Real-money, fiat-settled
Regulated exchanges like Kalshi take deposits in dollars and hold client funds in segregated accounts. You get legal protection and bank-rail withdrawals, at the cost of KYC and higher minimums.
Crypto-native
Venues like Polymarket and ForeGate settle in stablecoins on-chain. They’re globally accessible with low minimums and deep liquidity, but require a wallet and carry no traditional regulator.
Play money & forecasting
Manifold and Metaculus use virtual currency or pure reputation. No cash is at stake — they’re the best risk-free way to learn the mechanics and sharpen calibration before trading real money.