diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index b3b347016..257846e6d 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -284,7 +284,8 @@ class Exchange:
         :raise: OperationalException if stake-currency is not available.
         """
         quote_currencies = self.get_quote_currencies()
-        if stake_currency not in quote_currencies:
+        # stake_currency can be empty for certain util commands.
+        if stake_currency and stake_currency not in quote_currencies:
             raise OperationalException(
                 f"{stake_currency} is not available as stake on {self.name}. "
                 f"Available currencies are: {', '.join(quote_currencies)}")
diff --git a/tests/exchange/test_exchange.py b/tests/exchange/test_exchange.py
index 8b2e439c3..543182409 100644
--- a/tests/exchange/test_exchange.py
+++ b/tests/exchange/test_exchange.py
@@ -365,7 +365,7 @@ def test__reload_markets_exception(default_conf, mocker, caplog):
     assert log_has_re(r"Could not reload markets.*", caplog)
 
 
-@pytest.mark.parametrize("stake_currency", ['ETH', 'BTC', 'USDT'])
+@pytest.mark.parametrize("stake_currency", ['ETH', 'BTC', 'USDT', ''])
 def test_validate_stake_currency(default_conf, stake_currency, mocker, caplog):
     default_conf['stake_currency'] = stake_currency
     api_mock = MagicMock()