Complaint Review: Naga Markets - Limassol Limassol District

In mid-February 2023 I created my account at NAGA, which I became interested in after an announcement on the social network Instagram, after making my first deposit I received a phone call from Mr. Elton Garcia, who identified himself as the person responsible for the my account and that he would help me with the operations, but I was still missing documents, and as requested, I sent by email on March 9, 2023 a copy of my driver's license and proof of address.

From that day on, Mr. Garcia and his team called me daily during Brazilian business hours, especially at the time after the opening of international markets so that I could start copying the trades, the operations passed on by Mr. Garcia, which, on the first day reached a result of a 100% success rate in 59 orders placed (which I found very strange for the first day).

After the success of the first trades, Mr. Garcia asked me if I had more money to deposit, as the operations were very favorable to profit, I initially refused because I didn't believe in easy money like that, and then I requested a withdrawal test to check if NAGA was a serious company, and then on March 2, 2023 I made a withdrawal request, at first I was suspicious of the NAGA company, as I had already requested a test withdrawal and that had been rejected, so there was a first successful withdrawal request, which lasted 5 days of analysis until it was credited to the account. Another stage of the trust link had been foreseen, and then I was promised an excellent bonus if I made a good deposit, and on March 7, 2023 I made a deposit of $2,500 dollars.

I received the bonus on March 9, 2023 in the amount of $1,100 dollars and the calls continued offering new positions via telephone and the operations that were passed on were carried out, including those that did not depend to follow copy of profiles, or better, without the need to use the copies of the users he asked to follow previously, and talking about the profiles of the copy users: The most assertive users in profitable operations were the profiles with the names “brokkoli72” and “alexherr.io”, but, without explanation, the NAGA agent started to recommend only orders passed on by the trading desk, and as profits increased I also increased deposits, mainly to reduce the risk of zeroing the Account, for a few days the P&L at the end of the day the operations left me in an uncomfortable situation, as it fluctuated negatively and reached 75% negative, damaging the performance of my work activities, in addition I had a lot of difficulty sleeping and others health problems , I spent sleepless nights for this reason, and even though I asked the agent for several times not to force this type of situation again, this request was not met, as he took advantage of me so that he could achieve his personal or corporate goals.

In several trade orders I was instructed by NAGA to close negative operations manually to “compensate” those who made a profit, I was always instructed to get rid of the negative P&L so that there would be a balance between loss and gain, by logic it is like say: “You have already won more than you lost, so reset and you will still make a profit”. Another practice used as an indication by the NAGA agent when executing orders is that they only had targets to achieve gain (stop gain) and never had a target for loss (stop loss), as those operations that stop loss made different from the copies could be affected or distorted the purpose of that position initiated by the profile that was being copied, they justified, that is, the result of the trade with stop loss could not have the same result/objective as the copied profiles.

The justification always used by the NAGA agent was that the person who owned the copied profile had a lot of money on balance to support the position even if that position fluctuated negatively, and that it was safe to use copy operations for the simple reason that we were copying between 1% to 5% of those profiles that allow you to copy them, the vast majority of which did not use stops in their orders or I believe that such information was hidden..

so in one of the calls I asked the NAGA agent what amount of balance is needed for me to be safe and to be able to generate an income of no more than 5 thousand dollars monthly, and this became my intention after the troubled days I went through, because my intention would be to have mental health, an excellent relationship with NAGA and its agents and respect for my invested capital, the agent said that the capital needed to achieve an income of 5 thousand dollars a month would be 25 thousand dollars in balance, and an income of 5 thousand dollars corresponds to the income of less than 1% of the inhabitants of my country, which has 215 million inhabitants.

I could no longer bear carrying out such risky operations that affect me mentally, the NAGA agent tell me that he was working closely on my case and was planning my upgrade to the SILVER VIP account, as soon as possible he would be able to get other people to copy my operations that originated by my account, operations that were passed on by himself, and that in the long run it would generate more profits for me and quickly my account would reach the SILVER VIP level, he promised lower fees, additional bonuses for each copied trade, so we reached the balance of $26,236 dollars on March 14th in the morning.

This fact made me very happy at the beginning of the day and perhaps it was the highest level of trust necessary for us to plan so that we could start a great work together, as I had fulfilled my objective in front of NAGA and the success that came next would be the be reached little by little, and then on that same day, during the operations passed on by the NAGA agent, the P&L became negative and reached a value of $ -14,519 dollars at the end of that same day, a big loss was already in place, the average volume that I normally traded before reaching the SILVER VIP level was 0.01 lot, and on this day operations were passed with volumes that I had not traded before, with volumes greater than 1 or 2 whole lots and that corresponded , for example: $200 in USD/ZAR, $503.33 in GOLD, $500.18 in EUR/USD, $200 in SPX500 and 302.61 in CRUDE OIL, (the operations appear in the statement of March 14, 2023), The operations passed on by the table resulted in the loss of a lot of money, After that day he had a mental breakdown and I became ill for several months, as this amount of money in my country is quite significant, it is a value of which a A person never dares to think about wasting a single day after answering a telephone connection and obtaining information about operations that will cause them certain losses.

After having lost my investment due to the malpractice, abuse, negligence and frivolity committed by the NAGA operations team, I began the phase in which I tried to withdraw what remained in the net balance, I tried to make dozens of withdrawal attempts, all of which were denied, even though I proved more than once the same document or credit card, or proof of existence of the account or simply arbitrary, unreasonable communications, with the same documents being sent several times, but NAGA denied all of my withdrawal attempts. 

OTHER OBSERVATIONS

I saw that the chats and dialogues generated with all agents were deleted, leaving only the withdrawal request chats, not making it possible to access the names of all of Mr. Garcia's assistants, nor Mr. Garcia's own chat, which after what happened the He was replaced by another, who informed that he had been fired by the company.

I also noticed that the executed orders that caused a total loss of my capital between the 14th and 15th of March 2023 and that resulted in a total loss on my account are unavailable to be viewed by the platform, I was able to copy the details of most of the orders, but the details that are the target of my investigation and dossier formation are unavailable.