- Our Polymarket review in one line: there are now two Polymarkets. The global exchange settles in crypto; Polymarket US is a separate, CFTC-regulated app for US residents.
- The global site treats the US as close-only: US users can exit old positions but not open new ones.
- Both charge takers a fee that peaks at a 50¢ price; resting orders are free, and Polymarket US pays makers a small rebate.
- Polymarket's strength is breadth of markets on world events; its weakness for US users is a newer, narrower US app.
This Polymarket review explains the two products that now share the name, who can use each, how trading and fees work, and the trade-offs, as of October 2026. Polymarket built its reputation as a crypto-settled exchange with deep markets on elections and world news. In 2025 it added a separately regulated US business. Most confusion about Polymarket comes from mixing the two up, so this review keeps them apart. Nothing here is advice.
Polymarket review: two exchanges, one brand
| Polymarket (global) | Polymarket US | |
|---|---|---|
| Who can use it | Users outside restricted countries; the US is close-only | US residents |
| Regulation | Offshore exchange | CFTC-designated contract market (QCX LLC) |
| Money | Crypto collateral token | Dollars: debit card or bank transfer |
| Access | Web, apps, API | iOS app; access may require an invite |
| Taker fees | Price-based formula, rate set by market category; some categories fee-free | Price-based formula, peaking at 50¢ |
| Maker orders | No fee | No fee, plus a small rebate |
The global exchange
The original Polymarket runs on a blockchain and settles trades in a crypto collateral token pegged to the dollar. It lists markets on politics, world events, crypto, sports and culture, and its prices on major events are widely quoted.
Polymarket's own documentation lists the United States as a restricted, close-only jurisdiction: a US user can close positions they already hold but cannot open new ones, and US visitors are pointed to the US app. Some other countries are blocked entirely. Check the list for where you live before depositing.
Polymarket US
Polymarket US is a separate exchange for US residents, run by QCX LLC, which the CFTC designated as a contract market in 2025. An amended order later that year allowed trading through brokers. Accounts are funded in dollars by debit card or bank transfer, and identity checks are required. The market list is narrower than the global site's, and new users may need an invite to join.
Polymarket fees
Both exchanges charge takers (orders that fill straight away) a fee that depends on price: the same formula shape as Kalshi's, largest at 50¢ and shrinking toward 0¢ and $1. On the global exchange the rate depends on the market's category, and some categories, such as geopolitics, are fee-free. Polymarket US publishes its own coefficient and pays a small rebate to makers whose resting orders get filled. Our fee comparison of Kalshi and Polymarket works through the numbers, and the fee calculator handles any price and size.
Pros and cons
| Pros | Cons |
|---|---|
| Very wide range of world-event markets on the global site | Global site is close-only for US users |
| A regulated, dollar-funded option for US residents | The US app is newer, narrower and may need an invite |
| Fee-free categories and free resting orders | Crypto settlement on the global site adds wallet and custody risk |
| Public data and an API used by researchers | Two products with different rules can be confusing |
Who Polymarket suits
Outside the US, Polymarket's global exchange suits traders who want the broadest range of world-event markets and are comfortable holding crypto. Inside the US, Polymarket US is one regulated option among several. Compare its market list and fees with the others on our comparison page, or read Kalshi vs Polymarket. We also analyse public Polymarket data in our research: see who actually makes money on Polymarket, and our methodology for how.
Frequently asked questions
Is Polymarket legal in the US?
The global Polymarket site doesn't accept new trades from US users. Polymarket US is a CFTC-regulated exchange that US residents can use, subject to its own eligibility rules.
Do I need crypto to use Polymarket?
On the global exchange, yes: trades settle in a crypto token. Polymarket US is funded in dollars by debit card or bank transfer.
Does Polymarket require identity verification?
Polymarket US requires identity checks, like any regulated US exchange. Check the global site's current terms for its own requirements.
Are Polymarket's prices accurate?
Prices are the crowd's estimate and are usually reasonable on busy markets, but thin markets can be moved by a few large orders. See how prediction market prices work.