Rapid Transfer is the instant deposit solution offered by Skrill using online banking and no registration. It is primarily used across the EU and the UK, as few Rapid Transfer Forex brokers exist.
We explain what Rapid Transfer is and how to use it, cover the pros and cons, and provide a quick guide on selecting Rapid Transfer Forex brokers with a competitive trading environment.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- eToro, Best broker for social traders and crypto traders : 74% of retail CFD accounts lose money.
Best Rapid Transfer Brokers Comparison
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Regulators | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, CySEC, FCA, FSA |
Year Established | 2006 | 2010 | 2007 |
Execution Type(s) | Market Maker | No Dealing Desk, NDD | Market Maker |
Minimum Deposit | |||
Average Trading Cost EUR/USD | 0.9 pips | 1.1 pips | 1.0 pips |
Average Trading Cost GBP/USD | 1.5 pips | 1.4 pips | 2.2 pips |
Average Trading Cost Gold | $0.29 | $0.15 | $0.45 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | Proprietary platform |
Islamic Account | |||
Negative Balance Protection | N/A | ||
| Visit Website | Get Started Visit Website75-95% of traders on margin lose | Get Started Visit WebsiteYour investment value may change. Capital is at risk. |
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade shines with its educational approach for beginners. Besides quality content on its website, the Ava Academy is a leading educational provider with almost two dozen online trading courses, 150 lessons, and 50 quizzes. Therefore, AvaTrade is one of the best choices for beginner traders among Rapid Transfer Forex brokers. It expands its beginner-friendly tools via the MT4/MT5 Guardian Angel plugin and the fee-based Ava Protect service, an insurance policy against losses.
The proprietary WebTrader and mobile app AvaTradeGO come with integrated Trading Central services. Ava Options is a dedicated options trading platform, and Ava Social is a copy trading alternative.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformPepperstone places among the Rapid Transfer Forex brokers with the most competitive MT4/MT5 trading environment, cTrader, TradingView platforms and proprietary Pepperstone Platform. It offers a 28-plugin update plus Autochartist, VPS hosting for low-latency 24/5 Forex trading supportive of algorithmic traders, and API trading for advanced algorithmic trading solutions. Traders may also use cTrader, while copy traders can diversify via Signal Start, Copy Trading by Pepperstone and DupliTrade, besides the embedded MT4, MT5, and cTrader services depending on jurisdiction.
Social traders can connect to TradingView, where 50M+ traders share and discuss trades, while beginners benefit from quality education and research.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
eToro
In Summary Best broker for social traders and crypto traders : 74% of retail CFD accounts lose moneyeToro offers 3,000+ assets, including ETFs and cryptocurrencies, in a commission-free pricing environment on its proprietary and user-friendly web-based trading platform and mobile app. With 30M+ traders, eToro ranks among the leading Rapid Transfer Forex brokers for copy traders. Besides its CopyTrader system and a chat function, eToro presents Smart Portfolios, which are thematic long-term investment products managed in-house by eToro portfolio managers and analysts. Smart Portfolios have a minimum investment of $500.
The eToro Academy offers beginners a well-structured educational product, including written content and videos. eToro Plus and Digest & Invest provide in-depth analytics and market commentary.
Pros & Cons
- Active investment community ideal for social trading
- Dedicated tools for social trading
- Broad cryptocurrency selection
- Expanding educational offering for beginner traders
- Internal withdrawal fees
What is Rapid Transfer?
Rapid Transfer is a Skrill service allowing users to make instant payments using their online banking credentials. Over 170 banks support Rapid Transfer, including Deutsche Bank, Barclays, and Lloyds, and many brands have integrated it into their payment gateways. It does not require a sign-up or registration. Skrill users have the added benefit of depositing instantly into their Skrill wallet and using funds to transact where Rapid Transfer is unavailable.
Similar to some competing payment providers, only a few Rapid Transfer Forex brokers exist, as it is more of an e-commerce solution. Unlike competitors like Google Pay, Apply Pay, or Klarna, Rapid Transfer Forex brokers allow withdrawals via Rapid Transfer, which sends funds into user bank accounts.
Rapid Transfer users can also earn Knect points, the Skrill loyalty program. They can redeem Knect points for rewards, cash vouchers, and other bonuses. It is an appealing program to shoppers and traders alike, as they can earn more cash by using Rapid Transfer.
Rapid Transfer is available in the following countries and currencies:
Austria (EUR) | Belgium (EUR) | Denmark (DKK) | Estonia (EUR) |
|---|---|---|---|
Finland (EUR) | France (EUR) | Germany (EUR) | Italy (EUR) |
Ireland (EUR) | Latvia (EUR) | Lithuania (EUR) | Netherlands (EUR) |
Poland (PLN) | Portugal (EUR) | Spain (EUR) | UK (GBP) |
How Does Trading with Rapid Transfer Work?
Rapid Transfer Forex brokers allow traders to make deposits without downloading, installing, or registering for a service. Skrill offers the service in 16 countries in various currencies. Traders will use their online banking details to deposit. Still, the transaction is instant rather than the usual two to seven business days for bank transactions. The processing speed makes Rapid Transfer an excellent choice for traders requiring swift access to their deposits, particularly if they want to take advantage of a trading opportunity or meet a margin call.
Before traders can deposit with their Rapid Transfer Forex brokers, they must verify their Forex trading account. Account verification is mandatory at regulated Forex brokers, in compliance with global AML/KYC rules, which regulators enforce. Most traders will satisfy account verification by uploading a copy of their government-issued ID and one proof of residency document issued within three to six months.
Verified clients can fund their Forex trading account via Rapid Transfer by following the below steps:
1. Access the secure dashboard of your Rapid Transfer Forex brokers with your login details.
2. Navigate to the funding tab. Most Rapid Transfer Forex brokers have it in the top menu bar or the sidebar.
3. Choose Rapid Transfer as your payment processor (select your trading account if you have more than one).
4. Enter the desired deposit amount and your online banking details. Confirm the transaction, and you should see an instant to near-instant deposit in your trading account (please note that it may take a few days for your bank to clear the transaction).
Why Use Rapid Transfer as Your Deposit/Withdrawal Method?
Rapid Transfer Forex brokers provide a hassle-free transaction process that does not require traders to download, install, or register for a third-party service. Unlike competitors like Google Pay, Apple Pay, or Klarna, Forex brokers often allow Rapid Transfer for withdrawals rather than just deposits.
Another notable benefit is the transaction time, as Rapid Transfer features instant deposits despite using online banking, which can take two to seven business days.
Pros & Cons of Using Rapid Transfer When Trading
Rapid Transfer Forex brokers have pros and cons, and traders should consider them before settling on Rapid Transfer as their primary payment processor.
Here are the pros of Rapid Transfer Forex brokers:
- No download/installation of third-party apps
- No registration
- Instant deposits
- Secure transactions
- User-friendly process
Here are the cons of Rapid Transfer Forex brokers:
- Only available in 16 countries
- Few brokers offer Rapid Transfer
- Up to 1.00% deposit fees and a 3.99% currency conversion fee plus Unfavourable Skrill exchange rates
How to Pick a Decent Broker Offering Rapid Transfer
Rapid Transfer Forex brokers must satisfy the same conditions as any other broker to ensure a competitive trading environment.
Here is a checklist of what competitive Rapid Transfer Forex brokers should offer:
1. Low trading fees: Trading fees directly impact profitability and reveal which strategies Rapid Transfer Forex brokers actively support and passively discourage. Major currency pairs should cost at most $8.00 per 1.0 standard round lot (also evaluate swap rates).
2. Regulation and operational history: A business-friendly regulatory environment where Forex brokers have a clean record exceeding ten years confirms trust and security.
3. Algorithmic trading platforms: MT4, MT5, cTrader, or alternative algorithmic trading platform is paramount as 80%+ of daily Forex volumes are algorithmic.
4. Deep liquidity pools and excellent order execution: Tight spreads with transactions at the desired price (or better if price improvement technology exists) require both.
5. Asset selection: Rapid Transfer Forex brokers should list the assets you want to trade if you are going to open an account with them.
Bottom Line
Rapid Transfer Forex brokers offer secure, instant deposits using online banking without the need to install apps or register for services. Therefore, Forex traders can use Rapid Transfer to add funds immediately to take advantage of a time-sensitive trade or to meet a margin call.
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