diff --git a/electrum/exchange_rate.py b/electrum/exchange_rate.py
index e2c4add95..c9a7cc6d5 100644
--- a/electrum/exchange_rate.py
+++ b/electrum/exchange_rate.py
@@ -48,12 +48,17 @@ def to_decimal(x: Union[str, float, int, Decimal]) -> Decimal:
     return Decimal(str(x))
 
 
+POLL_PERIOD_SPOT_RATE = 150  # approx. every 2.5 minutes, try to refresh spot price
+EXPIRY_SPOT_RATE = 600       # spot price becomes stale after 10 minutes
+
+
 class ExchangeBase(Logger):
 
     def __init__(self, on_quotes, on_history):
         Logger.__init__(self)
         self._history = {}  # type: Dict[str, Dict[str, str]]
-        self.quotes = {}  # type: Dict[str, Optional[Decimal]]
+        self._quotes = {}  # type: Dict[str, Optional[Decimal]]
+        self._quotes_timestamp = 0  # type: Union[int, float]
         self.on_quotes = on_quotes
         self.on_history = on_history
 
@@ -89,16 +94,15 @@ class ExchangeBase(Logger):
     async def update_safe(self, ccy: str) -> None:
         try:
             self.logger.info(f"getting fx quotes for {ccy}")
-            self.quotes = await self.get_rates(ccy)
-            assert all(isinstance(rate, (Decimal, type(None))) for rate in self.quotes.values()), \
-                f"fx rate must be Decimal, got {self.quotes}"
+            self._quotes = await self.get_rates(ccy)
+            assert all(isinstance(rate, (Decimal, type(None))) for rate in self._quotes.values()), \
+                f"fx rate must be Decimal, got {self._quotes}"
+            self._quotes_timestamp = time.time()
             self.logger.info("received fx quotes")
         except (aiohttp.ClientError, asyncio.TimeoutError) as e:
             self.logger.info(f"failed fx quotes: {repr(e)}")
-            self.quotes = {}
         except Exception as e:
             self.logger.exception(f"failed fx quotes: {repr(e)}")
-            self.quotes = {}
         self.on_quotes()
 
     def read_historical_rates(self, ccy: str, cache_dir: str) -> Optional[dict]:
@@ -167,6 +171,16 @@ class ExchangeBase(Logger):
         rates = await self.get_rates('')
         return sorted([str(a) for (a, b) in rates.items() if b is not None and len(a)==3])
 
+    def get_cached_spot_quote(self, ccy: str) -> Decimal:
+        """Returns the cached exchange rate as a Decimal"""
+        rate = self._quotes.get(ccy)
+        if rate is None:
+            return Decimal('NaN')
+        if self._quotes_timestamp + EXPIRY_SPOT_RATE < time.time():
+            # Our rate is stale. Probably better to return no rate than an incorrect one.
+            return Decimal('NaN')
+        return Decimal(rate)
+
 
 class BitcoinAverage(ExchangeBase):
     # note: historical rates used to be freely available
@@ -429,7 +443,7 @@ class Biscoint(ExchangeBase):
 class Walltime(ExchangeBase):
 
     async def get_rates(self, ccy):
-        json = await self.get_json('s3.amazonaws.com', 
+        json = await self.get_json('s3.amazonaws.com',
                              '/data-production-walltime-info/production/dynamic/walltime-info.json')
         return {'BRL': to_decimal(json['BRL_XBT']['last_inexact'])}
 
@@ -542,9 +556,9 @@ class FxThread(ThreadJob, EventListener):
 
     async def run(self):
         while True:
-            # approx. every 2.5 minutes, refresh spot price
+            # every few minutes, refresh spot price
             try:
-                async with timeout_after(150):
+                async with timeout_after(POLL_PERIOD_SPOT_RATE):
                     await self._trigger.wait()
                     self._trigger.clear()
                 # we were manually triggered, so get historical rates
@@ -583,7 +597,7 @@ class FxThread(ThreadJob, EventListener):
     def set_fiat_address_config(self, b):
         self.config.set_key('fiat_address', bool(b))
 
-    def get_currency(self):
+    def get_currency(self) -> str:
         '''Use when dynamic fetching is needed'''
         return self.config.get("currency", DEFAULT_CURRENCY)
 
@@ -625,10 +639,7 @@ class FxThread(ThreadJob, EventListener):
         """Returns the exchange rate as a Decimal"""
         if not self.is_enabled():
             return Decimal('NaN')
-        rate = self.exchange.quotes.get(self.ccy)
-        if rate is None:
-            return Decimal('NaN')
-        return Decimal(rate)
+        return self.exchange.get_cached_spot_quote(self.ccy)
 
     def format_amount(self, btc_balance, *, timestamp: int = None) -> str:
         if timestamp is None:
@@ -667,7 +678,7 @@ class FxThread(ThreadJob, EventListener):
         # Frequently there is no rate for today, until tomorrow :)
         # Use spot quotes in that case
         if rate.is_nan() and (datetime.today().date() - d_t.date()).days <= 2:
-            rate = self.exchange.quotes.get(self.ccy, 'NaN')
+            rate = self.exchange.get_cached_spot_quote(self.ccy)
             self.history_used_spot = True
         if rate is None:
             rate = 'NaN'
diff --git a/electrum/tests/test_wallet.py b/electrum/tests/test_wallet.py
index c252dc5b7..d32e63fed 100644
--- a/electrum/tests/test_wallet.py
+++ b/electrum/tests/test_wallet.py
@@ -89,7 +89,8 @@ class TestWalletStorage(WalletTestCase):
 class FakeExchange(ExchangeBase):
     def __init__(self, rate):
         super().__init__(lambda self: None, lambda self: None)
-        self.quotes = {'TEST': rate}
+        self._quotes = {'TEST': rate}
+        self._quotes_timestamp = float("inf")  # spot price from the far future never becomes stale :P
 
 class FakeFxThread:
     def __init__(self, exchange):