If you are a sports betting fan, you must have heard of Kalshi. It is a platform that allows individuals to purchase money contracts based on real-world outcomes. The events on the platform include sports, pop culture, weather, economics, and much more. If, like many others, you’re wondering about its legitimacy, then this article is for you. Here we will understand Kalshi’s working and answer the question: “Is Kalshi legit?”
Kalshi helps individuals turn their insights into potential profits by forecasting political elections, economic trends, and weather patterns. It has made its name and reputation in the world of event-based trading. So, let’s not wait further and take a deep dive to understand the Kalshi platform and its legitimacy.
What is Kalshi?
Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara and was launched in 2021. It a betting platform that lets individuals predict the future and make money out of their potential insights. On the platform, anyone from retail and institutional traders can place trades on various future events.
The real-life events that an individual can place a bet on may include economic indicators, weather patterns, election outcomes, awards, and more. Kalshi is a transparent and intuitive way to engage with the future. On the platform, individuals generally trade on yes-or-no questions, with contracts priced based on the market’s estimated probability of an event occurring.
Is Kalshi Legit?
Yes, Kalshi is a legit and 100% safe platform. It is federally recognized as well, making it a leading platform that transforms the world of event-based trading. It operates as a Designated Contract Market (DCM) under the oversight of the Commodity Futures Trading Commission (CFTC). Many factors make Kalshi a legit platform. These include,
- It is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
- It is available in all 50 U.S. states.
- The platform uses cash-collateralized contracts.
- It partners with a CFTC-registered clearinghouse to protect funds.
- To operate Kalshi, you don’t need a VPN, crypto wallet, or back-alley workaround.
How Does Kalshi Work?
Trading on Kalshi is a pretty straightforward process. Each market on the platform has a yes-or-no question about a future event. You buy “Yes” or “No” contracts depending on your prediction.
In case your side is correct when the event resolves, you receive $1 per contract. The market on Kalshi is placed between $0-$1. The results are simple: if you win, you win $1, and if you lose, you get $0.
In the list given below, I have explained how Kalshi works.
- Head to the Kalshi platform
- Choose a market. Example: “Will the market close at 500 higher today?”
- Choose a side
- Buy “Yes” if you think it will
- Buy “No” if you don’t
- Now choose a price. The contracts cost between $0.01 and $0.99, depending on market odds.
- Wait for a resolution. If you’re right, you earn $1 per contract. If you are wrong, you get $0.
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Pros & Cons of Kalshi
Like any other platform, Kalshi too has its set of pros and cons. Below are the pros and cons that you must consider before heading on to the platform and placing your future prediction
Pros
- The event markets on the platform have a large selection.
- You can earn a 3.75% interest rate on cash and open positions
- User-friendly platform
- Web and mobile trading
- Immediate account funding to trade without delay
Cons
- Kalshi has a confusing fee structure
- Exclusively offers event contracts
- No instant deposits
- Customer support is only available via email
What You Can Trade on Kalshi?
One of the key features that Kalshi offers is the wide range of events across different categories that an individual can place their future prediction on. The various categories include:
- Economics: Inflation, interest rates, employment figures.
- Politics: Election outcomes, legislative actions, presidential approval ratings, Supreme Court cases.
- Climate: Temperature records, weather patterns
- Culture & Entertainment: Film awards (e.g., Oscars), the release of a new album by a popular artist.
- Technology & Science: Scientific advancements, crypto prices.
- Other: Geopolitical events, transportation industry happenings.
Reviews of Kalshi
Now that we have established that Kalshi is a legitimate platform, it is time to know what the leading review platforms say about it. I checked different review platforms to see the ranking of Kalshi and what customers are saying. To make things clear, here’s the breakdown of it.
Trustpilot
With 51 reviews on Trustpilot, Kalshi has a ranking of 3.4 stars on the platform. This indicates a medium level of user satisfaction. A 3.6-star ranking established that users generally have an average experience on the platform. Some users have complained that the weather forecasts on the platform are manipulated.
App Store
iOS users on the App Store have rated Kalshi with 4.7 stars, which is excellent for the platform. The rating indicates the highest level of user satisfaction. With almost 8.7k reviews, users have expressed a smooth experience on the Kalshi app.
Google Play Store
On Android, Kalshi has a rating of 4.3 stars on the Google Play Store with around 1035 reviews. This indicates that the users have experienced the platform and are extremely satisfied with their experience on the platform.
So, Is Kalshi Legit: My Verdict
Yes, Kalshi is legit; it is not a scam. It is the first CFTC-regulated exchange dedicated to trading on the outcome of future events. The platform lets you profit directly from real-world outcomes.
If a thought like ‘I know what is going to happen’ has occurred in your head while you looked at an inflation number or election poll, then Kalshi is for you. Kalshi betting is legal and transparent, and if you’re smart, it can be profitable.
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Wrapping Up
So, is Kalshi legit? Yes, Kalshi is a safe and legitimate platform. It is not a scam. It is not gambling. Go for it and participate in the financial exchange of real-life outcomes by predicting the future and earning money. Go check it out for yourself, and if you still have any queries or want us to review any platform for you, let us know. We would like to hear back from you. For more content like this, visit our website regularly!
Frequently Asked Questions
1. Is Kalshi gambling?
No. Kalshi is the only legal and largest prediction market in the U.S. where you can make money by predicting real-world events.
2. What is Kalshi’s current valuation?
Kalshi, a prediction market platform, recently achieved a $2 billion valuation after securing $185 million in a funding round led by Paradigm.
3. Is Kalshi publicly traded?
Kalshi does not have a publicly available stock price because it is privately held and not traded on public stock exchanges.
4. Is Kalshi legal in all states?
Kalshi is available in all 50 US states and is only available to US residents. The company is also preparing for an international launch and has a waitlist available for those interested.