diff --git a/electrum/commands.py b/electrum/commands.py
index 993f13d97..eb630c0ba 100644
--- a/electrum/commands.py
+++ b/electrum/commands.py
@@ -49,6 +49,7 @@ from .bip32 import BIP32Node
 from .i18n import _
 from .transaction import (Transaction, multisig_script, TxOutput, PartialTransaction, PartialTxOutput,
                           tx_from_any, PartialTxInput, TxOutpoint)
+from . import transaction
 from .invoices import PR_PAID, PR_UNPAID, PR_UNKNOWN, PR_EXPIRED
 from .synchronizer import Notifier
 from .wallet import Abstract_Wallet, create_new_wallet, restore_wallet_from_text, Deterministic_Wallet
@@ -779,8 +780,19 @@ class Commands:
 
     @command('wp')
     async def bumpfee(self, tx, new_fee_rate, from_coins=None, decrease_payment=False, password=None, unsigned=False, wallet: Abstract_Wallet = None):
-        """ Bump the Fee for an unconfirmed Transaction """
-        tx = Transaction(tx)
+        """Bump the fee for an unconfirmed transaction.
+        'tx' can be either a raw hex tx or a txid. If txid, the corresponding tx must already be part of the wallet history.
+        """
+        if is_hash256_str(tx):  # txid
+            tx = wallet.db.get_transaction(tx)
+            if tx is None:
+                raise Exception("Transaction not in wallet.")
+        else:  # raw tx
+            try:
+                tx = Transaction(tx)
+                tx.deserialize()
+            except transaction.SerializationError as e:
+                raise Exception(f"Failed to deserialize transaction: {e}") from e
         domain_coins = from_coins.split(',') if from_coins else None
         coins = wallet.get_spendable_coins(None)
         if domain_coins is not None:
diff --git a/electrum/tests/test_commands.py b/electrum/tests/test_commands.py
index 49eaa1165..286d96028 100644
--- a/electrum/tests/test_commands.py
+++ b/electrum/tests/test_commands.py
@@ -4,7 +4,7 @@ from decimal import Decimal
 
 from electrum.commands import Commands, eval_bool
 from electrum import storage, wallet
-from electrum.wallet import restore_wallet_from_text
+from electrum.wallet import restore_wallet_from_text, Abstract_Wallet
 from electrum.address_synchronizer import TX_HEIGHT_UNCONFIRMED
 from electrum.simple_config import SimpleConfig
 from electrum.transaction import Transaction, TxOutput, tx_from_any
@@ -297,16 +297,28 @@ class TestCommandsTestnet(ElectrumTestCase):
         wallet = restore_wallet_from_text('right nominee cheese afford exotic pilot mask illness rug fringe degree pottery',
                                           gap_limit=2,
                                           path='if_this_exists_mocking_failed_648151893',
-                                          config=self.config)['wallet']
+                                          config=self.config)['wallet']  # type: Abstract_Wallet
 
         funding_tx = Transaction("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")
         funding_txid = funding_tx.txid()
         wallet.adb.receive_tx_callback(funding_txid, funding_tx, TX_HEIGHT_UNCONFIRMED)
 
         cmds = Commands(config=self.config)
-        tx = "02000000000101b9723dfc69af058ef6613539a000d2cd098a2c8a74e802b6d8739db708ba8c9a0100000000fdffffff02a00f00000000000016001429e1fd187f0cac845946ae1b11dc136c536bfc0fe8b2000000000000160014100611bcb3aee7aad176936cf4ed56ade03027aa02473044022063c05e2347f16251922830ccc757231247b3c2970c225f988e9204844a1ab7b802204652d2c4816707e3d3bea2609b83b079001a435bad2a99cc2e730f276d07070c012102ee3f00141178006c78b0b458aab21588388335078c655459afe544211f15aee050721f00"
+        orig_rawtx = "02000000000101b9723dfc69af058ef6613539a000d2cd098a2c8a74e802b6d8739db708ba8c9a0100000000fdffffff02a00f00000000000016001429e1fd187f0cac845946ae1b11dc136c536bfc0fe8b2000000000000160014100611bcb3aee7aad176936cf4ed56ade03027aa02473044022063c05e2347f16251922830ccc757231247b3c2970c225f988e9204844a1ab7b802204652d2c4816707e3d3bea2609b83b079001a435bad2a99cc2e730f276d07070c012102ee3f00141178006c78b0b458aab21588388335078c655459afe544211f15aee050721f00"
+        orig_tx = tx_from_any(orig_rawtx)
+        orig_txid = orig_tx.txid()
         self.assertEqual("02000000000101b9723dfc69af058ef6613539a000d2cd098a2c8a74e802b6d8739db708ba8c9a0100000000fdffffff02a00f00000000000016001429e1fd187f0cac845946ae1b11dc136c536bfc0f84b2000000000000160014100611bcb3aee7aad176936cf4ed56ade03027aa0247304402203aa63539b673a3bd70a76482b17f35f8843974fab28f84143a00450789010bc40220779c2ce2d0217f973f1f6c9f718e19fc7ebd14dd8821a962f002437cda3082ec012102ee3f00141178006c78b0b458aab21588388335078c655459afe544211f15aee000000000",
-                         await cmds.bumpfee(tx=tx, new_fee_rate='1.6', wallet=wallet))
-
+                         await cmds.bumpfee(tx=orig_rawtx, new_fee_rate='1.6', wallet=wallet))
+        # test txid as first arg
+        # -> first test while NOT having the tx in the wallet db:
+        with self.assertRaises(Exception) as ctx:
+            await cmds.bumpfee(tx=orig_txid, new_fee_rate='1.6', wallet=wallet)
+        self.assertTrue("Transaction not in wallet" in ctx.exception.args[0])
+        # -> now test while having the tx:
+        assert wallet.adb.add_transaction(orig_tx)
+        self.assertEqual("02000000000101b9723dfc69af058ef6613539a000d2cd098a2c8a74e802b6d8739db708ba8c9a0100000000fdffffff02a00f00000000000016001429e1fd187f0cac845946ae1b11dc136c536bfc0f84b2000000000000160014100611bcb3aee7aad176936cf4ed56ade03027aa0247304402203aa63539b673a3bd70a76482b17f35f8843974fab28f84143a00450789010bc40220779c2ce2d0217f973f1f6c9f718e19fc7ebd14dd8821a962f002437cda3082ec012102ee3f00141178006c78b0b458aab21588388335078c655459afe544211f15aee000000000",
+                         await cmds.bumpfee(tx=orig_txid, new_fee_rate='1.6', wallet=wallet))
+        wallet.adb.remove_transaction(orig_txid)  # undo side-effect on wallet
+        # test "from_coins" arg
         self.assertEqual("02000000000101b9723dfc69af058ef6613539a000d2cd098a2c8a74e802b6d8739db708ba8c9a0100000000fdffffff02a00f00000000000016001429e1fd187f0cac845946ae1b11dc136c536bfc0f84b2000000000000160014100611bcb3aee7aad176936cf4ed56ade03027aa0247304402203aa63539b673a3bd70a76482b17f35f8843974fab28f84143a00450789010bc40220779c2ce2d0217f973f1f6c9f718e19fc7ebd14dd8821a962f002437cda3082ec012102ee3f00141178006c78b0b458aab21588388335078c655459afe544211f15aee000000000",
-                         await cmds.bumpfee(tx=tx, new_fee_rate='1.6', from_coins="9a8cba08b79d73d8b602e8748a2c8a09cdd200a0393561f68e05af69fc3d72b9:1", wallet=wallet))
+                         await cmds.bumpfee(tx=orig_rawtx, new_fee_rate='1.6', from_coins="9a8cba08b79d73d8b602e8748a2c8a09cdd200a0393561f68e05af69fc3d72b9:1", wallet=wallet))
diff --git a/electrum/transaction.py b/electrum/transaction.py
index 248642905..b11a2ee64 100644
--- a/electrum/transaction.py
+++ b/electrum/transaction.py
@@ -802,7 +802,7 @@ class Transaction:
         if is_segwit:
             marker = vds.read_bytes(1)
             if marker != b'\x01':
-                raise ValueError('invalid txn marker byte: {}'.format(marker))
+                raise SerializationError('invalid txn marker byte: {}'.format(marker))
             n_vin = vds.read_compact_size()
         if n_vin < 1:
             raise SerializationError('tx needs to have at least 1 input')