diff --git a/web/cashtab/src/hooks/useWallet.js b/web/cashtab/src/hooks/useWallet.js
--- a/web/cashtab/src/hooks/useWallet.js
+++ b/web/cashtab/src/hooks/useWallet.js
@@ -18,7 +18,11 @@
     checkWalletForTokenInfo,
     isActiveWebsocket,
 } from 'utils/cashMethods';
-import { isValidCashtabSettings, isValidContactList } from 'utils/validation';
+import {
+    isValidCashtabSettings,
+    isValidContactList,
+    parseInvalidSettingsForMigration,
+} from 'utils/validation';
 import localforage from 'localforage';
 import { currency } from 'components/Common/Ticker';
 import isEmpty from 'lodash.isempty';
@@ -1149,9 +1153,21 @@
             setCashtabSettings(localSettings);
             return localSettings;
         }
-        // if not valid, also set cashtabSettings to default
-        setCashtabSettings(currency.defaultSettings);
-        return currency.defaultSettings;
+        // If a settings object is present but invalid, parse to find and add missing keys
+        let modifiedLocalSettings =
+            parseInvalidSettingsForMigration(localSettings);
+        if (isValidCashtabSettings(modifiedLocalSettings)) {
+            // modifiedLocalSettings placed in local storage
+            localforage.setItem('settings', modifiedLocalSettings);
+            setCashtabSettings(modifiedLocalSettings);
+            // update missing key in local storage without overwriting existing valid settings
+            return modifiedLocalSettings;
+        } else {
+            // if not valid, also set cashtabSettings to default
+            setCashtabSettings(currency.defaultSettings);
+            // localforage not needed as function will continue until localSettings are valid
+            return currency.defaultSettings;
+        }
     };
 
     const loadContactList = async () => {
diff --git a/web/cashtab/src/utils/__tests__/validation.test.js b/web/cashtab/src/utils/__tests__/validation.test.js
--- a/web/cashtab/src/utils/__tests__/validation.test.js
+++ b/web/cashtab/src/utils/__tests__/validation.test.js
@@ -20,6 +20,7 @@
     isValidAirdropOutputsArray,
     isValidAirdropExclusionArray,
     isValidContactList,
+    parseInvalidSettingsForMigration,
 } from '../validation';
 import { currency } from 'components/Common/Ticker.js';
 import { fromSmallestDenomination } from 'utils/cashMethods';
@@ -662,4 +663,28 @@
                 },
             ]),
         ).toBe(false));
+    it('updates an invalid settings object and keeps existing valid settings intact', () =>
+        expect(
+            parseInvalidSettingsForMigration({
+                fiatCurrency: 'gbp',
+            }),
+        ).toStrictEqual({
+            fiatCurrency: 'gbp',
+            sendModal: false,
+        }));
+    it('sets settings object with no exsting valid settings to default values', () =>
+        expect(parseInvalidSettingsForMigration({})).toStrictEqual({
+            fiatCurrency: 'usd',
+            sendModal: false,
+        }));
+    it('does nothing if valid settings object is present in localStorage', () =>
+        expect(
+            parseInvalidSettingsForMigration({
+                fiatCurrency: 'brl',
+                sendModal: true,
+            }),
+        ).toStrictEqual({
+            fiatCurrency: 'brl',
+            sendModal: true,
+        }));
 });
diff --git a/web/cashtab/src/utils/validation.js b/web/cashtab/src/utils/validation.js
--- a/web/cashtab/src/utils/validation.js
+++ b/web/cashtab/src/utils/validation.js
@@ -140,6 +140,21 @@
     }
 };
 
+export const parseInvalidSettingsForMigration = invalidCashtabSettings => {
+    // create a copy of the invalidCashtabSettings
+    let migratedCashtabSettings = invalidCashtabSettings;
+    // determine if settings are invalid because it is missing a parameter
+    for (let param in currency.defaultSettings) {
+        if (
+            !Object.prototype.hasOwnProperty.call(invalidCashtabSettings, param)
+        ) {
+            // adds the default setting for only that parameter
+            migratedCashtabSettings[param] = currency.defaultSettings[param];
+        }
+    }
+    return migratedCashtabSettings;
+};
+
 export const isValidContactList = contactList => {
     /* 
     A valid contact list is an array of objects