# Kalshi vs Interactive Brokers ForecastTrader

> Kalshi is the better choice for most traders: it offers sports and far deeper liquidity and is open from age 18, while ForecastEx has listed no sports contracts since February 2026 and Interactive Brokers requires you to be 21. Choose Interactive Brokers' ForecastTrader if you trade economic data, weather or elections and want cheap mid-priced trades: no commission, a flat 1¢ per contract on ForecastEx and a 3.38% APY coupon on positions as of September 30, 2026, slightly above Kalshi's 3.25% variable APY.

- URL: https://safebet.ai/us/prediction-markets/kalshi-vs-interactive-brokers/
- Markdown version: https://safebet.ai/us/prediction-markets/kalshi-vs-interactive-brokers/index.html.md
- Last updated: 2026-10-02 (re-checked when an operator changes its terms or a regulator or court acts)
- Author: SafeBet.ai Research Team (SafeBet.ai)
- Kalshi: #1 of 5 in [Best prediction markets in the USA](https://safebet.ai/us/prediction-markets/), 9.6/10 — review: https://safebet.ai/us/prediction-markets/kalshi-review/
- Interactive Brokers: #5 of 5 in [Best prediction markets in the USA](https://safebet.ai/us/prediction-markets/), 8.1/10 — review: https://safebet.ai/us/prediction-markets/interactive-brokers-review/
- Editorial policy and advertiser disclosure: https://safebet.ai/editorial-policy/

## Who should choose which

| Need | Better choice | Why |
|---|---|---|
| Market range | Kalshi | Kalshi's markets span 16 categories, including sports, and let you build custom combos. ForecastEx has listed no sports since February 2026, and climate and weather made up 63.6% of the contracts it traded in September 2026, by our tally of its public data. |
| Liquidity | Kalshi | Kalshi handled about $53 billion of volume in September 2026 through the 29th, according to The Block. By our tally of ForecastEx's public data, it traded about 19 million contracts in that period, down about 90% from about 197 million in December 2025. |
| Trading fees | Interactive Brokers | ForecastEx charges a flat 1¢ per contract with no IBKR commission, less than Kalshi's taker fee on contracts priced between about 18¢ and 82¢ (1.75¢ at 50¢). Kalshi is cheaper near the extremes and for most maker orders, which are free. |
| Interest on positions | Interactive Brokers | IBKR quoted a 3.38% APY coupon on ForecastEx positions as of September 30, 2026, slightly above Kalshi's 3.25% variable APY, although Kalshi's rate also covers uninvested cash for balances of $250 or more. |
| Deposits and withdrawals | Kalshi | Kalshi takes debit cards, PayPal, Venmo, Apple Pay, Google Pay and crypto as well as bank transfers, and debit card withdrawals usually arrive within a few hours. IBKR funding is by ACH, wire, check or USDC only, with two free withdrawals a month. |
| Traders aged 18 to 20 | Kalshi | Kalshi accepts traders from 18, while Interactive Brokers offers prediction markets only to eligible clients aged 21 and older. |

## Scores (SafeBet.ai ratings, 0–10)

| Criterion (weight) | Kalshi | Interactive Brokers |
|---|---|---|
| Regulation & safety (25%) | 9.5 | 9.5 |
| Markets & features (20%) | 10.0 | 6.5 |
| Fees & pricing (20%) | 9.0 | 9.5 |
| Liquidity (15%) | 10.0 | 6.5 |
| Deposits & withdrawals (10%) | 9.5 | 7.5 |
| App & experience (10%) | 9.5 | 8.0 |
| **Overall** | **9.6** | **8.1** |

## Key facts

| | Kalshi | Interactive Brokers |
|---|---|---|
| Regulation | CFTC exchange + clearinghouse | CFTC exchange + clearinghouse (ForecastEx) |
| Availability | Most states; limits in NV, MI, WA | All states; no exclusions found |
| Markets | Sports, politics, economics, crypto + | Economics, climate, elections; no sports |
| Fees | Up to 1.75¢/contract (taker) | Flat 1¢/contract; no commission |
| Deposits | ACH, card, PayPal, Venmo, crypto | ACH, wire, check, USDC |
| Apps | iOS, web; Android not verified | IBKR Mobile (iOS, Android), web, desktop |
| Min. age | 18+ | 21+ |

## Current offers

- **Interactive Brokers: Get $10 when you open a Prediction Market account** — Interactive Brokers' own offer, as stated on its ForecastTrader site. We couldn't find full terms at the time of writing, so check the conditions before you apply. (checked 2026-09-30)

## Pros and cons

### Kalshi

- Pro: Deepest liquidity in US prediction markets: about $53 billion traded in September 2026
- Pro: Runs its own CFTC-regulated exchange and clearinghouse; you trade directly
- Pro: Widest market choice, from sports and combos to weather, economics and elections
- Pro: 3.25% variable APY on cash and positions for balances of $250 or more
- Pro: Funding by ACH, RTP, debit card, PayPal, Venmo, Apple Pay or crypto
- Pro: Most maker (resting limit) orders pay no trading fee
- Con: Court orders block sports contracts in Nevada, Michigan and Washington
- Con: Lost key 2026 appeals in Nevada and Ohio/Tennessee sports-contract cases
- Con: Taker fees reach 1.75¢ per contract on 50¢ contracts
- Con: Debit card deposits may cost 2%; later PayPal and Venmo deposits carry fees
- Con: No phone support; help is by chat and email only

### Interactive Brokers

- Pro: 3.38% APY incentive coupon on open positions, paid monthly
- Pro: No commission and a flat 1¢ per contract on ForecastEx
- Pro: Beats Kalshi's and Polymarket US's standard taker fees from about 18¢ to 82¢
- Pro: CFTC-regulated exchange owned by Interactive Brokers; no state lawsuits found
- Pro: One account reaches ForecastEx, Kalshi and CME at the best net price
- Pro: Pro tools: APIs, TWS algos, 24/7 trading and a free simulator
- Con: No sports contracts on ForecastEx since February 2026
- Con: You must be 21 or older to trade event contracts
- Con: Thin liquidity: ForecastEx volume is down about 90% since December 2025
- Con: Funding by ACH, wire, check or USDC only; no cards or PayPal found
- Con: An Interactive Brokers affiliate acts as a market maker on ForecastEx

## Kalshi vs Interactive Brokers ForecastTrader: the key differences

[Kalshi](https://safebet.ai/us/prediction-markets/kalshi-review/) and [Interactive Brokers ForecastTrader](https://safebet.ai/us/prediction-markets/interactive-brokers-review/) both list contracts on a CFTC-regulated exchange and clearinghouse, but they're built for different traders. Kalshi is a standalone exchange with sports, custom combos and the deepest liquidity in the US. ForecastTrader, now branded IBKR Prediction Markets, is Interactive Brokers' platform for ForecastEx, the exchange it owns, and it focuses on economic data, weather and elections. Kalshi ranks #1 and ForecastTrader #5 in [our ranking of the best US prediction markets](https://safebet.ai/us/prediction-markets/).

The two also overlap. Since May 14, 2026, IBKR has routed orders to Kalshi and CME Group as well as ForecastEx, sending each order to the exchange with the best net price after fees.

As of September 30, 2026:

- **Sports:** Kalshi lists sports in most states; court orders block its sports contracts in Nevada, Michigan and Washington. ForecastEx has listed no sports since February 2026.
- **Fees:** ForecastEx charges a flat 1¢ per contract with no IBKR commission. Kalshi's taker fee reaches 1.75¢ at a 50¢ price, and most maker orders are free.
- **Interest:** ForecastEx pays a 3.38% APY coupon on positions. Kalshi pays a 3.25% variable APY on cash and positions for balances of $250 or more.
- **Liquidity:** Kalshi handled about $53 billion in September 2026, according to The Block. ForecastEx's volume has fallen about 90% since December 2025, by our tally of its public data.
- **Age and funding:** Kalshi is open from 18 and takes cards, PayPal, Venmo and crypto. IBKR requires you to be 21 and takes ACH, wire, check or USDC.

## Markets

Kalshi covers far more ground. Its public API sorts its markets into 16 categories, from sports and elections to weather, economics, entertainment and mention markets, and combos made up about 62% of its volume in the week of September 14–20, 2026, according to DeFi Rate data.

ForecastEx is built around economic, climate and political questions. Its categories include economic indicators, elections, climate and weather, financial markets, government and technology, plus exchange-listed combos and, since September 22, 2026, conditional contracts. By our tally of its public data, climate and weather made up 63.6% of the contracts it traded in September 2026 (through the 29th), and elections just 3.4%.

- **Sports:** ForecastEx traded NFL game-winner contracts from November 6, 2025 to January 19, 2026 and NBA ones from January 15 to February 13, 2026, with none since. Whether Kalshi's sports contracts are reachable through IBKR couldn't be confirmed.
- **Exiting early:** ForecastEx doesn't let you sell; you close a position by buying the opposite side.
- **Tools:** both offer APIs. ForecastTrader adds TWS algos and a free paper-trading simulator, and Kalshi adds auto-sell and a demo environment for its API.

## Fees

For takers on mid-priced contracts, ForecastEx is cheaper; near the extremes, and for most maker orders, Kalshi is. Interactive Brokers charges no commission on ForecastEx contracts, and ForecastEx charges $0.01 per contract on each side of every trade, however the contract resolves. Kalshi's taker fee is 0.07 × contracts × price × (1 − price), rounded up to the next cent.

| Fees on 100 contracts at | Kalshi (taker) | ForecastEx via IBKR | Kalshi contract via IBKR |
|---|---|---|---|
| 10¢ | $0.63 | $1.00 | $2.00 |
| 50¢ | $1.75 | $1.00 | $2.00 |
| 90¢ | $0.63 | $1.00 | $2.00 |

The flat fee wins between about 18¢ and 82¢. If you route a Kalshi contract through IBKR, you pay a 1¢ commission plus a 1¢ exchange fee, which IBKR says can be higher or lower in some cases; that's more than Kalshi's 1.75¢ maximum taker fee on Kalshi itself.

**Worked example:** in ForecastEx's own example, Yes on "Will US Building Permits exceed 1,510,000?" costs 76¢ and wins, so 100 contracts cost $76 plus $1 in fees and pay $100, a $23 profit. A Kalshi taker buying 100 contracts at 76¢ would pay a $1.28 fee, by our calculation.

Both pay interest. IBKR quoted a 3.38% APY coupon on the daily closing value of ForecastEx positions, Yes or No, as of September 30, 2026. Kalshi's help center lists a 3.25% variable APY on cash and open positions for eligible US accounts with $250 or more. On $1,000 held for a year, that's about $33.80 versus $32.50 if rates don't change. Since August 17, 2026, though, ForecastEx has withheld a 50-basis-point administrative clearing fee from the interest before paying coupons, and the exact effect on your coupon is unclear.

Our [prediction market fees guide](https://safebet.ai/us/prediction-markets/prediction-market-fees/) compares all five platforms we rank.

## Availability and legality

Both score 9.5 for regulation, but ForecastTrader has the quieter legal picture, partly because it has no sports. As of September 30, 2026, no US state exclusions were found for ForecastEx's contracts, and no state lawsuits or enforcement actions were found against Interactive Brokers or ForecastEx. It couldn't be confirmed whether IBKR applies state blocks to the Kalshi and CME contracts it routes.

Kalshi is in the middle of the fight over sports contracts: court orders block them in Nevada, Michigan and Washington, along with more categories in Nevada and Washington, and federal appeals courts are split on whether federal commodities law overrides state gambling laws. The CFTC backs Kalshi and used emergency powers twice on its behalf in 2026.

ForecastTrader is open to eligible Interactive Brokers clients aged 21 and older in the US, Canada, Hong Kong, Ireland and Singapore. Our guide to [whether prediction markets are legal](https://safebet.ai/us/prediction-markets/are-prediction-markets-legal/) tracks the cases.

> A CFTC registration doesn't override a court order in your state. Trade only what's offered where you are, and don't use a VPN or false details to get access.

## Which should you choose?

Choose Kalshi if you want sports or custom combos, if you're 18 to 20, if you need deep order books, or if you want to fund with a debit card, PayPal, Venmo or crypto and earn interest on uninvested cash too.

Choose ForecastTrader if you mainly trade economic releases, Fed decisions, weather and elections, if you place mid-priced orders that fill immediately, if you want the 3.38% coupon on positions, or if you already invest with Interactive Brokers.

Using both can make sense for IBKR clients: ForecastTrader covers macro and weather cheaply, while a direct Kalshi account is usually a cheaper way to trade Kalshi's own markets than routing them through IBKR at 2¢ per contract. Kalshi offers a trading break, self-exclusion and a monthly funding cap; which tools apply to ForecastTrader couldn't be confirmed, so see our [responsible gambling guide](https://safebet.ai/responsible-gambling/).

Read our full [Kalshi review](https://safebet.ai/us/prediction-markets/kalshi-review/) and [ForecastTrader review](https://safebet.ai/us/prediction-markets/interactive-brokers-review/), or compare all five platforms in [our ranking of US prediction markets](https://safebet.ai/us/prediction-markets/).

## Frequently asked questions

### Is Kalshi or Interactive Brokers better for prediction markets?

Kalshi, for most people: it offers sports, custom combos and far deeper liquidity and is open from age 18. ForecastTrader is the better fit if you trade economic data, weather or elections, want a flat 1¢ fee and a 3.38% APY coupon on positions, and already have an Interactive Brokers account.

### Can I trade Kalshi contracts through Interactive Brokers?

Yes. Since May 14, 2026, IBKR has routed orders to Kalshi and CME Group as well as ForecastEx, sending each order to the exchange with the best net price after fees, and Kalshi contracts there cost a 1¢ commission plus a 1¢ exchange fee. Whether Kalshi's sports contracts are available through IBKR couldn't be confirmed.

### Is ForecastTrader cheaper than Kalshi?

On mid-priced contracts, yes: ForecastEx charges a flat 1¢ per contract with no commission, while a Kalshi taker pays up to 1.75¢ at 50¢. Near 10¢ or 90¢, Kalshi's taker fee falls to about 0.63¢, and most Kalshi maker orders are free; our [prediction market fees guide](https://safebet.ai/us/prediction-markets/prediction-market-fees/) has worked examples.

### Which pays more interest, Kalshi or ForecastEx?

ForecastEx, slightly: IBKR quoted a 3.38% APY coupon on positions as of September 30, 2026, versus Kalshi's 3.25% variable APY on cash and positions for balances of $250 or more. On $1,000 held for a year, that's about $33.80 versus $32.50 if rates don't change, though ForecastEx withholds an administrative clearing fee whose exact effect on the coupon is unclear.

### Can I trade sports on ForecastTrader?

Not on ForecastEx: it listed NFL and NBA game-winner contracts only between November 2025 and February 2026 and has listed none since. IBKR also routes orders to Kalshi, but it couldn't be confirmed whether Kalshi's sports contracts are available that way.

### Are Kalshi and ForecastTrader legal in my state?

Both are CFTC-regulated. As of September 30, 2026, court orders block Kalshi's sports contracts in Nevada, Michigan and Washington, while no US state exclusions or state lawsuits were found for ForecastEx, which lists no sports, the main target of state challenges; see our guide to [whether prediction markets are legal](https://safebet.ai/us/prediction-markets/are-prediction-markets-legal/).

## Sources

1. [Fees](https://help.kalshi.com/en/articles/13823805-fees) — Kalshi Help Center, accessed 2026-09-30
2. [APY on Kalshi](https://help.kalshi.com/en/articles/13823847-apy-on-kalshi) — Kalshi Help Center, accessed 2026-09-30
3. [Kalshi to end liquidity incentive program amid wash trading …](https://www.theblock.co/news/business/2026-09-30-kalshi-ends-trader-incentive-program-417247) — The Block, 2026-09-30
4. [CFTC Grants ForecastEx, LLC DCO Registration and DCM Designation (Press Release 8926-24)](https://www.cftc.gov/PressRoom/PressReleases/8926-24) — CFTC, 2024-06-25
5. [IBKR Prediction Markets / ForecastTrader home (FAQ and disclosures)](https://forecasttrader.interactivebrokers.com/en/home.php) — Interactive Brokers, accessed 2026-09-30
6. [Commissions: Prediction Markets](https://www.interactivebrokers.com/en/pricing/commissions-events.php) — Interactive Brokers, accessed 2026-09-30
7. [Press release: unified prediction-market access to ForecastEx, Kalshi and CME Group](https://www.interactivebrokers.com/en/general/about/mediaRelations/5-14-26.php) — Interactive Brokers, 2026-05-14
8. [ForecastEx public data files (daily summaries and prices)](https://forecastex-public-data.s3.amazonaws.com/) — ForecastEx, accessed 2026-09-30