Electrum
Electrum Technologies GmbH
Data verified on unchanged since the sources
Worth it if you hold only Bitcoin and want independence: MIT open-source with reproducible builds, multisig, hardware-wallet support and a link to your own node.
Avoid it if you hold assets on other chains or want a simple interface: it covers Bitcoin only and by default connects to public Electrum servers.
Electrum is a Bitcoin-only desktop and mobile wallet, lightweight and open-source (MIT license), active since 2011 and among the most trusted in the ecosystem. Private keys stay on the user's device (seed phrase) and it never takes control of funds. It supports hardware wallet integration (Ledger, Trezor, Coldcard), multisig, cold storage with watching-only wallets, and connecting to your own Bitcoin node (e.g. ElectrumX/Electrs) to maximize privacy and independence.
Data & conditions
| Fund custody | Self-custody (funds in your control) |
|---|---|
| Type | Software (hot wallet) |
| Source code | Open-source |
| Recovery | Seed phrase (Electrum seed / BIP-39) |
| Bitcoin-only | Yes |
| Supported chains | Bitcoin |
| WalletConnect | No |
| Hardware wallet support | Yes |
| Segment | B2C |
| MiCA / License status | Nessuna (wallet self-custody non-custodial) |
Strengths
- MIT open-source with reproducible builds; hardware wallet, multisig and cold storage support; can connect to your own Bitcoin node for privacy and sovereignty.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
- No KYC: usable without identity verification.
- Open-source, verifiable code.
- Self-hostable: you can run your own instance or node.
Weaknesses
- Bitcoin only (no other chains); spartan interface aimed at technical users; by default connects to public Electrum servers (better to run your own node).
- No notable sovereignty drawback documented.
Verdict
Score 4.4/5, very strong profile. In its favour: mIT open-source with reproducible builds; hardware wallet, multisig and cold storage support; can connect to your own Bitcoin node for privacy and sovereignty. The trade-off to weigh: bitcoin only (no other chains); spartan interface aimed at technical users; by default connects to public Electrum servers (better to run your own node).
On the Sovereignty lens the score is 5.0/5 (outstanding): the strength is privacy & anonymity (5.0/5), while censorship resistance (4.8/5) is the weak link.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
Reputation
What happened to people who used Electrum, and what users say. External signals: they do not feed the promp.it rating.
Incidents & regulatory actions
Past incidents, resolvedDocumented and closed events. They stay on file: an operator’s past is data, not a verdict.
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Hack / funds theft Severe ✓ resolved
Malicious servers exploited a client flaw to display fake update messages and push malware: hundreds of bitcoin stolen, flaw fixed in version 3.3.3
Electrum is a light wallet: it does not download the blockchain, it connects to servers on the public ElectrumX network. Up to version 3.3.3 the client displayed error messages received from the server as rich text, unfiltered — Qt's default behaviour. An attacker therefore put a large number of malicious servers online across different IP address ranges, to raise the odds of clients connecting to them: when a user tried to broadcast a transaction, the server replied with a fake error message inviting them to download an Electrum 'update'. That file was malware, and installing it emptied the wallet. The flaw is documented by the developers themselves in the report opened on 26 December 2018 in the project's official repository, and was closed in version 3.3.3; from 3.3.4 onwards server messages are no longer rendered as rich text. An independent analysis estimated that at its peak the attacker controlled around 70% of the network's servers. Figures differ across sources and none is official: from the 200+ BTC of the early accounts to the 771+ BTC attributed to the whole series of attacks, which continued for months into 2019 — which is why no amount is stated here. Affected users were not reimbursed: Electrum is free, non-custodial software, and there is no intermediary to claim from. The case is closed in the sense that the vulnerability was fixed years ago, not in the sense that anyone recovered what was taken.
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FAQ
Is Electrum open source?
Yes. Electrum is free software released under the MIT license, with reproducible builds: the code is public and verifiable.
Does Electrum support hardware wallets?
Yes. Electrum integrates with hardware wallets such as Ledger, Trezor and Coldcard, and supports multisig and cold storage via watching-only wallets.
Can I use Electrum with my own Bitcoin node?
Yes. Electrum can connect to a personal Electrum server backed by your own full Bitcoin node (e.g. ElectrumX or Electrs), so you don't rely on public servers and maximize privacy and independence.
Sources
- Official service page Versione · Licenza · Funzioni Data verified on Jun 20, 2026
- en.bitcoin.it Storia · Azienda · Hardware · Nodo Data verified on Jun 20, 2026
- f-droid.org Piattaforme Data verified on Jun 20, 2026