diff --git a/electrum/exchange_rate.py b/electrum/exchange_rate.py
index 168c69dc4..8faccf7a5 100644
--- a/electrum/exchange_rate.py
+++ b/electrum/exchange_rate.py
@@ -516,8 +516,11 @@ class FxThread(ThreadJob):
         self.config.set_key('use_exchange_rate', bool(b))
         self.trigger_update()
 
-    def get_history_config(self, *, default=False):
-        return bool(self.config.get('history_rates', default))
+    def get_history_config(self, *, allow_none=False):
+        val = self.config.get('history_rates', None)
+        if val is None and allow_none:
+            return None
+        return bool(val)
 
     def set_history_config(self, b):
         self.config.set_key('history_rates', bool(b))
diff --git a/electrum/gui/kivy/uix/dialogs/fx_dialog.py b/electrum/gui/kivy/uix/dialogs/fx_dialog.py
index 4d4a99d5d..ef348b873 100644
--- a/electrum/gui/kivy/uix/dialogs/fx_dialog.py
+++ b/electrum/gui/kivy/uix/dialogs/fx_dialog.py
@@ -89,7 +89,12 @@ class FxDialog(Factory.Popup):
         self.config = config
         self.callback = callback
         self.fx = self.app.fx
-        self.has_history_rates = self.fx.get_history_config(default=True)
+        if self.fx.get_history_config(allow_none=True) is None:
+            # If nothing is set, force-enable it. (Note that as fiat rates itself
+            # are disabled by default, it is enough to set this here. If they
+            # were enabled by default, this would be too late.)
+            self.fx.set_history_config(True)
+        self.has_history_rates = self.fx.get_history_config()
 
         Factory.Popup.__init__(self)
         self.add_currencies()