it is very very slow in collecting its data.. is there something wrong? please advise

One of the possible reasons for such an issue is the fact that you update all the factors available. As soon as SEO SpyGlass is ready with collecting backlinks and ask to update your project for backlink factors, click “No”. Then select the backlink pages in your workspace, click the “Update” button at the “Search Engines Data” tab and choose only the factors you need to update.
This should help. If the issue continues, please click “Help-> Send Project To Support” and send your project to us. We will check your settings and write back to you soon.