diff --git a/InvenTree/InvenTree/exchange.py b/InvenTree/InvenTree/exchange.py
index 2a2d287e1c..0a75436b1e 100644
--- a/InvenTree/InvenTree/exchange.py
+++ b/InvenTree/InvenTree/exchange.py
@@ -1,7 +1,5 @@
-from django.core.exceptions import ImproperlyConfigured
 from django.conf import settings as inventree_settings
 
-from djmoney import settings as djmoney_settings
 from djmoney.contrib.exchange.backends.base import BaseExchangeBackend
 from djmoney.contrib.exchange.models import Rate
 
@@ -11,12 +9,12 @@ from common.models import InvenTreeSetting
 def get_exchange_rate_backend():
     """ Return the exchange rate backend set by user """
 
-    if 'InvenTreeManualExchangeBackend' in inventree_settings.EXCHANGE_BACKEND:
+    custom = InvenTreeSetting.get_setting('CUSTOM_EXCHANGE_RATES', False)
+
+    if custom:
         return InvenTreeManualExchangeBackend()
-    elif 'InvenTreeFixerExchangeBackend' in inventree_settings.EXCHANGE_BACKEND:
-        return InvenTreeFixerExchangeBackend()
     else:
-        raise ImproperlyConfigured('Exchange Backend wrongly configured')
+        return ExchangeRateHostBackend()
 
 
 class InvenTreeManualExchangeBackend(BaseExchangeBackend):
@@ -30,13 +28,14 @@ class InvenTreeManualExchangeBackend(BaseExchangeBackend):
 
     name = 'inventree'
     url = None
+    custom_rates = True
     base_currency = None
     currencies = []
 
     def update_default_currency(self):
         """ Update to base currency """
 
-        self.base_currency = InvenTreeSetting.get_setting('INVENTREE_DEFAULT_CURRENCY', inventree_settings.BASE_CURRENCY)
+        self.base_currency = InvenTreeSetting.get_setting('INVENTREE_DEFAULT_CURRENCY', 'USD')
 
     def __init__(self, url=None):
         """ Overrides init to update url, base currency and currencies """
@@ -73,39 +72,23 @@ class InvenTreeManualExchangeBackend(BaseExchangeBackend):
         return stored_rates
 
 
-class InvenTreeFixerExchangeBackend(InvenTreeManualExchangeBackend):
+class ExchangeRateHostBackend(InvenTreeManualExchangeBackend):
     """
-    Backend for updating currency exchange rates using Fixer.IO API
+    Backend for https://exchangerate.host/
     """
 
-    name = 'fixer'
-    access_key = None
-
-    def get_api_key(self):
-        """ Get API key from global settings """
-
-        fixer_api_key = InvenTreeSetting.get_setting('INVENTREE_FIXER_API_KEY', '').strip()
-
-        if not fixer_api_key:
-            # API key not provided
-            return None
-
-        self.access_key = fixer_api_key
+    name = "exchangerate.host"
 
     def __init__(self):
-        """ Override init to get access_key from global settings """
+        self.url = "https://api.exchangerate.host/latest"
 
-        self.get_api_key()
+        self.custom_rates = False
 
-        if self.access_key is None:
-            raise ImproperlyConfigured("fixer.io API key is needed to use InvenTreeFixerExchangeBackend")
-        
-        super().__init__(url=djmoney_settings.FIXER_URL)
+        super().__init__(url=self.url)
 
     def get_params(self):
-        """ Returns parameters (access key) """
-
-        return {"access_key": self.access_key}
+        # No API key is required
+        return {}
 
     def update_rates(self, base_currency=None):
         """ Override update_rates method using currencies found in the settings
@@ -135,18 +118,3 @@ class InvenTreeFixerExchangeBackend(InvenTreeManualExchangeBackend):
             pass
 
         return {}
-
-
-class ExchangeRateHostBackend(SimpleExchangeBackend):
-    """
-    Backend for https://exchangerate.host/
-    """
-
-    name = "exchangerate.host"
-
-    def __init__(self):
-        self.url = "https://api.exchangerate.host/latest"
-
-    def get_params(self):
-        # No API key is required
-        return {}
diff --git a/InvenTree/InvenTree/settings.py b/InvenTree/InvenTree/settings.py
index f0a3312b39..afa43396f5 100644
--- a/InvenTree/InvenTree/settings.py
+++ b/InvenTree/InvenTree/settings.py
@@ -513,8 +513,6 @@ CURRENCIES = CONFIG.get(
     ],
 )
 
-EXCHANGE_BACKEND = 'InvenTree.exchange.ExchangeRateHostBackend'
-
 # Extract email settings from the config file
 email_config = CONFIG.get('email', {})
 
diff --git a/InvenTree/InvenTree/tasks.py b/InvenTree/InvenTree/tasks.py
index ad33232fe0..365a94fd07 100644
--- a/InvenTree/InvenTree/tasks.py
+++ b/InvenTree/InvenTree/tasks.py
@@ -163,12 +163,11 @@ def check_for_updates():
 
 def update_exchange_rates():
     """
-    If an API key for fixer.io has been provided, attempt to update currency exchange rates
+    Update currency exchange rates
     """
 
     try:
         import common.models
-        from django.conf import settings
         from InvenTree.exchange import ExchangeRateHostBackend
     except AppRegistryNotReady:
         # Apps not yet loaded!
@@ -177,13 +176,11 @@ def update_exchange_rates():
     backend = ExchangeRateHostBackend()
     print(f"Updating exchange rates from {backend.url}")
 
-    currencies = ','.join(settings.CURRENCIES)
-
     base = common.models.InvenTreeSetting.get_setting('INVENTREE_DEFAULT_CURRENCY')
 
     print(f"Using base currency '{base}'")
 
-    backend.update_rates(base_currency=base, symbols=currencies)
+    backend.update_rates(base_currency=base)
 
 
 def send_email(subject, body, recipients, from_email=None):
diff --git a/InvenTree/InvenTree/views.py b/InvenTree/InvenTree/views.py
index 778316ddd5..a18845bf02 100644
--- a/InvenTree/InvenTree/views.py
+++ b/InvenTree/InvenTree/views.py
@@ -944,6 +944,8 @@ class CurrencySettingsView(FormView):
 
         context['default_currency'] = exchange_rate_backend.base_currency
 
+        context['custom_rates'] = exchange_rate_backend.custom_rates
+
         context['exchange_backend'] = exchange_rate_backend.name
 
         return context
@@ -959,7 +961,7 @@ class CurrencySettingsView(FormView):
         stored_rates = exchange_rate_backend.get_stored_rates()
             
         for field in form.fields:
-            if exchange_rate_backend.name.startswith('fixer-'):
+            if not exchange_rate_backend.custom_rates:
                 # Disable all the fields
                 form.fields[field].disabled = True
             form.fields[field].initial = clean_decimal(stored_rates.get(field, 0))
@@ -973,7 +975,7 @@ class CurrencySettingsView(FormView):
         # Get exchange rate backend
         exchange_rate_backend = self.get_exchange_rate_backend()
 
-        if exchange_rate_backend.name.startswith('fixer-'):
+        if not exchange_rate_backend.custom_rates:
             # Refresh rate from Fixer.IO API
             exchange_rate_backend.update_rates(base_currency=exchange_rate_backend.base_currency)
             # Check if rates have been updated
diff --git a/InvenTree/common/models.py b/InvenTree/common/models.py
index 99712b2a93..74c6c82b41 100644
--- a/InvenTree/common/models.py
+++ b/InvenTree/common/models.py
@@ -87,6 +87,13 @@ class InvenTreeSetting(models.Model):
             'choices': djmoney.settings.CURRENCY_CHOICES,
         },
 
+        'CUSTOM_EXCHANGE_RATES': {
+            'name': _('Custom Exchange Rates'),
+            'description': _('Enable custom exchange rates'),
+            'validator': bool,
+            'default': False,
+        },
+
         'INVENTREE_DOWNLOAD_FROM_URL': {
             'name': _('Download from URL'),
             'description': _('Allow download of remote images and files from external URL'),
diff --git a/InvenTree/config_template.yaml b/InvenTree/config_template.yaml
index 7d301934f0..87dfb6b545 100644
--- a/InvenTree/config_template.yaml
+++ b/InvenTree/config_template.yaml
@@ -62,13 +62,6 @@ currencies:
   - JPY
   - NZD
   - USD
-# Define base currency (can also be defined in the global settings)
-# base_currency: USD
-# Define exchange backend
-# Choices are:
-# - InvenTreeManualExchangeBackend
-# - InvenTreeFixerExchangeBackend
-exchange_backend: InvenTreeManualExchangeBackend
 
 # Email backend configuration
 # Ref: https://docs.djangoproject.com/en/dev/topics/email/
diff --git a/InvenTree/templates/InvenTree/settings/currencies.html b/InvenTree/templates/InvenTree/settings/currencies.html
index d9b046b9f5..b6cf9fea81 100644
--- a/InvenTree/templates/InvenTree/settings/currencies.html
+++ b/InvenTree/templates/InvenTree/settings/currencies.html
@@ -16,9 +16,7 @@
     {% include "InvenTree/settings/header.html" %}
     <tbody>
         {% include "InvenTree/settings/setting.html" with key="INVENTREE_DEFAULT_CURRENCY" icon="fa-dollar-sign" %}
-        {% if 'fixer' in exchange_backend %}
-        {% include "InvenTree/settings/setting.html" with key="INVENTREE_FIXER_API_KEY" icon="fa-key" %}
-        {% endif %}
+        {% include "InvenTree/settings/setting.html" with key="CUSTOM_EXCHANGE_RATES" icon="fa-edit" %}
     </tbody>
 </table>
 
@@ -33,7 +31,7 @@
     {% csrf_token %}
     {% load crispy_forms_tags %}
     {% crispy form %}
-    {% if 'fixer' in exchange_backend %}
+    {% if custom_rates is False %}
         <button type="submit" class='btn btn-primary'>{% trans "Refresh Exchange Rates" %}</button>
     {% else %}
         <button type="submit" class='btn btn-primary'>{% trans "Update Exchange Rates" %}</button>