Best Penny Stocks to Watch 2023

Many penny stocks are only available over the counter through the OTC Bulletin Board (OTCBB). But, users can also invest in penny stocks using other mediums – such as brokers and trading platforms.

Below, we review 12 of the most popular penny stocks in 2023.

Popular Penny Stocks to Watch in 2023

Here’s a list of the popular penny stocks to watch this year:

A Closer Look at the Popular Penny Stocks

Those looking for the most popular penny stocks can analyze the different options and make a decision on their investment opportunities.

Let’s get started with the popular penny stocks to buy as we move further into 2023.

1. FightOut – Overall Best Penny Stock Alternative with M2E Fitness App and Gyms

Our top pick for the best penny stock to buy in 2023 is actually a cryptocurrency project – FightOut, which has only just launched but is getting huge buzz in the space.

The move-to-earn project has already secured more than $2 million in less than a week, with investors excited by its ambitious plans to develop a fitness app and build real-world gyms that have Web3 integration.

FGHT tokens are also available for just $0.016, with FightOut planning to raise $100 million during its presale and FightOut has been dubbed the best crypto to invest in for 2023.

Unlike rival M2E projects, FightOut does not require expensive NFTs to get started and has a robust rewards system that sees users rewarded for completing workouts at home or in the gym.

FightOut will use smart technology to build a full digital fitness profile that then tailors an individual workout program to the user.

The algorithm will incorporate movement, key effort indicators, sleep and nutrition to build the profile, while the training regime will not just focus on strength and cardio but also wellness and mental health.

The digital profile is a soulbound NFT avatar – meaning it cannot be sold or traded – that is fully customizable. Users can earn additional rewards by pitting their digital self against others in daily, weekly and monthly competitions.

As well as the FGHT token, which underpins the project and funds its development, FightOut will produce REPS – an off-chain, in-app only token that users earn for exercising and can redeem to get discounts on app subscription and gym membership, pay for personal training sessions, or purchase merchandise, equipment and supplements.

FightOut is already scouting locations for its first gym and is in early talks with elite combat sports athletes to come on board as ambassadors. They will not only help market the project but also provide exclusive content such as all-access footage and masterclass-style training regimes.

The project has been developed by a doxxed group with a long background in combat sports and fitness apps. They have also outlined that of the $100 million, 70% will be used for venue acquisition and refurbishment, 18% for marketing and 12% for product development.

More information on FightOut can be found in the whitepaper or the Telegram channel.

2. Dash 2 Trade – Crypto Intelligence Platform to Maximize Earning Potential

Crypto analytics platform Dash 2 Trade is another exciting penny option, with D2T tokens available for just $0.0533 in its final presale stage.

The protocol secured more than $500,000 of seed funding within 24 hours after its presale went live and is now almost sold out as it closes in on the $10 million milestone.

Investors have attracted by the low entry point and potential of the dashboard, which will use a range of data points and insights to maximize the earning potential of its users.

While investing in crypto presale projects can be risky, Dash 2 Trade has mitigated those risks with a number of steps to signal to investors the project is legitimate and scam-proof.

The team is fully public and has long experience in the crypto industry, having already developed Learn2Trade, a trading platform for beginners that has 70,000 global users and a four-star rating on TrustPilot.

They have also been KYC-verified by CoinSniper, while the D2T token’s smart contract has been fully audited by SolidProof.

Dash 2 Trade are developing a dashboard that will help crypto traders and investors of all levels and experience maximize their earning potential.

The dashboard will utilize a range of metrics, data points, and insights to help its users make better-informed decisions on their holdings.

Trading signals will be sent out to provide buying and selling opportunities, while social sentiment is tracked and on-chain data analyzed to spot trends and get ahead of the market.

There will also be strategy-building, social-trading and backtesting tools to optimize trading strategies, as well as members-only groups to discuss insights.

Dash 2 Trade is also developing a scoreboard to find and track the best new crypto presales on the market and ensure investor confidence in new projects, as well as sending out alerts on new coin listings and initial exchange offerings.

The protocol will be available to users behind a three-tier monthly subscription model – Free, Starter, and Premium – that grants users access to different insights, data and tools.

We’ve already named Dash 2 Trade as the next cryptocurrency to explode, with more information on the project available in the whitepaper and on the Telegram group.

To take part in the presale read through our how-to-buy D2T guide.

3. IMPT – Overall Best Penny Stock Alternative Tokenizing Carbon Credits

IMPT is another penny crypto that has tremendous earning potential. Many investors are conscious of the environment, and IMPT enables them to invest in projects concerned with reducing the planet’s carbon emissions.

The project recently ended an extremely successful presale, raising $20 million, and is now listed on Uniswap and LBank – with more exchange listings in the pipeline.

This platform enables individuals to support businesses that contribute to environmental causes. IMPT has partnered with thousands of major brands that are environmentally conscious and donate a portion of their revenues to projects involved in socially responsible investing.

By shopping with these pre-approved brands, investors earn IMPT tokens for every purchase. Investors can exchange their tokens for carbon credits and list them on the marketplace.

The carbon credits are structured as NFTs, meaning investors can also ‘retire’ them to compensate for their carbon footprint.

The IMPT whitepaper states that businesses and individuals can track their carbon footprint. The platform enables users to collect points based on their positive contribution to the environment.

Points are also awarded for shopping and retiring carbon credits. Businesses receive points by integrating the IMPT platform into their operations.

More information about the project can be found on the IMPT Telegram channel.

3. Tamadoge – Alternative to Penny Stocks with Meme Coin Potential and P2E Ecosystem

Another popular asset that makes our list is Tamadoge. While this digital asset is not a penny stock, users will be able to enter the metaverse should they choose to diversify by buying Tamadoge (TAMA) – the native crypto token of the Tamaverse.

While the doge community has rewarded users with successful returns via Dogecoin and Shiba Inu, Tamadoge provides a multi-utility token that users can purchase on a play-to-earn (P2E) decentralized platform.

TAMA is mainly used to buy Tamadoge pets – unique avatars minted as NFTs using smart contract functionality. Users can grow and breed their Tamadoge pets and eventually compete with other users to gain points on the community’s leaderboard.

TAMA is used to trade the avatars, settle transactions, and purchase the NFT pets from the Tamadoge store. Another key advantage of TAMA is that it is a deflationary asset, with a maximum supply of 2 billion tokens. Whenever users spend TAMA on the Tama store, 5% of the token amount is burnt. This helps reduce the overall coin supply and potentially make TAMA a more valuable asset.

According to the project’s roadmap, Tamadoge plans to list 20% of all tokens on decentralized and centralized exchanges to make them more available to investors. Tamadoge is also working on an Augmented-Reality (AR) app, which will retain the same P2E dynamics as the web-based platform.

After its IEO, Tamadoge increased by almost 2,000%. Although the price has regressed, experts are predicting a breakout 2023, with the crypto market expected to recover.

3. Crypto Snacks – The Best iGaming Token

Crypto Snacks is the world’s fastest growing iGaming token and the first DEX iGaming Token launched on the Binance Smart Chain. This high-performance iGaming token is not a penny stock but replicates the potential price explosion that penny stocks can provide.

The project is gaining a huge buzz this year after being the first BEP-20 token listed on CoinsPaid, a leading payments gateway in the industry.

This partnership was significant because the payments gateway giant made an unusual exception to list SNACK. CoinsPaid typically only lists top-tier tokens such as BTC, USDT, and DOGE. However, SNACK made its way onto the platform because, according to the CEO, CoinsPaid serves over 300 iGaming sites, and having a token dedicated to iGaming provides a big boost.

The SNACK token itself is split into three unique brands:

• Snack Token
• Green Snack
• Snack gaming

Snack Gaming was developed by leveraging the teams’ knowledge and expertise in the iGaming industry. The team has the ultimate vision for SNACK to be the number one token in iGaming.

Green Snack is an eco-friendly initiative driven by the team to help fight climate change. 10% of all SNACK tokens are locked in the Green Treasury and intended to be distributed to projects focused on helping to save the planet.

In addition to the CoinsPaid partnership, Crypto Snacks has also managed to secure a partnership with RCD Espanyol de Barcelona in May 2022, making it the first integration of crypto payments in a La Liga club.

Furthermore, it also managed to secure a $50 million investment commitment from GEM Digital Limited, a digital asset firm that actively invests in utility coins.

Lastly, SNACK was also integrated into BGaming, a pioneer iGaming content provider that converts gambling into gaming. With this partnership, SNACK is now integrated into 80 different gambling products such as video poker, lottery games, card games, and video slots.

Overall, Crypto Snacks completely dominates the iGaming sector by creating a perfectly suited token for this section of the industry. The team has already gained some solid partnerships. As they continue to amass a series of high-profile collaborations, we can expect the SNACK token to grow in utility and price.

4. GrafTech International (EAF)

Another popular penny stock to consider is GrafTech International. GrafTech International is a US-based manufacturer of graphite electrodes and petroleum coke – both of which are critical components of the steel-producing process. Although GrafTech is headquartered in Ohio, the company operates throughout Europe, South America, and Canada.

Many analysts consider GrafTech one of the most popular cheap stocks to buy since it is directly involved in the rapidly-growing process of electric-arc steelmaking. This process is considered much more eco-friendly than ‘traditional’ processes – all whilst being even more cost-effective.

At the time of writing, the GrafTech share price is hovering around the $4.42 level – a 62% decrease from the beginning of the year. However, the company is still growing in a financial sense and increased revenue by nearly 10% in Q2 2022. Net income also rose by 308%, suggesting that this company has a bright future.

78% of retail investor accounts lose money when trading CFDs with this provider.

5. Genworth Financial (GNW)

Genworth Financial is a US-based insurance company that is a constituent of the S&P 400 index. The company offers a wide array of services, including long-term care insurance, mortgage insurance, and annuities. According to Yahoo Finance, Genworth Financial has a market cap of $2.12bn at the time of writing, with shares hovering around the $4.22 level.

Genworth Financial makes our list because the company has become much leaner in recent years. After the deal between Genworth and China Oceanwide Holdings fell through, the company decided to offload several of its businesses, drastically cutting costs. In turn, this has helped Genworth reduce its debt burden substantially.

From a financial perspective, Genworth has brought in over $1.8bn in revenue in each of the last two quarters. Moreover, the company is consistently profitable and currently has a net profit margin of just under 10%. Given that Genworth is one of the few providers of long-term care insurance, the company is in a prime position to benefit from the ‘aging’ of the US population.

78% of retail investor accounts lose money when trading CFDs with this provider.

6. Nano Dimension Ltd (NNDM) 

Based in Israel, Nano Dimensions is a 3D printing specialist that provides software and hardware to speed up electronics manufacture. The company specifically targets the prototyping phase of traditional production timelines using Deep Learning AI.

A single Nano Dimension share is currently priced at $2.38. Since its meteoric rise early last year to hit $15.54, the share price has fallen a long way to its present level. This is a common issue with hi-tech companies coming to market. What has not helped the price are the acquisitions of Global Inkjet Systems and Essemtec in the last 12 months.

On 24th January 2022 and again on 14th March 2022, the price dipped to just under $3 and then rocketed upwards to exceed $3.90. However, rising interest rates have hampered the company’s progress.

78% of retail investor accounts lose money when trading CFDs with this provider.

7. Sunworks Inc. (SUNW) 

Based out of Roseville, California, Sunworks is involved in the booming solar power sector. The firm sells photovoltaic systems to local companies in the industrial and agricultural sectors.

Sunworks employs over 500 staff and has a market capitalisation of $72.4m. This is a  high ratio of staff-to-market cap, and suggests that a restructure might be one of many ways to improve profitability.

Sunworks’ revenues increased by over 150% between 2020 and 2021, from $37.9m to $101m. But this had no impact on the stock price, which has endured a steady decline since its January 2021 high of over $25. At the time of writing, each SUNW share is valued at just $2.20.

Ultimately, investing in Sunwork represents a bet on a small solar energy company that may not boast the highest management or financial performance. However, like many growth stocks, momentum has been slowed in 2022 due to the high-inflation environment.

78% of retail investor accounts lose money when trading CFDs with this provider.

8. Globalstar (GSAT) 

Founded in 2003 and based out of Covington, Louisiana, Globalstar is a US satellite communications company. The firm has a network of satellites and ground stations that serves roughly 775,000 subscribers across a range of sectors including energy, forestry and public safety.

Unusually for a penny stock, Globalstar has a significant market capitalisation of $3.24bn. It has a reasonable price/sales ratio of 22.50. Quarterly revenues increased by almost 22% in Q2 2022 to $36.80m, although net income decreased by 24%

Recordingg net income deficits of over $100m in 2020 and 2021, Globalstar is clearly in some trouble. The GSAT price hit a 2022 low of $0.92 on 24th February. Since then the share price soared to $1.80 in October 2022.

72,000 eToro investors follow Globalstar.

Your capital is at risk.

9. Zynerba Pharmaceuticals Inc. (ZYNE) 

Headquartered in Pennsylvania, US, Zynerba is a specialist cannabis-related company. The firm exclusively serves the US healthcare sector. Zynerba tackles rare diseases through developing formulations that are applied to a patient’s skin and provide pain relief. For example, Zynerba has developed an experimental treatment called Zygel which is a patent-protected gel containing pain-relieving cannabinoids.

Despite massive initial interest in cannabis stocks from the markets, the enduring problem for all cannabis-related companies in the US is that cannabis remains illegal at a federal level. Since 2018, Zynerba has been in a research and development phase. It thus recorded no revenue and significant net income deficits for 2018-2021. This is usual for a company engaged in product development in a new sector.

Zynerba stock is currently priced at just $0.66 per share, with a market cap of just over $30m – making it the smallest company on our list.

Zynerba has 70,000 followers on eToro.

78% of retail investor accounts lose money when trading CFDs with this provider.

10. Tilray Brands Inc. (TLRY) 

Founded in 2013, Tilray Brands is headquartered in Nanaimo, Canada. Unlike fellow cannabinoid provider Zynerba, the firm produces and exports medical cannabis as well as cannabis foods and beverages for general consumption. Tilray Brands was the first licensed producer of medical cannabis in the world to gain certification in line with European Medicine Agency standards. The firm has operations in Canada, the US, Europe, Australia and Latin America.

A Tilray share was valued at an all-time high of $243 in September 2018. But since 2020, it has traded largely under $25 apart from a spike in Q1 2020 above $50.

Tilray is an established firm with firmly-rooted international operations. However, its prospects rely on federal legalization of marijuana in the US – something that is still hotly-debated in congress.

78% of retail investor accounts lose money when trading CFDs with this provider.

What are Penny Stocks?

The old-fashioned definition of a penny stock is a share in a company that is valued at less than a UK penny. Nowadays, such stocks are few and far between, and must be bought outside the safety of the big stock exchanges.

The modern definition of a penny stock is a share in a company that is priced at less than $5 — or features on the NASDAQ Capital Markets tier as a small-cap company.

Where to Buy Penny Stocks

If you’re wondering where to buy stocks priced below a penny, several popular stock brokers support this asset class. However, the section below reviews one popular stock broker with which users can buy penny stocks today:

1. eToro

With popular broker eToro, you can browse through various popular penny stocks to buy now as well as popular small-cap stocks – all availably with zero commission.  The broker also boasts some tight spreads on certain stocks, as well as zero fees for USD deposits.

As a full-service broker, eToro offers 1145 stocks on the New York Stock Exchange, 854 on the NASDAQ, and 900+ on international exchanges, including London’s FTSE and Hong Kong’s KEX. That’s almost 3,000 stocks to choose from.

Plus, if you’re keen on diversification, you can get your hands on over 250 ETFs (Exchange-Traded Funds) — as well as undervalued dividend stocks, commodities, indices and a selection of major cryptocurrencies.

Established in 2006 and now boasting over 28 million clients, eToro is a popular broker that offers several key features:

1. Most importantly, eToro boasts heavy regulation. If a broker is regulated, it means that investors can be sure they are dealing with a business that conducts itself properly. eToro is regulated by FINRA and registered with FinCEN in the US. In the UK, it is the stringent FCA that does the honors. In Europe, regulation is covered by CySEC and, in Australia, by ASIC. When eToro says it is a safe place to trade, it means it — and this is important with low-cap stocks.
2. eToro is at the forefront of social trading. This means you can buy into Smart Portfolios with particular investment strategies; you don’t have to figure out anything.
3. Finally, eToro even offers a CopyTrader feature that allows users to automatically copy the trades placed by others. Through this feature, users can automate the trading process and benefit from the expertise of high-performing traders.

Your capital is at risk.

Conclusion

Penny stocks can be an effective way for users to diversify their portfolios. After evaluating the popular brokers, users can begin investing in this asset class. However, as with any asset, it’s crucial to do prior independent research and employ strict risk-management rules.

One of the best new penny stock alternatives is FightOut, a new crypto presale project that is gaining huge excitement and buzz in the space and has already raised more than $2 million in less than a week.

The move-to-earn project is developing a fitness app and will also build Web3-integrated gyms around the world.

Another exciting project is Dash 2 Trade – the crypto intelligence and analytics platform is in its final presale phase.

FightOut - Next 100x Move to Earn Crypto

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FAQs on the Popular Penny Stocks

What are Penny Stocks?

Traditionally, penny stocks are defined as stocks that are valued at less than $5. Nowadays, a penny stock is seen to be any stock that is low cost.

Which Stocks are Penny Stocks?

Look on the Nasdaq Capital Market for penny stocks. This tier of the NASDAQ exchange features stocks with low market capitalizations, much like the AIM section of the London Stock Exchange. Nowadays, this is considered to be one definition of a penny stock.

How do Penny Stocks Work?

Penny stocks work like all other stocks. Each penny stock represents a share in a company. Investors can buy penny stocks and sell them to make a profit is the stock price rises. However, the right point to sell penny stocks is a difficult decision that investors must take independently.

How can I Buy Penny Stocks?

Because of their low price per share, many penny stocks are only available OTC (ie. Over The Counter) with a specialized broker. Users can also buy penny stocks with a stock exchange of their choice that offers them.

What is the Cheapest Penny Stock?

The cheapest active penny stock on the NASDAQ exchange right now is Farmmi Inc (FAMI). This is priced at just $0.14 per share. Farmmi is an agricultural company headquartered in Lishui, China. It processes and sells fungi and mushrooms.

What are popular Penny Stocks?

Inpixon, Gevo, Nano Dimensions, Sunworks, Globalstar, Zynerba Pharmaceuticals and Tilray Brands are all examples of popular penny stocks.

Read More:

• How to Invest in Stocks Online for Beginners
• How to Buy Stocks on eToro in 2023
• Best Stocks to Watch on Reddit – Most Popular Reddit Stocks

  This article was written for Business 2 Community by J Thompson.
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Author: J Thompson

J Thompson leverages his experience in working for investment banks to deliver simple explanations in the complicated world of crypto. …

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