Polymarket has become one of the largest prediction market platforms in the world, with hundreds of millions in trading volume. But is it legit? Here's what you need to know about safety, legality, and trust.
What is Polymarket?
Polymarket is a decentralized prediction market platform built on the Polygon blockchain. Users trade on the outcomes of real-world events—elections, sports, economics, and more. It operates similarly to a betting exchange but uses cryptocurrency (USDC) for transactions.
Is Polymarket Legit?
Yes, Polymarket is a legitimate platform. Here's why:
- Real money, real payouts: Traders deposit USDC and withdraw real funds
- Transparent markets: All trades happen on-chain and are verifiable
- Venture-backed: Funded by Founders Fund and other prominent investors
- Accurate predictions: Polymarket's odds have historically been highly accurate
Is Polymarket Legal?
In the United States: Polymarket is not available to U.S. residents for real-money trading. In 2022, the CFTC fined Polymarket $1.4 million for operating an unregistered trading facility.
Internationally: Polymarket operates legally in most other jurisdictions. Users outside the U.S. can trade freely.
Is Polymarket Safe?
- Non-custodial: You control your funds via your own wallet
- On-chain settlement: Trades settle on Polygon blockchain
- Audited contracts: Smart contracts have been audited
Legal U.S. Alternatives
If you're in the U.S., consider Kalshi—a CFTC-regulated platform legal for U.S. residents.
Track Markets with Alphascope
Alphascope aggregates prediction markets from both Polymarket and Kalshi:
- Predictions → Compare odds across platforms
- News → See news linked to market movements