diff --git a/freqtrade/rpc/telegram.py b/freqtrade/rpc/telegram.py
index 61f5863df..c01aa2701 100644
--- a/freqtrade/rpc/telegram.py
+++ b/freqtrade/rpc/telegram.py
@@ -67,7 +67,8 @@ class Telegram(RPC):
         self._updater: Updater = None
         self._config = freqtrade.config
         self._init()
-        self._fiat_converter = CryptoToFiatConverter()
+        if self._config.get('stake_currency', None):
+            self._fiat_converter = CryptoToFiatConverter()
 
     def _init(self) -> None:
         """