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RE: An Australian Trader Had USD$430,000 of Crypto Confiscated by the United States Government On BTC-e: A Timely Reminder to Withdraw Your Funds From Exchanges, or Use the Openledger DEX.
Really good advice to keep all your crypto in personal wallets. You never know when the exchange will be hit by feds or hackers.
agreed, ideally, however for many of the altcoins there aren't too many wallet options out there (besides for the major ones like Dash, Eth, Litecoin etc.) What would you suggest for the other altcoins?
Right now I have my BTC and the above mentioned coins Exodus, but don't know where to hold most of my alts so they're sitting in exchanges at the moment.
Do they not have their own wallets?
They probably do, but to be honest it's a LOT of work to keep track of 30+ different wallets...I like having a diversified portfolio in alts, with the vast majority holding just a little bit, $40-$80, with just a few exceptions for the ones I really like the most, like NEO, Monero, Waves, and a couple others.
That is a really good point - noone is going to want to track that many wallets.
In future, someone may build a highbrid wallet that incorporates the vast majority of altcoins. I would get behind that. Until then, it may be safest to use the DEX as your 'wallet'.
I'll second that! You and me both will be the hybrid wallet's first customers. In fact, if I knew developers with the right skills, I'd consider collaborating on that myself.
DEX? You mean the exchange?
Yeah - the DEX is a decentralised exchange, so arguably the safest exchange to keep a long list of altcoins if wallets are too much hassle.