Electrum Wallet: Review, Download and Seed Phrase [2022]

Electrum wallet: review, download, addresses, iPhone, fee, and recovery

In this manual you will learn how to download and how to use Electrum v4.3.0 and newer.

Download for Windows/Linux

GitHub

What is Electrum?

Electrum is a desktop bitcoin wallet compatible with many systems be it Windows, Mac or Linux. It was developed by the German computer scientist Thomas Vögtlin1. This application should be efficient and easy to use.

Supported coins

Electrum only supports Bitcoin. The project has never supported any altcoins, only BTC. Thus, neither Ethereum nor Monero is supported in the main version of the application.

However, Electrum is open source software and there are many forks that support certain altcoins. Over the years, many developers have contributed to the open source code, which is available to everyone on Github.2

electrum

  • Wallet Name: Electrum
  • Accepted coins: Bitcoin only
  • Supported exchanges: all major bitcoin exchanges
  • Countries: Available worldwide
  • Languages: 29, including English
  • Mobile Compatibility: The Android wallet was released in 2016 for mobile use
  • An iOS version is coming soon.

Safety and reliability

Experts rank Electrum as one of the most secure wallets on the market. Recently, the number of cryptocurrencies has been increasing, but this application is designed purely as a bitcoin wallet. It excludes all other currencies. Thus, it has high working speed and safety.

The main highlight of the application is its focus on security. Electrum not only ensures that your assets are not lost during unforeseen events, but also allows you to recover them using secret seed phrase.

electrum front

According to update reviews3, Electrum is the most secure bitcoin wallet due to the encryption methods used to protect private keys. Electrum has a highly secure seed phrase, a random passphrase used to generate keys. That is why the application offers the same level of security as the Bitcoin private key.

Two-factor authentication provides enhanced wallet security. Two independent encryption methods continue to protect you from any danger.

What are the fees?

The total fee is 0.2 mBtc (Millibitcoin), but in some cases it can be reduced to 0.1 mBtc or lower. All fees are already included in the displayed amount. A warning will appear if your wallet balance is below the fee.

How to use Electrum

Step 1 - Download the Software

First, you need to make the appropriate selection for your operating system in order to download. Go to download section of the company website. electrum download

After downloading the software, proceed to the second step.

Step 2 - Install the wallet

Double-click the downloaded file. Until you can change the language, installation is initially in English. At the beginning of the installation, you are asked how to connect to the server. Select "Auto connect". electrum server

Now you decide whether you want to open a new wallet or restore the old one. Click "Next" to install a new wallet.

electrum install

Then you need to specify what type of wallet you want to create. You have four different options: electrum create

  1. Standard wallet
  2. Wallet with two-factor authentication
  3. Multi-signature wallet
  4. Import Bitcoin addresses or private keys.

Essentially, this is the choice of the type of seed phrase. You will most likely have to select "Standard".

The app will now ask: Do you want to create a new seed phrase or restore your wallet using an existing one?

  1. Create a new seed
  2. I already have a seed
  3. Use a master key
  4. Use a hardware device.

To create a wallet, select "Create a new seed". electrum keystore

Now the most important step, because you must remember the following wallet generation data with 12 consecutive words: electrum seed

Then you need to enter these words to make sure that you wrote them down or saved them correctly. electrum confirm

Start typing your words one at a time. The software itself will offer options for autocomplete words. electrum confirm

In the last step, you can (and should) create a password, but it's not required. electrum password

Step 3 - Get your address and fund your wallet

Get your address. Go to the "Receive" tab. Click "Create Request". electrum receive

  1. Go to the "Receive" tab.
  2. Click the "Address" button.
  3. Click the "copy" button.
electrum address

The characters in the Address field are your personal wallet address. Now you can fund your account using your personal address.

Video Guide

How To Setup and Use Electrum Wallet (Step By Step)

How To Setup & Use Electrum Wallet (Step By Step). Follow this video and learn how to setup and use Electrum Bitcoin Wallet to store Bitcoin.
How To Setup & Use Electrum Wallet (Install, Send & Receive Bitcoin)
How To Setup & Use Electrum Wallet (Install, Send & Receive Bitcoin). This video explains how to set up and use Electrum wallet to send and receive Bitcoin.

Recovery

With a seed phrase, you can recover your own password if you ever forget it. Therefore, you should store your passphrase offline. It is necessary to make it so that unauthorized access to your phrase is practically impossible.

There are 3 recovery options:

  1. “I already have a seed” - when you have a SEED phrase
  2. “Use a master key” - use a master key for recovery
  3. “Use a hardware device” - use a hardware wallet (Trezor or Ledger).

The wallet recovery algorithm is as follows:

  • Launch Electrum and create a new wallet.

  • Select “Standard Wallet”. electrum create

  • Select “Use a hardware device” if you want to use a seed phrase from a hardware wallet. If you have a seed phrase written down on paper, then select the “I already have a seed” option. electrum create

  • Select your bitcoin address format in your wallet account. electrum p2pkh
  • legacy (p2pkh) This account is similar to legacy accounts with addresses starting with 1 that do not support SegWit.
  • p2sh-segwit (p2wpkh-p2sh) This account is similar to the standard account with addresses starting with 3 and SegWit support.
  • native segwit (p2wpkh) This account supports the Bech32 standard and is not fully supported yet, but is supported by the Trezor firmware.

  • After all your public keys have been imported and the wallet transaction history has been synced, you will be able to see the transaction history and all addresses of your account.
How To Restore Electrum Wallet From Seed (12 Word Phrase)
How To Restore Electrum Wallet From Seed. If you have lost access to your Electrum Bitcoin wallet you can restore it using the 12 word phrase.

Two-factor authentication and its fees

As features, the Electrum wallet offers two-factor authentication and multi-signature wallets. Each transaction sent using two-factor authentication costs 0.0005 BTC.

“There will be a small fee for every transaction using a remote server. You can check and change your payment settings after installation is complete.” - Frequently Asked Questions — Electrum documentation

Why is there such a commission? You pay for TrustedCoin to act as a subscriber in your multi-sig wallet. They check the 2FA code you entered and, if it’s correct, they sign the transaction4.

How to use 2fa in Electrum
The CryptoDad walks you through the basic steps of using 2-factor authentication in the Electrum Bitcoin Wallet.

The video lasts for 8 minutes and 7 seconds.

Portable version

As the name suggests, Portable Electrum does not require any installation to be deployed on your computer.

You can download the latest version of Portable Electrum from the link below:

Can I install Electrum on Iphone?

At the moment it is not possible. An iOS version is coming soon.

Using Electrum on a phone is a bad idea from a privacy point of view. Electrum is an SPV client, which means it connects to a server that collects all information related to your wallet. But things get even worse when this collected information is combined with data received from motion sensors, such as accelerometers and gyroscopes, which are found in every smartphone. This data can be easily captured by surveillance services, which can create digital footprints of your walking patterns and identify you at any time.

Avoid using Electrum on iPhone. Better install BlueWallet. You can also connect BlueWallet to any Electrum server. This may be important to you if you are running your own server.

Does Electrum support Ethereum, Monero, USDT or Litecoin?

Wallet does not support Ethereum or Monero. For Ethereum, you can install MyEtherWallet. It’s also open source. For Monero, use Gui Wallet.

Electrum is better than Exodus?

When comparing Electrum and Exodus in terms of ease of use, Exodus definitely wins with its more beginner-friendly modern design. Not only is Exodus easier to use, but it also has things like live charts and visualizations to help you see what’s going on with your assets.

Alternatives

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