diff --git a/tests/test_utils.py b/tests/test_utils.py
index 55672c4c9..bc641af34 100644
--- a/tests/test_utils.py
+++ b/tests/test_utils.py
@@ -8,7 +8,7 @@ from freqtrade import OperationalException
 from freqtrade.state import RunMode
 from freqtrade.utils import (setup_utils_configuration, start_create_userdir,
                              start_download_data, start_list_exchanges,
-                             start_list_timeframes)
+                             start_list_pairs, start_list_timeframes)
 from tests.conftest import get_args, log_has, patch_exchange
 
 
@@ -164,6 +164,163 @@ def test_list_timeframes(mocker, capsys):
     assert re.search(r"^1d$", captured.out, re.MULTILINE)
 
 
+def test_list_markets(mocker, markets, capsys):
+
+    api_mock = MagicMock()
+    api_mock.markets = markets
+    patch_exchange(mocker, api_mock=api_mock)
+
+    # Test with no --config
+    args = [
+        "list-markets",
+    ]
+    with pytest.raises(OperationalException,
+                       match=r"This command requires a configured exchange.*"):
+        start_list_pairs(get_args(args), False)
+
+    # Test with --config config.json.example
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 8 active markets:\n",
+                    captured.out)
+
+#    # Test with --exchange
+#    args = [
+#        "list-markets",
+#        "--exchange", "binance"
+#    ]
+#    start_list_pairs(get_args(args), False)
+#    captured = capsys.readouterr()
+#    assert re.match("Exchange Binance has 8 active markets:\n",
+#                    captured.out)
+
+    # Test with --all: all markets
+    args = [
+        '--config', 'config.json.example',
+        "list-markets", "--all"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 11 markets:\n",
+                    captured.out)
+
+    # Test list-pairs subcommand: active pairs
+    args = [
+        '--config', 'config.json.example',
+        "list-pairs",
+    ]
+    start_list_pairs(get_args(args), True)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 7 active pairs:\n",
+                    captured.out)
+
+    # Test list-pairs subcommand with --all: all pairs
+    args = [
+        '--config', 'config.json.example',
+        "list-pairs", "--all"
+    ]
+    start_list_pairs(get_args(args), True)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 10 pairs:\n",
+                    captured.out)
+
+    # active markets, base=ETH, LTC
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--base", "ETH", "LTC"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 5 active markets with ETH, LTC as base currencies:\n",
+                    captured.out)
+
+    # active markets, base=LTC
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--base", "LTC"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 3 active markets with LTC as base currency:\n",
+                    captured.out)
+
+    # active markets, quote=USDT, USD
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--quote", "USDT", "USD"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 4 active markets with USDT, USD as quote currencies:\n",
+                    captured.out)
+
+    # active markets, quote=USDT
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--quote", "USDT"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 3 active markets with USDT as quote currency:\n",
+                    captured.out)
+
+    # active markets, base=LTC, quote=USDT
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--base", "LTC", "--quote", "USDT"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 2 active markets with LTC as base currency and "
+                    "with USDT as quote currency:\n",
+                    captured.out)
+
+    # active pairs, base=LTC, quote=USDT
+    args = [
+        '--config', 'config.json.example',
+        "list-pairs",
+        "--base", "LTC", "--quote", "USDT"
+    ]
+    start_list_pairs(get_args(args), True)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 1 active pair with LTC as base currency and "
+                    "with USDT as quote currency:\n",
+                    captured.out)
+
+    # active markets, base=LTC, quote=USDT, NONEXISTENT
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--base", "LTC", "--quote", "USDT", "NONEXISTENT"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 2 active markets with LTC as base currency and "
+                    "with USDT, NONEXISTENT as quote currencies:\n",
+                    captured.out)
+
+    # active markets, base=LTC, quote=NONEXISTENT
+    args = [
+        '--config', 'config.json.example',
+        "list-markets",
+        "--base", "LTC", "--quote", "NONEXISTENT"
+    ]
+    start_list_pairs(get_args(args), False)
+    captured = capsys.readouterr()
+    assert re.match("Exchange Bittrex has 0 active markets with LTC as base currency and "
+                    "with NONEXISTENT as quote currency.\n",
+                    captured.out)
+
+
 def test_create_datadir_failed(caplog):
 
     args = [