Choosing a Platform
Choosing the right prediction market platform depends on where you live, what you want to trade, and your preferences around fees, regulation, and user experience. This guide compares the major platforms to help you decide.
Platform details last verified January 2025. Fees and features may change. Always confirm current information on official platform websites: Polymarket, Kalshi, PredictIt.
Quick Decision Guide
Platform Comparison
| Feature | Polymarket | Kalshi | PredictIt |
|---|---|---|---|
| Regulation | Not regulated | CFTC DCM (legal US exchange) | CFTC No-Action Letter |
| US Access | Not available | Yes (most states) | Yes |
| Currency | USDC (stablecoin) | USD | USD |
| Min Deposit | Any amount | $10 | $5 |
| Trading Fees | ~0% maker, ~2% taker | ~1.5% per trade | 10% on profits |
| Withdrawal Fees | Gas fees (~$0.01) | $0-25 depending on method | 5% |
| Market Types | Politics, crypto, sports, entertainment, current events | Economics, weather, politics, entertainment | US politics only |
| Mobile App | No (mobile web) | Yes (iOS/Android) | Yes |
| Liquidity | Highest | Medium | Low |
| Verification | Email or wallet only | Full KYC required | Identity verification |
Data verified January 2025. Fees and features subject to change. Always confirm on official websites.
Polymarket
Polymarket
The largest prediction market by volume and liquidity
Best for: International users, crypto natives, traders who want the most markets and liquidity.
Key Features
- Highest liquidity: More trading volume than all other platforms combined
- Most markets: Politics, crypto, sports, entertainment, weather, and more
- Crypto native: Uses USDC on Polygon blockchain
- Low fees: 0% maker fees, approximately 2% taker fees
- Simple signup: Email or wallet connection
Limitations
- Not available in the US: Geo-blocked for US residents
- No regulatory protection: Unregulated, trade at your own risk
- Crypto required: Must obtain USDC to trade
- No official app: Mobile web only
US Access
Polymarket is not legally available to US residents. The platform blocks US IP addresses and requires attestation that you are not a US person. Using VPNs to bypass restrictions may violate terms of service.
Kalshi
Kalshi
The first CFTC-regulated prediction market exchange
Best for: US residents who want regulatory protection, USD deposits, and official tax documentation.
Key Features
- Fully regulated: CFTC-designated contract market
- Consumer protection: Funds held in regulated accounts
- USD deposits: Bank transfers, debit cards, wire
- Tax forms: Provides 1099 forms for tax reporting
- Mobile apps: Native iOS and Android apps
Limitations
- US only: Available only to US residents (some state restrictions)
- Limited markets: Fewer markets than Polymarket
- KYC required: Full identity verification needed
- Lower liquidity: Less trading volume than Polymarket
- Higher fees: Approximately 1.5% per trade
State Availability
Kalshi is available in most US states. As of January 2025, some states have restrictions. Check Kalshi's Help Center for current availability in your state before signing up.
PredictIt
PredictIt
Academic prediction market focused on US politics
Best for: Political enthusiasts interested in US elections and policy.
Key Features
- US politics focus: Extensive political markets
- Academic backing: Run by Victoria University of Wellington
- Simple interface: Straightforward web platform
- Low minimum: $5 minimum deposit
Limitations
- Winding down: CFTC required PredictIt to close after lawsuit settlement
- Limited markets: Only politics (mostly US)
- 850 share limit: Cannot buy more than 850 shares per position
- High fees: 10% fee on profits, 5% withdrawal fee
- Low liquidity: Due to share limits and smaller user base
PredictIt is in the process of winding down operations following regulatory issues. Check their website for current status before depositing funds.
Decision Flowchart
Use this flowchart to choose your platform:
Are you a US resident?
│
├── Yes
│ └── Kalshi (regulated, USD, tax forms)
│
└── No
└── Polymarket (most markets, best liquidity)
If PredictIt is still operating and you exclusively want US politics:
US resident wanting only US politics?
│
├── Yes
│ ├── Need regulation? → Kalshi
│ └── Want variety? → PredictIt (if available)
│
└── No
└── Polymarket
Factors to Consider
Geographic Restrictions
Your location largely determines your options:
- United States: Kalshi is your main option (PredictIt winding down)
- European Union: Polymarket available
- United Kingdom: Polymarket available
- Asia/Pacific: Polymarket available (varies by country)
Some countries may have their own restrictions on prediction market participation.
Deposit Methods
How you prefer to fund your account matters:
- Polymarket: USDC via crypto wallet (can buy with card through partners)
- Kalshi: Bank ACH, debit card, wire transfer
- PredictIt: Credit card, debit card
Crypto users may prefer Polymarket's seamless USDC integration. Traditional finance users may prefer Kalshi's bank connections.
Market Availability
Each platform offers different markets:
- Polymarket: Widest variety (politics, crypto, sports, entertainment, weather)
- Kalshi: Growing selection (economics, weather, politics, entertainment)
- PredictIt: US politics only
If you want to trade Fed rate decisions or crypto price targets, check platform availability first.
Fees and Costs
Trading costs vary significantly:
- Polymarket: ~0-2% trading fees, minimal gas fees
- Kalshi: ~1.5% per trade, withdrawal fees may apply
- PredictIt: 10% profit fee + 5% withdrawal fee
For active traders, fee differences can significantly impact returns.
User Experience
Interface preferences vary:
- Polymarket: Modern web interface, mobile web
- Kalshi: Web and native mobile apps
- PredictIt: Basic web interface
Kalshi offers the best mobile experience with dedicated apps. Polymarket has the most modern web interface.
Regulation and Safety
Risk tolerance matters:
- Kalshi: CFTC-regulated, consumer protections apply
- Polymarket: Unregulated, self-custody (you control your funds)
- PredictIt: Operated under CFTC no-action letter
Risk-averse traders may prefer Kalshi's regulatory oversight. Crypto natives may prefer Polymarket's self-custody model.
Common Questions
Platform FAQ
FAQsYes. Many active traders use both Polymarket and Kalshi (if eligible for both). Using multiple platforms lets you:
- Access more markets
- Compare prices for arbitrage opportunities
- Diversify platform risk
Note that US residents cannot legally use Polymarket.
Summary Comparison
Polymarket
Best overall for non-US users. Highest liquidity, most markets, lowest fees. Crypto required.
Kalshi
Best for US users. Regulated, USD deposits, tax forms, mobile apps. Growing market selection.
Next Step
Ready to start trading? Follow our step-by-step guide:
Your First Trade
Step-by-step walkthrough for both Polymarket and Kalshi. From account setup to executing your first order.