Best Prediction Market Sites & Trading Apps: The Ultimate Guide to Event Trading in 2025

Best Prediction Market Sites & Apps Ranked and Reviewed

*Polymarket will operate under CFTC regulations when it relaunches in the US in late 2025.

1. Kalshi

Why it’s #1: Kalshi takes the top spot as the "gold standard" for US traders.

It is the first and only fully federally regulated prediction market (CFTC-approved), making it the safest and most legitimate platform for US residents. While others operate in gray areas or require crypto know-how, Kalshi offers a seamless, legal experience with massive liquidity, handling over $1 billion in weekly volume.

What Makes it Stand Out: Unlike offshore competitors, Kalshi allows you to trade directly in US Dollars, no crypto wallets required.

It bridges the gap between finance and fandom by recently launching NFL and NBA player props. You can now trade federally regulated contracts on specific athlete outcomes, such as touchdown scorers or point totals, alongside traditional markets like Fed rates and election outcomes.

Key Features:

• Deposits: Instant USD deposits via Debit Card, Bank Transfer (ACH), Wire, and even Crypto (USDC).

• Payouts: Fast and reliable withdrawals directly to your bank in 1-3 business days.

• Support: Highly rated, responsive customer service (avg. response <30 mins).

• Community: Live activity feeds and social "Ideas" section to track top traders.

Find more details about Kalshi in our full Kalshi review.

2. Robinhood

Why it’s Ranked #2: Robinhood is the ultimate "all-in-one" choice.

It earns the second spot not because it lacks quality, but because it caters to a different audience: the everyday investor. If you already trade stocks or crypto, Robinhood removes the friction of opening a new account. It seamlessly integrates prediction markets into the app you already use, making it the most accessible entry point for millions of users.

What Makes it Stand Out: Convenience is king here.

Robinhood allows you to trade "Event Contracts" alongside your Apple stock and Bitcoin. While it partners with exchanges (like Kalshi and ForecastEx) to offer these markets, the interface is unmistakably Robinhood, clean, intuitive, and beginner-friendly. It’s perfect for those who want to dabble in predictions without managing a separate wallet or platform.

Key Features:

• Markets: Offers a curated selection of popular events, including US Elections, Fed Rates, and major Sports (NFL, NBA).

• Fees: Transparent and low-cost structure, typically charging just $0.01 per contract commission (plus exchange fees).

• Deposits: Use your existing buying power; instant transfers from linked bank accounts work exactly as they do for stock trading.

• Safety: Fully regulated via its CFTC-compliant partners, ensuring your funds are safe and payouts are guaranteed.

• Experience: While it may lack advanced data tools, its simplicity makes it unbeatable for casual trading.

See more details about Robinhood in our Robinhood review.

3. Polymarket

Why it’s Ranked #3: Polymarket is arguably the most powerful prediction market in the world by volume, often handling more activity than any other platform. It sits at #3 solely because its full US app is currently in a rollout phase.

However, make no mistake: this is a heavyweight backed by the parent company of the New York Stock Exchange (ICE). For crypto-natives or those who want the widest range of "uncensored" global markets, Polymarket is often the first choice.

What Makes it Stand Out: If Kalshi is the "institutional bank," Polymarket is the "internet's pulse."

It is famous for hosting markets on everything, from obscure pop culture memes and viral internet debates to geopolitical conflicts that other platforms won't touch. It is built on blockchain technology (Polygon), which ensures transparency and often allows for lower fees than traditional competitors.

Key Features:

• Markets: The "Everything Store" of predictions. Trade on Pop Culture, Crypto Prices, Global Politics, and niche internet events.

• Speed: Markets are created instantly based on breaking news, often faster than any regulated competitor.

• Fees: Extremely low cost. The US platform is rolling out with near-zero fees, aggressively undercutting traditional structures.

• Crypto: Native to USDC (Stablecoin). Perfect for users who prefer keeping funds on-chain or using crypto wallets.

• US Access: New for 2025: Now CFTC-approved for US operations, currently rolling out a dedicated app starting with Sports markets.

4. Crypto.com

Why it’s Ranked #4: Crypto.com secures the fourth spot as the "power users'" alternative.

While primarily known as a cryptocurrency exchange, it has quietly built a robust, CFTC-regulated derivatives platform for US customers called "Strike Options" and "UpDown Options." It is ranked lower than Kalshi and Robinhood simply because the prediction markets are buried within a complex crypto ecosystem, making it slightly less intuitive for someone who just wants to bet on the election or the Super Bowl without navigating a crypto interface.

What Makes it Stand Out: This is the best platform for hedging.

Because these markets sit inside a full-featured crypto app, you can use them to protect your actual portfolio. For example, if you own Bitcoin, you can buy a "No" contract on Bitcoin rising to hedge your investment. Their unique "UpDown Options" also allow you to exit a trade early automatically if the price hits a certain ceiling or floor, giving you built-in risk management that other prediction markets lack.

Key Features:

• UpDowns: Unique contracts that automatically close ("knock out") if the price hits a specific high or low, locking in profit or preventing deeper losses.

• Strike Options: The classic "Yes/No" prediction market format. Available for Crypto Prices, Forex, and major Sports events.

• Regulated: Like Kalshi, these are fully CFTC-regulated (via Nadex/CDNA), meaning your funds are segregated and legally protected.

• Payouts: Contracts typically have fixed payouts (e.g., $10 per contract) rather than the $1.00 standard used by Kalshi/Polymarket.

• Ecosystem: Seamlessly move funds between your bank, your crypto wallet, and your prediction market trades in seconds.

5. PredictIt

Why it’s Ranked #5: PredictIt is the "OG" of political betting sites. It ranks fifth primarily because it is expensive to use compared to the modern giants like Kalshi and Polymarket.

While it holds a special place in the hearts of political junkies, its high fee structure (taking a cut of your profits and your withdrawals) makes it less attractive for pure profit-seeking traders. However, for those who want to bet on deep, granular political outcomes, like specific bill passages or cabinet confirmations, it remains a vital platform.

What Makes it Stand Out: PredictIt was created as an academic research project by Victoria University of Wellington, giving it a unique "university" feel rather than a Wall Street vibe.

It recently scored a major legal victory against the CFTC in July 2025, which allowed it to remove its old "5,000 trader cap" and significantly raise its betting limits. It offers the most specific political markets you can find, often covering niche legislative events that other platforms ignore.

Key Features:

• Origins: A data-focused academic project turned market, beloved by political analysts and researchers.

• Markets: The deepest dive into US Politics available—trade on individual Supreme Court rulings, Bill passages, and Cabinet confirmations.

• Limits: New for 2025: Investment cap raised to $3,500 per contract (up from the old $850 limit).

• Fees: High Cost: Charges a 10% fee on profits + a 5% fee on withdrawals.

• Access: Now Unlimited: The cap on the number of traders per contract has been removed, allowing for better liquidity.

6. Interactive Brokers

Why it’s Ranked #6: Interactive Brokers (IBKR) lands at #6 not because of quality issues, it is widely considered the best broker for professional traders, but because of complexity.

While Robinhood and Kalshi are built for the casual user, IBKR’s ForecastEx is a high-powered tool designed for serious investors. It sits lower on the list because the interface can be intimidating for beginners who just want to bet on a game. However, for sophisticated traders, this is arguably the most robust platform on the market.

What Makes it Stand Out: This is the platform for "Financial Hedging." IBKR pitches these markets not just as "bets," but as insurance for your portfolio.

For example, if you own a lot of bonds, you can buy a contract betting on "Inflation Rising" to offset potential losses. It also stands out for its unique interest payments: unlike most competitors, IBKR pays you interest (currently ~3.37% - 4.05% APY) on the cash collateral sitting in your open positions.

Key Features:

• Markets: Heavy focus on Macro Economics (CPI, Jobless Claims), Climate (Global Temperatures), and Financials (Fed Rates).

• Fees: Zero Commissions on ForecastEx contracts. You pay $0.00 to trade, with tight spreads directly on the exchange.

• Interest: Earn while you play. You earn daily interest on the cash value of your open positions, a feature almost no other platform offers.

• Tools: Access to professional tools like ScaleTrader, which allows you to automate your buying and selling at specific price points.

• Bonus: New users often receive a small $3.00 testing bonus just for activating ForecastEx permissions to try their first trade with limited risk.

How to Decide Which Prediction Market Site Is Best for You

Question 1: Do you want to use Crypto (USDC)?

• Yes: Go to Polymarket.

• No: Go to Question 2.

Question 2: Do you already trade stocks on Robinhood?

• Yes: Start with Robinhood (it’s easiest).

• No: Go to Question 3.

Question 3: Are you betting small ($50) or large ($5,000+)?

• Small: Kalshi or Robinhood are great.

• Large: Kalshi or Interactive Brokers (Better liquidity for large USD orders & interest on cash).

How Prediction Markets Work: Understanding Contracts and Probability

Prediction markets allow users to trade contracts on “Yes/No” outcomes of various events. The probability is determined by collective opinion, meaning how many users predict a certain outcome.

Find more details about prediction markets and how they work in our guide on prediction markets.

These are the basic principles of predictive event trading:

• Contract Mechanics: For each event, users can purchase a contract that pays out $1 if the selected outcome happens. Each contract is priced between $0.01 and $0.99, and users can purchase multiple of the same contract up to a maximum set by the platform.

• Price as Probability: The price of the contract reflects the market probability of the outcome. This can increase as more traders buy into the same outcome, or decrease if the opposite outcome is more popular. As an example, a contract trading at $0.75 implies a 75% market probability.

• Trading vs. Betting: Unlike sports betting, event trading allows users to sell contracts early, at any time after purchasing. This gives the flexibility for traders to lock in profit in a classic buy-low-sell-high trade, or cut their losses if the price looks set to drop further.

Prediction Markets vs Traditional Sportsbooks: Key Differences

Prediction markets and traditional sportsbooks may look similar on the surface, but the mechanics behind the scenes are vastly different. Here is a quick breakdown of how they compare.

Are Prediction Market Sites Legal?

Prediction markets are legal under federal regulation by the CFTC. However, multiple states have ongoing litigation between regulators and operators deciding whether trading sports event contracts constitutes sports betting.

At a federal level, the Trump administration appears to be in favor of prediction markets. In June 2025, the Justice Department and the CFTC closed investigations into Polymarket with no further action to be taken.

Major platforms are supportive of regulation. Kalshi operates on a “regulatory first” ethos and waited three years for CTFC approval before launching US markets.

Key Factors for Choosing the Right Prediction Market Site

Choosing the right platform depends entirely on what you want to trade and how you want to pay. Here is a breakdown of the five key factors to consider before signing up.

1. Regulation & Trust

• The Golden Rule: Prioritize platforms regulated by the CFTC (Federal) or those with academic exemptions.

• Why? This is your safety net. Regulation ensures the overseeing body can intervene if issues arise.

• The Risk: Avoid unregulated, offshore markets. If they shut down or refuse a payout, you have zero legal protection as a US user.

2. Market Focus & Diversity

Does the platform match your interests?

• The "Everything" Stores: Sites like Kalshi and Polymarket cover it all—Politics, Sports, Finance, and Pop Culture.

• The Specialists: Sites like PredictIt focus exclusively on Politics.

• ⚠️ Sports Warning: The NFL restricts prediction markets for its official betting partners. If a site is an "Official NFL Partner," you likely won’t find certain event contracts or prop bets there.

3. Liquidity (Trading Volume)

Liquidity is the amount of money active in the market.

• High Liquidity = Faster trading and fairer prices (tighter spreads).

• Low Liquidity = Harder to enter or exit a bet at the price you want.

• Pro Tip: Don't write off smaller apps immediately. Check if they route their trades through a larger exchange—this gives you the "big market" benefits with a niche app experience.

4. Payment Methods

Speed, fees, and convenience vary wildly between sites.

• Fiat: Best for ease of use. Look for Bank Transfer (ACH) or Debit Card options.

• Crypto: Best for privacy and speed. Look for USDC or Bitcoin deposits.

• The Fine Print: Always check the deposit limits, withdrawal speeds, and transaction fees before you commit.

5. Mobile App Quality

Since you'll likely trade on the go, the app needs to be smooth.

• Check Ratings: Look at the App Store/Play Store reviews specifically for stability.

• Try Before You Buy: Test the interface first. Platforms like Kalshi offer a Demo Mode so you can practice trading without risking real money.

How to Sign up to Prediction Markets

The signup process is straightforward across the top prediction markets. Here’s how to register your new prediction market account in minutes:

1. Choose your platform: Use the tips above to select a prediction market site. Open the website or download the app, if applicable.

2. Register: Create an account with your chosen platform and enter your personal details. This typically includes your full name, address, date of birth, and contact information. If you have a signup code, for example the Kalshi bonus code WSN, enter it when prompted.

3. Verify: Secure, reputable platforms carry out Know Your Customer checks to verify age, identity, and legitimate source of funds. You may be required to provide your Social Security Number or government ID.

4. Deposit: Read the payment policy if you haven’t already. Head to the cashier section and fill out your payment information as requested to make your first deposit.

5. Claim bonus: If your chosen platform offers a signup bonus, claim it. For example, Kalshi offers a $10 bonus when you use the code WSN and spend $100 on event contracts.

6. Make your first trade: Browse the current and upcoming event contracts. Pick the predicted outcome you favor and buy your contract.

7. Monitor, adjust, sell: Check your predictions and adjust your position if necessary. Remember, you can sell event contracts at any time, not just when the event concludes.

Free vs Paid Prediction Market Services

It’s free to create and manage your account on most prediction market sites, and a free membership includes core functions and access to event trading.

On Kalshi, for example, there’s no charge to use the API service, which provides detailed market and portfolio information. However, there is a transaction fee based on the expected earnings of each contract.

Many of the top platforms offer paid subscriptions as well. Robinhood Gold is available as a monthly or annual subscription and offers members extended trading hours, access to exclusive research and data, and discounted contract fees.