Is PM MTF Ltd a Scam?

At FXCanary, our safety assessment is built from verifiable regulatory records, corporate registry data, and the observable footprint of the broker itself — not from marketing claims or promotional material. For a broker with no independent user reviews, that discipline matters even more: we have no trader complaints or endorsements to weigh, so we lean on the hard evidence of licences, registrations, and the entity's actual behaviour in the public domain.

Our Scam Risk Score is a composite measure that weighs regulatory authorisation, corporate transparency, the presence of clone or impersonator sites, and the verifiability of the broker's operations. For PM MTF Ltd, that score sits at 34/100, which we classify as 'Guarded'. That is not an accusation of fraud — it is a measured warning that the available evidence is thin in important places, and that traders should proceed with their eyes open.

PM MTF Ltd is registered in Cyprus and holds a CySEC authorisation as a CIF (Cyprus Investment Firm) licence, number 458/25, with status 'Authorised'. We cross-checked this against the public register and the firm's own documentation, including the July 2025 Rulebook and Conflicts of Interest Policy published on mtf.perpetuals.com. The licence number and the entity name match, and the status is active — that is a meaningful positive signal.

CySEC is a full member of the European supervisory framework, and a CIF licence brings with it MiFID II obligations: capital requirements, conduct-of-business rules, client asset segregation, and a formal complaints process. For a trader, the most tangible protections are client money segregation — your funds are held separately from the firm's own money — and access to the Investor Compensation Fund (ICF), which covers eligible clients up to €20,000 per person in the event of firm failure. Negative-balance protection is also a standard feature for retail clients under ESMA rules, meaning you cannot lose more than your deposited balance on leveraged products.

That said, we note that the licence number 458/25 is recent — the corporate registry shows PM MTF Ltd was registered in Cyprus on 09/10/23. A young licence is not a red flag by itself, but it means the firm has a short operating history under this authorisation, and there is no track record of regulatory behaviour to assess. In FXCanary's assessment, the presence of a valid CySEC licence is the single strongest point in this broker's safety profile.

The public record and the firm's own press materials indicate that PM MTF Ltd operates as a Multilateral Trading Facility (MTF) under CySEC's MiFID II regime, with a focus on crypto derivatives and tokenized assets. The March 2026 press release from Perpetuals.com Ltd announces a CySEC-approved expansion of the MiFID II licence to include 'Reception and Transmission of Orders and Execution of Orders on Behalf of Clients' — which, if accurate, would allow direct client execution without a separate broker.

We treat that claim with caution. The press release is corporate communication, not a regulatory document, and we have not independently verified the exact scope of the licence expansion from the CySEC register. What we can confirm from the known facts is that PM MTF Ltd holds a CIF licence, number 458/25, and that the firm's own Rulebook describes a venue for trading derivatives and securities. The precise list of permitted activities matters for a trader: a licence that covers MTF operation is not the same as one that covers retail brokerage, and the protections attached to each differ.

Our advice to traders is to check the CySEC register directly for the current scope of PM MTF Ltd's authorisation before depositing funds. The licence number is 458/25, and the register will show the specific investment services and financial instruments the firm is permitted to offer. If the register does not list the services you intend to use, that is a clear warning sign.

PM MTF Ltd is a Cyprus-registered private limited company, with a registration date of 09/10/23 and an active status. The corporate registry shows the company's address at Κάσου, 21, 1086, Λευκωσία — a standard Nicosia address. The firm is part of the Perpetuals.com group, which describes itself as a financial technology company with headquarters in Tokyo and operations across the USA, Europe, and Asia.

That group structure introduces a layer of complexity. The CySEC licence is held by the Cyprus entity, PM MTF Ltd, but the parent company is a NASDAQ-listed entity (PDC) with a global footprint. For a trader, the key question is which entity you are contracting with — if your client agreement is with PM MTF Ltd, then the CySEC protections apply; if it is with a different group entity, they may not. We found no evidence of clone or impersonator sites for PM MTF Ltd, which is positive, but the group's multi-jurisdictional nature means you should verify the legal entity on your account documents before trading.

PM MTF Ltd has no independent user reviews in our records. That is not unusual for a newly licensed venue, but it is a significant gap in the safety picture. Without trader feedback, we cannot assess the firm's real-world execution quality, withdrawal speed, or customer support responsiveness — the areas where problems typically surface. We also note that the firm's own website, mtf.perpetuals.com, has a minimal public footprint: a fees page, a rulebook, and policies, but no visible social-media presence or community engagement.

Our risk flag for this broker is precisely that: 'No verifiable website or social-media presence'. The domain mtf.perpetuals.com is functional and hosts legal documents, but the broader Perpetuals.com site is heavily promotional, with claims of being 'the first European MTF to offer direct client execution for crypto derivatives' and references to a $400 million valuation. Those are marketing claims, not verified facts, and we treat them as such.

In FXCanary's assessment, the absence of independent reviews is not evidence of fraud, but it is a reason to be cautious. A broker with a clean regulatory record and no trader complaints is different from a broker with no trader feedback at all — the latter leaves you with no external check on the firm's behaviour.

We found zero clone or impersonator sites for PM MTF Ltd in our checks. That is a positive finding — many legitimate brokers, especially those with a growing profile, are targeted by fraudsters who copy their branding to lure deposits. The absence of clones suggests the firm is not yet a high-profile target, which is consistent with its low public footprint.

That said, the risk is not zero. The Perpetuals.com brand is active in the crypto space, and the group's claims of innovation could attract impersonators in the future. We recommend that traders always verify the official domain — mtf.perpetuals.com — and check the CySEC register for the entity's authorised contact details before sending any funds. If you receive unsolicited offers from 'PM MTF' or 'Perpetuals' via email or social media, treat them with suspicion and verify through official channels.

If you are considering trading with PM MTF Ltd, the first step is to verify the licence directly on the CySEC register. Confirm that the licence number 458/25 is active and that the permitted services match what you intend to use. Do not rely on the firm's website or press releases — the register is the authoritative source.

Second, ensure that your client agreement is with PM MTF Ltd, the Cyprus-licensed entity, and not with a different group company. If the agreement is with a non-CySEC entity, the investor compensation and segregation protections may not apply. Third, be aware of the limits of protection: the ICF covers up to €20,000 per eligible client, and negative-balance protection applies to retail clients under ESMA rules — but these protections only apply if the firm is actually regulated for the activity you are undertaking.

Finally, start with a small deposit that you can afford to lose, and test the withdrawal process early. A legitimate broker will process withdrawals without undue delay. If you encounter problems, you can escalate to CySEC's complaints process, but that is a last resort. In FXCanary's assessment, PM MTF Ltd is not an obvious scam — the licence is real and the corporate record is clean — but the lack of independent verification and the firm's promotional tone warrant a guarded approach.

PM MTF Ltd presents a mixed safety profile. On the positive side, it holds a valid CySEC CIF licence (458/25) with 'Authorised' status, operates from a registered Cyprus entity, and has no known clone sites. On the negative side, the firm has no independent user reviews, a minimal public footprint, and a parent group that makes bold marketing claims that we cannot independently verify.

Our Scam Risk Score of 34/100 ('Guarded') reflects that balance. We are not saying this broker is unsafe — we are saying the evidence is insufficient to call it safe. For a trader, that means doing your own due diligence: verify the licence, read the client agreement, and start small. The absence of red flags is not the same as the presence of green ones, and in the absence of independent reviews, caution is the prudent default.