Kalshi vs Robinhood: Which is Better for You in March? Comprehensive Review & Comparison

Prediction markets allow traders to buy and sell contracts based on real event outcomes, such as elections, sports matches, and the weather. While Kalshi was the first site to get CFTC-regulated, that doesn’t mean it’s necessarily the best for you.

In this guide, we’ll compare Kalshi vs. Robinhood, so you can see how the two of the biggest platforms directly compare with each other. We’ll take a look at the event markets, trading fees, user experience, and US availability, so you can weigh up which site works for you. While there will be similarities, each site has its own stamp.

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A quick Kalshi vs. Robinhood comparison

Before we get started, let’s take a quick look at the key comparative features, so you can instantly see what site might appeal to you:

Kalshi vs. Robinhood: Detailed comparison

Ready to learn more about Kalshi and Robinhood? Check out the table below for a detailed overview of the features:

Breaking down the different market options

Both Kalshi and Robinhood allow you to buy and sell ‘yes’ or ‘no’ contracts on real-world events. Every contract will payout $1 if you predict the outcome correctly. You are paired with another trader, who buys a contract for the opposite outcome to you. Whoever gets it right takes the payout, which is similar to what we found comparing prediction markets and sportsbooks. While this is true across the board, Kalshi and Robinhood offer slightly different markets.

Kalshi

Kalshi offers a broad range of markets, including politics, sports, culture, crypto, economics, financials, and technology. As you can see, there is a lot to discover here, which makes it a good all-rounder for most traders. Whether you are looking for something mainstream, such as election winners or Super Bowl winners, or niche markets like the weather are more your thing, Kalshi has your back.

Robinhood

Robinhood is very crypto-heavy, which will appeal to crypto-savvy traders. But that’s not all Robinhood is about. You can also trade on outcomes on technology, IPOs, financials, politics, entertainment, and sports.

Trading fees: What you can expect to pay at Robinhood or Kalshi

Kalshi and Robinhood have very different approaches to trading fees, which can be a dealbreaker for some traders. Here’s an explanation of how the fee structure works, so you can see which site works the best for you.

Kalshi

Kalshi uses a variable fee structure, which depends on your contract price and whether your orders are placed immediately or not, which are referred to as taker and maker fees. Taker fees are charges that are taken when you are immediately matched with another trader. On the flip side, maker fees are taken when you are not paired straightaway. While some traders prefer a per-contract fee structure, the downside to this is that it requires some calculation.

Here’s the formula for both of these trading fees:

Taker fees:

Fees = Round up (0.07 x C X P X (1-P))

• P = the price of the contract
• C = the number of contracts being traded
• Round up = Round to the next cent

Maker fees:

Fees = Round up (0.0175 x C x P x (1-P))

Robinhood

Robinhood has opted to charge a simple flat fee, which works out at $0.01 per contract for Robinhood and $0.01 per contract for Kalshi, totaling $0.02. Kalshi takes half of the fee, due to the partnership between the two sites. A flat fee makes it easier to calculate, so you always know where you stand. Besides being easy to predict, they are also very low-cost.

User experience: Rating the user interface’s

It has to be said that both Kalshi and Robinhood are relatively user-friendly, albeit Robinhood takes a little bit longer to get used to. Either way, here’s what we found when we rated the user experience:

Kalshi

Kalshi is a purpose-built prediction market site that knows exactly what it is. The website was designed specifically for prediction markets, so it has been expertly crafted for event contracts. This is evident through the minimalist website that works flawlessly. The main menu provides quick access to the main categories, alongside a search bar. Kalshi has been designed in a way to encourage quick decisions, thanks to its clear data and graphics.

Robinhood

Robinhood was originally a brokerage site that later started offering prediction markets through a partnership with Kalshi. As such, you can’t expect the site to be quite as smooth to use as Kalshi, after all, Robinhood is a brokerage first. That’s not to say the website is difficult, as it’s still easy to use - but it perhaps isn’t the best for beginners, as there is less information than on Kalshi. Ideally, Robinhood will appeal to those who already use it to trade crypto and stocks, so you are familiar with the layout.

Availability: Learn about where you can access the sites

Thankfully, prediction markets are legal in the United States and have been federally approved. As such, you will not have any issues with access to either of these sites, regardless of what state you are in.

Kalshi

Kalshi was the first prediction market in the US to obtain federal approval through the CFTC (Commodity Futures Trading Commission), making it almost an instant success in the United States. As of right now, Kalshi is seeking approval elsewhere so that it can offer its services internationally.

Robinhood

Robinhood is currently only available to US residents. As it operates through a partnership with Kalshi, you can be confident that whether Kalshi is available, Robinhood will follow. So, if you are ever confused about where Robinhood is available, you can always refer to Kalshi’s licenses and regulations, too.

Pros and cons of Kalshi vs. Robinhood

Now that you have been given a detailed overview of Robinhood vs Kalshi, you should have a pretty solid idea of which site appeals to you the most. To help you remember the key points, here’s a list of the main pros and cons:

Pros and Cons

• Kalshi and Robinhood are partners
• Both sites are CFTC-regulated
• Kalshi offers more niche markets
• Transparent pricing structures

• Robinhood is a brokerage first

Conclusion: Is Kalshi or Robinhood better?

As you can see, Kalshi is the pioneer when it comes to prediction markets, especially by being the first of its kind to get approved by the CFTC. However, that doesn’t mean that Kalshi is the right site for you. Seeing as Kalshi and Robinhood are partners, there are similarities that we can’t ignore, such as market coverage, regulation, and availability.

If you want a broad range of event contract markets, then Kalshi delivers. You can access all different types of markets, including sports, economics, and pop culture. On the other hand, Robinhood provides an extensive range of technology and crypto markets, which will appeal to existing crypto traders. Trading fees are also important to consider, as a different structure will suit different people. If you want a fixed-fee approach, then Robinhood will appeal to you. However, there are benefits to Kalshi’s percentage-based structure.

Either way, if you have decided on which site works for you, you can get started today by tapping the banners on this page. Follow the registration process and verify your account to get up and running. Don’t forget to check out our other guides for a helping hand, such as learning how to read market prices.

Kalshi vs. Robinhood FAQs