diff --git a/src/components/SelectExchange.js b/src/components/SelectExchange.js
index e0793552..168d509e 100644
--- a/src/components/SelectExchange.js
+++ b/src/components/SelectExchange.js
@@ -6,12 +6,11 @@ import type { Exchange } from '@ledgerhq/live-common/lib/countervalues/types'
 import logger from 'logger'
 
 import Select from 'components/base/Select'
-import Spinner from 'components/base/Spinner'
 import Text from 'components/base/Text'
 import CounterValues from 'helpers/countervalues'
 import type { T } from 'types/common'
 
-class ExchangeSelect extends Component<
+class SelectExchange extends Component<
   {
     from: Currency,
     to: Currency,
@@ -84,21 +83,20 @@ class ExchangeSelect extends Component<
 
     const options = exchanges ? exchanges.map(e => ({ value: e.id, label: e.name, ...e })) : []
 
-    return exchanges && exchanges.length > 0 ? (
+    return error ? (
+      <Text ff="Open Sans|SemiBold" color="dark" fontSize={4}>
+        {t('app:common.error.load')}
+      </Text>
+    ) : (
       <Select
         value={options.find(e => e.id === exchangeId)}
         options={options}
         onChange={onChange}
+        isLoading={options.length === 0}
         {...props}
       />
-    ) : error ? (
-      <Text ff="Open Sans|SemiBold" color="dark" fontSize={4}>
-        {t('app:common.error.load')}
-      </Text>
-    ) : (
-      <Spinner color="grey" size={24} />
     )
   }
 }
 
-export default translate()(ExchangeSelect)
+export default translate()(SelectExchange)
diff --git a/src/components/SettingsPage/sections/Display.js b/src/components/SettingsPage/sections/Display.js
index 1945e034..1b3bd457 100644
--- a/src/components/SettingsPage/sections/Display.js
+++ b/src/components/SettingsPage/sections/Display.js
@@ -14,7 +14,7 @@ import type { SettingsState as Settings } from 'reducers/settings'
 import type { T } from 'types/common'
 
 import Box from 'components/base/Box'
-import ExchangeSelect from 'components/SelectExchange'
+import SelectExchange from 'components/SelectExchange'
 import Select from 'components/base/Select'
 import RadioGroup from 'components/base/RadioGroup'
 import IconDisplay from 'icons/Display'
@@ -163,7 +163,7 @@ class TabProfile extends PureComponent<Props, State> {
                 options={fiats}
                 value={cvOption}
               />
-              <ExchangeSelect
+              <SelectExchange
                 small
                 from={intermediaryCurrency}
                 to={counterValueCurrency}