diff --git a/freqtrade/rpc/external_message_consumer.py b/freqtrade/rpc/external_message_consumer.py
index 1c2a27617..ae7c1f765 100644
--- a/freqtrade/rpc/external_message_consumer.py
+++ b/freqtrade/rpc/external_message_consumer.py
@@ -90,16 +90,16 @@ class ExternalMessageConsumer:
         """
         Start the main internal loop in another thread to run coroutines
         """
+        if self._thread and self._loop:
+            return
+
+        logger.info("Starting ExternalMessageConsumer")
+
         self._loop = asyncio.new_event_loop()
+        self._thread = Thread(target=self._loop.run_forever)
+        self._thread.start()
 
-        if not self._thread:
-            logger.info("Starting ExternalMessageConsumer")
-
-            self._thread = Thread(target=self._loop.run_forever)
-            self._thread.start()
-            self._running = True
-        else:
-            raise RuntimeError("A loop is already running")
+        self._running = True
 
         self._main_task = asyncio.run_coroutine_threadsafe(self._main(), loop=self._loop)
 
@@ -121,6 +121,11 @@ class ExternalMessageConsumer:
 
             self._thread.join()
 
+            self._thread = None
+            self._loop = None
+            self._sub_tasks = None
+            self._main_task = None
+
     async def _main(self):
         """
         The main task coroutine
diff --git a/tests/conftest.py b/tests/conftest.py
index fffac8e0a..6ce767918 100644
--- a/tests/conftest.py
+++ b/tests/conftest.py
@@ -58,6 +58,11 @@ def log_has(line, logs):
     return any(line == message for message in logs.messages)
 
 
+def log_has_when(line, logs, when):
+    """Check if line is found in caplog's messages during a specified stage"""
+    return any(line == message.message for message in logs.get_records(when))
+
+
 def log_has_re(line, logs):
     """Check if line matches some caplog's message."""
     return any(re.match(line, message) for message in logs.messages)
diff --git a/tests/rpc/test_rpc_emc.py b/tests/rpc/test_rpc_emc.py
new file mode 100644
index 000000000..6512ff2be
--- /dev/null
+++ b/tests/rpc/test_rpc_emc.py
@@ -0,0 +1,79 @@
+"""
+Unit test file for rpc/external_message_consumer.py
+"""
+import pytest
+
+from freqtrade.data.dataprovider import DataProvider
+from freqtrade.rpc.external_message_consumer import ExternalMessageConsumer
+from tests.conftest import log_has, log_has_when
+
+
+@pytest.fixture(autouse=True)
+def patched_emc(default_conf, mocker):
+    default_conf.update({
+        "external_message_consumer": {
+            "enabled": True,
+            "producers": [
+                {
+                    "name": "default",
+                    "url": "ws://127.0.0.1:8080/api/v1/message/ws",
+                    "ws_token": "secret_Ws_t0ken"
+                }
+            ]
+        }
+    })
+    dataprovider = DataProvider(default_conf, None, None, None)
+    emc = ExternalMessageConsumer(default_conf, dataprovider)
+
+    try:
+        yield emc
+    finally:
+        emc.shutdown()
+
+
+def test_emc_start(patched_emc, caplog):
+    # Test if the message was printed
+    assert log_has_when("Starting ExternalMessageConsumer", caplog, "setup")
+    # Test if the thread and loop objects were created
+    assert patched_emc._thread and patched_emc._loop
+
+    # Test we call start again nothing happens
+    prev_thread = patched_emc._thread
+    patched_emc.start()
+    assert prev_thread == patched_emc._thread
+
+
+def test_emc_shutdown(patched_emc, caplog):
+    patched_emc.shutdown()
+
+    assert log_has("Stopping ExternalMessageConsumer", caplog)
+    # Test the loop has stopped
+    assert patched_emc._loop is None
+    # Test if the thread has stopped
+    assert patched_emc._thread is None
+
+    caplog.clear()
+    patched_emc.shutdown()
+
+    # Test func didn't run again as it was called once already
+    assert not log_has("Stopping ExternalMessageConsumer", caplog)
+
+
+def test_emc_init(patched_emc, default_conf, mocker, caplog):
+    # Test the settings were set correctly
+    assert patched_emc.initial_candle_limit <= 1500
+    assert patched_emc.wait_timeout > 0
+    assert patched_emc.sleep_time > 0
+
+    default_conf.update({
+        "external_message_consumer": {
+            "enabled": True,
+            "producers": []
+        }
+    })
+    dataprovider = DataProvider(default_conf, None, None, None)
+    with pytest.raises(ValueError) as exc:
+        ExternalMessageConsumer(default_conf, dataprovider)
+
+    # Make sure we failed because of no producers
+    assert str(exc.value) == "You must specify at least 1 Producer to connect to."