Electrum wallet review 2021 | Experience and costs of Electrum wallet!
This Electrum wallet review is written in the context of the ever-increasing threat of cybercrime. This makes it even more important to protect your data. This is especially true if this data is worth a lot of money, as is the case with cryptocurrencies. It is therefore important that you have a safe place to store your cryptos.
So-called cryptocurrency wallets have been developed for this purpose, where you can safely store your coins both online and offline. The Electrum Wallet is one of the most well-known online crypto wallets and was also one of the first Bitcoin wallets on the market.
Electrum wallet review - roadmap
1 - Choose a broker: Find a suitable and reliable crypto currency broker (we recommend eToro!)
2 - Deposit money: But create a new account and start with your first deposit.
3 - Find your crypto: Simply find the crypto currency you want to invest in and set your deposit.
4 - Use your wallet: Don't trade CFD? When you buy the coin as a possession you save it in your Electrum Wallet!
Also start investing in cryptocurrency? At eToro you trade in a wide range of different crypto currencies. Create an account and start today!
This Electrum wallet review takes a closer look at this Bitcoin wallet. Also, the Electrum wallet review tells you where to buy Bitcoin for your Electrum wallet and how to do it.
How can I buy Cryptos for my wallet?
With only an Electrum wallet you will obviously not get far. You will also have to add cryptocurrency to it. Therefore, before we continue with the Electrum wallet review, we will explain you step by step how you can buy cryptocurrency.
In addition, we also list some of our recommended cryptocurrency brokers in this Electrum wallet review. This way, you can trade crypto currencies on a safe platform.
Step 1: Choose an online broker | Step 3: Deposit money on your account | Step 5: Store your newly purchased cryptocurrency |
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Step 1: Choose an online broker
Before you can buy crypto, you will have to choose an online crypto broker. There are many crypto brokers on the market today, which often makes it hard to see the forest for the trees. For trading cryptos through an online broker, you will also have to pay fees to the broker.
So when you are looking for a suitable broker, you will not only have to look at the crypto products they offer, but also at the costs involved in trading crypto.
To make sure you are at a good online crypto broker, we have listed a number of reliable brokers for you below.
eToro
eToro is our recommendation when it comes to crypto investments. At this broker, you can invest in a large number of cryptos. In addition, the platform is extremely friendly for the novice investor.
You can make use of a number of user-friendly features, such as the CopyTrading function. With this tool, you can view the portfolios of experienced investors selected by eToro and even copy them in their entirety.
This way, you can easily create a strong and diversified portfolio. If you are not yet comfortable with investing, you can first start with a free demo account.
This way you can trade with virtual money without any risk. Are you then ready to invest with real money, you can start low thanks to the minimum deposit of $50 (€42).
At eToro, in addition to buying crypto, you can also invest in a variety of other trading forms, such as trading in ETFs, stocks, indices and commodities. If you trade in stocks and ETFs, you even pay 0% commission.
eToro is regulated by the FCA and CySec. You can therefore confidently invest through this platform without running unnecessary risk.
Would you like to start for free today at eToro? Then create an account today and explore the platform!
Libertex
Libertex is one of the oldest online brokers on the market and has remained active on the broker market worldwide all this time. The broker trades CFDs of trading products, including crypto products such as Bitcoin.
Trading in crypto CFDs means that you do not own the digital currency. You invest in a fall or rise in the price of the currency.
This is a very popular form of investment for cryptos, as cryptocurrencies are very volatile.
In this way, you are not stuck with cryptocurrency when the price is falling. In addition, with CFDs you can even invest in price drops.
This way you will make a return on cryptocurrencies which are falling.
Make sure you use a stop-loss and consider carefully what kind of leverage you want to use. This will prevent large losses if you make a wrong speculation.
It is important for brokers to be properly regulated by financial regulators. Libertex is regulated by the Cypriot CySec.
A big advantage of Libertex compared to specialist crypto brokers is the fact that the company also offers CFDs of other trading products, such as stocks, commodities, indices or ETFs.
Want to explore the platform risk-free? This is possible with the free demo account that the platform offers. You only have to give your e-mail address.
When you are comfortable with the platform, you can switch to real money investing from the low minimum deposit of €100. You will also receive a discount on higher deposit amounts.
Create a free account at Libertex now by clicking the green button!
Bitvavo
If you are looking for a crypto exchange, Bitvavo is an interesting broker for you. This broker specialises entirely in trading cryptocurrency and is registered with the DNB.
In addition to the well-known moments such as Bitcoin and Ethereum, Bitvavo also offers the smaller crypto currencies. You can buy more than 50 crypto currencies at Bitvavo. It is expected that this offer will expand in the coming years.
Bitvavo also allows you to buy Bitcoin itself, which means you need to have somewhere safe to store it. This is where an Electrum Bitcoin Wallet comes into play. You can use the Electrum wallet to safely store your Bitcoin purchases.
For novice crypto investors, Bitvavo's platform is perfect because it is fully and the interface is very minimalist and user-friendly. This way, you will be familiar with the platform in no time and you can fully focus on investing in cryptos.
Bitvavo has become popular thanks to, among other things, the low transaction costs that the platform entails. You can also easily deposit money using a variety of payment options, including the payment method iDeal.
Start investing immediately at this broker!
Capital.com
Capital.com is a trading platform that focuses on the European market. The platform was founded in 2016 and has since won many awards, including Best Online Trading Platform 2019 and Most Innovative Broker 2019.
In addition to trading cryptos, you can also buy other trading products at Capital.com, such as stocks, commodities and indices. The trading platform is regulated by several bodies: the UK FCA and the Cypriot CySec.
However, Capital.com only offers crypto CFDs. So you cannot buy the actual currency here, but can speculate on price changes.
If you want to invest in other trading products besides cryptos, Capital.com is certainly an interesting broker. The awards that the company has received in a short time are proof that this broker is definitely worthwhile.
Create a free account now by using the green button!
Step 2: Create an account
Once you have chosen a particular broker, you can create an account to access the platform.
This is the same for most brokers. We will take eToro as an example. If you go to the eToro homepage and click on 'Sign up now', you can create an account.
Once you have filled in the details, you will have to activate your account via the verification link that you receive on the email address provided. This will give you access to the platform, but you can now only invest with virtual money using the demo function.
If you want to start trading with real money, you will have to go through some additional verification steps. You will need to upload a copy of your ID, link your bank account and complete a questionnaire to make you aware of the risks of investing.
Step 3: Deposit money into your account
Once the verification has been approved, you can start investing real money on the platform. You now have the opportunity to deposit funds into your account.
This can be done through a variety of payment options, including PayPal, bank transfer or iDeal. The first time you will need to deposit a minimum of €42.
If you invest in euros, eToro will convert the currency to the currency in which the trading product is traded. Often, this is the US dollar.
Step 4: Choose and buy a cryptocurrency
If you want to invest in crypto like Bitcoin right away, you can do this via eToro in two ways.
If you already know which coin you want to invest in, you can enter the exact name or the ticker in the search bar and you will be taken directly to the landing page. Would you rather see what the offer is? You can also filter on just crypto currencies and check out all of them.
Of course you will have to do some more research here. You will find many crypto currencies that you probably never heard of. You can see what the price growth has been over different periods.
Step 5: Store your newly purchased cryptocurrency
In which way you can store the cryptocurrency you bought, depends on the type of investment. For example, CFD orders are stored on your account and there is nothing to store, but at crypto exchanges like Bitvavo you can use the Electrum wallet.
On crypto exchanges you can often choose to send the crypto to an external wallet like the Electrum wallet. You will have to enter the address of your Electrum wallet. Make sure this is entered correctly, if it is not, you might lose the crypto.
You can find the address in the Electrum wallet itself when you press Receive on the Electrum wallet platform. Do you always have questions about investing? Then read this Electrum wallet review further for more information.
Do you want to invest in crypto currencies, but you don't know yet through which broker you want to do this? We recommend eToro, through this broker you can easily and safely invest in crypto currencies!
About the Electrum Wallet
This part of the Electrum wallet review briefly discusses the wallet and its origins.
The Electrum Bitcoin wallet is a desktop wallet for storing Bitcoin. The Electrum wallet was founded in 2011, when Bitcoin was only worth a few euros.
About 10% of all Bitcoin transactions are made using the Electrum wallet.
At the time of writing this Electrum wallet review, you can use the Electrum wallet on different operating systems, such as Windows, Mac or Linux. The Electrum wallet is known for its compactness and efficiency.
The Electrum wallet is considered one of the best Bitcoin wallets on the market thanks to its complete focus on just Bitcoin. Thus, the platform works almost always fast and without any problems. That is why we have created this Electrum wallet review.
How do I create an Electrum Bitcoin Wallet?
You can download the Daedalus Wallet from the Daedalus website, the download is quick and the installation does not take long either.
In this section of the Electrum wallet review, we explain how to create an Electrum Bitcoin wallet. You can easily create this crypto wallet on the Electrum wallet website.
Make sure you choose the Electrum wallet for your operating system.
In the installation process you can give your wallet a personal name, specify what kind of wallet it should be and create a backup if your wallet crashes (a 'seed').
The Electrum wallet seed is a series of 12 words. So it is very important that you write this down somewhere, print it out or save it, so you can find it back if you need to restore your account.
You will also have to set a strong password, so that you are protected against malware and cybercriminals. Your installation will then be ready and you will see 4 tabs. History, Send, Receive and Addresses. In the 'History' tab, you will find all the transactions that have taken place.
Send' allows you to send Bitcoin yourself and 'Receive' allows you to request a Bitcoin payment with a QR code. Addresses shows the Bitcoin addresses that are linked.
Did reading this Electrum wallet review make you interested in investing in cryptocurrency? Then click on the green button and start investing in the virtual currencies immediately!
Did you become enthusiastic about investing in crypto currencies? Then don't wait any longer and don't miss a thing! Create an account at a broker quickly and start investing today!
Why the Electrum Wallet?
So far, this Electrum Wallet review has mainly dealt with the usage and general information about the Electrum Wallet, but why should you choose this crypto wallet? We will explain this further in this part of the Electrum wallet review.
If you want a crypto wallet for Bitcoin only, there is almost no other candidate that compares to Electrum. The platform is completely focused on Bitcoin and as one of the first Bitcoin wallets, it has also had enough time to optimize.
electrum bitcoin wallet experience
The Electrum wallet is one of the most secure Bitcoin wallets you can use and is free to download. You can also select the level of security during installation, such as two-factor authentication.
You can also integrate the Electrum wallet with a hardware crypto wallet, or a physical wallet. For example, you can use the physical crypto wallets TREZOR, KeepKey or the Ledger NANO S. You can link these to the Electrum wallet, so you have an online and offline crypto wallet at your disposal.
That's why we gladly recommend the wallet in this Electrum wallet review.
Advantages and disadvantages of Electrum Wallet
Pros
Cons
In the last part of this Electrum wallet review.
Tips for the Electrum Bitcoin Wallet
We will explain some tips related to the use of the Electrum wallet.
Choose extra security
In the installation window for the Electrum Bitcoin wallet you will see that you can choose between a standard wallet, two-factor authentication or a multi signature wallet. It is best to choose for some extra security, like for example the two-factor authentication.
This way your crypto wallet remains extra secure. Especially when you invest larger amounts in crypto, security is very important.
Check external forums like the Bitcoin Talk Forum and Reddit
Here users discuss their experiences with the crypto wallet and you will find for example a personal Electrum wallet review by different users. So you can get an Electrum wallet review from different perspectives that can help you make the right choice.
Electrum Review: Frequently Asked Questions
Although downloading the Electrum Bitcoin wallet is free, there are still fees associated with the transactions you make on this platform. However, this differs based on the urgency with which you want to make a transaction.
A slider allows you to set this level and the higher the cost, the faster the transaction will take place.
In general, the Electrum wallet is safe, but even safe wallets can be attacked by cybercriminals. Similarly, the Electrum platform was attacked by hackers, but this was dealt with quickly and without real damage.
So make sure you also have an offline or 'cold' wallet, so you can store larger amounts of crypto offline and use the Electrum wallet for trading.
No, you can only store the original Bitcoin cryptocurrency on the official Electrum wallet. Derivative crypto currencies such as Bitcoin Cash unfortunately cannot be stored on it.
This depends on how secure you have your crypto wallet, but after you have installed the desktop crypto wallet you can access your Electrum wallet on that computer. Remember the login details and with basic security you will be able to log in on other devices after installation.
Electrum Wallet Review: Conclusion
In this Electrum Wallet review, we have read that the wallet is one of the oldest crypto wallets on the market. Thanks to the simplicity and security of the crypto wallet, it is no wonder that about 10% of all Bitcoin transactions are done on this platform.
Just make sure that your crypto wallet and the device you use to access the Electrum wallet are well secured and that you store larger assets on an offline wallet.
You can easily integrate this with the Electrum wallet, so when you want to make an online transaction, you can easily transfer it from your offline crypto wallet to the Electrum wallet.
Finally, in this Electrum wallet review we listed all advantages and disadvantages, and gave you tips on how to use the Electrum wallet.
Ready to use your Electrum wallet after reading this Electrum wallet review? Then click on the green button below to get started with your first crypto investments.
Start investing in cryptos?
Through eToro you can start investing in cryptos today. Create a free account and explore the platform!
