diff --git a/basicswap/templates/changepassword.html b/basicswap/templates/changepassword.html
index 07a677f..50af8b5 100644
--- a/basicswap/templates/changepassword.html
+++ b/basicswap/templates/changepassword.html
@@ -99,7 +99,7 @@
                       <div class="space-y-6">
                         <div>
                           <label for="oldpassword" class="block text-sm font-medium text-gray-700 dark:text-gray-300 mb-2">
-                            Current Password
+                            {% if encrypted %}Current Password{% else %}Current Password (leave empty for first-time setup){% endif %}
                           </label>
                           <div class="relative">
                             <input
@@ -107,9 +107,9 @@
                               id="oldpassword"
                               name="oldpassword"
                               class="hover:border-blue-500 bg-gray-50 text-gray-900 appearance-none pr-10 dark:bg-gray-500 dark:text-white border border-gray-300 dark:border-gray-400 dark:text-gray-50 dark:placeholder-gray-400 text-sm rounded-lg outline-none focus:ring-blue-500 focus:border-blue-500 block w-full p-2.5 focus:ring-0"
-                              placeholder="Enter your current password"
+                              placeholder="{% if encrypted %}Enter your current password{% else %}Leave empty for first-time setup{% endif %}"
                               {% if disabled_coins|length > 0 %}disabled{% endif %}
-                              required
+                              {% if encrypted %}required{% endif %}
                             />
                             <button
                               type="button"