diff --git a/src/integration/exchange/services/__tests__/exchange.service.spec.ts b/src/integration/exchange/services/__tests__/exchange.service.spec.ts
index afad4e83a0..ac0492b893 100644
--- a/src/integration/exchange/services/__tests__/exchange.service.spec.ts
+++ b/src/integration/exchange/services/__tests__/exchange.service.spec.ts
@@ -39,6 +39,30 @@ describe('ExchangeService', () => {
     expect(service).toBeDefined();
   });
 
+  it('should not be configured without credentials', () => {
+    expect(service.isConfigured).toBe(false);
+  });
+
+  it('should not be configured with only an apiKey', () => {
+    service = new ExchangeTestModule.TestExchangeService(
+      ExchangeTestModule.TestExchange,
+      { apiKey: 'key' },
+      new QueueHandler(undefined, undefined),
+    );
+
+    expect(service.isConfigured).toBe(false);
+  });
+
+  it('should be configured with apiKey and secret', () => {
+    service = new ExchangeTestModule.TestExchangeService(
+      ExchangeTestModule.TestExchange,
+      { apiKey: 'key', secret: 'secret' },
+      new QueueHandler(undefined, undefined),
+    );
+
+    expect(service.isConfigured).toBe(true);
+  });
+
   it('should return BTC/EUR and buy', async () => {
     Setup.Markets();
 
diff --git a/src/integration/exchange/services/exchange.service.ts b/src/integration/exchange/services/exchange.service.ts
index de51c0570b..14d5310004 100644
--- a/src/integration/exchange/services/exchange.service.ts
+++ b/src/integration/exchange/services/exchange.service.ts
@@ -68,6 +68,11 @@ export abstract class ExchangeService extends PricingProvider implements OnModul
     return this.exchange.name;
   }
 
+  // true only when both ccxt credentials are present; used to skip exchanges with no API keys (e.g. XT on dev)
+  get isConfigured(): boolean {
+    return !!this.config?.apiKey && !!this.config?.secret;
+  }
+
   async getRawBalances(): Promise<Balances> {
     return this.callApi((e) => e.fetchBalance());
   }
diff --git a/src/integration/exchange/services/scrypt.service.ts b/src/integration/exchange/services/scrypt.service.ts
index 26fbac2c85..637caac598 100644
--- a/src/integration/exchange/services/scrypt.service.ts
+++ b/src/integration/exchange/services/scrypt.service.ts
@@ -41,6 +41,11 @@ export class ScryptService extends PricingProvider {
 
   readonly name: string = 'Scrypt';
 
+  get isConfigured(): boolean {
+    const { apiKey, apiSecret } = GetConfig().scrypt;
+    return !!apiKey && !!apiSecret;
+  }
+
   constructor() {
     super();
 
diff --git a/src/subdomains/core/liquidity-management/adapters/balances/exchange.adapter.ts b/src/subdomains/core/liquidity-management/adapters/balances/exchange.adapter.ts
index cd99d63f98..4764b6cef8 100644
--- a/src/subdomains/core/liquidity-management/adapters/balances/exchange.adapter.ts
+++ b/src/subdomains/core/liquidity-management/adapters/balances/exchange.adapter.ts
@@ -15,6 +15,9 @@ export class ExchangeAdapter implements LiquidityBalanceIntegration {
 
   private readonly ASSET_MAPPINGS = { BTC: ['XBT'] };
 
+  // exchanges already warned about missing credentials, to warn once instead of every cycle
+  private readonly unconfiguredWarned = new Set<string>();
+
   constructor(
     private readonly exchangeRegistry: ExchangeRegistryService,
     private readonly orderRepo: LiquidityManagementOrderRepository,
@@ -57,8 +60,19 @@ export class ExchangeAdapter implements LiquidityBalanceIntegration {
   // --- HELPER METHODS --- //
 
   async getForExchange(exchange: string, assets: LiquidityManagementAsset[]): Promise<LiquidityBalance[]> {
+    const exchangeService = this.exchangeRegistry.getExchange(exchange);
+
+    // not configured (no API credentials) -> skip gracefully, warn once
+    if (!exchangeService.isConfigured) {
+      if (!this.unconfiguredWarned.has(exchange)) {
+        this.unconfiguredWarned.add(exchange);
+        this.logger.warn(`Exchange ${exchange} has no credentials configured — skipping liquidity balance`);
+      }
+
+      return assets.map((a) => LiquidityBalance.create(a, 0, 0));
+    }
+
     try {
-      const exchangeService = this.exchangeRegistry.getExchange(exchange);
       const { total: totalBalances, available: availableBalances } = await exchangeService.getBalances();
 
       return assets.map((a) => {