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Very few bitcoin wallets can say they’ve been in the game since the very beginning. Founded in 2011, Electrum made its way on the scene when bitcoin’s value was just a few dollars. It is estimated that some 10% of all bitcoin transactions occur on Electrum, but is it the right wallet for you?

What is Electrum?

Electrum is a desktop bitcoin wallet that is compatible with multiple operating platforms, such as Windows, Mac and Linux. It was developed by a German computer scientist and designed to be lightweight and efficient.

Over the years, various developers have contributed to its source code, making it what many people believe to be one of the most trusted wallets available.

Although there are more than 900 cryptocurrencies on the market today, Electrum’s sole focus is bitcoin in an attempt to ensure that the platform remains fast and efficient at all times.

One of Electrum’s core features is its integration with the major hardware wallets, such as TREZOR, KeepKey and Ledger Nano S. This means you can integrate Electrum with any of these premium hardware wallets.


  • Windows, Mac and Linux. Android wallet was also launched in 2016 for mobile use.
  • Electrum is compatible with the major bitcoin hardware wallets.

How much does it cost?

As a service provider, Electrum charges transaction fees for sending bitcoin. The default fee is a flat rate of 0.2 mBTC. This rate can be reduced to 0.1 mBTC* or even lower in some cases.

The transaction fee is included in the sum of the amount you want to send. The Electrum platform will issue a warning if the total transaction amount exceeds your wallet balance.

*Note: mBTC = millibitcoin, or one-thousandth of a bitcoin.

Which currencies can I store?

At present, Electrum only supports bitcoin.

  • Bitcoin

How do I add currency to my wallet?

In addition to receiving bitcoin payments, you can transfer bitcoin to your Electrum wallet from another wallet. This can be done by locating your bitcoin receiving address in the “Receive” tab on Electrum.

Next, transfer funds from the service you are currently using into your unfunded Electrum wallet.

How do I make or receive payments with Electrum?

To make a payment on Electrum, click the “Send” tab. The “Pay To” field is where you type in the bitcoin address or copy it from the clipboard.

After clicking Send, you will be prompted to type in the password you created when you opened the wallet.

Your Electrum wallet can also receive bitcoin payments. This can be done by opening the “Receive” tab. Your Receiving address is essentially your bitcoin address. Anyone who knows your bitcoin address can send you a payment.

How secure is Electrum?

Electrum is considered one of the most secure bitcoin wallets available today, and that’s largely due to the encryption techniques it uses to secure your private keys.

Electrum also has a highly secure seed, which is the random phrase that is used to generate your private keys. Without getting overly technical, the Electrum seed provides essentially the same level of security as a bitcoin private key.

Your seed is extremely important, as it is the only way you can recover your password if you forget it. As mentioned earlier, the password you initiate when you open the Electrum wallet is needed to send bitcoin payments.

Where can I get Electrum?

The electrum bitcoin wallet is available for download at electrum.org, which is the official website for the platform. Users of Ledger, TREZOR and KeepKey hardware wallets can also use Electrum to store their bitcoin.

Electrum wallet homepage

Electrum pros and cons


    • Widely used platform.
    • Very fast and easy to set up.
    • Good privacy features.
    • Integration with hardware wallets for added security.


  • Not ideal for beginners.
  • Only supports bitcoin.

Next steps

Getting started with the Electrum bitcoin wallet is quick and easy. Simply visit electrum.org and click “Download.” Here, you’ll be prompted to choose your installation method. In just a few clicks, you’ll be ready to use Electrum.

Frequently asked questions

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    Default Gravatar
    September 25, 2018

    Can electrum hold other cryptos? XRP for example?

      Avatarfinder Customer Care
      September 26, 2018

      Hi Brayden,

      Thank you for leaving a question.

      Electrum is an electronic wallet that is currently dedicated to Bitcoin. You may compare different wallets that support different cryptocurrencies. Hope this helps!


    Default Gravatar
    January 24, 2018

    Now that I have somebtc in electrum, I want to know how to “cash out” and get it back into real cash into my bank account. How do I do that?

      Avatarfinder Customer Care
      January 30, 2018

      Hi Phil,

      Thanks for your inquiry.

      Once you already have BTC in your Electrum, you’ll have to go through an exchange and sell your BTC from there then you may transfer the funds to your bank account so you may withdraw or “cash-out”.

      If you are new to Bitcoin, you may find our cryptocurrency guide helpful as it has information some of the most commonly traded cryptocurrencies in the market today.

      Best regards,

    Default Gravatar
    December 3, 2017

    Please can you give the names of some of the best Trading Exchanges that support the Electrum Wallet

      Default Gravatar
      December 3, 2017

      Hi Paul,

      Thanks for your inquiry

      The page above states that Electrum is compatible with the major bitcoin hardware wallets. To know exactly what these are, you may contact Electrum directly.

      Hope this information helps


    Default Gravatar
    November 22, 2017

    I am looking to buy Bitcoin and just keep it in a secure wallet and just let it grow. My question is are there fees for just allowing it to just grow with no other transactions and also can i allow what i purchase to just sit until I see the numbers around 20K per coin?

      Avatarfinder Customer Care
      November 23, 2017

      Hi Ygriffin3131,

      Thank you for your inquiry.

      Regarding this matter, you should confirm with the provider what are the fees they may apply to your account.

      I hope this information has helped.


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