diff --git a/electrum b/electrum
index 2397f0ebb..cae8073cc 100755
--- a/electrum
+++ b/electrum
@@ -161,13 +161,13 @@ def init_cmdline(config):
 
         print_msg("Wallet saved in '%s'" % wallet.storage.path)
 
-    if cmd.name not in ['create', 'restore'] and cmd.requires_wallet and not storage.file_exists:
-        print_msg("Error: Wallet file not found.")
-        print_msg("Type 'electrum create' to create a new wallet, or provide a path to a wallet with the -w option")
-        sys.exit(0)
-
-    # create wallet instance
-    wallet = Wallet(storage) if cmd.requires_wallet else None
+    else:
+        if cmd.requires_wallet and not storage.file_exists:
+            print_msg("Error: Wallet file not found.")
+            print_msg("Type 'electrum create' to create a new wallet, or provide a path to a wallet with the -w option")
+            sys.exit(0)
+        # create wallet instance
+        wallet = Wallet(storage) if cmd.requires_wallet else None
 
     # notify plugins
     always_hook('cmdline_load_wallet', wallet)