Technologies
Best Phone Under $200: Cheaper Phones for Just the Basics
Devices that cost less than $200 should still be able to handle most apps, games and simple photography.
Smartphones can be expensive. But even if you’re on a budget, you can still find some great options. These are some of the best phones under $200 and they offer a mix of modern features alongside legacy ports you can’t find on today’s more expensive phones. For example, you can get a phone with a 6.5-inch screen and multiple cameras, plus a headphone jack and expandable storage with a microSD card slot.
However, there are trade-offs to keep in mind. Phones under $200 will likely run slower than their pricier counterparts, lack NFC for contactless payments and may receive only one software update. Most of them won’t support speedier 5G connections, either. But you can have peace of mind knowing that they can support most apps from the Google Play Store and will receive a few years of security updates.
What’s the best phone under $200?
Phones that cost $200 before any discounts are also phones that come with minimal features and many compromises. Of the devices we’ve tested and reviewed, the Samsung Galaxy A12 is our favorite. It nails the essentials, like having a 5,000-mAh battery, four average cameras, and years of software and security updates. There’s the newer Galaxy A13 and the just-released Galaxy A14 (which we need to test), but the A12 still hits that sub-$200 price and can often be found selling for less than $100, or even as a freebie.
Advertiser Disclosure
Best phones under $200 of 2023
Samsung’s Galaxy A03S at $160 (roughly ÂŁ130, AU$240) includes plenty of great features and could be a great fit for someone looking for the cheapest possible phone that can handle most essential tasks. The phone’s 6.5-inch screen, capped at 720p resolution, is great for reading the news, watching videos, and playing games. Despite some performance lag found during our review, the phone is good at multitasking. But the phone’s tiny 32GB of storage space could fill up fast, so if considering this phone, it may be worthwhile to consider expanding the storage with a microSD card.
Samsung also plans to support this phone with at least four years of security updates, which at this price range is as good as it gets. On the software side, it’s less clear how many Android versions are scheduled, but the phone ships with Android 11 to start.
Even though Samsung’s Galaxy A13 has succeeded the Galaxy A12, you can still find the $180 Samsung phone at some US carriers, although it is otherwise discontinued on Samsung’s website. For instance, the Galaxy A12 is available at Straight Talk wireless at a lower $130 price. According to Counterpoint Research, the A12 was the best-selling Android phone of 2021, even outselling Apple’s iPhone SE (2020).
In our Galaxy A12 review, we found the phone took nicer photos than the cheaper Galaxy A03S thanks to its four-camera array with a 16-megapixel main camera, but it was still hindered by the same 32GB of onboard storage seen across all of Samsung’s sub-$200 phones.
While we haven’t tested the Galaxy A13, it’s possible that the $190 4G-only version of that phone is worth considering for its 50-megapixel main camera. But if you do plan to buy the Galaxy A12, know that the phone’s 3GB of memory handled multitasking well during our review, but experienced some lag when shifting between horizontal and vertical screen orientations.
The $130 Samsung Galaxy A02S was released in late 2020, and is still listed on Samsung’s website along with some wireless carriers. The phone originally shipped with Android 10, but has since received an update to Android 12 with Samsung’s One UI 4.1. Even though the Galaxy A02S is the lowest-priced phone in Samsung’s Galaxy line, the continued software and security updates should provide buyers with feature refinements along with protection from vulnerabilities.
During our review, we found multitasking to be the phone’s main shortcoming, along with the tiny 32GB of storage space included. The phone also has no fingerprint sensor, which means a security PIN or pattern will be necessary in order to keep the phone secure.
But the phone does include a microSD card slot for adding additional storage, a headphone jack and a large 6.5-inch 720p screen. If you just need a simple phone primarily for phone calls, texting and taking the occasional photo, then the Galaxy A02S could be a worthwhile choice.Â
How we test phones
Every phone on this list has been thoroughly tested by CNET’s expert reviews team. We actually use the phone, test the features, play games, and take photos. We assess any marketing promises that a company makes about its phones. And if we find something we don’t like, be it battery life or build quality, we tell you all about it.Â
We examine every aspect of a phone during testing:
- Display.
- Design and feel.
- Processor performance.
- Battery life.
- Camera quality.
- Features.
We test all of a phone’s cameras (both front and back) in a variety of conditions: from outdoors under sunlight to dimmer indoor locales and nighttime scenes (for any available night modes). We also compare our findings against similarly priced models. We run a series of real-world battery tests to see how long a phone lasts under everyday use.
We take into account additional phone features, like 5G, fingerprint and face readers, styluses, fast charging, foldable displays, and other useful extras. And we, of course, weigh all of our experiences and testing against the price, so you know whether a phone represents good value.
Read more: How we test phones
Phones under $200 FAQs
Are cheaper phones worth it?
Phones that are under $200 just focus on the essentials, which means you’ll have to make some compromises. You’ll be able to make phone calls, text, video chat, browse the web and run most Android apps on these devices. But you shouldn’t expect NFC for mobile payments, 5G connectivity or — unfortunately — much included storage space.
However, these phones otherwise function well and could be what you’re looking for if all you need is a good communication device. They also include features that are becoming increasingly harder to find in more expensive phones, such as an included charger in the box, a headphone jack on the phone, and a microSD card slot for adding more storage.
That said, if you’re finding that your phone needs go beyond basic communication, you may want to consider phones that are under $300 or phones under $500, if you can expand your budget.
What about phones that are even cheaper, like under $100?
Phones under $100 do exist, but they usually come with significant compromises.
For instance, the TCL 30 Z is one of the cheapest Android 12 phones available, at $90. Though we haven’t tested this phone, I have noticed that it uses the antiquated micro-USB port for charging.
Most other Android phones and wireless headphones, even those in the budget price range, now use USB-C for charging, meaning you might find yourself scrambling for a charger if you misplace it. The phone is also getting only one major software update to Android 13 and two years of security updates, which is short but comparable to some phones sold under $300.
We haven’t reviewed any flip phones recently, but anyone looking for a device made specifically for phone calls should be well-served by most available options. Flip phones support 4G signals and — more importantly — HD Voice for clearer voice calls. Some flip phones even support modern apps like WhatsApp and the Google Assistant, albeit in a more limited way compared with how these services function on a smartphone. The , for instance, is a flip phone running on the brand’s KaiOS, which supports downloadable apps and services.
More phone advice
Technologies
Where to find some of the highest CD rates heading into September
Annual percentage yields on certificates of deposit are looking attractive as fall begins next month.
August has been a solid month for stocks, but investors hoping to stash some cash in the fall can still be paid well for using certificates of deposit. Savers are keeping an eye on the Federal Reserve as its Sept. 15-16 meeting approaches. Fed funds futures trading suggests a roughly 65% likelihood the central bank will raise its benchmark lending a quarter percentage point, to a range of 3.75% to 4%. Speaking in Jackson Hole, Wyoming late last week, Fed Chairman Kevin Warsh highlighted his worries about stubborn inflation . He noted that “while this summer’s [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved.” Indeed, the July reading of the personal consumption expenditures price index rose at an annual rate of 3.7%, topping the Dow Jones consensus by 0.1 percentage point, and far above the central bank’s 2% inflation target. While higher rates are unwelcome for borrowers, they’re a great development for savers who can capture higher yields on products such as certificates of deposit. Several banks, for example, continue to aggressively price their CDs and offer attractive yields as they compete for deposits. Latest increase Just last week, Sallie Mae lifted the annual percentage yield on its one-year CD by five basis points to 4.2%. The increase lifts Sallie Mae’s one-year CD rate some 25 basis points above the peer median APY of 3.95%, according to Vincent Caintic, analyst at BTIG. One basis point equals 1/100th of a percent, or 0.01%. Other financial services firms also continue to offer compelling rates on their one-year CDs. Popular Direct pays an APY of 4.25% on its 12-month CD, as of Monday afternoon, while CIBC touts a 4.15% yield. Savers can also find attractive rates if they’re willing to look outside the 12-month term. Synchrony Financial offers a 4.3% APY for a 16-month CD, while Marcus by Goldman Sachs has a similar rate on its 18-month instrument. Happen Bank has an 11-month CD with a 4.2% APY. If you’re thinking of getting into a CD, be sure to weigh your time horizon and liquidity needs. “Breaking” a CD before maturity carries a penalty of forfeited interest. Savers should also be aware of when their CD is about to expire, as their banks may automatically put them into a renewal CD at a lower rate.
This site is now part of Versant. By continuing to use this service, you agree to our Terms. You also acknowledge that our updated Privacy Policy applies, including to your existing data. For details on your data rights, click here.
On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. You can access a list of all our potential 1015 vendors by selecting “IAB and Google Vendors,” although we may work with only a small selection of these on this service. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent.
Click “I Accept”, to consent to our use of these Cookies or “Reject All” to reject our use of these Cookies. Click “Manage Choices” to set your preferences. If you previously made choices with respect to Versant’s use of Cookies on this browser and device, you will need to update them. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings. Visit our Cookie Notice and Privacy Policy to learn more.
We will also use other Cookies that are essential or related to our services, including for security and fraud prevention.
Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.
– Your Privacy
– Strictly Necessary
– Save and communicate privacy choices 510 partners can use this special purpose
– Ensure security, prevent and detect fraud, and fix errors 644 partners can use this special purpose
– Deliver and present advertising and content 634 partners can use this special purpose
– Store and/or access information on a device 842 partners can use this purpose
– Personalised advertising and content, advertising and content measurement, audience research and services development 982 partners can use this purpose
– Targeted Advertising
– Content Selection
On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings.
We will also use other Cookies that are essential or related to our services, including for security and fraud prevention. To learn more about some of our vendors, see the IAB and Google Vendors under each purpose. Visit our Cookie Notice and Privacy Policy to learn more.
Always Active
These Cookies and SDKs are required for Service functionality, including security and fraud prevention, and to enable any purchasing capabilities. You can set your browser to block these tracking technologies, but some parts of the site may not function properly.
The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.
Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.
Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.
Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.
– Use limited data to select advertising 781 partners can use this purposeAdvertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).
– Create profiles for personalised advertising 629 partners can use this purposeInformation about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.
– Use profiles to select personalised advertising 633 partners can use this purposeAdvertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.
– Create profiles to personalise content 259 partners can use this purposeInformation about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.
– Use profiles to select personalised content 231 partners can use this purposeContent presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.
– Measure advertising performance 905 partners can use this purposeInformation regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.
– Measure content performance 404 partners can use this purposeInformation regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.
– Understand audiences through statistics or combinations of data from different sources 572 partners can use this purposeReports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).
– Develop and improve services 678 partners can use this purposeInformation about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.
– Use limited data to select content 180 partners can use this purposeContent presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).
These Cookies and SDKs are used to collect data about your browsing habits, use of the Services, your preferences, and your interaction with advertisements across platforms and devices for the purpose of delivering targeted advertising content, both on our Services and on third party sites. Third-party sites and services also use Targeting Cookies to deliver content, including advertisements relevant to your interests on the Services. If you reject these Cookies or SDKs, you will see less relevant advertising.
Data collected under this category through Cookies and SDKs can also be used to select and deliver personalized content, such as news articles and videos.
Consent Leg.Interest
label
Technologies
Where to find some of the highest CD rates heading into September
With the Federal Reserve’s September meeting approaching, several banks continue offering competitive CD yields as inflation remains stubborn. Savers can still find attractive rates on certificates of deposit, though they should be mindful of timing and liquidity needs.
August has been a solid month for stocks, but investors hoping to stash some cash in the fall can still be paid well for using certificates of deposit. Savers are keeping an eye on the Federal Reserve as its Sept. 15-16 meeting approaches. Fed funds futures trading suggests a roughly 65% likelihood the central bank will raise its benchmark lending a quarter percentage point, to a range of 3.75% to 4%. Speaking in Jackson Hole, Wyoming late last week, Fed Chairman Kevin Warsh highlighted his worries about stubborn inflation . He noted that “while this summer’s [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved.” Indeed, the July reading of the personal consumption expenditures price index rose at an annual rate of 3.7%, topping the Dow Jones consensus by 0.1 percentage point, and far above the central bank’s 2% inflation target. While higher rates are unwelcome for borrowers, they’re a great development for savers who can capture higher yields on products such as certificates of deposit. Several banks, for example, continue to aggressively price their CDs and offer attractive yields as they compete for deposits. Latest increase Just last week, Sallie Mae lifted the annual percentage yield on its one-year CD by five basis points to 4.2%. The increase lifts Sallie Mae’s one-year CD rate some 25 basis points above the peer median APY of 3.95%, according to Vincent Caintic, analyst at BTIG. One basis point equals 1/100th of a percent, or 0.01%. Other financial services firms also continue to offer compelling rates on their one-year CDs. Popular Direct pays an APY of 4.25% on its 12-month CD, as of Monday afternoon, while CIBC touts a 4.15% yield. Savers can also find attractive rates if they’re willing to look outside the 12-month term. Synchrony Financial offers a 4.3% APY for a 16-month CD, while Marcus by Goldman Sachs has a similar rate on its 18-month instrument. Happen Bank has an 11-month CD with a 4.2% APY. If you’re thinking of getting into a CD, be sure to weigh your time horizon and liquidity needs. “Breaking” a CD before maturity carries a penalty of forfeited interest. Savers should also be aware of when their CD is about to expire, as their banks may automatically put them into a renewal CD at a lower rate.
This site is now part of Versant. By continuing to use this service, you agree to our Terms. You also acknowledge that our updated Privacy Policy applies, including to your existing data. For details on your data rights, click here.
On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. You can access a list of all our potential 1015 vendors by selecting “IAB and Google Vendors,” although we may work with only a small selection of these on this service. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent.
Click “I Accept”, to consent to our use of these Cookies or “Reject All” to reject our use of these Cookies. Click “Manage Choices” to set your preferences. If you previously made choices with respect to Versant’s use of Cookies on this browser and device, you will need to update them. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings. Visit our Cookie Notice and Privacy Policy to learn more.
We will also use other Cookies that are essential or related to our services, including for security and fraud prevention.
Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.
– Your Privacy
– Strictly Necessary
– Save and communicate privacy choices 510 partners can use this special purpose
– Ensure security, prevent and detect fraud, and fix errors 644 partners can use this special purpose
– Deliver and present advertising and content 634 partners can use this special purpose
– Store and/or access information on a device 842 partners can use this purpose
– Personalised advertising and content, advertising and content measurement, audience research and services development 982 partners can use this purpose
– Targeted Advertising
– Content Selection
On this service, we and our vendors use cookies and other tools (“Cookies”) to store and access information on your device, such as device identifiers, IP address, and your browser type. Your data may be used to save and communicate your privacy choices; ensure security, prevent fraud, and debug our products and services; personalize advertising and content; for advertising and content measurement; to conduct audience research and services development; so we can improve our services and develop new ones; to match and combine offline data with your online activity; and for social features. We may share this data with select vendors with your consent. You can adjust your choices any time through the “Cookie Preferences” link in the footer of relevant Versant sites or in-app settings.
We will also use other Cookies that are essential or related to our services, including for security and fraud prevention. To learn more about some of our vendors, see the IAB and Google Vendors under each purpose. Visit our Cookie Notice and Privacy Policy to learn more.
Always Active
These Cookies and SDKs are required for Service functionality, including security and fraud prevention, and to enable any purchasing capabilities. You can set your browser to block these tracking technologies, but some parts of the site may not function properly.
The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.
Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.
Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.
Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.
– Use limited data to select advertising 781 partners can use this purposeAdvertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).
– Create profiles for personalised advertising 629 partners can use this purposeInformation about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.
– Use profiles to select personalised advertising 633 partners can use this purposeAdvertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.
– Create profiles to personalise content 259 partners can use this purposeInformation about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.
– Use profiles to select personalised content 231 partners can use this purposeContent presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.
– Measure advertising performance 905 partners can use this purposeInformation regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.
– Measure content performance 404 partners can use this purposeInformation regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.
– Understand audiences through statistics or combinations of data from different sources 572 partners can use this purposeReports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).
– Develop and improve services 678 partners can use this purposeInformation about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.
– Use limited data to select content 180 partners can use this purposeContent presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).
These Cookies and SDKs are used to collect data about your browsing habits, use of the Services, your preferences, and your interaction with advertisements across platforms and devices for the purpose of delivering targeted advertising content, both on our Services and on third party sites. Third-party sites and services also use Targeting Cookies to deliver content, including advertisements relevant to your interests on the Services. If you reject these Cookies or SDKs, you will see less relevant advertising.
Data collected under this category through Cookies and SDKs can also be used to select and deliver personalized content, such as news articles and videos.
Consent Leg.Interest
label
Technologies
Kalshi permanently bans former GOP Rep. George Santos over illegal trading
Former GOP Rep. George Santos, of New York, has drawn fire for allegedly trading on whether he would attend this year’s State of the Union address.
The prediction market platform Kalshi announced on Monday it has permanently banned former Republican Rep. George Santos and fined him $71,356 for allegedly using the app to trade on his own attendance at this year’s State of the Union address.
It’s the first ban of its kind on the platform, the company confirmed on Monday.
In the weeks leading up to President Donald Trump’s speech in February, Santos, who represented New York’s 3rd Congressional District from January 2023 until his expulsion from Congress later that same year, allegedly made more than $17,000 by betting on whether he would attend.
In the weeks leading up to the event, Santos “began making a series of public statements regarding his attendance at the event in an attempt to influence the price of Yes and No contracts, respectively. Some of these included false or misleading statements,” according to a Kalshi announcement of the disciplinary action, released Monday. Those actions violated the company’s rules on trading on non-public information, Kalshi said.
In one X post from days before Trump’s address, Santos said: “I’m going to be there for the State of Union in the gallery, guys.” On the day of the State of the Union, Santos posted he was watching from the airport.
Santos shot back at Kalshi on Monday in a post to X.
“Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for,” the former lawmaker wrote, ending the post with a “kiss mark” emoji.
Kalshi’s disciplinary action is not the first time Santos has drawn fire for the incident.
After Kalshi detected his trades and referred him to federal investigators, the Commodity Futures Trading Commission in July ordered Santos to pay $35,000 for trading on State of the Union attendance. The federal regulator also banned Santos from trading for three years. Santos at the time shared a statement from his lawyer saying he had settled without admitting to any of the CFTC’s findings.
In June, amid the federal investigation, Polymarket, a rival prediction market platform, ended its paid relationship with Santos, who had been working as an online influencer for the company.
Before Santos was sworn into office in 2023, doubts about his biography had emerged. His time in Congress was punctuated by a House Ethics Committee investigation that found “substantial evidence of wrongdoing.” He became the first member of the House to be expelled in more than 20 years.
Santos had also been sentenced to 87 months in prison for wire fraud and aggravated identity theft, though President Donald Trump commuted his sentence last fall.
Kalshi also announced settlements on Monday with three political candidates who traded on contracts related to their candidacies: a governor candidate in California, another gubernatorial hopeful in Maine, and a congressional candidate in North Carolina. All have to pay penalties and are banned from Kalshi for three years, but the company said all three complied with the investigations, unlike Santos.
While the candidates for California and Maine governor lost their races, Laurie Buckhout is the Republican nominee for the battleground North Carolina 1st Congressional District, where she faces Democratic incumbent Rep. Don Davis. Buckhout will have to pay a penalty of just under $2,600 for her trades.
“I bet on myself. Literally,” Buckhout said in a statement. “It was a dumb mistake, and as soon as I learned there was an issue, I worked to make it right. Safe to say my career as a Kalshi trader was short-lived.”
— CNBC’s Davis Giangiulio contributed reporting
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
-
Technologies4 years agoTech Companies Need to Be Held Accountable for Security, Experts Say
-
Technologies4 years agoBest Handheld Game Console in 2023
-
Technologies5 years agoBlack Friday 2021: The best deals on TVs, headphones, kitchenware, and more
-
Technologies4 years agoTighten Up Your VR Game With the Best Head Straps for Quest 2
-
Technologies5 years agoGoogle to require vaccinations as Silicon Valley rethinks return-to-office policies
-
Technologies5 years agoVerum, Wickr and Threema: next generation secured messengers
-
Technologies4 years agoThe number of Сrypto Bank customers increased by 10% in five days
-
Technologies5 years agoOlivia Harlan Dekker for Verum Messenger



