Apparatus for degreasing and electroplating wire with a high current density electrolyte at high speeds includes a supply reel, guide pulleys, driving drums, degreasing and washing tanks, plating tanks and a take-up reel. The speeds of the driving drums for plating and degreasing are related and controlled in accordance with wire tension by means of a pulley, spring-based pivotable dancer arm, and a variable resistor. Fluid drag by wires running in one direction is eliminated by placement of a plurality of closely spaced anodes across the top of the plating bath and a flow stabilizer plate over the degreasing tank. A control circuit provides a desired constant ratio between drive speed and plating current.