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Don't Risk Your Client Data: Prioritize & Control with FX Back Office

Helpful advices | 22 January 2021

In the fast-paced world of forex trading, prioritizing the security, storage, and access of client data is critical to your brokerage’s success. Unfortunately, many brokerages overlook data ownership and control during initial setup or data migration. This oversight can lead to serious consequences, including loss of control, delayed access, or even data loss. 

At FX Back Office, we understand how vital it is to maintain complete control over your client data and eliminate these risks. This article is tailored to help you understand why client data iwnership matters for forex brokers. 

The Challenges of Data Ownership in Forex 

Over the years, we’ve encountered numerous challenges brokerages face when managing client data: 

  • Lack of Transparency: Some brokers are unaware of where their data is stored or who has access to it. 

  • Delays in Data Migration: Providers often delay granting full access rights, especially when a brokerage intends to switch systems. 

  • Hesitation to Request Access: Some brokers fear intentional data harm or destruction when they request database access before migration. 

  • Excel-Formatted Data Chaos: Many brokers provide client data in Excel, making it extremely challenging to sort through hundreds of fields during a tight CRM migration timeline. 

While such fears are often unfounded, they highlight a significant issue: a lack of control over critical data can cause unnecessary stress and operational delays. 

The Risks of Entrusting Data to External Providers 

Many third-party companies offer data storage and management services. However, placing full control of your client data in someone else’s hands carries serious risks: 

  • If the relationship deteriorates, you risk delays, access issues, or data complications. 

  • You may face financial and operational setbacks far greater than any potential savings. 

  • Recovering lost or restricted data can be a lengthy, expensive, and stressful process. 

Bottom line: Control over your client data should never be compromised. It’s an asset your business cannot afford to lose. 

Protect Your Business with FXBO's Secure CRM Solutions 

Data ownership isn’t just a technical issue—it’s a critical business priority. By choosing FX Back Office as your CRM provider, you ensure: 

  • Total Transparency: Know where your data is stored and who has access to it. 

  • Uncompromised Control: Eliminate the risks of losing access to your client database. 

  • Stress-Free Operations: Focus on growing your business while we safeguard your data. 

Don’t leave your client data to chance. Request a demo today and discover how our secure, transparent, and trusted CRM solutions can empower your brokerage to take full control of your most valuable asset!