Arbusers

Im not sure how popular smarkets is among arbusers community but tought i will contribute to forum a bit.

Lately (since mid dec 2021) smarkets started sow-ing (source of wealth) all existing customers. Let me be clear, this is now very different compared before, they changed its policy and are super strict now. This has made long que until your docs have been checked. at the beginning of january a lot user accounts got suspended because their sow docs are not yet approved (tho they have sent the docs its just smarkets whos super slow + super high demands).

I have seen reports people waiting 6 weeks already and havent got any response from smarkets about their docs (other than we have more work than usual and it takes more time).

When your account gets suspended, u dont get any notification before. If u have unmatched bets, or matched / want them trade out - good luck. U dont even have access to live support as only logged in users can use that feature. So only solution would phone them (UK) but they cant do much / help you also.

I have seen reports of some users account get closed. Im not gonna talk here about multi accounting (having multiple accounts on bookmaker on other ppl names and heding these bets on your exchange). You might have just 1 set of accounts but you have 500-1000£ incoming money from friend/ family member etc and this can cause a lot problems. It seems they care more about these bank transactions rather than proof that your bets hare hedged and for example you are matched betting.

Let me put this into example. Lets say you deposited to smarkets 5000£. they require your 3 month bank statement. 3 examples of pics your hedged bets and your income from bookmakers etc.

you send them these hedged bets (back bets from bookmaker).
On bank statement you have 6000£ worth of withdrawals from different bookies
on bank statement you have also 1000£ income from person X (lets say your renting property and person x is paying rent fee for this example)
on bank statement you have also 1500£ income from person Z who bought from you something for example.

Smarkets are more interested now who are these people and why they payd you money, even tho u have more withdrawals from bookmaker etc. seen reports where they even ask proof of these people bank statement which goes beyond ridiculous.

I have seen reports where people getting deposit limits 500-1000£ even tho they proved they are using exchange to hedge their bets to have lower variance.
Also heard reports new users are capped very low deposit limit + super early sow check (maybe 1,6k£ or something like that).

On positive note, you can still withdraw all your funds and it will be on your bank account shortly.
It also seems they smarkets dont have clear strategy right now as there is open job position for sow checking department leader.

Maybe it will help someone whos account is suspended or whos mainly using smarkets as main exchange - dont put all your eggs on 1 basket, have alternative option ready.

Very typical. SOW might be used as a double standard. In some cases it is the excuse they are looking for to shut your account, simply because they can't openly admit they take position against you and you ve been proved much better than their traders and their bots.

blackjack wrote: ↑

Mon Feb 07, 2022 3:04 pm

Very typical. SOW might be used as a double standard. In some cases it is the excuse they are looking for to shut your account, simply because they can't openly admit they take position against you and you ve been proved much better than their traders and their bots.

Just to prove you wrong, a lot these accounts are negative PL and they are good users for exchange, as they use it to hedge bets (Give some value away with that).

Most of my examples and information are from private groups / forums. And yeah im myself also right now suspended. around 400k volume month around -25k PL in year.

All my first post is just to give some people warning that there are big changes in some policies.

Thank you hexaflexa. The message is clear to those who want to receive it.
From my point of view, on a managerial level, I believe smarkets could do much better.

An interesting read. Not trusting them.
smarkets-took-33483-eur-from-my-account ... 236#p45236

Goojybooboo wrote: ↑

Tue Feb 08, 2022 4:16 am

An interesting read. Not trusting them.
smarkets-took-33483-eur-from-my-account ... 236#p45236

Very interesting read, at the edge of legality.