diff --git a/backend/src/config/index.ts b/backend/src/config/index.ts
index da7e8a3..a76a695 100644
--- a/backend/src/config/index.ts
+++ b/backend/src/config/index.ts
@@ -446,20 +446,25 @@ export const validateConfig = () => {
     // Treat "your_key" as empty
     const isPlaceholder = (val: string) => !val || val === 'your_key' || val === 'your_secret';
 
+    const hasPerUserStoreConfigured =
+        Boolean(config.COSMOS_ENDPOINT && config.COSMOS_KEY) ||
+        Boolean(config.SUPABASE_URL && config.SUPABASE_KEY);
+
     if (config.PROVIDER === 'alpaca') {
         if (isPlaceholder(config.ALPACA_API_KEY) || isPlaceholder(config.ALPACA_API_SECRET)) {
-            // Only log warning, don't exit if Supabase is available
-            if (config.SUPABASE_URL && config.SUPABASE_KEY) {
-                logger.warn('⚠️ Alpaca keys in .env are placeholders/missing. Bot will attempt to use keys from Supabase users.');
+            if (hasPerUserStoreConfigured) {
+                logger.warn(
+                    '⚠️ Alpaca keys in .env are placeholders/missing. Bot will attempt to use keys from the configured user store (Cosmos or legacy Supabase).'
+                );
             } else {
-                logger.error('❌ Missing Alpaca API credentials and no Supabase configured!');
+                logger.error('❌ Missing Alpaca API credentials and no user store (Cosmos or Supabase) configured!');
                 process.exit(1);
             }
         }
     } else if (config.PROVIDER === 'ccxt') {
         if (!config.EXCHANGE || config.EXCHANGE === 'binance') { // binance is default but check for keys
-            if (isPlaceholder(config.CCXT_API_KEY) && !(config.SUPABASE_URL)) {
-                logger.warn('⚠️ CCXT keys are placeholders/missing.');
+            if (isPlaceholder(config.CCXT_API_KEY) && !hasPerUserStoreConfigured) {
+                logger.warn('⚠️ CCXT keys are placeholders/missing and no user store (Cosmos or Supabase) configured.');
             }
         }
     }
diff --git a/backend/src/index.ts b/backend/src/index.ts
index 0eaaf53..c9b08e2 100644
--- a/backend/src/index.ts
+++ b/backend/src/index.ts
@@ -47,8 +47,8 @@ async function main() {
     if (typeof dynamicConfigRefreshTimer.unref === 'function') {
         dynamicConfigRefreshTimer.unref();
     }
-    // --- 0. Load User Configuration (Supabase) ---
-    logger.info('Fetching active users from Supabase...');
+    // --- 0. Load user configuration (Cosmos-first; legacy Supabase optional) ---
+    logger.info('Fetching active trading users...');
     let users = await listActiveTradingUsers(supabaseService);
 
     // --- 1. Identify Primary Key (for Data Fetching) ---