diff --git a/freqtrade/configuration/config_validation.py b/freqtrade/configuration/config_validation.py
index 6a8374e6d..93d93263f 100644
--- a/freqtrade/configuration/config_validation.py
+++ b/freqtrade/configuration/config_validation.py
@@ -5,7 +5,7 @@ from jsonschema import Draft4Validator, validators
 from jsonschema.exceptions import ValidationError, best_match
 
 from freqtrade import constants, OperationalException
-
+from freqtrade.state import RunMode
 
 logger = logging.getLogger(__name__)
 
@@ -64,6 +64,7 @@ def validate_config_consistency(conf: Dict[str, Any]) -> None:
     # validating trailing stoploss
     _validate_trailing_stoploss(conf)
     _validate_edge(conf)
+    _validate_whitelist(conf)
 
 
 def _validate_trailing_stoploss(conf: Dict[str, Any]) -> None:
@@ -111,3 +112,15 @@ def _validate_edge(conf: Dict[str, Any]) -> None:
             "Edge and VolumePairList are incompatible, "
             "Edge will override whatever pairs VolumePairlist selects."
         )
+
+
+def _validate_whitelist(conf: Dict[str, Any]) -> None:
+    """
+    Dynamic whitelist does not require pair_whitelist to be set - however StaticWhitelist does.
+    """
+    if conf.get('runmode', RunMode.OTHER) in [RunMode.OTHER, RunMode.PLOT]:
+        return
+
+    if (conf.get('pairlist', {}).get('method', 'StaticPairList') == 'StaticPairList'
+       and not conf.get('exchange', {}).get('pair_whitelist')):
+        raise OperationalException("StaticPairList requires pair_whitelist to be set.")
diff --git a/freqtrade/configuration/configuration.py b/freqtrade/configuration/configuration.py
index 034f8d386..be1c7ab4e 100644
--- a/freqtrade/configuration/configuration.py
+++ b/freqtrade/configuration/configuration.py
@@ -179,6 +179,9 @@ class Configuration:
             config['exchange']['name'] = self.args["exchange"]
             logger.info(f"Using exchange {config['exchange']['name']}")
 
+        if 'pair_whitelist' not in config['exchange']:
+            config['exchange']['pair_whitelist'] = []
+
         if 'user_data_dir' in self.args and self.args["user_data_dir"]:
             config.update({'user_data_dir': self.args["user_data_dir"]})
         elif 'user_data_dir' not in config:
diff --git a/freqtrade/constants.py b/freqtrade/constants.py
index e8f3f5783..5fdd45916 100644
--- a/freqtrade/constants.py
+++ b/freqtrade/constants.py
@@ -235,7 +235,7 @@ CONF_SCHEMA = {
                 'ccxt_config': {'type': 'object'},
                 'ccxt_async_config': {'type': 'object'}
             },
-            'required': ['name', 'pair_whitelist']
+            'required': ['name']
         },
         'edge': {
             'type': 'object',
diff --git a/tests/test_configuration.py b/tests/test_configuration.py
index 2aa805fe6..cfb7f9a7f 100644
--- a/tests/test_configuration.py
+++ b/tests/test_configuration.py
@@ -729,6 +729,30 @@ def test_validate_edge(edge_conf):
     validate_config_consistency(edge_conf)
 
 
+def test_validate_whitelist(default_conf):
+    default_conf['runmode'] = RunMode.DRY_RUN
+    # Test regular case - has whitelist and uses StaticPairlist
+    validate_config_consistency(default_conf)
+    conf = deepcopy(default_conf)
+    del conf['exchange']['pair_whitelist']
+    # Test error case
+    with pytest.raises(OperationalException,
+                       match="StaticPairList requires pair_whitelist to be set."):
+
+        validate_config_consistency(conf)
+
+    conf = deepcopy(default_conf)
+
+    conf.update({"pairlist": {
+        "method": "VolumePairList",
+    }})
+    # Dynamic whitelist should not care about pair_whitelist
+    validate_config_consistency(conf)
+    del conf['exchange']['pair_whitelist']
+
+    validate_config_consistency(conf)
+
+
 def test_load_config_test_comments() -> None:
     """
     Load config with comments
@@ -895,7 +919,7 @@ def test_pairlist_resolving_fallback(mocker):
     # Fix flaky tests if config.json exists
     args["config"] = None
 
-    configuration = Configuration(args)
+    configuration = Configuration(args, RunMode.OTHER)
     config = configuration.get_config()
 
     assert config['pairs'] == ['ETH/BTC', 'XRP/BTC']