Public Service Announcement re: Self Custodying Crypto

It is my view that any crypto that you don’t need to trade short term should be self-custodied, all the more with the failure of the FTX exchange. It seems in crypto we will see a regular parade of large hacks and exchange failures at random intervals. It is, for this reason, I will not make a pure recommendation of any exchange, centralized or decentralized. After the FTX hack, I have been limited to trading on Kraken, Kucoin, and Coinbase. But that doesn’t mean they are invulnerable. I make the presumption that US exchanges are smarter given that they are required to not co-mingle user and exchange funds. But that is a presumption, and not based on any more insight than what you have. 

I have also done a growing amount of DEX swaps in my slower trades on the ETH, BSC, AVAX, MATIC, and SOL chains. Provided there is no exploitation at the time of trade, those funds should remain in my custody. 

For a brief overview of my self-custody means, they are below. But I advise exploring options using posts on the board, as well as doing personal research. I have had a tendency toward the means that have worked well for me for years. 

Cold Wallet, Multi-sig, Bitcoin only: CASA (I got an email they are adding Ether)

Cold Wallet, Various: Ledger Nano S. 

Hot Wallet, Various: Exodus

Hot wallet, browser extension: 

  • ETH, BSC, AVAX, MATIC: Metamask

  • SOL: Phantom

While there is a learning curve required to move to self-custody, it should not be viewed as intimidating. The benefit is immense. Even brokerage accounts can fail, making stock holdings vulnerable during times of contagion. Crypto traders and HODLers have the benefit of removing themselves from contagion during these times while being able to transact so long as the internet still works. 

Ryan Wilday hosts the Crypto Waves service on