Electrum wallet review 2018 | Features & fees | finder.com

Electrum bitcoin wallet review – December 2018

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Electrum Wallet
Electrum Wallet

Fast, safe and private are all features associated with Electrum.

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 now estimated that some 10% of all bitcoin transactions occur on Electrum. As you’ll soon see, there are many reasons why Electrum is the wallet of choice for many cryptocurrency enthusiasts.

Product Name Electrum Wallet
Wallet Type Desktop Client
Mobile
Supported Cryptocurrencies BTC

Pros

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

Cons

  • Not ideal for beginners.
  • Only supports bitcoin.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

This wallet isn’t currently available via the finder website right now. Please see our comparison of other crypto wallets for options to consider.

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.

Compatibility

  • 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

Pros

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

Cons

  • 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

Image source: Electrum Wallet

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8 Responses

  1. Default Gravatar
    BraydenSeptember 25, 2018

    Can electrum hold other cryptos? XRP for example?

    • finder Customer Care
      johnbasanesSeptember 26, 2018Staff

      Hi Brayden,

      Thank you for leaving a question.

      Electrun is an electronic wallet which is currently dedicated to Bitcoin. You may want to check this page to see the different wallets that support different cryptocurrencies. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    PhilJanuary 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?

    • finder Customer Care
      RenchJanuary 30, 2018Staff

      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”.

      You can find this guide helpful to know more about cryptocurrency.

      Best regards,
      Rench

  3. Default Gravatar
    PaulDecember 3, 2017

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

    • Default Gravatar
      ArnoldDecember 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

      Cheers,
      Arnold

  4. Default Gravatar
    Ygriffin3131November 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?

    • finder Customer Care
      HaroldNovember 23, 2017Staff

      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.

      Cheers,
      Harold

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