How Does Kalshi Work? Step-by-Step Walkthrough (2026)
From signup to first trade to withdrawal: exactly how Kalshi works, with examples of buying Yes and No contracts and how settlement happens.
- Buy 100 Yes contracts at $0.32 → risk $32 to win $68 if the Fed cuts.
- Buy 100 No contracts at $0.68 → risk $68 to win $32 if the Fed holds.
- Sell anytime before resolution at the current market price (book your profit or cut your loss early).
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Step 1: Sign up and verify
Visit Kalshi via web or the iOS/Android app. Email + password signup, then KYC: upload a US driver's license, state ID, or passport, and confirm your address. Most users finish KYC in under five minutes.
Step 2: Deposit funds
ACH transfer from any US bank (free, 1-2 business days) or debit card (instant, small fee). Minimum deposit is $1. Funds sit in your Kalshi balance ready to trade.
Step 3: Pick a market and buy a contract
Browse markets by category — sports, politics, weather, economics, crypto. Each market has a Yes price and a No price that add to ~$1.00. If 'Will the Fed cut rates in June?' shows Yes at 0.32 / No at 0.68, that's a 32% market-implied probability of a cut.
- •Buy 100 Yes contracts at $0.32 → risk $32 to win $68 if the Fed cuts.
- •Buy 100 No contracts at $0.68 → risk $68 to win $32 if the Fed holds.
- •Sell anytime before resolution at the current market price (book your profit or cut your loss early).
Step 4: Settlement
Kalshi resolves each market based on the source listed in the contract spec — official league box scores, NHC bulletins, BLS reports, etc. Winning contracts pay out $1.00 each; losing contracts go to $0. Settlement is automatic and immediate.
Step 5: Withdraw
ACH withdrawal back to your linked US bank, typically 1-3 business days. No withdrawal fees. Minimum withdrawal is $10.
Fees
Kalshi charges a per-contract trading fee that scales with contract price — typically a few cents per dollar of profit. Full fee schedule on Kalshi's site. There is no spread mark-up beyond the live order book.
Last reviewed by Catie Di Stefano on August 5, 2026. We re-verify market prices, polling, and citations on every update.
Frequently Asked Questions
Related guides
Pillar pages
Sources & references
- 1.Commodity Futures Trading Commission — Event Contracts — CFTC.gov
- 2.CFTC Final Rule on Event Contracts — CFTC.gov
- 3.Kalshi wins court battle to offer election contracts — Reuters
- 4.National Council on Problem Gambling — 1-800-GAMBLER — 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.
Catie Di Stefano has spent 15 years working with online gambling across some of the most regulated and competitive gambling markets in the world.
Starting at Betsson Group in Malta in 2011, she has in recent years worked her way through VIP management, CRM, gamification and marketing leadership across European and North American operations. Catie was a licensed consultancy for Hard Rock Casino in New Jersey, where she held a DGE vendor license and owned the execution of the online CRM program from launch day in 2018.