Polymarket is the world’s largest prediction market by trading volume. You buy shares in the outcome of real-world events, from elections and central bank decisions to football finals and Bitcoin’s price, and each share pays $1 if you’re right. Its main exchange runs on the Polygon blockchain and settles in pUSD, a dollar token backed one-to-one by the USDC stablecoin. Since late 2025 it has also run a separate, CFTC-regulated exchange and app for US customers.
This profile covers how Polymarket works, what it charges, how to get money in and out, who can use it and what to watch out for. For a beginner-level explainer, start with What is Polymarket?
What’s trading on Polymarket right now
Polymarket: most traded
Latest price for “Yes”, shown as an implied chance. Polymarket volume in USD, Kalshi in contracts. Updated 3 min ago.
How Polymarket works
Every market is a question with two or more outcomes. Each outcome trades between 1¢ and 99¢, and that price is the market’s estimate of its chance. A share that wins pays $1; a share that loses pays nothing. Prices are set by users trading against each other through an order book, not by Polymarket.
- Buying and selling. You can place a market order (take the best price available now) or a limit order (name your price and wait). You can sell your shares at any time before the market closes.
- Multi-outcome markets. Races with many candidates, like a party nomination or a championship, are groups of yes/no markets, one per candidate.
- Resolution. Each market has written rules naming the source that decides the result. On the main exchange, outcomes are confirmed through UMA’s optimistic oracle: a proposed result stands unless someone disputes it, and disputes go to a vote.
- Combos. Since June 2026 the main exchange has offered combos (parlays) that join several outcomes into one position. Polymarket US added combos in August 2026.
Fees
Polymarket was fee-free for years. In 2026 it introduced a taker fee on almost every category, while makers, traders whose limit orders wait on the book, still pay nothing. The fee follows shares × rate × price × (1 − price), so it’s highest at 50¢ and shrinks towards 1¢ and 99¢.
| Category | Taker rate | Fee on 100 shares at 50¢ |
|---|---|---|
| Crypto | 0.07 | $1.75 |
| Sports, economics, culture, weather, other | 0.05 | $1.25 |
| Politics, finance, tech, mentions | 0.04 | $1.00 |
| Geopolitics | 0 | Free |
| Combos | 0.05 | $1.25 |
Polymarket doesn’t charge to deposit or withdraw. The exchange, bridge or network you use may. Makers also earn a rebate from the fees collected in each category. Rates are from Polymarket’s documentation as of October 2026; see Polymarket fees for worked examples and the separate Polymarket US schedule.
Deposits and withdrawals
Since April 28, 2026 the main exchange holds your balance in pUSD, Polymarket’s dollar token on Polygon, backed one-to-one by USDC. There are two ways in:
- Transfer crypto from an exchange or wallet to your deposit address. Polymarket accepts USDC and other assets on many networks, including Ethereum, Polygon, Arbitrum, Base, Solana and Bitcoin, and converts them for you; check the deposit screen for the current list and minimums.
- Polymarket US customers fund their account in dollars through the app, by card, bank transfer, PayPal, Venmo or wire.
Withdrawals on the main exchange go out to any supported network and token you choose, such as USDC; send them to an exchange to turn them into your local currency. Always match the network on both sides of a transfer. Full detail in our guide to Polymarket deposits and withdrawals.
Who can use Polymarket
Polymarket’s main exchange restricts a long list of countries. According to its own documentation in October 2026:
- Fully blocked: Iran, Syria, Cuba, North Korea and the occupied Ukrainian regions of Crimea, Donetsk and Luhansk.
- Close-only (you can close existing positions but not open new ones): including the United States, United Kingdom, France, Germany, Italy, Poland, Belgium, Australia, New Zealand, Brazil, Argentina, Singapore, Taiwan, Thailand, Russia, several Canadian provinces (Ontario, Quebec, British Columbia, Alberta) and others.
- Restricted on the website only: Ireland, Japan, the Netherlands, South Korea, and Malta for sports.
Americans can’t use the main exchange, but they can use the Polymarket US app, which runs on a CFTC-regulated exchange and started with sports markets. Never use a VPN to get around restrictions: it breaks the terms of service and can get your account and funds frozen.
Is Polymarket legit?
Polymarket is a real company with major institutional backing. Its history has had bumps, and it’s worth knowing them:
| When | What happened |
|---|---|
| 2020 | Founded by Shayne Coplan in New York. |
| Jan 2022 | Settled with the CFTC for $1.4 million over unregistered event contracts and agreed to block US users. |
| 2024 | Became the most-watched prediction market during the US presidential election. |
| Nov 2024 | FBI searched the founder’s home as part of federal investigations, which were closed in July 2025 without charges. |
| Jul 2025 | Bought QCEX, a CFTC-licensed exchange and clearing house, for a reported $112 million. |
| Oct 2025 | Intercontinental Exchange, owner of the New York Stock Exchange, agreed to invest up to $2 billion. |
| Late 2025 | Won CFTC approval to operate in the US and began letting waitlisted Americans into the Polymarket US app. |
| 2026 | Introduced taker fees and combos; widened the US app rollout. |
The main risks on the international exchange are different from a traditional broker’s: your balance is a stablecoin held in a wallet tied to your account, and settlement depends on smart contracts and the oracle process. Disputed resolutions do happen, so read each market’s rules before trading.
Polymarket vs Kalshi
Kalshi is Polymarket’s main rival: a US-regulated exchange that works in dollars and is also available in many other countries. Polymarket usually has more volume on global politics and crypto; Kalshi is often deeper on economics and US sports. See the full Kalshi vs Polymarket comparison.
Pros and cons
Pros
- The deepest markets on world politics and crypto
- Huge range of questions, opened fast when news breaks
- No fees for makers; geopolitics markets free for everyone
- Transparent on-chain settlement
Cons
- Main exchange closed to the US, UK, much of the EU and more
- Stablecoin and smart-contract risk
- Taker fees since 2026
- Resolution disputes on loosely worded markets
FAQ
Is Polymarket legal in the US?
Does Polymarket charge fees?
Do I need crypto to use Polymarket?
How does Polymarket decide who won?
What’s the minimum age?
Related: Leaderboard movers · Polymarket valuation and IPO · Polymarket fees · Polymarket deposits and withdrawals · Polymarket US · How Polymarket makes money