Polymarket is the largest prediction market in the world and, since December 2025, two different products: the global crypto platform at polymarket.com (USDC, blocked for US users) and the Polymarket US app (US dollars, CFTC-regulated, at polymarket.us on web and app). It got there the hard way, through a 2022 CFTC settlement and a $112 million purchase of a licensed exchange. It is legitimate, it's where the deepest markets on politics and world events live, and its fees are now comparable to Kalshi's. The US product is unavailable in some states.
The two Polymarkets
Global (polymarket.com). Launched 2020, runs on the Polygon blockchain, trades in USDC. This is the one that priced the 2024 election, where a single French trader reportedly made about $85 million on Trump, and where volume on world events dwarfs everyone else. US users have been blocked since the January 2022 CFTC settlement, in which Polymarket paid $1.4 million for running an unregistered platform.
Polymarket US (the app). In July 2025 the CFTC and DOJ closed their investigations without charges, and Polymarket bought QCEX, a CFTC-licensed exchange and clearinghouse, for $112 million. The CFTC amended that licence in November 2025, and the US app launched on December 3, 2025, operated by QCX LLC. It uses dollars, requires full identity verification (ID, selfie, SSN, proof of address), and started invite-only. In October 2025 Intercontinental Exchange, owner of the NYSE, committed up to $2 billion to the company.
What you can trade
Politics, geopolitics, economics, finance, crypto, sports, culture, tech, weather, and "mentions" markets (will a speaker say a word). The global site has the broadest and deepest set, especially on elections and international events. The US app's catalogue is narrower and subject to what the CFTC and states allow; sports in particular is restricted in several states, and parlay-style combos arrived in beta in August 2026.
Fees
Only takers pay. The formula is contracts × rate × price × (1 − price), with the rate set by category:
| Category | Taker rate | Max fee per contract (at 50¢) |
|---|---|---|
| Geopolitics | 0% | free |
| Politics, finance, tech, mentions | 4% | 1¢ |
| Sports, economics, culture, weather, other | 5% | 1.25¢ |
| Crypto | 7% | 1.75¢ |
Makers never pay, and part of taker fees is recycled into maker rebates. Compared with Kalshi's flat 7% rate, Polymarket is cheaper on politics and finance, similar on crypto, and free on geopolitics. Depositing and withdrawing USDC is free on the global site; the US app charges no deposit or withdrawal fee of its own, though card processors can.
Deposits and withdrawals
Global: send USDC on Polygon, or buy it through an on-ramp like MoonPay with a card. Withdrawals are on-chain and fast.
US app: Apple Pay, Google Pay, cards, bank transfer and wire, minimum $20. Withdrawals go back to the original funding source after the deposit clears; third-party guides report 3–4 business days for card and ACH and about a day for wires. Visiting polymarket.com from a US connection redirects you to polymarket.us. Details in how to use Polymarket.
Where it's blocked
Nevada obtained a preliminary injunction on May 29, 2026, and the US app geoblocks the state. Tennessee, Connecticut, Massachusetts, Arizona and others have sent cease-and-desist letters or sued, mostly over sports contracts, and sports markets are unavailable in a shifting list of states. Minnesota passed a ban in May 2026 that the DOJ sued to stop. Internationally, several countries blocked the global site in 2026. Our legality page keeps the list.
The rough edges
- Insider trading. A new account reportedly made over $400,000 on a market about a US military operation in Venezuela; a soldier was later charged. Other cases involved foreign military personnel. Markets on classified events attract people with classified knowledge.
- Taste. Polymarket has listed, and later removed, markets that many found grotesque, including one on nuclear detonations with close to $850,000 traded.
- KYC that takes time. If you're used to the global site's frictionless feel, the US product (ID, selfie, SSN, proof of address) is a different experience.
- Two rulebooks. Resolution on the global site is handled by the UMA oracle, a decentralised process that has had disputed outcomes. The US app settles under exchange rules filed with the CFTC.
Who it suits
Anyone trading politics, world events or macro, where Polymarket's depth is unmatched and fees are lowest. For US sports, Kalshi and Novig currently have the more complete product and fewer state restrictions.
Outside the US? Sign up on the global site through our link (we may earn a commission; your fees are unchanged). US residents: use the Polymarket US app.
Sign up on PolymarketHead to head with the other big US exchange.
Kalshi vs Polymarket