Just an update on the situation at Smarkets.
Last week I tried to open a new Smarkets account as nearly five months had passed since my old account was "indefinitely suspended" without any proper explanation as to why, or for how long. We all know the real reason why, namely because I was up £20,000, although since my case their site terms have been updated:
"Smarkets may, at its own discretion and without having to provide any justification, refuse to open an account or close an existing account. Any existing contractual obligations will be honoured. In the event of an account holder not respecting one or more of the rules mentioned in these terms and conditions, Smarkets reserves the right to close the account and may confiscate any available funds and forfeit them to the LGA."
Anyway since Betfair permit multiple accounts I figured maybe Smarkets operate in the same fashion, but it came as no great surprise when my my new account was also suspended within 3 days of opening. Of course I did not deposit as there was a possibility that my funds may have been "confiscated"/stolen.
I have been trying to contact smarkets by email for the last month to discuss whether professional players will ever be welcome on their platform, and how we might be able to come to a mutually beneficial agreement with respect to my account, but sadly they do not appear to want to listen, and they have completely ignored my email correspondence on four occasions.
When next I am in London, I shall attempt to drop by their offices in order to discuss how they might be able to support winning traders as part of their ecosystem going forward.
If they still refuse to listen to the professional community, and do something stupid like call security on me, then I guess will give up on them ever becoming a viable exchange alternative.
Last week I tried to open a new Smarkets account as nearly five months had passed since my old account was "indefinitely suspended" without any proper explanation as to why, or for how long. We all know the real reason why, namely because I was up £20,000, although since my case their site terms have been updated:
"Smarkets may, at its own discretion and without having to provide any justification, refuse to open an account or close an existing account. Any existing contractual obligations will be honoured. In the event of an account holder not respecting one or more of the rules mentioned in these terms and conditions, Smarkets reserves the right to close the account and may confiscate any available funds and forfeit them to the LGA."
Anyway since Betfair permit multiple accounts I figured maybe Smarkets operate in the same fashion, but it came as no great surprise when my my new account was also suspended within 3 days of opening. Of course I did not deposit as there was a possibility that my funds may have been "confiscated"/stolen.
I have been trying to contact smarkets by email for the last month to discuss whether professional players will ever be welcome on their platform, and how we might be able to come to a mutually beneficial agreement with respect to my account, but sadly they do not appear to want to listen, and they have completely ignored my email correspondence on four occasions.
When next I am in London, I shall attempt to drop by their offices in order to discuss how they might be able to support winning traders as part of their ecosystem going forward.
If they still refuse to listen to the professional community, and do something stupid like call security on me, then I guess will give up on them ever becoming a viable exchange alternative.
