diff --git a/freqtrade/rpc/external_message_consumer.py b/freqtrade/rpc/external_message_consumer.py
index 0a11fbefe..4c32de8b5 100644
--- a/freqtrade/rpc/external_message_consumer.py
+++ b/freqtrade/rpc/external_message_consumer.py
@@ -127,26 +127,29 @@ class ExternalMessageConsumer:
 
             self._channel_streams = {}
 
-            if self._sub_tasks:
-                # Cancel sub tasks
-                for task in self._sub_tasks:
-                    task.cancel()
+            asyncio.run_coroutine_threadsafe(self._shutdown_async(), loop=self._loop)
 
-            if self._main_task:
-                # Cancel the main task
-                self._main_task.cancel()
-
-            self._thread.join()
+            self._thread.join(timeout=5)
 
             self._thread = None
             self._loop = None
             self._sub_tasks = None
             self._main_task = None
 
+    async def _shutdown_async(self):
+        """Cancel all tasks, let them finish, then stop the loop."""
+        if self._sub_tasks:
+            for task in self._sub_tasks:
+                task.cancel()
+            await asyncio.gather(*self._sub_tasks, return_exceptions=True)
+
+        if self._main_task:
+            self._main_task.cancel()
+
+        self._loop.stop()
+
     async def _main(self):
-        """
-        The main task coroutine
-        """
+        """The main task coroutine"""
         lock = asyncio.Lock()
 
         try:
@@ -161,7 +164,8 @@ class ExternalMessageConsumer:
             pass
         finally:
             # Stop the loop once we are done
-            self._loop.stop()
+            if self._loop:
+                self._loop.stop()
 
     async def _handle_producer_connection(self, producer: Producer, lock: asyncio.Lock):
         """