Terms of Service
Last updated: July 1, 2026
These terms govern your access to and use of the exchange, website and related services. By opening an account or using the platform, you agree to be bound by them.
1. Eligibility
You must be at least 18 years old, a resident of a jurisdiction where trading event contracts is permitted, and able to form a binding contract. We may verify your identity before enabling trading.
2. Your account
You are responsible for safeguarding your credentials and for all activity under your account. Notify us immediately of any unauthorized use. One account per person; accounts are non-transferable.
3. Trading rules
All orders are binding when matched. Trading on material non-public information related to a market's settlement source, wash trading, spoofing and other manipulative conduct are prohibited and may result in position limits, suspension or referral to regulators.
Contract terms, settlement sources and expiration rules are published on each market page and form part of these terms.
4. Fees and funds
Trading fees are disclosed in the published fee schedule and may change with notice. Member funds are held in segregated accounts and are withdrawable at any time, subject to settlement of open positions and applicable review.
5. Risk disclosure
Trading event contracts involves risk of loss up to the full amount of your position. Prices reflect market opinion, not guaranteed outcomes. Never trade with funds you cannot afford to lose.
6. Termination
We may suspend or close accounts that violate these terms or applicable law. You may close your account at any time after settling open positions and withdrawing your balance.
Unaffiliated frontend demo — this is original placeholder text for layout purposes only, not a real legal document and not Kalshi's actual terms. See also Privacy · Terms.