diff --git a/app/Api/V1/Controllers/Models/TransactionCurrency/StoreController.php b/app/Api/V1/Controllers/Models/TransactionCurrency/StoreController.php
index 61a4c63d22..12a8db0d50 100644
--- a/app/Api/V1/Controllers/Models/TransactionCurrency/StoreController.php
+++ b/app/Api/V1/Controllers/Models/TransactionCurrency/StoreController.php
@@ -31,6 +31,7 @@ use FireflyIII\Repositories\Currency\CurrencyRepositoryInterface;
 use FireflyIII\Support\Http\Api\AccountFilter;
 use FireflyIII\Support\Http\Api\TransactionFilter;
 use FireflyIII\Transformers\CurrencyTransformer;
+use FireflyIII\User;
 use Illuminate\Http\JsonResponse;
 use JsonException;
 use League\Fractal\Resource\Item;
@@ -79,12 +80,14 @@ class StoreController extends Controller
     {
         $currency = $this->repository->store($request->getAll());
         if (true === $request->boolean('default')) {
-            app('preferences')->set('currencyPreference', $currency->code);
+            $this->repository->makeDefault($currency);
             app('preferences')->mark();
         }
         $manager         = $this->getManager();
-        $defaultCurrency = app('amount')->getDefaultCurrencyByUser(auth()->user());
-        $this->parameters->set('defaultCurrency', $defaultCurrency);
+
+        /** @var User $user */
+        $user = auth()->user();
+        $currency->refreshForUser($user);
 
         /** @var CurrencyTransformer $transformer */
         $transformer = app(CurrencyTransformer::class);
diff --git a/app/Http/Controllers/JavascriptController.php b/app/Http/Controllers/JavascriptController.php
index bdb002df78..66ec5e7242 100644
--- a/app/Http/Controllers/JavascriptController.php
+++ b/app/Http/Controllers/JavascriptController.php
@@ -56,13 +56,11 @@ class JavascriptController extends Controller
      */
     public function accounts(AccountRepositoryInterface $repository, CurrencyRepositoryInterface $currencyRepository): Response
     {
-        $accounts   = $repository->getAccountsByType(
+        $accounts = $repository->getAccountsByType(
             [AccountType::DEFAULT, AccountType::ASSET, AccountType::DEBT, AccountType::LOAN, AccountType::MORTGAGE, AccountType::CREDITCARD]
         );
-        $preference = app('preferences')->get('currencyPreference', config('firefly.default_currency', 'EUR'));
-        $default    = $currencyRepository->findByCodeNull((string)$preference->data);
-
-        $data = ['accounts' => []];
+        $default  = app('amount')->getDefaultCurrency();
+        $data     = ['accounts' => []];
 
         /** @var Account $account */
         foreach ($accounts as $account) {
diff --git a/app/Http/Controllers/NewUserController.php b/app/Http/Controllers/NewUserController.php
index 5ba5d4fd12..5f85744279 100644
--- a/app/Http/Controllers/NewUserController.php
+++ b/app/Http/Controllers/NewUserController.php
@@ -114,7 +114,7 @@ class NewUserController extends Controller
         $this->createCashWalletAccount($currency, $language);        // create cash wallet account
 
         // store currency preference:
-        app('preferences')->set('currencyPreference', $currency->code);
+        $currencyRepository->makeDefault($currency);
 
         // store frontpage preferences:
         $accounts = $this->repository->getAccountsByType([AccountType::ASSET])->pluck('id')->toArray();
diff --git a/app/Repositories/TransactionGroup/TransactionGroupRepository.php b/app/Repositories/TransactionGroup/TransactionGroupRepository.php
index 860d03187d..aeb9411303 100644
--- a/app/Repositories/TransactionGroup/TransactionGroupRepository.php
+++ b/app/Repositories/TransactionGroup/TransactionGroupRepository.php
@@ -418,10 +418,6 @@ class TransactionGroupRepository implements TransactionGroupRepositoryInterface
             if (null !== $currencyPreference) {
                 $currency = TransactionCurrency::where('id', $currencyPreference->data)->first();
             }
-            if (null === $currencyPreference) {
-                $currencyCode = app('preferences')->getForUser($this->user, 'currencyPreference', 'EUR')->data;
-                $currency     = TransactionCurrency::where('code', $currencyCode)->first();
-            }
             $journalId          = (int)$row->transaction_journal_id;
             $return[$journalId] = $return[$journalId] ?? [];
 
diff --git a/app/Support/Amount.php b/app/Support/Amount.php
index fdad00c33d..54541bad07 100644
--- a/app/Support/Amount.php
+++ b/app/Support/Amount.php
@@ -108,35 +108,10 @@ class Amount
      */
     public function getCurrencies(): Collection
     {
+        throw new FireflyException(sprintf('Method "%s" needs a refactor', __METHOD__));
         return TransactionCurrency::where('enabled', true)->orderBy('code', 'ASC')->get();
     }
 
-    /**
-     * @return string
-     * @throws FireflyException
-     * @throws ContainerExceptionInterface
-     * @throws NotFoundExceptionInterface
-     */
-    public function getCurrencyCode(): string
-    {
-        $cache = new CacheProperties();
-        $cache->addProperty('getCurrencyCode');
-        if ($cache->has()) {
-            return $cache->get();
-        }
-        $currencyPreference = app('preferences')->get('currencyPreference', config('firefly.default_currency', 'EUR'));
-
-        $currency = TransactionCurrency::where('code', $currencyPreference->data)->first();
-        if ($currency) {
-            $cache->store($currency->code);
-
-            return $currency->code;
-        }
-        $cache->store(config('firefly.default_currency', 'EUR'));
-
-        return (string)config('firefly.default_currency', 'EUR');
-    }
-
     /**
      * @return TransactionCurrency
      * @throws FireflyException
@@ -163,22 +138,14 @@ class Amount
         if ($cache->has()) {
             return $cache->get();
         }
-        $currencyPreference = app('preferences')->getForUser($user, 'currencyPreference', config('firefly.default_currency', 'EUR'));
-        $currencyPrefStr    = $currencyPreference ? $currencyPreference->data : 'EUR';
-
-        // at this point the currency preference could be encrypted, if coming from an old version.
-        $currencyCode = $this->tryDecrypt((string)$currencyPrefStr);
-
-        // could still be json encoded:
-        /** @var TransactionCurrency|null $currency */
-        $currency = TransactionCurrency::where('code', $currencyCode)->first();
-        if (null === $currency) {
-            // get EUR
-            $currency = TransactionCurrency::where('code', 'EUR')->first();
+        $default = $user->currencies()->where('user_default', true)->first();
+        if(null === $default) {
+            $default = $this->getSystemCurrency();
+            $user->currencies()->sync([$default->id => ['user_default' => true]]);
         }
-        $cache->store($currency);
+        $cache->store($default);
 
-        return $currency;
+        return $default;
     }
 
     /**
diff --git a/app/Support/Preferences.php b/app/Support/Preferences.php
index c519a992ee..46a1a91d28 100644
--- a/app/Support/Preferences.php
+++ b/app/Support/Preferences.php
@@ -60,6 +60,9 @@ class Preferences
      */
     public function get(string $name, $default = null): ?Preference
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         /** @var User|null $user */
         $user = auth()->user();
         if (null === $user) {
@@ -82,6 +85,9 @@ class Preferences
      */
     public function getForUser(User $user, string $name, $default = null): ?Preference
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         $preference = Preference::where('user_id', $user->id)->where('name', $name)->first(['id', 'user_id', 'name', 'data', 'updated_at', 'created_at']);
         if (null !== $preference && null === $preference->data) {
             $preference->delete();
@@ -108,6 +114,9 @@ class Preferences
      */
     public function delete(string $name): bool
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         $fullName = sprintf('preference%s%s', auth()->user()->id, $name);
         if (Cache::has($fullName)) {
             Cache::forget($fullName);
@@ -123,6 +132,9 @@ class Preferences
      */
     public function forget(User $user, string $name): void
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         $key = sprintf('preference%s%s', $user->id, $name);
         Cache::forget($key);
         Cache::put($key, '', 5);
@@ -138,6 +150,9 @@ class Preferences
      */
     public function setForUser(User $user, string $name, $value): Preference
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         $fullName = sprintf('preference%s%s', $user->id, $name);
         Cache::forget($fullName);
         /** @var Preference|null $pref */
@@ -185,6 +200,9 @@ class Preferences
      */
     public function findByName(string $name): Collection
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         return Preference::where('name', $name)->get();
     }
 
@@ -220,6 +238,9 @@ class Preferences
      */
     public function getFresh(string $name, $default = null): ?Preference
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         /** @var User|null $user */
         $user = auth()->user();
         if (null === $user) {
@@ -243,6 +264,9 @@ class Preferences
      */
     public function getFreshForUser(User $user, string $name, $default = null): ?Preference
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         return $this->getForUser($user, $name, $default);
     }
 
@@ -283,6 +307,9 @@ class Preferences
      */
     public function set(string $name, $value): Preference
     {
+        if('currencyPreference' === $name) {
+            throw new FireflyException('No longer supports "currencyPreference", please refactor me.');
+        }
         $user = auth()->user();
         if (null === $user) {
             // make new preference, return it:
diff --git a/app/Transformers/CurrencyTransformer.php b/app/Transformers/CurrencyTransformer.php
index 2c363f19eb..0449db14b3 100644
--- a/app/Transformers/CurrencyTransformer.php
+++ b/app/Transformers/CurrencyTransformer.php
@@ -34,23 +34,16 @@ class CurrencyTransformer extends AbstractTransformer
      * Transform the currency.
      *
      * @param TransactionCurrency $currency
-     *
      * @return array
      */
     public function transform(TransactionCurrency $currency): array
     {
-        $isDefault       = false;
-        $defaultCurrency = $this->parameters->get('defaultCurrency');
-        if (null !== $defaultCurrency) {
-            $isDefault = (int)$defaultCurrency->id === (int)$currency->id;
-        }
-
         return [
             'id'             => (int)$currency->id,
             'created_at'     => $currency->created_at->toAtomString(),
             'updated_at'     => $currency->updated_at->toAtomString(),
-            'default'        => $isDefault,
-            'enabled'        => $currency->enabled,
+            'default'        => $currency->userDefault,
+            'enabled'        => $currency->userEnabled,
             'name'           => $currency->name,
             'code'           => $currency->code,
             'symbol'         => $currency->symbol,