diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 6b8261afc..5b6e2b20d 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -311,8 +311,8 @@ class Exchange:
             self._markets = self._api.load_markets()
             self._load_async_markets()
             self._last_markets_refresh = arrow.utcnow().int_timestamp
-        except ccxt.BaseError as e:
-            logger.warning('Unable to initialize markets. Reason: %s', e)
+        except ccxt.BaseError:
+            logger.exception('Unable to initialize markets.')
 
     def reload_markets(self) -> None:
         """Reload markets both sync and async if refresh interval has passed """
diff --git a/tests/exchange/test_exchange.py b/tests/exchange/test_exchange.py
index 942ffd4ab..3439c7a09 100644
--- a/tests/exchange/test_exchange.py
+++ b/tests/exchange/test_exchange.py
@@ -498,7 +498,7 @@ def test__load_markets(default_conf, mocker, caplog):
     mocker.patch('freqtrade.exchange.Exchange._load_async_markets')
     mocker.patch('freqtrade.exchange.Exchange.validate_stakecurrency')
     Exchange(default_conf)
-    assert log_has('Unable to initialize markets. Reason: SomeError', caplog)
+    assert log_has('Unable to initialize markets.', caplog)
 
     expected_return = {'ETH/BTC': 'available'}
     api_mock = MagicMock()