Launched in 2011, Electrum is one of the oldest and most trustworthy Bitcoin wallets. It remains a favorite among crypto owners who prefer to have full control over their private keys and use desktop applications instead of mobile wallets.
As of 2025, it continues to serve exclusively as a wallet for coins within the Bitcoin network. Individuals who primarily deal with Bitcoin transactions and require advanced features (cold storage and customizable transaction fees) benefit from Electrum.
In this Electrum review, we’ll explore expert findings on the wallet, including its cost, and security features. This will also discuss whether this wallet plans to support other cryptocurrencies besides Bitcoin.
Our experts stay attuned to any updates about the fintech industry, and Electrum Wallet is no exception. With years of experience analyzing the market and following financial trends, they exemplify outstanding expertise in developing insights into all aspects of the fintech industry.
Keep reading this TRU Insight to learn our experts’ take on Electrum Wallet.
Electrum Wallet at a Glance
Electrum is a lightweight, open-source Bitcoin wallet known for its speed and reliability. Since it is a non-custodial wallet, users maintain control over their funds and private keys.
Its lightweight architecture also does not necessitate downloading the entire blockchain, making it quick and resource efficient.
Electrum is compatible with both Android devices and desktop platforms, including macOS, Linux, and Windows. This makes it more popular among users who seek more autonomy and flexibility than what most mobile-first wallets offer.
Conversely, Electrum is not supported by iOS since Apple/iOS is generally not BTC-friendly.
Developed by Thomas Voegtlin, Electrum is continually enhanced by a team of developers. It is well-regarded in the cryptocurrency space for its focus on privacy and compatibility with cold storage.
Users also favor Electrum for its Bitcoin-specific functionalities, such as SegWit and multi-signature wallet setup.
How Secure is Electrum?
Electrum Wallet is recognized as one of the most secure Bitcoin wallets, particularly for experienced users who can confidently manage their own private keys and utilize advanced tools.
Although it does not rely on newer Multi-Party Computation (MPC) technologies, Electrum utilizes traditional seed phrases and keeps encrypted private keys on the user’s device.
Security Features
While navigating through the wallet’s platform, our experts discovered the following important security features of Electum:
| Seed Phrase Usage | Electrum Wallet generates a 12-word seed phrase during setup, which is encrypted and stored on the user’s device. |
| Full User Authority | Users have full control over their funds and private keys. There are no third-party entities that keep sensitive user information. |
| Customized Transaction Verification | Electrum links users to independent Bitcoin servers, allowing them to verify their own transactions without relying on centralized APIs. |
| Cold Storage Support | The wallet enables users to create cold wallets, where they can securely store their private keys, protecting them from online risks. |
| Two-Factor Authentication (2FA) | Users can configure Electrum to use TrustedCoin’s 2FA service, which requires both a password and an additional verification step to authorize transactions. |
| Hardware Wallet Integration | Electrum Wallet integrates with major hardware wallets, including KeepKey, Trezor, and Ledger, to offer secure offline key storage through its interface. |
| Open-Source Code | Electrum’s open-source structure promotes peer review, transparency, and frequent security development. |
Phishing-Related Issues
From its foundation, Electrum Wallet has experienced phishing-related concerns. However, our experts delved deeper into the issue and found news reports clarifying that these phishing concerns mainly resulted from some users downloading counterfeit versions of the wallet.
While the wallet was in a vulnerable state during its update, hackers gained access to its update mechanism using a sophisticated DoS attack. This allowed them to send Electrum users a recommendation link to update their wallet.
As a result, users who clicked on the link to update ended up downloading a malicious version of Electrum, which stole all their funds. Before Electrum was able to shut down the scam, millions of dollars were reportedly lost.
Despite this unfortunate event, the official wallet maintained a strong security record, and the wallet itself was not compromised. The scam only affected users who downloaded the new version of Electrum.
Warnings Against Scammer Attacks
On one hand, a similar attack occurred in 2019. The attacks rendered any version of the wallet that is older than 3.3.4 completely vulnerable. The attacks were so prominent that Electrum issued a warning at the top of their website.
Users should note that the current release is 4.2.1. On their website, Electrum also advises users to verify the installation of the files using GNU Privacy Guard (GPG) signatures.
Overall, Electrum is safe provided that users keep their seed phrase safe. Users should only download new versions of Electrum directly from the official website.
Electrum Coins and Tokens
Although users expect Electrum to support multiple coins, our experts found that as of 2025, it officially supports only a limited number of coins through official or community forks.
Here’s a closer look at Electrum coin support:
What It Supports
Based on our experts’ findings, Electrum Wallet supports the following tokens and coins:
- Bitcoin: Although it’s not official, Electrum has natively supported Bitcoin since its inception in 2011. It remains one of the most reliable wallets for Bitcoin transactions.
- Litecoin: Since around 2016, Electrum has offered a separate version, known as Electrum-LTC. This allows Litecoin users to experience similar functionality, even though it’s not part of the main Electrum version.
- Bitcoin Cash: After Bitcoin and Bitcoin Cash split in 2017, a fork called the Electron Cash was developed based on Electrum’s codebase. It was intended mainly for Bitcoin Cash users.
- Dash: Dash users use Electrum-Dash. Released in 2018, the fork supports Dash-specific features, such as InstantSend and PrivateSend.
Read More: What is Bitcoin Cash (BCH) and Its Relationship with Bitcoin – TradersUnited
What It Does Not Support
Our experts found that Electrum Wallet does not support the following tokens and coins:
- Ethereum and ERC-20 Tokens: Since its infrastructure is not built for EVM chains, Electrum does not support Ethereum, smart contracts, or ETH-based tokens.
- Multi-coin storage: Electrum Wallet is not designed to hold several types of coins, such as Trust Wallet and Exodus. Its single coin focuses on community forks for alternatives.
- NFTs and DeFi assets: Our experts found that Electrum does not support NFTs or anything related to DeFi platforms. Instead of focusing on emerging trends, it prioritizes security and simplicity.
Electrum Pricing and Fees
Electrum is generally free to use. In terms of Electrum payments, our experts found that the wallet excels in handling transaction fees.
Since the wallet gives users full control over how much they pay in fees, our experts confirm that Electrum can significantly alter users’ trading experience depending on how and when they use it.
Furthermore, this heightened control separates Electrum Wallet from other Bitcoin wallets.
Here’s a summary of Electrum’s pricing and fees:
Free Download
You will not be charged for installing or creating a wallet, regardless of the device you use. Since it’s open source, there are no hidden costs.
Dynamic Fee Slider
Electrum’s fee slider enables users to adjust fees according to network congestion. Using this feature, you can avoid overpaying when the network is not active.
Manual Fee Setting
Advanced users can set sat/byte rates manually. This is ideal during off-peak hours, as it sometimes reduces costs by over 70% compared to auto settings.
Replace-by-Fee (RBF)
Added around 2016, Electrum’s Replace-by-Fee (RBF) feature allows users to resend their transactions when they get stuck. Although resending will incur a higher fee, the benefit is that users would not need to start over.
Batch Sending Fees
Since 2017, Electrum has been sending Bitcoin to multiple addresses in a single transaction. This technique helps reduce costs per recipient drastically.
Legacy Address Fees
If you use older legacy addresses (those beginning with “1”), they generate larger and more expensive transactions.
Electrum Wallet addresses these high costs by utilizing SegWit. By switching to addresses starting with “bc1,” users can save on fees.
How Does Electrum Work?
Electrum Wallet is developed with intermediate and advanced users in mind. Although its interface is less intuitive compared to other wallets, it allows advanced users to have more control over their wallets through customizable settings that cater to their preferences.
Among the key features that our experts found favorable for advanced users are:
| Desktop-First Experience | Electrum Wallet is ideal for users who prefer to manage their assets on a PC or laptop. |
| Watch-Only Wallets | Users can monitor balances and transactions without revealing their private keys. |
| Multi-Signature Wallets | Multi-signature setups are available for users to acquire improved security. |
| Detailed Transaction Logs | Electrum Wallet provides clear details at every stage of the transaction. |
| Lightning Network Support | Electrum supports faster, lower-cost BTC transactions. |
On one hand, Electrum’s lack of built-in guidance, facial recognition, and cloud backups may turn off new users. To prevent any issues arising from these problems, users should store their seed phrases carefully and fully understand how Bitcoin transactions work.
Is Electrum Wallet Safe?
Despite the phishing issues that have arisen to tarnish Electrum’s reputation, the wallet has a proven security record.
It remains one of the most powerful and trustworthy Bitcoin wallets to date. Advanced users benefit most from the wallet, as it offers zero custodial risk, strong security, and support for hardware wallets.
If you’re serious about Bitcoin and want full control over your BTC transactions, our experts suggest that Electrum Wallet is still one of the best choices in the cryptocurrency space.
Our seasoned traders at CommuniTrade offer valuable insights to help you make informed decisions about your investments. Learn what actual Electrum users say about the wallet and learn some tips when using it in our verified online trading community.
FAQs
What is the Electrum seed phrase?
The Electrum Wallet seed phrase is comprised of words that Electrum uses to generate a user’s private keys. You can use this phrase to recover a wallet by selecting “Restore Wallet” during the startup process.
Why did my Electrum Wallet freeze?
In most cases, sending a high number of transactions usually causes your wallet to freeze.
The best solution is to send smaller BTC amounts to one of the Electrum addresses and consolidate your transaction inputs.
Can I import private keys into my Electrum Wallet?
On the latest version of the wallet, importing private keys into a wallet with a seed is not allowed. Instead, users will need to sweep them or create a special wallet without a seed.
Learn Whether Electrum Wallet is for You
Electrum’s commitment to being a Bitcoin-focused wallet ensures the security of its app. While it may not suit adept users seeking to manage stablecoins, Ethereum, or NFTs, Electrum Wallet is excellent for Bitcoin storage, customization, and privacy.
Still not sure whether Electrum is the right choice for you? We can help you make an informed decision at CommuniTrade!
Discover the advantages of Bitcoin-only wallets and determine if they align with your trading objectives. Our online trading community offers a safe space where you can interact with expert traders, learn fresh insights, and share your experiences to help others.
