Do I require a substitute wallet for each alt coin I will gain?

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Not for all, it depends on the coin. There are three major wallets that can contain several altcoins.

IMTOKEN for ERC-20 tokens such as EXRN,AERGO, GUP etc... as far as the altcoin token is ERC-20 there is no limit to the amount that the wallet can contain.

BLOCKCHAIN WALLET blockchain wallet is enabled for BTC, ETH, RIPPLE all these tokens can be sent and received in blockchain wallet.

TOKEN POCKET this wallet can contain altcoins built on EOS blockchain like KARMA, FAST, TRYBE, etc

Meanwhile some altcoins have unique wallet for storing them so it all depends on the blockchain the altcoins is built on and the project.

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