Electrum Wallet Review

What is the Electrum Bitcoin Wallet?

Electrum is an open-source Bitcoin-only wallet, meaning it is free to use and the code is open to review. It is compatible with hardware wallets, features encrypted private keys, and allows fund recovery through a secret word.

It is a popular non-custodial desktop wallet intended for customers who want to own Bitcoin, have prior experience trading cryptocurrencies, and prefer a desktop platform.

Electrum is not flashy – it’s reliable and a common choice for serious Bitcoin investors.

Be sure to download Electrum from the official source.

Electrum Wallet in Short

Electum Wallet Features

The Electrum wallet is known for its unique features, ranging from easy installation to high security and more. Let’s give you a detailed look in this section.

Installation

Users can download the wallet from the official website and follow the instructions to install it on their desktop.

• The wallet is compatible with Windows, Mac, and Linux, and the mobile version is currently only available on Android devices.
• Setting up the wallet usually takes less than five minutes for experienced users. However, if you want to access advanced features, it is advisable to read the instructions.

Wallet Compatibility

Electrum Wallet is compatible with all major hardware wallets, including Keepkey, Trezor, Ledger Nano S/X, and more. This makes it easy for users to store their Bitcoin securely and access it whenever they need it.

• We established during this Electrum wallet review that the platform is not linked to any exchanges.

Security

• Electrum is a non-custodial wallet, which means users have full control over their private keys and funds.
• The wallet provides two-factor authentication to ensure only the user can access their account.
• Electrum Wallet is an open-source wallet, allowing users to verify its code and ensure security.

Privacy & Anonymity

Electrum.org is a platform that puts a strong emphasis on privacy and anonymity for its users.

• The wallet encrypts private keys, and they never leave the user’s computer, making BTC storage secure and anonymous.
• By connecting to decentralized servers, Electrum enhances privacy and security, bypassing central authorities for transaction information.
• The wallet generates a 12-word seed phrase that acts as a backup and recovery mechanism, providing peace of mind in the event of device loss or failure.

Open-source

Electrum Wallet is an open-source wallet that is secure and transparent, allowing users to inspect and validate its code. A team of developers is regularly updating and maintaining the wallet, and users are welcome to contribute to its development.

The openness of the software’s code allows for security audits and creates a community of developers that collaborate to improve the wallet’s functionality.

Is Electrum Wallet Safe?

Electrum Wallet offers a highly secure platform that makes it easy and hassle-free; with robust security features, it offers full control over your private keys, reducing the risk of unauthorized access or external attacks.

• You can also enable 2FA for added protection, ensuring that your wallet is safe from unauthorized logins.

Electrum even provides offline storage for your private keys, which is immune to online threats like hacking and phishing attacks, giving you peace of mind that your funds are secure.

The development team is constantly updating the platform, releasing security patches to address vulnerabilities and keep your wallet secure against evolving threats. It’s worth noting that in the past, some Electrum users were subjected to phishing attacks through malicious websites.

While the team addressed this issue promptly, it’s important to update your wallet frequently to ensure that you’re using the latest version, as Electrum doesn’t support automatic updates.

How to Use Electrum Wallet?

Here is a step-by-step guide on how to use Electrum Wallet:

1. Download and install Electrum Wallet from the official website.
2. Create a new wallet by clicking on “New” and giving a unique name to the wallet.
3. Select the type of wallet you wish to create (standard wallet, 2FA wallet, or multi-signature wallet).
4. Choose the wallet setup option that suits your needs (create a new seed, I already have a seed, or use a master key).
5. Set up your wallet by following the instructions provided by Electrum Wallet.
6. Click on the “Receive” tab and copy your Bitcoin address to receive Bitcoin.
7. Click on the “Send” tab and enter the recipient’s Bitcoin address and the amount you wish to send.
8. Review the transaction details and click on “Send” to complete the transaction.
9. Electrum Wallet will prompt you to enter your password to confirm the transaction.
10. Click on the “History” tab to view your transaction history. This shows all incoming and outgoing transactions.

Make sure to back up your wallet regularly to avoid losing your data. To do so, go to “File” ➡️ “Save Copy” and save the wallet file on an external device.

Electrum Mobile App & Compatibility

• Mobile App: Electrum is available for Android users via the Google Play Store; no app for iOS yet.
• Compatibility: Electrum is compatible with major hardware wallets such as Keepkey, Trezor, and Ledger Nano S/X.

Electrum Cost & Fees

• Cost: Electrum is a free wallet. There is no cost to acquiring and setting it up.
• Fees: Users will only be responsible for the settlement of the Bitcoin network fee during transactions.

Electrum Security

and has two-factor authentication for added security. Designed to be lightweight and fast, it’s a great option for users who are always on the go.

Which Cryptocurrencies are Supported by Electrum?

Electrum wallet only supports Bitcoin

Electrum Wallet Alternatives

Electrum Wallet Vs Coinbase Wallet

Cryptocurrencies Supported: Electrum primarily supports Bitcoin. It offers limited support for other cryptocurrencies through third-party plugins. On the other hand, Coinbase offers support for a broader range of cryptocurrencies, including popular options like Bitcoin, Ethereum, Litecoin, and various ERC-20 tokens.

Platform Compatibility: You can use Electrum on Windows, macOS, and Linux, making it compatible with desktop systems. It’s also available on Google Play for Android users. It’s competition can be accessed on PC via a browser. It’s, however, available as a mobile app for both iOS and Android, allowing users to manage their assets on the go.

Security Features: Both wallets are considered safe and secure. Electrum provides strong security with options for offline storage of private keys and two-factor authentication. Regular updates on the platform enhance security. Coinbase offers security features like biometric authentication and encrypted private keys. However, as a custodial wallet, it may be perceived as less secure for those who prefer full control of their private keys.

Usability and Ease of Use: The Electrum Wallet is praised for its lightweight design and quick installation process. However, its interface may be considered less user-friendly for those new to the world of cryptocurrency. On the other hand, the Coinbase Wallet boasts an intuitive and simple interface that makes it a popular choice for beginners in the space.

Other features: The Electrum Wallet is an open-source software that offers transparency and accessibility to its code for security audits and community contributions. It is available for users globally. On the other hand, the Coinbase Wallet is not open-source, which may limit transparency and community involvement in its development. Both wallets are widely available across the globe.

Electrum Wallet Vs Trust Wallet

Here is a comparison of Electrum Wallet and Trust Wallet based on various factors:

Cryptocurrencies Supported: Electrum Wallet supports Bitcoin only, while Trust Wallet supports thousands of cryptocurrencies including Ethereum, Cardano, Dogecoin, and NFTs.

Platform Compatibility: Electrum Wallet is compatible with Windows, Mac, and Linux, and has a mobile app available on Android devices. Trust Wallet is available on both desktop and mobile devices, including iOS and Android.

Security Features: Both wallets offer two-factor authentication to ensure only the user can access their account. They are also non-custodial wallets, which means users have full control over their private keys and funds. However, Trust Wallet offers insurance protection for funds held in the wallet while Electrum doesn’t.

Usability and Ease of Use: Electrum Wallet is easy to set up and use, but it is best suited for users who are only interested in holding Bitcoin and have experience trading cryptocurrencies. Trust Wallet is user-friendly and offers a range of features, making it suitable for both beginners and experienced users.

Other Factors: Electrum Wallet is an open-source wallet, which means users can verify the code and ensure that it’s secure. Trust Wallet offers a wider range of features, including the ability to buy, sell, trade, and store a greater variety of digital assets.

Final Verdict

Electrum Wallet stands out as a trustworthy and adaptable solution for cryptocurrency management. Its compact design, capability to work with hardware wallets, and focus on user confidentiality place it among the top-tier digital wallets.

The wallet’s security features, such as two-factor authentication, offline storage choices, and regular updates, create a strong security framework.

Electrum’s open-source nature allows for continuous enhancement, while its intuitive interface makes it accessible to a wide audience.

When used in conjunction with best practices, Electrum Wallet provides a dependable and convenient platform for users to store, send, and receive cryptocurrencies, making it a valuable tool for crypto enthusiasts.