Jan 22, 2021   |   15:33

Are you sure that you own your client data?!

When you own a Forex company it’s crucial to know where your client data is, how it’s being stored, and who has access to it at all times. 

That being said - when you’re setting up a brokerage or migrating data from one provider to another, you’d be surprised how often the importance of data ownership and control gets overlooked. 

Having performed numerous migrations, we’ve experienced times when our clients didn’t know how their data was being stored, didn’t know if they had access to it, or had to specifically ask for access to their own database! On one occasion in particular, we came across a company who had lost their data completely. Try explaining that to your shareholders!

Looking back at our past migrations, we realized that in a significant number of cases, full access rights weren’t granted for weeks (as the crm provider understood they were unhappy and were looking to migrate). In other situations, clients of ours were afraid to ask their providers for access to their database in case the provider deliberately destroyed data or harmed their company prior to a suspected migration. Although such fears were certainly unjustified from a legal point of view, it’s amazing where the mind will go once a person realizes they aren’t in complete control. Most commonly though, our potential clients data was haphazardly provided in excel. Try - for a second - to imagine sorting through (and making sense of) hundreds of fields of important information when you have a deadline to move from one forex crm to another... not an easy feat. 

In your search for a Forex crm system you’ll most likely come across companies who will offer you the chance to store your data and documents on their server, and will ‘take care’ of it for you. This kind of setup might seem easier. It might even be cheaper on a monthly basis and more attractive than choosing one of the more reputable or recognized crm companies out there - but this comes at a price. How would you feel about an external company or ‘partner’ being in charge of your client data if your relationship went sour? Would you feel comfortable knowing that they have full control over your database and could manipulate your client data in any way they wanted to - especially if they were at odds with you? As they say, all that glitters is not gold.. 

Leaving your data in anyone else’s hands other than your own is a dangerous game. The costs associated with losing it, or not having full access or control over your data at all times are much, much higher than the extra euros you’d be paying on a monthly basis for your own peace of mind. For regulated forex companies adhering to strict protocols, not being in control or having access to your data can be even more catastrophic. Whether you’re a regulated or unregulated forex company, you stand to lose everything by placing someone aside from yourself in control of your data. Before deciding upon a forex crm system, ask yourself, ‘how much is my data worth?’

At FX BACK OFFICE your client data is stored on a separate server that legally belongs to you, and you have the admin access to it at all times. Transparency is very important to us. Trust - even more so. We will never be able to cut access to your database. We will never exercise control over when or how you get access to your data. If you ever decide to create your own crm or move to another crm provider, we will not withhold access to your client data or provide it in a way which is unbearable to work with - because you will have full control and access to everything that is rightfully yours. Trickery or underhanded attempts to retain clients is not our style, which is why hundreds of forex companies choose us! 


Talk to us today about how to keep your client data safe and secure with an outsourced crm provider.