Electrum review: the oldest desktop Bitcoin wallet, with Lightning
Electrum has run since 2011 and still matters for one reason most desktop wallets cannot match: Lightning on a computer.
Electrum is a solid Bitcoin-only wallet for people who want Lightning on a computer or an Android phone, and for anyone already used to it. The trade-offs are its own seed format that most wallets cannot restore, Lightning that needs keys on the computer rather than a hardware wallet, and a server model that leaks your addresses unless you run your own. Run 4.8.3 or later: that release fixed a high-severity flaw that cost at least one user money in October 2026.
This review comes from Electrum's documentation, source code, release notes, and published security advisories. I have not used Electrum as a daily wallet.
Disclosure: I work at Blockstream, the company that makes the Jade wallets mentioned here. I joined after many years as a satisfied user. There are no affiliate links on this site.
What Electrum is and who makes it
Electrum is a lightweight Bitcoin wallet that Thomas Voegtlin created in November 2011. His company, Electrum Technologies GmbH in Berlin, founded in 2013, develops and distributes it under the MIT license. Electrum's FAQ says the project has never supported any altcoins, only Bitcoin.
It runs on Windows 10 (1809) and later, macOS 11 and later, Linux, and Android 8.0 and later, with the Android app on Google Play and F-Droid. There is no iPhone version. The latest release is 4.8.4, dated November 6, 2026, a security update for its Lightning code.
Electrum is fast because it uses servers that index the Bitcoin blockchain and checks your confirmed transactions with Simple Payment Verification (SPV). That design is the source of both its speed and its main privacy cost, covered below.
Who it is for, and who should pick something else
Pick Electrum if you want Lightning payments in a desktop app, an Android wallet that shares a codebase with your desktop one, or a wallet that boots straight into Tails, which ships Electrum. It also handles multisig wallets and cold storage with an offline computer.
Pick something else if your bitcoin lives on a hardware wallet. My Sparrow review explains why Sparrow suits that setup better: standard BIP39 seeds, air-gapped QR signing, and a direct Bitcoin Core connection. If you want Lightning on a phone with less to manage, look at my Lightning wallet picks.
Setting it up
Electrum's own pages carry the exact commands. The outline:
- 1Download only from electrum.org. Electrum's docs describe malicious clones advertised through Google ads on lookalike domains, and say the project does not buy ads.
- 2Verify the GPG signature before installing, following Electrum's verification guide. Each release is reproducible and signed independently by several builders, so a match proves the file came from them.
- 3Create a wallet. A standard wallet gets Electrum's own seed format; a hardware wallet keeps its own seed on the device.
- 4Set a password. Electrum encrypts your seed and private keys with AES-256-CBC and can encrypt the whole wallet file.
- 5Point Electrum at your own server if you have one, then send a small test amount in and out.
The seed format catch
Electrum uses the same 2,048-word list as BIP39, but Electrum does not generate BIP39 seeds. Its own seeds carry a version number, which BIP39 seeds lack. The practical effect: most other wallets cannot restore a seed phrase Electrum created, so your seed phrase backup should say "Electrum seed" on it. With a hardware wallet the seed lives on the device and follows that device's standard, so this matters less.
Hardware wallet support
Electrum's desktop app talks to hardware wallets through plugins. Its docs list libraries for Trezor, Ledger, KeepKey, BitBox02, Jade, and others, and Linux needs udev rules first. Of the Bitcoin-only devices I review, that means the Jade and the BitBox02 by USB.
One limit matters more than the device list. Electrum's code excludes hardware wallets from opening Lightning channels: Lightning needs a wallet whose private keys sit in Electrum, encrypted on your computer. You can hold savings on a hardware wallet in one Electrum wallet and spend over Lightning from a separate hot wallet, but you cannot do both from the same keys.
Lightning in Electrum
Electrum has Lightning built into the wallet, and its docs cover watchtowers and submarine swaps. Few desktop wallets have Lightning at all, and it is the main reason to choose Electrum today.
Channel backups need care. Electrum's release notes explain that Lightning keys are derived from the seed only for Electrum-seed wallets created in version 4.1 or later; wallets from BIP39 seeds or imported keys always have keys that the seed alone cannot recreate. Version 4.8.2 also found that some backups of anchor channels lacked a key needed to recover funds, and affected wallets warn on startup. If your wallet shows that warning, export new channel backups. For a fuller Lightning setup, see my guide to running a Lightning node.
Privacy: the server question
By default Electrum keeps connections to about 10 servers. One of them, picked arbitrarily, is the main server: it learns which addresses are yours, sees your transaction history, and broadcasts what you send. Every connected server sees your IP address, unless you use a proxy, VPN, or Tor. The main server is also trusted about unconfirmed transactions, and that trust is exactly what the October 2026 attack abused.
The fix for both problems is your own Electrum server. Electrum's FAQ recommends it for anyone who cares about privacy, and the October advisory says clients connected to a server they trust were safe from that attack. My Electrs vs Fulcrum guide covers the two common servers, and my node rankings cover boxes that run one for you. Electrum's docs also explain connecting through Tor.
Fees and costs
Electrum is free to download and use. You pay Bitcoin network fees on-chain and routing fees on Lightning. Electrum's site states that the company does not store user account data and cannot freeze funds or undo a transaction, and that it gives no private support, so anyone offering "Electrum support" in a private message is most likely an imposter.
Security record
Electrum publishes its advisories on GitHub. Here is what its advisory page lists, newest first. My incident tracker follows wallet incidents across the industry.
| Fixed in | Severity | What happened |
|---|---|---|
| 4.8.3, October 23, 2026 | High | A malicious server could swallow a transaction you broadcast and show a fake one paying the attacker. If you fee-bumped the fake, you signed a real payment to them. Electrum says some servers ran this attack and one user lost money. |
| 4.7.2, April 2026 | Medium | Malware already on the computer could make Electrum run an unauthorized plugin. |
| 4.7.2, April 2026 | Low | A Nostr Wallet Connect client could spend past its daily limit. |
| 4.4.0, April 2023 | High | On Android, Lightning payment proofs were not validated when sending. |
| 4.4.6, August 2023 | Medium | A partial multi-part Lightning payment might be accepted as complete. |
| 4.2.2, May 2022 | Medium | A BIP70 payment request could trick Electrum into opening a local file. |
The October 2026 fix is the one to act on. Electrum tagged 4.8.3 on October 23 and released the binaries and disclosure on October 24. The fix makes Electrum check the signatures on your own unconfirmed transactions, and the advisory notes it still cannot validate incoming ones. Two habits close the remaining gap: run your own server, and read every address and amount on your hardware wallet's screen before you approve, fee bumps included.
Release 4.8.4 followed on November 6 as another security update: malformed Lightning onion messages could make Electrum disconnect from its channel peer. Phishing is the other recurring risk: the docs list fake clones, clipboard hijackers, and fake support agents as common ways users lose coins.
How Electrum compares
Against Sparrow, Electrum wins on Lightning and Android and loses on hardware wallet support and seed portability. Against Specter Desktop, both handle multisig, but Specter is built to sit on your own Bitcoin Core node, while Electrum needs an Electrum server for the same privacy. My best desktop Bitcoin wallets list ranks them all, and the full field is on my software wallets page.
Verdict
Electrum earns its place for Lightning on a computer and for its long, public security process. For savings on a hardware wallet I would use Sparrow instead. If you keep using Electrum, stay on the current release, connect it to your own server, and label your seed backup as an Electrum seed.
Frequently asked questions
Is Electrum safe in 2026?
Yes, on version 4.8.3 or later and downloaded from electrum.org with a verified signature. Versions before 4.8.3 are exposed to a malicious-server attack that cost at least one user money in October 2026.
Was Electrum hacked?
Electrum itself was not breached, but in October 2026 some malicious servers showed users fake transactions and tricked one into fee-bumping a payment to the attacker. Electrum fixed it in 4.8.3. People connected to their own server were not affected.
Can I restore an Electrum seed in another wallet?
Usually not. Electrum creates its own seed format rather than BIP39, so most other wallets cannot restore it. Keep Electrum available for recovery, and label the backup.
Does Electrum work with a hardware wallet?
Yes, on desktop, with plugins for devices including Jade and BitBox02. Lightning channels cannot use a hardware wallet, though: Electrum needs the keys in the app for that.
Is there an Electrum app for iPhone?
No. Electrum runs on Windows, macOS, Linux, and Android only.