Best cheap stocks to buy in 2023

Everyone’s on the lookout for a cheap stock that hits it big. This page picks out our favourite cheap stocks and explains why they have so much potential.
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Updated: Dec 6, 2022

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Our experts have combed through the market to find the best cheap stocks out there. They are all trading below $10 at the time of writing, and here you can find out more about each one as well as the best trading platforms to use to find them.

What are the top cheap stocks to buy?

The table below ranks our expert picks for the top five cheap stocks for this year. You can find their latest price information through the links in the table, or scroll down to read about each one in more detail.

#Stock symbolCompany nameTrade now
1NOKNokia Oyj
2ZNGAZynga Inc.
3SIRISirius XM Holdings Inc.
4UMCUnited Microelectronics Corporation
5OGIOrganiGram Holdings Inc.
List chosen by our team of analysts, updated March 2023.

1. Nokia Oyj (NYSE: NOK)

Nokia is a Finnish technology company that’s most famous for being one of the earliest major mobile phone manufacturers. Nowadays, it’s moved out of the smartphone game to focus on hardware and network infrastructure.

Nokia’s share price has been quite volatile for the last few years. In particular, after becoming a part of the memestock craze led by Reddit investors in 2021. That helped it make back most of the losses incurred in late 2019 when it was forced to slash its profit guidance.

The reason Nokia is top of this list is 5G. Its 5G infrastructure business grew by almost a third in 2021 and that’s likely to continue. It also has a lot of free cash that can be used to keep growing its 5G market share. Both of those factors mean Nokia is extremely well-placed to capitalise as the 5G industry grows over the next few years.

2. Zynga Inc. (NASDAQ: ZNGA)

Zynga is a gaming developer best known for mobile games like Farmville and Words with Friends. It’s one of the most popular online gaming developers, and boasts over 150 million monthly users across its 65 mobile games.

The mobile gaming industry has been doing well for a few years and the pandemic only accelerated its growth. Zynga’s share price has doubled since the start of 2019 and was up 67% in 2020, as the number of people playing a mobile game jumped 10% from the year before.

Ranking second on this list is testament to the continued potential of mobile gaming but also of Zynga’s strategic direction. The biggest positive is its recent acquisition of the mobile ad company, Chartboost, which will help Zynga monetise the data it gathers up from its gamers. With its stock still available at a cheap price, Zynga’s future looks extremely bright.

3. Sirius XM Holdings Inc. (NASDAQ: SIRI)

Sirius XM is an American radio broadcaster that was formed out of a merger of the satellite radio stations Sirius and XM in 2008. It has over 30 million subscribers to its various audio services.

After flirting with bankruptcy in 2008, Sirius transformed itself into a complete audio entertainment company – the largest in North America. It now owns the likes of the music streaming service, Pandora, and the podcast media company, Stitcher. That has helped rebuild the share price from virtually nothing a decade ago to above $6 in 2021.

There is a lot of competition for eyeballs and eardrums in the 21st century, but Sirius earns third place on this list because it has remained profitable and continues to grow its subscriber numbers. Its stock is significantly cheaper than other digital entertainment platforms, and it could be well placed to keep profiting from an audio boom.

4. United Microelectronics Corporation (NYSE: UMC)

United Microelectronics is a Taiwanese company that manufactures semiconductors. In particular, it produces parts known as integrated circuits and wafers, and its chips are often used by the automotive industry

2020 was a huge year for semiconductors, with prices soaring across the board. Computer chips are extremely valuable in industries as diverse as automobiles, gaming, and cryptocurrency, and the stock prices of companies like UMC reflect that fact. Its shares were up 250% between July 2020 and March 2021.

The outlook for semiconductors remains good, which is why UMC has made this list. It also makes its own chips, reducing the risk of any supply chain issues. The other key ingredient is that it can benefit from trade tensions between the US and China, offering an alternative for companies who can’t deal directly with one of those two nations.

5. OrganiGram Holdings Inc. (NASDAQ: OGI)

OriganiGram is a Canadian company that produces cannabis for medicinal and recreational use. Formed in 2013, it sells things like vaporisers, edibles, and flower products.

The company has struggled of late as it has failed to deliver profitability and the share price has been extremely volatile. However, it is now part owned by British American Tobacco, raising the prospect of some kind of joint venture in the future, and weed stocks in general have become extremely popular in 2021.

There is more uncertainty around OrganiGram than the other companies in this list, which is why it only makes fifth spot. However, it has a wide product base, a growing market share in Canada, and would be well-placed to benefit from marijuana being legalised by the US government.

Where to buy the best cheap shares

The best place to find stocks is always through a broker. These platforms below are the top ones around, and have been reviewed and approved by our financial experts.

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What is a cheap stock?

The stocks on this page all trade at or below $10. These are slightly more expensive than penny stocks, but follow a similar principle. You want to find a stock that’s available at a low cost and that could have the potential for its share price to grow considerably in the future.

Are cheap shares a good investment?

In moderation they can be. Usually there is a flaw or two that has caused the company to be available at such a low price, which means there is some risk involved. If you don’t invest too much in each one, and spread your money around a few different stocks, then they can be a very good investment.

That’s because cheap stocks, like penny stocks, can see big gains in value. If a stock hits it big you can see a return of many times your original investment. You just need to be realistic and comfortable with the idea that not all the stocks you pick are going to be so successful.

Whatever you invest in, you want to stay on top of the latest news to check for anything that might cause the price to change. It’s particularly important when dealing with cheaper, less popular stocks because they can be more volatile and sensitive to new developments. Use the links below to help you.

Latest stock market news

Shares of Alibaba Group Holding Ltd (NYSE: BABA) opened more than 10% up on Tuesday after the tech behemoth announced plans of reorganising into six businesses. Details of the restructuring plan The Chinese multinational expects to unlock significant shareholder value as it splits into the following units: Cloud Intelligence…
Reliance Industries (NSE:EQRELIANCE) share price is having a difficult year as concerns about India’s conglomerates continue. The stock was trading at 2,252 INR, a few points above the year-to-date low of 2,182 INR. This price is close to its lowest level in about 52 weeks and is down by…
The last trading week in March has started slow, with financial market participants still digesting the recent events. Several banks failed in the United States, rivals acquired some, and things appear to have calmed down. While many talk about a banking crisis that will spill over to other parts…
CMC Markets (LON: CMCX) share price nosedived on Monday after the company warned of the tough operating environment as it downgraded its forward guidance. Shares of the FTSE 250 company plunged by over 20% to a low of 184.6p. They have dropped by ~67% from the highest level during… Inc (NASDAQ: AMZN) ended roughly flat on Monday even after a Morgan Stanley analyst reiterated the tech behemoth his top pick for 2023. Amazon stock to benefit from layoffs Brian Nowak recommends that investors buy Amazon stock here as it has upside to $150 – more than…

Sources & references
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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.
Jayson Derrick
Senior Editor of News
Jayson lives in Montreal with his wife and daughter, loves watching hockey, and is on a lifelong quest to perfect the art of Texas style BBQ. read more.