Electrum Wallet Review

By Alexander Reed

Last Updated: Jan 6, 2025

Fact checked

By Tayler McCracken

Perhaps one of the oldest players in the Bitcoin wallet market is Electrum. In this review, I will cover the wallet’s pros and cons and also share my personal experience with it.

Electrum Review Summary

Electrum is a Bitcoin desktop wallet that is feature-rich but not very user-friendly. If you’re just getting started with Bitcoin, I recommend avoiding Electrum, but if you’re already familiar with the basic terms, then this is an excellent choice.

That’s Electrum in a nutshell. For a more detailed review, keep on reading. Here’s what I’ll cover:

  1. Electrum Overview
  2. My Personal Electrum Experience
  3. Supported Coins
  4. Customer Support and Reviews
  5. Best Wallet
  6. Frequently Asked Questions
  7. Conclusion

1. Electrum Overview

Created in November 2011 by Thomas Voegtlin, Electrum has since been modified by various developers (the code is open source). Electrum is a client-based wallet – meaning that in order to use it, you need to download and install it on your computer.

The client is only available for desktops, which is a significant downside for users who wish to use their mobile as their wallet.

Electrum prides itself on being fast, safe, and private. The wallet is a lite wallet, meaning it does not download the blockchain, so there are no delays on setup, and it’s always up-to-date.

Your private keys are encrypted, and you never leave your computer. Your wallet can be recovered from a secret phrase (also known as a seed phrase). You can also keep your private keys offline and go online with a watch-only wallet.

Your private key is also not shared with the server connecting Electrum to the Bitcoin network. The server does not store user accounts. You are not tied to a particular server, and the server does not need to know you.

Finally, Electrum is developed to support hardware wallets such as TREZOR or Ledger. This means your private key will be stored safely offline on the hardware wallet, while you can use Electrum’s interface to send coins whenever you wish to do so.


2. My Personal Electrum Experience

Many consider Electrum to be the best Bitcoin desktop wallet, hands down. I wanted to take a look at Electrum from a newbie’s point of view since it always seemed to me that the wallet is too complex.

The installation process

While the installation process is pretty simple and straightforward for experienced Bitcoiners, I’m not sure how intuitive it would be for someone who’s just taking his first steps in the cryptocurrency world.

Basically, just clicking “Next” all the time is probably the preferred setup for newbies. However, there’s no tooltip or summary in place to explain what the various steps are all about, as seen below:

Electrum seed type

At least the seed phrase which is the most important part is explained in a bit more detail:

Electrum wallet generation seed

Note – you should never expose your seed phrase online. The seed you see above is for instructional purposes only and I am not using it to store funds.

The whole installation process is comprised of 7 steps which include:

  1. Choosing a server
  2. Naming your wallet.dat file (the file that stores your private key)
  3. Choosing between a Legacy and a Segwit wallet
  4. Choosing between an existing wallet/hardware wallet / new wallet
  5. If creating a new wallet – choosing the wallet type (standard, 2fa, multisig)
  6. Writing down your seed phrase
  7. Creating and encrypting (optional) your wallet password

As you can see, this is probably a bit more than the average non-technical newbie will be able to handle. Take a look at Exodus to see how newbie onboarding is done.

The user interface

The user interface of the wallet’s desktop client is pretty straightforward. Three tabs at the top of the window allow you to choose between “send,” “receive,” and your transaction history.

Electrum wallet history

At the bottom of the window, you have the option to view system settings, inspect your seed or change your password.

All in all, the design is pretty simple yet not quite inviting. It seems like Electrum focuses on functionality rather than on user experience. If someone new to Bitcoin downloads this wallet, chances are they wouldn’t know what to make of all the options the wallet offers.

Feature-rich

The upside of Electrum is that it’s feature-rich, mainly when it comes to customizing your Bitcoin transactions.

The wallet allows you to set custom transaction fees. Electrum also supports the Replace By Fee feature (RBF) that allows you to rebroadcast your transaction with a higher fee if it doesn’t get confirmed.

You can label different addresses for reference so you know where payments are coming from. There’s also an easy way to export all of the wallet’s history, addresses and labels.

Additionally, the wallet allows you to sign messages using your private key and also “pay to many”, which is the process of sending one transaction to multiple recipients.


3. Supported Coins

Electrum supports only Bitcoin (BTC). However, there have been clones created for Bitcoin Cash, Bitcoin Gold, and other coins.


4. Customer Support and Reviews

Electrum does have very extensive documentation online, as well as an active BitcoinTalk category where you can get your questions answered.

While there aren’t many online reviews of the wallet, the Bitcoin community, in general, praises Electrum as being one of the best possible choices for small amounts of Bitcoin.


5. Looking for a Free Mobile Wallet Alternative?

Best Wallet

As beloved as Electrum is of Bitcoin devotees, those interested in investing in crypto and looking for simpler wallet options might want to check out software wallets. Many of these also fulfil the double function of decentralized wallets, and come complete with anonymity and a host of other features.

A prime example of this is Best Wallet, the hotly touted new brand that was released in different phases. If you’re exploring simpler and more versatile options, Best Wallet is a great alternative, here’s why:

  • Multi-chain support allows management of hundreds of coins across blockchains without much hassle.
  • As a non-custodial wallet, you retain sole access to your private keys, ensuring full control of your assets.
  • Features such as two-factor authentication, biometrics, and encrypted keys keep your funds safe.
  • Swap or trade tokens with minimal fees using the built-in decentralized exchange.
  • Custom Token Management: Add and manage unique or lesser-known tokens effortlessly.
  • Earn passive income by staking directly within the wallet.
  • An intuitive design makes it ideal for new users while advanced tools cater to experienced traders.
  • Available for Android and iOS, with a browser extension for desktops next in line.How to Buy AAVE

Why Choose Best Wallet?

Best Wallet sets itself apart as a non-custodial cryptocurrency wallet designed to accommodate both beginners and seasoned traders. Supporting over 60 blockchains, it offers a comprehensive platform for storing, managing, and trading cryptocurrencies, all while maintaining user control and privacy. With that, Best Wallet makes onboarding smooth and stress-free compared to other options in the market.

Download Best Wallet

6. Frequently Asked Questions

How Secure is Electrum?

Does Electrum Support Bitcoin Cash?


7. Conclusion

Electrum is a great, fast, secure, and stable wallet. However, it is not suitable for beginners. The wallet enjoys massive support from the Bitcoin community and is extremely feature-rich.

If you’re just starting with Bitcoin, I wouldn’t suggest this wallet, but if you know your way around the basic terms, Electrum is highly recommended (hey, I use it myself).

Electrum wallet

Free
8.6

Ease of use

8.5/10

Privacy

9.4/10

Safety

9.3/10

Beginner Friendly

7.1/10

Pros

  • Vert fast
  • Good safety features
  • Privacy is kept

Cons

  • Not beginner friendly
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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Alexander Reed
Alexander Reed
Editor

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including... Read More

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