Are you interested in starting your journey in cryptocurrency? If yes, the Electrum crypto wallet is the perfect option. It is one of the open-source crypto software wallets for Bitcoin that is suitable for beginners. Besides, it was released in 2011 and is equipped with many features. Electrum Wallet has gained more popularity among crypto investors because of its outstanding security feature. Electrum crypto wallet enables the trader to get the most out of the BTC without trouble. This type of software wallet is designed with a user-friendly interface. So people need previous experience to access the wallet while swapping BTC. Are your wondering how to trade BTC in the Electrum crypto wallet? Keep reading this article to learn. How to Swap Bitcoin in Electrum Wallet.
How to Setup Electrum Wallet?
Electrum is the best software crypto wallet that provides security compared to an online wallet. Setting up an Electrum bitcoin wallet is simple for new and existing users. It is not only a safe BTC storage solution but also provides a solution to trade bitcoin . Besides, the Electrum crypto wallet is an ideal option if you desire to use bitcoin for virtual payment. Let’s see simple steps to setup electrum crypto wallet to Swap Bitcoin in Electrum Wallet:
- First, visit the official portal of Electrum and click on the download option.
- Click on Windows Installer
- Open download on the device and follow onscreen instructions
- After completing the installation process, open the Electrum bitcoin wallet
- Now it will ask if you need to restore an existing wallet or create a new one. If you don’t have a crypto wallet, you can create a new account in Electrum. Click on Create a New Wallet. Choose standard wallet and tap on next button.
- Electrum bitcoin wallet will generate the recover seed phrase. Writing down the recovery seed in a safe place would be best. Twelve words enable you to restore the BTC wallet if you lose the wallet or if anything happens to your device.
Note – You must keep the backup seed safe, like your bank login details. Without the private key, you cannot be able to restore the Electrum crypto wallet. You don’t store the recovery seed on the desktop because it is hacked.
- You will enter the recovered seed again to check whether it is correct or not.
- Seed idioms play a critical role in the Electrum bitcoin wallet that doesn’t reduce security.
- Next, the wallet will ask you to create a password. You can create a strong password you never used on any other website or application. It is a significant security step in the crypto wallet, so you don’t make a simple password, which hacks. Create the password and confirm it. Click on the next button.
- It would be best to choose a server you need to connect to the wallet. It is recommended to click on the Auto Connect option for a better experience.
- Click on next. Now Electrum crypto wallet is ready to buy and sell Bitcoin.
Once you set up the wallet , you can start trading Bitcoin.
Read Also: How To Swap Crypto From Safepal Wallet?
Steps to Swap Bitcoin in Electrum Wallet:
Exchanging the bitcoin with the Electrum crypto wallet is simple. New crypto traders can buy or sell the bitcoin without difficulty. If you need to Swap Bitcoin in Electrum Wallet, you can follow the bellow-given steps:
- Click on send option on the main screen of the Electrum Bitcoin wallet.
- Copy the wallet address you need to send BTC. You can send bitcoin to friends, crypto exchanges, and online stores.
- Paste the wallet address on the box, which say pay to. Double-check the wallet address to ensure it is correct or not before sending BTC. Remember, it is not refundable if you send it to the wrong wallet address.
- Now you can enter how much bitcoin you need to send or sell
- With the help of the slider, you can adjust the transaction. If the transaction takes a more extended period, the fee is lower. The transaction fee is higher if you need to send Bitcoin .
- Before confirming, you should double-check all information. If everything is correct, you can click on the send button.
You can contact Electrum Wallet support service if you have any doubts about swapping the bitcoin in electrum wallet. The company offers excellent customer support service with talented technicians. The experts understand the user’s problem and give an immediate solution.
Electrum is one of the best software wallet for people trading in bitcoin. It is straightforward to use, which makes the wallet viable for daily use. You can Swap Bitcoin by using the steps mentioned above. In addition, the Electrum bitcoin wallet is designed with many features that offer the best experience to users.
Frequently Asked Questions (FAQ)
Is It Safe to Trade Bitcoin With Electrum Wallet?
It is safe to use the Electrum crypto wallet to trade cryptocurrency. It has impressive security features such as cold wallet, open-source, password protection, and backup seed phrase. So, traders don’t want to worry about the loss of bitcoin while using this crypto wallet.
Why Should You Choose Electrum Crypto Wallet?
Electrum is one of the famous open-source crypto wallets in the current marketplace. There are many reasons for choosing Electrum over other crypto wallets. Let’s see why!
- Open-source software
- User-friendly interface
- Reliable crypto wallets
- Two-factor authentication
- Support different devices
- Low transaction fee
What is Electrum BTC’s Transaction Fee?
Electrum crypto wallet offers a low transaction fee for trading in Bitcoin. The fee can vary based on how faster the crypto transaction is. The wallet charges more transaction fees if you want to sell bitcoin . In addition, the Electrum crypto wallet is written in python and reviewed by communities.