Covers TradeGrade: Testing at a glance
Here's a quick look at the testing behind our prediction market ratings:
| Testing metric | Covers TradeGrade |
|---|---|
| Prediction market platforms rated |
17, including Kalshi, Polymarket, FanDuel Predicts, ProphetX, and Novig |
| Real-money trades completed |
100+ across prediction market platforms |
| Rating scale |
1–5 (eight weighted categories) |
| Last full ratings review |
Oct. 23, 2026 ✅ |
| Reviewed by |
Christian Stringer, Prediction Markets Editor |
Our prediction market testing principles
We've spent years reviewing sportsbooks, daily fantasy sports apps, and the best prediction market apps, and one principle remains: every platform must earn our recommendation. We don't rely on promotional claims or attractive welcome offers. Instead, we test each app by depositing money, placing trades, exploring its features, and withdrawing funds.
We believe trading should be accessible, transparent, and enjoyable without compromising customer security. That means identifying what platforms do well while being equally upfront about expensive fees, limited liquidity, confusing settlement rules, or frustrating withdrawal experiences. No prediction market is perfect, and our reviews shouldn't suggest otherwise.
Covers has covered sports betting since 1995, and we've expanded our testing methodology as prediction markets in the United States have grown rapidly. Our industry experience helps us spot meaningful differences between platforms, but our ratings are based on hands-on testing and supporting evidence.
Why trust Covers for prediction markets?
Prediction markets are rapidly evolving. We apply the same rigor that made Covers a leader in sports betting. Our team actively tests platforms like Kalshi, Polymarket, and others to evaluate how they work, how bonuses are structured, and what users can realistically expect.
Our experts research, vet, and continuously update every platform and promotion featured here, so you get accurate, actionable information in a space where rules and products change quickly. For more about the analysts who review prediction market platforms, meet the experts behind our ratings →
News outlets look to Covers because we're an established, trusted, and authoritative source of sports betting information. Here are some of the numerous notable publications and media outlets that have referenced Covers.com and our industry experts:
How we score
Our Covers TradeGrade evaluates prediction markets across seven categories, with each contributing a different percentage to the final rating. We place the greatest importance on customer security and market liquidity, while also considering trading costs, platform features, banking, contract settlement, and promotional value.
Each category receives a score out of five, which we multiply by its assigned weight to calculate the overall TradeGrade. This approach lets us prioritize the factors that most affect trading quality, customer protection, and the overall experience.
| TradeGrade category | Weight | What we evaluate |
|---|---|---|
| Customer security, regulation, and trust | 20% | Regulatory oversight, customer-fund protections, account security, and responsible-trading tools |
| Market liquidity and variety | 20% | Order-book depth, trading volume, bid-ask spreads, execution quality, and available markets |
| Key features | 10% | Trading tools, mobile and desktop usability, platform functionality, and customer support |
| Pricing, fees, and spreads | 10% | Trading commissions, maker/taker fees, bid-ask spreads, and early-exit costs |
| Banking and payout speed | 10% | Deposit methods, withdrawal processing, banking restrictions, and transaction costs |
| Bonuses and promotions | 10% | Welcome offers, promotional value, qualifying requirements, expiry, and restrictions |
| Contract clarity and settlement rules | 10% | Resolution sources, contract wording, settlement procedures, and disputed outcomes |
| User experience and support | 10% | Mobile and desktop usability, navigation, reliability, customer service, and response quality. |
🔐 Customer security, regulation, and trust (20%)
- What we check: We evaluate regulatory oversight, customer-fund protections, account security, and responsible-trading tools.
- How we check it: We verify CFTC registration records, examine customer agreements, and test security features such as identity verification and two-factor authentication.
- Scores well: Transparent regulatory standing, strong account protection, and clear customer-fund safeguards.
- Scores poorly: Weak security, unclear fund-handling arrangements, or serious unresolved customer protection concerns.
📊 Market liquidity and variety (20%)
- What we check: We assess order-book depth, available markets, trading activity, and how easily users can enter or exit positions.
- How we check it: We compare equivalent contracts, examine bid-ask spreads, and place real-money trades to measure execution quality.
- Scores well: Deep liquidity, competitive spreads, consistent fills, and active markets.
- Scores poorly: Thin order books, frequent partial fills, limited market selection, or poor execution.
⚙️ Key features (10%)
- What we check: We evaluate trading tools, mobile and desktop usability, order types, portfolio management, and customer support.
- How we check it: We navigate the platform, place different types of orders, explore available features, and contact support with standardized questions.
- Scores well: Intuitive interfaces, reliable performance, useful trading tools, and responsive support.
- Scores poorly: Confusing navigation, missing essential functionality, technical problems, or limited assistance.
💰 Pricing, fees, and spreads (10%)
- What we check: We examine trading commissions, maker/taker fees, bid-ask spreads, and the cost of exiting positions early.
- How we check it: We compare equivalent contracts at standardized prices, including 50¢, and calculate the actual trading costs using our transaction records.
- Scores well: Competitive spreads, transparent fee structures, and predictable execution costs.
- Scores poorly: Wide spreads, expensive commissions, hidden charges, or confusing pricing.
🏦 Banking and payout speed (10%)
- What we check: We review deposit methods, withdrawal options, banking minimums, transaction fees, and processing times.
- How we check it: We deposit real money, request withdrawals, and compare the actual processing experience against published expectations.
- Scores well: Convenient funding methods, reasonable minimums, and reliable withdrawals.
- Scores poorly: Limited payment options, unexpected charges, restrictive holds, or unexplained withdrawal delays.
🎁 Bonuses and promotions (10%)
- What we check: We examine the best prediction market promos, referral programs, trading credits, ongoing promotions, and qualifying requirements.
- How we check it: Where eligible, we complete promotional requirements and verify the actual reward received, including expiry dates and withdrawal restrictions.
- Scores well: Competitive offers, transparent terms, reasonable requirements, and accessible rewards.
- Scores poorly: Misleading advertised values, restrictive conditions, confusing terms, or unfulfilled rewards.
📋 Contract clarity and settlement rules (10%)
- What we check: We evaluate contract wording, resolution sources, settlement procedures, and how the contract handles disputed or canceled events.
- How we check it: We review contract rules before trading, follow markets through resolution, and compare actual payouts against the published settlement conditions.
- Scores well: Clear rules, reliable resolution sources, and predictable settlement.
- Scores poorly: Ambiguous contract wording, unexplained settlement delays, or inadequate dispute procedures.
📱 User experience and support (10%)
- What we check: We assess mobile and desktop usability, navigation, app reliability, accessibility, and customer support quality.
- How we check it: We navigate the platform across devices, complete common trading tasks, and contact customer support with standardized questions to evaluate response times and accuracy.
- Scores well: Intuitive interfaces, reliable performance, helpful support agents, and clear guidance when problems arise.
- Scores poorly: Confusing navigation, frequent technical issues, slow responses, limited support options, or unhelpful assistance.
How the overall TradeGrade is calculated
We calculate each platform's Covers TradeGrade using a weighted average of eight categories, with every category scored out of five. Customer security and market liquidity carry the most weight at 20% each, while key features, pricing, user experience and support, banking, bonuses, and contract settlement each contribute 10%.
Rather than averaging every category equally, we multiply each score by its assigned weight, add the results, and round the final TradeGrade to one decimal place.
Example: How we calculate Kalshi's 4.9/5 TradeGrade
Kalshi earns 4.9/5 across five categories: customer security, market liquidity, key features, pricing, and contract clarity. Banking and user experience and support both score 4.8/5, while bonuses and promotions receive 4.6/5.
Under our updated eight-category methodology, Kalshi's scores produce a weighted average of 4.85/5, rounded to an overall Covers TradeGrade of 4.9/5.
Because security and liquidity account for 40% of the final rating, Kalshi's performance in these areas carries greater weight than its promotional offers or individual platform features.
This consistent approach helps us compare prediction markets across sports, politics, economics, cryptocurrency, and other event categories while recognizing the importance of both trading functionality and the customer experience.
Here's a look at our live ratings for Kalshi:
Why prediction markets are rated differently from sportsbooks
Prediction markets and traditional sportsbooks might offer contracts on the same NFL game, but they operate differently. At a sportsbook, we place bets at odds established by an operator. On an exchange-based prediction market, we generally trade event contracts with other market participants.
Standard binary contracts typically trade between $0.01 and $0.99, with prices reflecting implied probabilities. A winning contract generally settles at $1, while a losing contract settles at $0. However, certain markets have different payout structures and settlement conditions.
These differences change how we evaluate each platform. We place greater importance on market liquidity, bid-ask spreads, trading fees, and settlement rules, because all four can directly affect the price we pay and the money we receive.
Our approach shares the same commitment to transparency as how we rate sportsbooks, but our prediction-market methodology is built specifically around event trading.
Which prediction platforms we rate
Before assigning a Covers TradeGrade, we verify that each prediction market meets our standards for regulation, availability, security, and transparency. Not every platform qualifies for a rating, and we apply the same eligibility requirements across our reviews.
🏛️ Regulated prediction market trading
We only rate platforms that operate a CFTC-registered exchange or provide access to event contracts through one. We verify the underlying exchange, its regulatory status, and any intermediaries involved to understand who operates the platform and oversees trading.
📍 U.S. availability and state restrictions
We check where each prediction market is legally accessible and whether restrictions apply to specific states or contract types. To qualify for a TradeGrade, a platform must be available to eligible users across multiple U.S. states. We also distinguish nationwide platform availability from state-specific sports trading restrictions.
🔐 Identity verification and minimum age
We confirm that platforms require identity verification and clearly communicate their minimum age requirements, typically 18+ or 21+. We also assess the registration process to understand how effectively each operator verifies customer eligibility and protects account access.
📋 Transparent contract rules and settlement
We expect platforms to publish clear rules explaining how contracts settle, which sources determine outcomes, and what happens when events are postponed, canceled, or disputed. If we can't confidently understand how a contract resolves, we won't overlook that uncertainty when assessing eligibility or assigning scores.
⚖️ Regulatory standing and legal compliance
We review enforcement actions, court decisions, and regulatory restrictions that could affect platform operations, customer funds, or availability. An ongoing legal dispute doesn't automatically disqualify a platform. Instead, we assess the issue's severity, any enforceable restrictions, and the potential impact on customers.
We may cover upcoming prediction markets, waitlisted apps, and newly announced platforms before they launch. However, we don't assign an official Covers TradeGrade until a platform meets our eligibility requirements and completes our hands-on testing process.
How we test each platform
We approach every prediction market review as an everyday customer would, from registration and funding to trading, settlement, and withdrawals. Our testing follows eight core steps.
- Verify regulation and availability. We identify the underlying exchange, check regulatory records, and confirm where the platform and its individual products are available.
- Register and verify an account. We complete the signup process, submit the required identity information, and record how long verification takes.
- Deposit real money. We test the main available funding methods, noting minimum deposits, transaction fees, processing times, and any restrictions. We separately identify payment methods verified through published documentation but not directly tested.
- Place real-money trades. Where available, we test a pre-game sports contract, a live in-game contract, a combo, a non-sports event, and an early exit before settlement. We record the displayed price, actual fill price, quantity, and fees.
- Review contract settlement. We track our trades through resolution, compare payouts against the published rules, and investigate any unexpected outcomes or delays.
- Test withdrawals. We request a withdrawal, document any additional verification requirements, and measure how long it takes for the money to arrive.
- Contact customer support. We submit a consistent set of questions about fees, payments, and contract settlement, and record response times and answer quality.
- Assign and verify our scores. We evaluate our findings across the eight TradeGrade categories and fact-check the results before publication.
How we compare platforms fairly
We want our comparisons to reflect meaningful differences between prediction market apps, not random trading conditions.
Where possible, we examine equivalent contracts with matching settlement rules, similar position sizes, and comparable testing windows. We also consider whether trades are placed during busy periods, such as shortly before an NFL game, or during quieter market conditions.
We record both the displayed price and the actual execution price, including partial fills and transaction fees. That helps us distinguish an inexpensive platform from one that simply advertises attractive pricing. Not every operator offers the same products. For example, a sports-only platform cannot complete our non-sports trading test. We record those limitations rather than treating unavailable features as failed transactions.
Our testing involves real accounts, real deposits, and real-money trades. The screenshots below highlight two examples of our hands-on testing process.
Our team tests the ProphetX deposit process firsthand, checking available payment methods, funding requirements, and how easily we can add money to our trading account.
We placed a real-money trade on OG.com to evaluate its trading interface, order execution, displayed contract pricing, and applicable fees. This firsthand test helps us assess the actual trading experience rather than relying solely on the platform's advertised features.
What lowers a prediction market rating?
Strong bonuses and impressive trading features don't automatically compensate for serious problems elsewhere. We consider certain weaknesses significant enough to limit a category score or trigger an additional review.
Issues that can negatively affect our TradeGrade include:
- Poor customer support: Limited access to human assistance, unresolved complaints, or consistently unhelpful responses can reduce our User experience and support score.
- Unclear settlement rules: Ambiguous contracts, subjective outcomes, or inadequate dispute procedures can significantly reduce our Contract clarity and settlement rules score.
- Withdrawal problems: Repeated, verified payout delays or unexplained restrictions can lower our Banking and customer trust scores.
- Security concerns: Major account vulnerabilities, unclear customer-fund protections, or serious unresolved security incidents can restrict our security rating.
- Regulatory restrictions: Court decisions, enforcement actions, or operational restrictions trigger an immediate review and may result in a suspended rating.
We investigate reported problems before adjusting our ratings. Where an issue is serious enough to prevent a reliable assessment, we may temporarily withhold the overall TradeGrade until we've verified the platform's status and customer protections.
How we keep our ratings up to date
Prediction markets evolve quickly, and our ratings need to reflect today's user experience. We regularly review platform features, trading conditions, regulatory developments, and promotional offers, in addition to our scheduled full assessments. We also have team members thoughout North America who can evalute platforms that are only avaible in certain locations.
We reassess category scores when meaningful changes occur, including:
New commissions, updated fee structures, or changes to transaction costs.
New offers, expired promotions, or revised qualifying requirements.
New state restrictions, expanded access, or changes to available contracts.
Court decisions, CFTC actions, or changes affecting platform operations.
Major outages, security incidents, or significant improvements to trading features.
New payment methods, withdrawal restrictions, or revised processing requirements.
Who tests prediction markets at Covers?
Josh Howe, Sky Smith, and I, Christian Stringer, lead our prediction-market coverage.
Our editorial oversight also includes Brandon DuBreuil, Head of Covers, who brings more than 14 years of experience covering sports betting and online gambling.
We combine firsthand testing with research, editorial oversight, and fact-checking to produce consistent platform reviews. Our reviewers examine real trading experiences, verify product claims, and document the evidence supporting each rating. We remain editorially independent from commercial partnerships and base our ratings on the standards outlined in this methodology, not operator relationships.
Covers Expert Spotlight
Christian Stringer, Prediction Markets Editor
Sources we use to rate prediction markets
We combine hands-on testing with independently verifiable information to support our ratings. Our main sources include:
🔎 Direct platform testing
We use our own registration records, deposits, trade confirmations, fee breakdowns, settlement outcomes, withdrawal timestamps, and customer-support interactions to document what we experience.
🏛️ Regulatory filings and official records
We examine CFTC registration records, regulatory announcements, court filings, and enforcement documents to verify platform status and investigate availability restrictions or compliance concerns.
📋 First-party platform information
We review official contract rules, fee schedules, promotional terms, customer agreements, and help-center documentation. We compare these claims against our own testing wherever possible.
💬 Customer reviews and community sentiment
We monitor app-store reviews, reader feedback, and public discussions to identify recurring concerns or emerging issues. We investigate these reports rather than treating individual complaints as verified facts. Our goal is to distinguish what we've personally tested from what an operator claims or other users report.
Editorial independence and how we make money
Covers may earn a commission when readers register or take qualifying actions through certain links on our pages. These partnerships help support our content, but they don't determine our Covers TradeGrade ratings.
Our editorial team assigns scores using the testing methodology outlined on this page. Operators cannot purchase a higher editorial rating, and commercial partnerships do not prevent us from identifying weaknesses or lowering scores.
We may receive information or correction requests from operators, but we independently assess those submissions before making changes.
Why ratings and rankings may differ
Our overall TradeGrade measures platform quality across eight weighted categories, but our recommendations can vary depending on what readers are looking for.
Our prediction apps and promos pages emphasize features, promotional value, and eligibility. On our NFL prediction markets and NBA prediction markets pages, we weigh sports-specific contracts, trading features, liquidity, and costs more heavily.
Our overall TradeGrade remains consistent across these pages. Rankings can differ because we recommend platforms for different purposes, not because the underlying scores change.
How we handle corrections and rating updates
We work to keep our prediction-market ratings accurate, but platform features, regulations, and promotional terms can change. If readers or operators identify incorrect information, they can report it through our Covers contact page.
We review correction requests against available evidence and update confirmed inaccuracies. When a correction materially affects a TradeGrade or recommendation, we explain the change and document the relevant update date.
We don't automatically change ratings because an operator disputes an unfavorable assessment. Any adjustment must be supported by verifiable evidence.
Responsible trading
Prediction-market trading carries financial risk, and a strong Covers TradeGrade doesn't guarantee that a particular trade will be profitable. We encourage readers to understand the potential loss, applicable fees, and settlement conditions before entering a position.
Minimum age requirements vary by platform, typically 18+ or 21+, and additional restrictions may apply depending on location. We also encourage users to set trading budgets and use available deposit limits, loss limits, cooling-off periods, or self-exclusion tools.
Protections can differ between platforms. For gambling-related support, readers can contact 1-800-GAMBLER where available or consult their state's designated support services. Visit our responsible gambling guide for additional resources and safer-play information.
You’ll also find links to local and international support and counseling services, including helplines and support groups. Some of these include:
More prediction market resources
How we rate prediction markets FAQ
We test prediction markets using funded accounts and real trades, then score each platform across eight weighted categories. Customer security and market liquidity each account for 20%, while features, pricing, user experience and support, banking, bonuses, and settlement rules each contribute 10%. We combine these scores into an overall Covers TradeGrade out of five.
Yes. We require real-money testing before assigning an official Covers TradeGrade. Our testing covers deposits, contract execution, trading fees, settlement, withdrawals, and customer support. Where features or payment methods haven't been directly tested, we identify those limitations rather than presenting unverified claims as firsthand experience.
No. Covers may receive commissions through qualifying affiliate links, but operators cannot purchase higher editorial scores. We assign TradeGrade ratings based on our documented methodology, direct testing, and supporting evidence. Commercial relationships don't determine the results of our assessments.
We reassess ratings when significant developments affect our scoring categories, including fee changes, new trading features, regulatory decisions, withdrawal problems, and promotional updates. We also conduct full platform reviews weekly. Not every page update changes a numerical rating, and we explain meaningful adjustments when they occur.
We only assign official TradeGrade ratings to platforms that meet our U.S. eligibility, regulatory-verification, transparency, and testing requirements. We may discuss other products for educational purposes, but inclusion in our coverage doesn't mean a platform has passed our evaluation or earned a recommendation.
