TL;DR
Both can run a 2-of-3 with hardware wallets. Sparrow is easier to read and has better backups for a multisig. Electrum is older, lighter and more battle-tested, but it can’t import a descriptor.
| Sparrow | Electrum | |
|---|---|---|
| Around since | 2020 | 2011 |
| Interface | Detailed, modern | Plain, dated |
| Imports a descriptor | Yes | No; rebuild from the three xpubs |
| Descriptor backup with QR (PDF) | Yes | No |
| Coin control | Detailed | Available |
| Hardware wallets | USB, QR, microSD | USB, some QR |
Why I use Sparrow
It was built with multisig and hardware wallets in mind. Creating the wallet, registering it on each device and backing up the descriptor are all clear steps. The transaction view shows exactly what you’re about to sign before the devices do.
Why people stick with Electrum
Electrum has been used by more people for longer than almost any other bitcoin wallet. It’s small, runs everywhere and has a big community. If you already know it well, it will do the job.
The catch with Electrum
It doesn’t import descriptors. To recover a multisig in Electrum you need the three xpubs and the exact settings, which is more room for error than loading one file. If you choose Electrum, write the xpubs and derivation paths down as part of your backup.
Fake downloads
Both have been impersonated by fake sites. Type the address yourself (sparrowwallet.com or electrum.org) and verify the signature before installing, as in step 3.