Electrum is a Bitcoin only, non-custodial wallet and supports cold storage wallets such as Keepkey, Ledger and Trezor.

It is simple to setup across devices, and the user is walked through every step of the process using the official Electrum guide. During the initial process, users have the choice between setting up their wallet with 2FA, multiple signature security or standard security for a watch-only wallet. The seed and private keys are encrypted using AES-256-CBC and provides equal level of security, it only temporarily decrypts while the owner signs a transaction. In the case of loss of funds, the wallet can be recovered from its seed.

When managing bitcoin with Electrum or any other digital wallet, it is advised to start by sending a small test amount. Once the test transaction has been successful, users can proceed in sending a larger transaction.

The Electrum wallet is mostly utilized by the more experienced investors, however, documentation and instruction guides are outlined adequately for users of any level. Regarding the interface, it has been described as simple, easy to use and accommodates well for sending and receiving BTC, handling multiple addresses and general fund management.

Since the security breach in 2020, Electrum developers have ensured to install robust security measures. At present, the wallet is is deemed as very safe, and it is trusted amongst the Bitcoin community. As it is a free software, Electrum appears to be short of customer support. Nonetheless, the Electrum community across their social media platforms, are present and informative. The open source aspect is very appreciated, as the software is accessible to the public making it viewable and auditable content, strengthening Electrum’s reliability status.