Kalshi Review: Fees, Promo Code Rules and Where You Can Trade
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CFTC-regulated exchange (KalshiEX LLC) · Min. age 18+
Who Runs Kalshi and How It Is Regulated
Kalshi was the first company to win federal approval for a U.S. exchange built entirely around event contracts, and it is still the biggest. The Commodity Futures Trading Commission issued an order designating KalshiEX LLC as a contract market on November 4, 2020. That status, known as a designated contract market or DCM, places the exchange under the same federal regulator that oversees futures.
The corporate structure has more moving parts than the app suggests. Kalshi Inc. is the parent. KalshiEX LLC runs the exchange, Kalshi Klear LLC is a CFTC-regulated clearing house, and Kalshi Prime LLC is registered as a futures commission merchant, the broker function that holds customer money.
Kalshi says its revenue comes from transaction fees and that it has no financial stake in how any market resolves. Every trade is matched against another member, never against the exchange itself, and the company says most of those members are retail traders.
The growth has been steep. Pew Research Center, drawing on data from The Block, put Kalshi’s notional taker volume at about $16.8 billion in May 2026, $33.0 billion in June and $40.1 billion in July. Sports accounted for $31.4 billion of the July figure. Notional volume counts contracts at their $1 face value, so it overstates the cash actually at risk, but the trend is unmistakable.
The iPhone app first appeared on September 16, 2022. Kalshi’s App Store listing claims more than 10 million users, a figure the company supplies itself. The exchange has since added perpetual futures to its yes-or-no contracts.
Kalshi Promo Code and Referral Terms
Kalshi does not publish a standing welcome bonus. Its help center describes a referral program in its place: a newcomer can sign up through a friend’s link or enter a friend’s code, and the code can be added up to 72 hours after the account is opened. Rewards are set by the terms of each individual referral offer, and Kalshi lists no fixed public amount.
| Offer detail | Kalshi |
|---|---|
| New customer offer | None |
| Promo Code | Optional referral code from an existing member |
| Window to add a code | 72 hours after account creation |
| Reward | Set by each referral offer’s own terms |
| Minimum deposit | $10 ($1,000 by wire) |
| Age | 18+ |
Any credits or rewards Kalshi pays out are reported on Form 1099-MISC, according to its tax documentation page. Trading gains and losses are reported separately, on Form 1099-B, using first-in, first-out accounting.
Opening and Funding a Kalshi Account
Accounts can be opened at kalshi.com or in the Kalshi app. Anyone with a referral code should enter it during sign-up or within the 72-hour window afterward.
The minimum first deposit is $10, rising to $1,000 for a wire. Kalshi accepts debit cards, including Apple Pay and Google Pay, ACH bank transfers, PayPal, Venmo, Cash App, crypto and wires. Cash App works for deposits only. PayPal and Venmo are limited to U.S. users and, Kalshi cautions, may not be available in every state.
New deposits can be subject to a security hold, and the length of that hold depends on the payment method. Once the money is available, any open market can be traded.