diff --git a/freqtrade/arguments.py b/freqtrade/arguments.py
index 84e1a0f77..a33848c5f 100644
--- a/freqtrade/arguments.py
+++ b/freqtrade/arguments.py
@@ -115,7 +115,8 @@ class Arguments(object):
         self.parser.add_argument(
             '--dynamic-whitelist',
             help='dynamically generate and update whitelist'
-                 ' based on 24h BaseVolume (default: %(const)s)',
+                 ' based on 24h BaseVolume (default: %(const)s)'
+                 ' DEPRECATED.',
             dest='dynamic_whitelist',
             const=constants.DYNAMIC_WHITELIST,
             type=int,
diff --git a/freqtrade/configuration.py b/freqtrade/configuration.py
index feec0cb43..7ddcf1639 100644
--- a/freqtrade/configuration.py
+++ b/freqtrade/configuration.py
@@ -110,10 +110,14 @@ class Configuration(object):
 
         # Add dynamic_whitelist if found
         if 'dynamic_whitelist' in self.args and self.args.dynamic_whitelist:
-            config.update({'dynamic_whitelist': self.args.dynamic_whitelist})
-            logger.info(
-                'Parameter --dynamic-whitelist detected. '
-                'Using dynamically generated whitelist. '
+            # Update to volumePairList (the previous default)
+            config['whitelist'] = {'method': 'VolumePairList',
+                                   'config': {'number_assets': self.args.dynamic_whitelist}
+                                   }
+            logger.warning(
+                'Parameter --dynamic-whitelist has been deprecated, '
+                'and will be completely replaced by the whitelist dict in the future. '
+                'For now: using dynamically generated whitelist based on VolumePairList. '
                 '(not applicable with Backtesting and Hyperopt)'
             )
 
diff --git a/freqtrade/constants.py b/freqtrade/constants.py
index f8fb91240..c200137cb 100644
--- a/freqtrade/constants.py
+++ b/freqtrade/constants.py
@@ -124,6 +124,14 @@ CONF_SCHEMA = {
                 'ignore_roi_if_buy_signal_true': {'type': 'boolean'}
             }
         },
+        'whitelist': {
+            'type': 'object',
+            'properties': {
+                'method': {'type': 'string'},
+                'config': {'type': 'object'}
+            },
+            'required': ['method']
+        },
         'telegram': {
             'type': 'object',
             'properties': {
diff --git a/freqtrade/freqtradebot.py b/freqtrade/freqtradebot.py
index ebe30cec6..19a22b87d 100644
--- a/freqtrade/freqtradebot.py
+++ b/freqtrade/freqtradebot.py
@@ -59,9 +59,8 @@ class FreqtradeBot(object):
         self.persistence = None
         self.exchange = Exchange(self.config)
         self.wallets = Wallets(self.exchange)
-        if self.config.get('dynamic_whitelist', None):
+        if self.config.get('whitelist', {}).get('method') == 'VolumePairList':
             self.pairlists: StaticPairList = VolumePairList(self, self.config)
-
         else:
             self.pairlists: StaticPairList = StaticPairList(self, self.config)
 
diff --git a/freqtrade/pairlist/VolumePairList.py b/freqtrade/pairlist/VolumePairList.py
index c79f3c5c0..41f9943a1 100644
--- a/freqtrade/pairlist/VolumePairList.py
+++ b/freqtrade/pairlist/VolumePairList.py
@@ -18,9 +18,10 @@ class VolumePairList(StaticPairList):
     def __init__(self, freqtrade, config: dict) -> None:
         self._freqtrade = freqtrade
         self._config = config
+        self._whitelistconf = self._config.get('whitelist', {}).get('config')
         self._whitelist = self._config['exchange']['pair_whitelist']
         self._blacklist = self._config['exchange'].get('pair_blacklist', [])
-        self._number_pairs = self._config.get('dynamic_whitelist', None)
+        self._number_pairs = self._whitelistconf.get('number_assets')
         if not self._freqtrade.exchange.exchange_has('fetchTickers'):
             raise OperationalException(
                 'Exchange does not support dynamic whitelist.'
diff --git a/freqtrade/tests/test_acl_pair.py b/freqtrade/tests/test_acl_pair.py
index 8e41ad860..a12de9a81 100644
--- a/freqtrade/tests/test_acl_pair.py
+++ b/freqtrade/tests/test_acl_pair.py
@@ -4,7 +4,6 @@ from unittest.mock import MagicMock
 
 from freqtrade import OperationalException
 from freqtrade.tests.conftest import get_patched_freqtradebot
-
 import pytest
 
 # whitelist, blacklist
@@ -109,9 +108,11 @@ def test_gen_pair_whitelist(mocker, default_conf, tickers) -> None:
 
 
 def test_gen_pair_whitelist_not_supported(mocker, default_conf, tickers) -> None:
-    freqtrade = get_patched_freqtradebot(mocker, default_conf)
+    default_conf['whitelist'] = {'method': 'VolumePairList',
+                                 'config': {'number_assets': 10}
+                                 }
     mocker.patch('freqtrade.exchange.Exchange.get_tickers', tickers)
     mocker.patch('freqtrade.exchange.Exchange.exchange_has', MagicMock(return_value=False))
 
     with pytest.raises(OperationalException):
-        freqtrade._gen_pair_whitelist(base_currency='BTC')
+        get_patched_freqtradebot(mocker, default_conf)
diff --git a/freqtrade/tests/test_configuration.py b/freqtrade/tests/test_configuration.py
index 23fefd3cd..951d831b2 100644
--- a/freqtrade/tests/test_configuration.py
+++ b/freqtrade/tests/test_configuration.py
@@ -119,7 +119,8 @@ def test_load_config_with_params(default_conf, mocker) -> None:
     configuration = Configuration(args)
     validated_conf = configuration.load_config()
 
-    assert validated_conf.get('dynamic_whitelist') == 10
+    assert validated_conf.get('whitelist', {}).get('method') == 'VolumePairList'
+    assert validated_conf.get('whitelist', {}).get('config').get('number_assets') == 10
     assert validated_conf.get('strategy') == 'TestStrategy'
     assert validated_conf.get('strategy_path') == '/some/path'
     assert validated_conf.get('db_url') == 'sqlite:///someurl'
@@ -194,8 +195,9 @@ def test_show_info(default_conf, mocker, caplog) -> None:
     configuration.get_config()
 
     assert log_has(
-        'Parameter --dynamic-whitelist detected. '
-        'Using dynamically generated whitelist. '
+        'Parameter --dynamic-whitelist has been deprecated, '
+        'and will be completely replaced by the whitelist dict in the future. '
+        'For now: using dynamically generated whitelist based on VolumePairList. '
         '(not applicable with Backtesting and Hyperopt)',
         caplog.record_tuples
     )