Smarkets refuse to reopen my account - Worst betting exchange I have encountered

**YPS** · 05-02-13, 06:56 AM

I would also like to reopen my 50+ closed accounts at several bookmakers

**james19** · 05-02-13, 09:43 AM

Exchanges are an entirely different ball game IMO. They need regulating by the FSA in the same way as other forms of derivatives markets.

The fact that the CEO of this Malta regulated exchange is allowed to harass clients by advising them not to "green out" is just ridiculous, and then they have the audacity to close the account of any client who threatens to complain to the regulator, even though that is every clients right and standard practice in dispute resolution.

This exchange does not deserve it's license nor does it deserve to operate in the United Kingdom, and I shall see fit that it does not.

**King_Suckerman** · 05-02-13, 11:56 AM

I thought they closed your account because you were making a profit at their market makers expense rather than because you threatened to complain. Or was that someone else?

**tto827** · 05-02-13, 12:21 PM

Originally posted by King_Suckerman

I thought they closed your account because you were making a profit at their market makers expense rather than because you threatened to complain. Or was that someone else?

This James. I thought you were complaining that they kicked you because you won, if the reasoning is different, please explain.

**dealer wins** · 05-02-13, 02:28 PM

Bad decision by Smarkets and proves that they are not a true exchange, but rather another book that is out there to rip off its customers as it sees fit. I would say avoid!!

**james19** · 05-02-13, 09:36 PM

The true reason was because I was a winning account, that is why the chief executive contacted me more than 20 times in the space of a fortnight requesting that i essentially "tone down" my successful trading patterns, and he even went as far as threatening to freeze my account for this reason. Then when i responded and said please don't tell me how to trade on an exchange, I will lodge a complaint about this with the LGA if necessary they closed my account citing "threat to maltese licence" as the reason. They continue to swear blind publicly that this has nothing to do with the fact that my account was in profit but as the CEO of smarkets let slip to me in one of his emails prior to my exclusion "We need to get more recreational punters on board before we can support consistently winning clients. I will put a freeze on your account if I have to."

The whole episode is utterly scandalous and even though this account is now likely to never be reopened i shall continue to campaign vigorously against this morally corrupt operator and it's underhanded practices.

You can all do your part to help bring them and their market makers to their knees by exploiting market scalping techniques on this exchange. This was not my strategy and not what got me banned, mine was a far more honest approach, but you may as well attempt to scalp them to death if that is something you are comfortable trying.

Essentially smarkets prices are an exact mirror of betfair (although betfair are looking into ways to deny them api access since they are stealing volume from them). As such if a price moves on betfair and you are quick to react you can trade out for a risk free profit in the mirrored market at smarkets.

I feel it's in the vested interests of all exchange users to bring down this exchange before it gains a significant foothold in the market, because if heaven forbid, it ever archives sizeable market share it will be a losers only ecosystem where the professional community is refused the right to participate, and they will archived nothing other than fragmenting the overall exchange ecosystem, and making it far leas egalitarian than it already is.

No other exchange in history has begun kicking out professional players because they all play by the implicit rules of the game, and they are prepared to react to market forces rather than stifle them.

Good luck, and my advice to private shareholders is to get out now before the ship sinks because you have obviously backed a woefully inept CEO incapable of dealing properly and efficiently with a simple dispute about client trading patterns.

If you want a more detailed guide to getting rich quick from smarkets.com and helping destroy the industry's most reprehensible exchange operator then I would be happy to post or private message you.

I am not an unreasonable guy. I just believe firmly in free markets and fair customer treatment, instead of the smarkets "khmer rouge" inspired ideology of wiping out the intellectuals and discouraging the education of applied mathematics which is what this type of behaviour is akin to. Sure you have to risk manage, but in this case their risk management will hopefully backfire and bring down the house.

Regards

**Digo** · 05-02-13, 10:35 PM

Betfair has the famous premium charge, smarkets should do the same... It's better than kick good bettors.

**Santo** · 05-02-13, 11:55 PM

I wonder if it was a move motivated by their market makers, and if so they felt they had no option if they wanted to keep liquid markets..

**joey1963** · 05-07-13, 06:01 PM

I don't know how anyone can have "successful trading patterns" at smarkets. Surely you need liquidity for successful trading ? No real liquidity in any markets at smarkets.

**tommygun** · 05-08-13, 01:55 AM

I swear all the money at smarkets is their own and you are not betting against other bettors in an exchange as such