asked questions

Is Kalshi legal in Florida?

Kalshi's status in Florida is Available (as of October 3, 2026). No Florida enforcement action was found; the governor said in Feb 2026 the state was examining whether prediction markets conflict with the Seminole compact. Federal appeals courts are split on whether state gambling law can apply to sports contracts.

How is Kalshi different from a sportsbook?

You're not betting against the house — you're trading Yes/No contracts against other users. Prices are set by the order book, not a bookmaker.

Can I cash out before a market settles?

Yes. You can sell your position at any time at the current market price, exactly like trading a stock.

What's the minimum deposit?

$10. There is no minimum trade size beyond the contract price.

Is Kalshi legit?

Kalshi (KalshiEX LLC) has been a CFTC-designated contract market since November 3, 2020. Event contract trading still involves risk, and you can lose the money you trade.

How much does Kalshi charge in fees?

Kalshi charges a transaction fee when a trade is executed, worked out from the contract price and the number of contracts; it is shown in the order ticket before you confirm. Bank transfer (ACH) deposits are free; debit card deposits may carry a 2% processing fee. Withdrawals to a bank account, debit card, PayPal, Venmo or crypto are free.

Does Kalshi work on Android?

Yes. Kalshi has iPhone and Android apps and a website.

Are Kalshi winnings taxable?

Yes — profits are taxable in the US, although the IRS hasn't issued guidance on how event contracts are classified. Kalshi issues 1099s for interest, rewards and crypto transfers and a profit-and-loss statement for trading. Talk to a tax professional for your situation.

What's the Kalshi promo code?

Use code MIAPREDICTS at sign-up for the current welcome offer: Trade $25 and Get $25! New users only; terms apply.

What does Kalshi cost to use?

Kalshi charges a transaction fee when a trade is executed; the fee is shown in the order ticket before you confirm. The minimum deposit is $10. Bank transfer (ACH) and wire deposits are free, debit card deposits may carry a 2% processing fee, and withdrawals are free.

How do I sign up for Kalshi?

Click "Visit Kalshi" above (you must be a verified US resident). You'll need a government-issued ID, your Social Security number for tax reporting, and a US bank account or debit card for funding.

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