Our Rankings
Based on liquidity, markets, regulation, and user experience
Polymarket is the world's largest prediction market by volume, running on blockchain technology and powered by USDC. With billions in total volume and markets on virtually every major world event, it's the platform with the deepest liquidity and widest selection. The blockchain infrastructure means near-instant settlement and full transparency of all positions.
Pros
- Deepest liquidity on all major events
- Widest market selection globally
- No KYC under $1,000
- Transparent on-chain settlement
- Active mobile app
Cons
- Requires USDC (crypto setup)
- Not FCA or CFTC regulated
- US geographic restrictions apply
- Steeper learning curve for beginners
Kalshi is the first CFTC-regulated prediction market exchange in the US, making it the gold standard for compliant, mainstream prediction market trading. It uses regular USD, requires no cryptocurrency, and offers robust economics and policy markets. If you're new to prediction markets or want a regulated environment, Kalshi is the clear starting point.
Pros
- CFTC regulated — fully compliant
- Regular USD — no crypto needed
- Best economics/policy markets
- Simple UX for beginners
- Bank transfer and card deposits
Cons
- US residents only (some restrictions)
- Fewer markets than Polymarket
- Lower liquidity on niche events
- KYC required for all accounts
PredictIt is one of the longest-running prediction markets, focused exclusively on US political events. Its academic partnership model means it operates under a CFTC no-action letter with trade caps per market. Good for political market depth but limited in scope and with higher fees than newer platforms.
Pros
- Deep US political market history
- Academic credibility
- Active community
Cons
- High fees (10%+5% structure)
- $850 per-market trade cap
- US politics only
- Regulatory uncertainty ongoing
Side-by-Side Comparison
| Feature | Polymarket paid link | Kalshi | PredictIt |
|---|---|---|---|
| Regulation | Blockchain | CFTC ✓ | CFTC no-action |
| Currency | USDC | USD ✓ | USD |
| No crypto needed | ✗ | ✓ | ✓ |
| Global access | ✓ | US only | US only |
| Number of markets | 1,000+ | 300+ | 50-100 |
| Market liquidity | Very high | High | Medium |
| Trading fee | ≤1.00¢ politics, ≤1.75¢ crypto, 0 geopolitics | ≤1.75¢ standard series | 10% |
| Withdrawal fee | None | None | 5% |
| Trade caps | None | None | $850/market |
| Best for beginners | Moderate | Yes ✓ | Moderate |
| iPredicta integration | ✓ Live | ✓ Live | Not integrated |
paid link means we earn a commission if you sign up through it. Only Polymarket is one. Kalshi and PredictIt are linked and earn us nothing, and the exchanges named further down — Smarkets, Betfair Exchange, IG and Spreadex — are not partners of ours in any form. Nothing on this page is ranked by what it pays.
Our Recommendation
Which platform fits you?
Two questions decide it. First: are you US-based? If yes, Kalshi is the obvious starting point — regulated, no crypto, low-friction onboarding. Polymarket, with whom we have a commercial relationship, is also accessible but you'll want USDC and a wallet workflow before your first trade. Second: do you want the widest possible market selection? If yes, Polymarket regardless of jurisdiction. The catalog is larger, liquidity is deeper, and Polymarket lists most of the high-volume political and economic contracts before Kalshi does.
Most active traders end up using both. Cross-platform price differences create the windows surfaced on our arbitrage page, and depth on niche contracts varies — sometimes Kalshi has the better price, sometimes Polymarket. Our explainer on prediction markets covers the underlying mechanics if you're new to the format.
If you can't access either platform
UK and EU residents face the tightest geographic restrictions. Polymarket blocks UK and most EU IP addresses by default — that's a Polymarket policy decision tied to local regulatory ambiguity, not a blanket regulatory ban on prediction markets. Kalshi is US-only at the API level, with KYC tied to a US address. If you're outside the US and not on Polymarket, the practical options are limited.
For UK users specifically, the regulated routes are different products with similar mechanics: betting exchanges (Smarkets, Betfair Exchange, and Matchbook, with whom we have a commercial relationship) for sports and political markets, spread-betting firms (IG, Spreadex) for macro and politics with leveraged exposure. Neither is a like-for-like substitute for prediction markets — exchange contracts settle differently and spread bets carry leverage — but both are FCA-regulated and accessible. We track Polymarket and Kalshi prices on iPredicta regardless; the data still has informational value even when the venue isn't open to you.
Offers from platforms we cover
Shown only where the platform is available and licensed to advertise. If nothing appears here, none of them operates where you are.
Two versions of the same Matchbook welcome offer, each with its own sign-up code. A new account can take one of them, not both.
Common questions
Is Polymarket legal in the US?
Polymarket geo-restricts US IP addresses and asks users to confirm they are not US persons. The platform is not CFTC-registered, so US users have no regulatory backstop. Kalshi is the CFTC-regulated option for US-based traders.
Which platform has lower fees?
Neither charges a percentage of your stake. Both price the fee as theta times contracts times price times (1 minus price), so it peaks on contracts near 50c and falls to almost nothing at the extremes: at most 1.75c per contract on Kalshi's standard series, 1.00c on Polymarket offshore politics, and 1.50c on Polymarket US. Makers are never charged on Polymarket offshore and are paid a rebate on Polymarket US; on Kalshi they pay on 10 of 723 open series and not on the rest. PredictIt works differently, taking 10% of profits plus a 5% withdrawal fee, which is why it sits below the other two for active trading despite its academic credibility.
Can I use Polymarket and Kalshi without crypto?
Kalshi runs on USD — bank transfer or card deposit, no crypto needed. Polymarket settles in USDC, so you'll need a wallet and a way to fund USDC. iPredicta surfaces both, so you can compare prices and choose the venue that fits your setup.