In recent years, the idea of decentralized finance (DeFi) has been actively embodied in the distributed architecture of digital cryptocurrency. There is an explosive growth of centralized and decentralized exchanges for crypto trading as well as other opportunities for storing and exchanging crypto.
Therefore, novice investors and traders may have a question about which platform is the most suitable for storing their Monero assets. Will the owner of wallet Monero lose anonymity in case of using storage services on a centralized exchange, or is it better to prefer alternative platforms?
Why Storing Monero on CEX Is Not the Best Decision
If it comes to a Bitcoin wallet, its owner could be safely advised to open it on a centralized exchange (CEX). But it is unreasonable to place your Monero wallet there because you will lose your anonymity during registration. Registration on a CEX assumes that you must specify:
· your first and last name, which must be the same as in the documents
· email and phone
Moreover, you must go through the verification process (KYC).
Of course, after this procedure, although Monero protects the privacy and anonymity of crypto transactions and all their participants, you will partially lose it. Therefore, choose a non-custodial wallet on the Guarda cryptocurrency storage platform.
The Best Crypto Storage Platform that Protects Your Anonymity
By downloading the Guarda software, you get the best functionality for managing your Monero assets and saving your anonymity:
· No registration procedure
· Controlling both of your keys
· High level of security and privacy
· Crossplatform feature
· Working with more than 45 main blockchains
· Possibility to create the best crypto portfolio due to the multi-currency feature of your Monero wallet
Your success in investing and trading crypto largely depends on the level of protection of your wallet and all transactions. When choosing a highly private Monero crypto asset, make sure that it is stored on the best possible platform. Guarda is the first of them.