Where to trade
As real money prediction markets have grown, traders have gained more choice between centralized, regulated exchanges and decentralized platforms built on blockchains. They differ in how they handle accounts, trades, and oversight.
This comparison describes platform structure and examples of markets, rather than ranking returns or safety. Access, fees, and available contracts can change. Check each platform’s current terms and the rules where you live.
| Platform | Type | Main markets | Regulation | What to know |
|---|---|---|---|---|
| Kalshi | Centralized | Economics and weather | CFTC (US) | US-regulated event contracts |
| Polymarket | Decentralized | Politics and technology | Access restrictions vary by country | Separate from Polymarket US |
| PredictIt | Academic | US politics | CFTC staff no-action relief (conditional) | Historical trading data |
| Smarkets | Exchange | Sports and news | UK Gambling Commission | Check the current fee schedule |
Polymarket
Polymarket’s international platform uses Polygon. Its collateral token, pUSD, is backed by USDC. Markets cover events including politics, technology, and culture.
Polymarket.com and Polymarket US are separate products with different access requirements. Check eligibility, wallet requirements, and the order book for the specific market before placing an order; activity across the platform does not guarantee liquidity in every contract.
Kalshi
Kalshi is a CFTC-regulated exchange with markets on economic indicators such as CPI reports and Federal Reserve interest rate decisions. It also covers events such as hurricane landfalls. Individuals can use its event contracts to speculate, while businesses can use them to hedge against risks.
What to check when choosing a platform
Liquidity and volume
Check the trading volume for the contract you want to buy. Enough buyers and sellers make it easier to enter or leave a position at the price you expect. Low liquidity can mean more slippage, particularly for large trades.
Fees
A platform may charge per contract, take a share of your winnings, or charge for withdrawals. Over hundreds of trades, even a 2% difference in fees can take a noticeable share of your returns.
How markets are settled
An oracle is the source or system used to determine a market's outcome. A Kalshi contract might rely on a government report; Polymarket often uses the UMA optimistic oracle. Before trading, check who determines the result and how disputes are handled. Look for a settlement process you can understand and verify.