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Underscoring the growing inclination of women towards Crypto investments: WazirX Survey on Women’s Day

By March 2, 2023March 6th, 20235 minute read

March 2nd, 2023: Over a period of time it has been observed that Crypto has been preferred by women over traditional assets ever since its adoption started growing. With low entry barriers, better access and inclusion for users, women find it easier to invest in virtual digital assets. At WazirX, we’ve observed a similar trend. In order to understand the pulse of women investors in Crypto, WazirX conducted a survey close to the occasion of Women’s Day. We received some insightful data about the behaviour of women and their interaction with virtual digital assets. 

Overview of female users at WazirX

Trading volume on WazirX by female users increased 3.3% in a year. It went from 15.27% in 2021 to 18.57% in 2022. Women investors now have combined Crypto worth INR 354.9 crores ($42.99M) in their balance. Average value of Crypto held per female user on the platform is INR 9650, which is almost 30% more than the average value of Crypto held per male user, which is INR 6676. 

The highest number of signups among females came from the age group of 25 – 35 in the last two years. It was 51.02% and 44.28% in 2021 and 2022 respectively. Closely following is the female users between 36 – 50 with 29.98% and 32.54% in 2021 and 2022 respectively.

The percentage share of highest traded tokens by female users on the platform are as follows.

Bitcoin, USDT, and WRX tokens are the most popular among female users. 

Survey for Women’s Day

Here are some insights from the survey we conducted featuring 400 female Crypto holders

  • 54% of our respondents were females in the age group of 30-45, followed by 31% in the age group of 18-30, and 14% in the age group of 45-60. 
  • 25% of our respondents have owned virtual digital assets for more than 3 years. Majority of them belong to Maharashtra (28.6%), Uttar Pradesh (12.1%), Tamil Nadu (8.8%), and Karnataka (7.7%). 
  • Interestingly, in the last 6-12 months, during the ongoing bear market, almost 20% women invested in Crypto. Maharashtra, Tamil Nadu and Karnataka retained top spots while 7.8% of the new women investors were from Gujarat, and 5.2% from Rajasthan. 
  • This aligns with the data on our platform where Rajasthan, Uttar Pradesh and Maharashtra are the top states for women by trading volume. 
  • Karnal, Sonipat, Ludhiana, Ranchi, Nellore, Karimganj, Navsari, Aurangabad, Kolhapur, Kota, Nainital are among some tier 2 and tier 3 cities with emerging female Crypto investors


  • Women who had more than 30% of their assets allocated to Crypto were majorly in the age group of 30-45, followed by the age group of 18-30
  • 24% of women with more than 30%of their asset in Crypto have been investing for more than 3 years
  • Users who got into Crypto in the last 6 months – 3 years have mostly allocated 5-10% of their assets to Crypto

Purpose/ Behaviour

  • Financial independence was a key motivating factor behind the investment decisions of women, followed by the probability of high returns and potential utility
  • 45% women in the age group of 45-60, 41% in the age group of 18-30, and 34% women between the ages 30-45 invested in Crypto for financial independence. This has been a trend globally where women have chosen Crypto for personal wealth creation and portfolio diversification
  • 19% of respondents invested in Crypto because of combined factors of high returns and potential utility
  • 25% women feel that with Crypto investment, they are socially appreciated for trying new forms of financial assets; 15% feel that they are considered financially knowledgeable; 10% feel that they are perceived knowledgeable of latest technological developments
  • 6.8% feel that a combination of the above three scenarios are applicable for them after investing in Crypto
  • 26% feel that Crypto investment hasn’t had an impact on their social standing

Industry knowledge and perception

  • 72% respondents have invested in Crypto solely at their own decision
  • Out of the respondents who were inspired to buy virtual digital assets by external factors, 51% were influenced by their partners, whereas 32% were influenced by news articles, social media, market trends, etc.
  • Respondents in Maharashtra, Uttar Pradesh, Tamil Nadu, Delhi, Karnataka and West Bengal have the highest number of investors who have invested in Crypto on their own decision, as well as done sufficient research on the assets
  • 18-30 year old female investor group has done the most research before investing with 65% respondents being certain of doing sufficient background reading on the assets
  • Women investors in the age group of 30-45 are the most informed when it comes to market trends, token movements, etc.
  • 53.5% respondents believe that with incoming regulations the industry will become more stable
  • Women mostly in the age group of 45-60 responded that the imposition of tax laws on Crypto has not affected their engagement with virtual digital assets much. In the age group of 18-30, and 30-45, 39% and 46% women feel the same way respectively
  • Overall, 32% of the women believe that the imposition of 1% TDS have affected their engagement with Crypto
  • The most popular category of tokens according to the respondents were AI tokens, Meme coins, DeFi tokens, NFTs, and metaverse tokens. Women from different states who are bullish about the future of each type of token are as follows:
StateToken/coin category
KarnatakaAI tokens
Maharashtra, Rajasthan, Tamil NaduNFTs
Assam, KeralaMetaverse tokens
Jharkhand, Haryana, Odisha, UttarakhandDeFi tokens
Rajasthan, West BengalMeme Tokens

Overall, women in India, like in most places across the world, are keen on getting exposure to virtual digital assets. It is a thriving category and women are playing an important role in its growth.

The survey also revealed that respondents want more social media information, news articles, awareness programmes, in order to boost the level of knowledge in Crypto. While imposition of taxes and the bear market have impacted trading in India, female investors continue to be bullish about this sector. The investors are mostly well informed and the survey reflects how women can make an impact in financial services with an asset class which is easy to access and use, secure, and sustainable. 

This analysis is for representation purpose only and depicts behavior of a limited audience where WazirX has conducted a survey and should not be considered as an indicator of general investor behavior. This report/ analysis is not to be considered as investment advice or suitability of crypto as an asset class to any particular strata of investors. Recipients / Readers are advised to conduct their own due diligence before investing in any product/ asset.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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