Giropay is a German online payment system that was launched in 2006. The system allows users to pay for various goods and services online while having the payment deducted directly from their bank account, similar to the Dutch iDeal system.
The system is popular among both online merchants and forex brokers serving the German forex trader community, and it is branded as risk-free from the perspective of the merchant. German forex traders, on their end, also like using the system for its convenience and the fast speed of the transfers. Any fees charged by Giropay for the service is normally paid by the broker, unless otherwise mentioned on the broker’s website.