Be careful when trading on Kalshi
I've been trading for a while on other prediction markets, and now wanted to explore trading on Kalshi as well to capture more liquidity, as I saw studies stating there is more there (I realized that unfortunately, it's quite limited on the markets I trade).
I added $500 to play with the API. No problem, I could deposit using the Arbitrum network in a few clicks.
I tried to withdraw $100 as I saw some people had issues with it, and the process is really not smooth.
- I can't withdraw using Arbitrum. Not a big deal, but ok, it would have been nice to have it both ways.
- I thought I had already gone through KYC, but no, I have to go through it again: selfie, passport, etc.
I managed to do it, but I was quite surprised they let you deposit, while withdrawing is not secure. I saw some posts of people having money blocked. That's my main worry now if I start using Kalshi for real with a decent amount of money.
- I live in a country where Kalshi and Polymarket are legal. What if there is a sudden change: would I be able to withdraw, or would the money be blocked?
- Has anyone had issues with stuck money on it while respecting all the KYC requirements?
I've been wondering now if I should spend more time on it or just ditch it and see later.
I understand these markets are 'borderline', in the sense that countries keep changing their laws regarding this and betting lobbies from each country are fighting against them. So I understand there is always a risk that I won't be able to trade anymore if my country changes regulations; however, I never thought that I couldn't even withdraw the money I placed on the market.