Electrum:
the oldest wallet in this entire project, carrying a real, documented history to match its age.
We tore apart Electrum, launched in 2011 and still the reference point advanced Bitcoin users compare newer wallets against, across the same seven weighted categories as this series; from genuinely deep, real Bitcoin-specific transaction tools, broad hardware wallet compatibility, and a fully independent posture with no exchange affiliation at all, to a real, documented history of two distinct security incidents years apart, a persistent, ongoing phishing-site risk that multiple sources flag as the software's biggest actual threat, no official iOS app, and the same deliberate Bitcoin-only scope we found reviewing Sparrow and BlueWallet; and landed on a score the marketing page won't show you.
Our take, up front: Electrum, launched in 2011 by Thomas Voegtlin, is genuinely the oldest wallet we've reviewed across this entire project, predating every hot wallet in this series and most of the hardware wallets too. Real, genuinely non-custodial architecture stores encrypted private keys locally, recoverable via a 12-word seed phrase. Real, fully open-source under the MIT license, with a large, active community reported at 300-plus contributing developers. Real, genuinely deep Bitcoin-specific transaction tools include Replace-by-Fee, Child-Pays-for-Parent, multisig, watch-only wallets, and bulk payments via a single multi-output transaction. Real, broad hardware wallet compatibility spans Trezor, Ledger, and KeepKey. Real, fully independent posture: Electrum isn't linked to any exchange, a genuinely clean contrast to the exchange-affiliation nuances we flagged reviewing Coinbase Wallet and OKX Wallet. What we can't set aside: Electrum carries a real, documented history of two distinct security incidents. A code-level vulnerability affecting version 2.6, first appearing in February 2016 and publicly detailed in 2017, allowed malicious websites to redirect funds even from password-protected wallets. Separately, in 2020, a real, significant phishing campaign used fake software-update prompts to steal a reported "millions" in BTC from users. At least one detailed source frames this precisely: the core software itself isn't the primary ongoing risk, it's how users obtain and verify it, since fake Electrum sites mimicking the official one remain a persistent, ongoing problem. Real, consistently-corroborated platform limitation: there's no official iOS app and no browser extension, desktop plus Android only. We weighted all of it below.
Real, genuinely non-custodial architecture: private keys are stored locally, encrypted, with recovery via a 12-word seed phrase. Real, fully open-source under the MIT license, with a large, active developer community reported at 300-plus contributors. Real, broad hardware wallet compatibility including Trezor, Ledger, and KeepKey. Real, advanced Bitcoin-specific transaction tools: Replace-by-Fee, Child-Pays-for-Parent, multisig, and watch-only wallets. What we can't set aside: Electrum has a real, documented history of two distinct security issues. In 2016-2017, a code-level vulnerability affecting version 2.6 allowed malicious websites to redirect funds even from password-protected wallets. In 2020, a real, significant phishing campaign used fake software-update prompts to steal a reported "millions" in BTC from users. At least one detailed source frames this precisely: the core software itself is not the primary ongoing risk, but rather how users obtain and verify it, since fake Electrum sites mimicking the official one remain a persistent, ongoing problem. We'd recommend verifying download signatures against the official GPG key before installing.
Pros
- Genuinely non-custodial, fully open-source, large developer community
- Advanced Bitcoin-specific tools: RBF, CPFP, multisig, watch-only wallets
- Broad hardware wallet compatibility
Cons
- Real, documented 2016-2017 code vulnerability (v2.6)
- Real, significant 2020 phishing campaign stole reported millions in BTC
- Fake Electrum sites remain a persistent, ongoing risk
Real, deliberately, entirely Bitcoin-only, with no other chains supported at all, consistent with the same philosophy we found reviewing Sparrow and BlueWallet.
Pros
- Deep, comprehensive support for Bitcoin-specific features and standards
Cons
- Bitcoin only; no other chains supported at all
Real, fast setup, independently described as taking under five minutes for experienced users. Real, honest, consistently-noted limitation: the interface is basic, and users must manually configure advanced features through multiple steps, with multiple sources agreeing it's not beginner-friendly. Real, no fiat on-ramping built in.
Pros
- Fast setup, under five minutes for experienced users
- Lightweight, minimal-resource SPV design
Cons
- Basic interface, not beginner-friendly per multiple sources
- No built-in fiat on-ramping
Real, desktop availability across Windows, macOS, and Linux, plus Android; real, consistently-corroborated limitation across multiple sources: there's no official iOS app and no browser extension. No independently-documented reliability or uptime complaints found in our research.
Pros
- Available on Windows, macOS, Linux, and Android
- No documented reliability issues found
Cons
- No official iOS app; no browser extension
Electrum has been operating since 2011, genuinely the oldest wallet we've reviewed across this entire project, with a large, active open-source developer community. Real, honest limitation, consistently noted: customer support is limited. Real, the wallet is not linked to any exchange, a genuinely independent positioning relative to several other wallets in this series.
Pros
- Genuinely the longest track record in this entire project, since 2011
- Fully independent; no exchange affiliation of any kind
Cons
- Limited customer support, consistently noted across sources
Real, entirely free, open-source software. Real, customizable, expert-praised low transaction fees, giving users granular control over what they pay.
Pros
- Completely free, open-source software
- Granular, customizable fee control, expert-praised
Cons
- None significant found in our research
Real, advanced transaction tools including Replace-by-Fee, Child-Pays-for-Parent, multisig, watch-only wallets, and bulk payments via a single multi-output transaction. Real, cold storage and offline wallet creation built directly into the interface.
Pros
- Deep, real Bitcoin-specific advanced transaction tooling
- Built-in cold storage and offline wallet creation
Cons
- No byte-level transaction transparency comparable to Sparrow
Download only through Electrum's official site and verify the signature.
Given the real, documented history of fake Electrum sites and malicious update campaigns, this matters more than any other wallet in this series: verify the download signature against the official Electrum GPG key before installing, not just the URL.
The Bitcoin-only penalty applies here too, but so does something Sparrow and BlueWallet didn't carry.
As with Sparrow and BlueWallet, a chunk of this score reflects our general-purpose, cross-asset methodology penalizing a deliberately Bitcoin-only tool. But we want to be precise about something else: unlike those two wallets, both of which had clean disclosed-incident records, Electrum carries a real, documented history of two distinct security issues across its long life, plus an ongoing phishing-site risk multiple sources independently flag as the software's actual biggest threat today. None of that makes Electrum unsafe for what it is; fifteen years of continuous, open development and a massive user base speak to real, durable trust. It does mean this isn't the same "clean slate, discount the Asset score and it's excellent" story we told for Sparrow. Here, both the scope and the history are real factors.
The scorecard above is deliberately general. Whether Electrum is right for you depends heavily on which of these you already are.
The technical Bitcoin holder who wants granular fee and UTXO control on desktop
Genuinely deep, real tools like RBF, CPFP, and custom fees give experienced users control few other hot wallets match.
The user pairing a hardware wallet with a desktop interface for transaction management
Broad hardware wallet compatibility makes this a solid, real companion to keep keys offline while using Electrum for the interface.
The Android user comfortable with a desktop-first tool that treats mobile as secondary
Real Android support exists, though the product is clearly designed desktop-first, with no iOS app at all.
Beginners, iOS users, or anyone who wants a wallet with a fully clean incident history
The basic interface, lack of iOS support, and real documented incident history make this a poor starting point for newcomers.
The scorecard covers the headline judgment calls. These four tables cover the specifics we didn't want to bury in prose; the two documented incidents precisely, three Bitcoin-only wallets compared, the confirmed no-iOS limitation, and how thirteen wallets in this series now compare on custody model.
The two documented incidents, precisely
| When | What |
|---|---|
| First appeared Feb 2016; publicly detailed 2017 | A code-level vulnerability in version 2.6 allowed malicious websites to redirect funds, even from password-protected wallets |
| 2020 | A phishing campaign used fake software-update prompts to steal a reported "millions" in BTC from users |
| Ongoing | Fake Electrum sites mimicking the official one remain a persistent, documented problem |
At least one detailed source frames this precisely: the core software today is not the primary ongoing risk, how users obtain and verify it is; verifying the download signature against the official GPG key is the standard, recommended mitigation.
Three Bitcoin-only wallets, compared
| Sparrow | BlueWallet | Electrum | |
|---|---|---|---|
| Founded | Recent (Craig Raw) | 2017 | 2011 |
| Platform | Desktop only | Mobile + macOS | Desktop + Android |
| Disclosed incidents | None found | None found | Two, documented |
| Transaction transparency | Byte-level raw viewer | Standard view | Standard view with fee/UTXO control |
| Multisig depth | Full coordinator | 2-of-3 | Supported |
Electrum's much longer history means more time for both community trust to build and for real incidents to occur; that trade-off is worth weighing directly against Sparrow's and BlueWallet's shorter but currently clean records.
The confirmed no-iOS limitation
| Source | Confirms no iOS app |
|---|---|
| cryptonews.com | Yes; desktop and Android only |
| cryptomaniaks.com | Yes, explicitly: "no official iOS app" |
| bitedge.com | Yes: "mobile version is currently only available on Android" |
This is consistently corroborated across three independent sources, not a discrepancy.
Thirteen custody models, compared
| Exodus | MetaMask | Zengo | Trust Wallet | Phantom | Best Wallet | Sparrow | BlueWallet | Coinbase Wallet | Rabby | Rainbow | OKX Wallet | Electrum | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Scope | Multi | Multi | Multi | Multi | Multi | Multi | BTC | BTC | Multi | EVM | EVM | Multi | BTC |
| Disclosed incidents | None | None | None | 3 confirmed | 1 disputed | None found | None | None | None | None | Reliability reports | None | 2 confirmed |
| Since | 2015 | 2016 | 2018 | 2017 | ~2021 | 2023 | Recent | 2017 | 2018 | 2021 | 2018 | Long-running | 2011 |
Electrum and Trust Wallet are the only two wallets in this series with confirmed, documented security incidents; Electrum's are older and its founding predates every other wallet reviewed by years.
We don't just want to hand you our number; we want to show you how it sits next to what other review desks and comparison sites have published. Several sources address the 2016-2017 and 2020 incidents directly, which we appreciated, even where their overall scoring still landed more positively than ours.
Our score lands substantially below the aggregated industry average, for two compounding reasons: the same Bitcoin-only methodology tension we've applied to Sparrow and BlueWallet, plus a real, documented incident history most sources treat as historical footnotes rather than an ongoing scoring factor.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of August 2026. "Editorial estimate" means the outlet didn't publish a single numeric score, so we converted their published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
The current software is widely regarded as safe when downloaded correctly. The real, ongoing risk multiple sources flag is fake versions and phishing sites rather than the current code itself; always verify your download's signature against the official GPG key.
Yes, two distinct documented incidents: a code vulnerability in version 2.6 first appearing in 2016 and detailed in 2017, and a separate 2020 phishing campaign using fake update prompts that stole a reported "millions" in BTC from users.
No, Electrum is Bitcoin-only by deliberate design, the same philosophy we found reviewing Sparrow and BlueWallet elsewhere in this series.
No, confirmed across multiple independent sources: there's no official iOS app. Electrum is available on Windows, macOS, Linux, and Android only.
Yes, broad compatibility includes Trezor, Ledger, and KeepKey devices, letting you keep keys offline while using Electrum for the interface.
Nothing. It's free, open-source software with granular, customizable fee control over what you pay on-chain.
Multiple sources consistently describe it as better suited to intermediate and advanced Bitcoin users; complete beginners are generally pointed toward simpler wallets like Trust Wallet or Coinbase Wallet as a starting point.
No, Electrum is fully independent with no exchange affiliation of any kind, a genuinely clean contrast to some other wallets in this series.
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