Are Penny Stocks A Safe Investment?

Being new to the stock market and a little overwhelmed with the large range of choices of stock to choose to invest in, the penny stocks caught my attention. Common stocks that trade for less than $5 a share seemed like a good start for someone new to investing. I know the risks are high for losing but with such a small investment it doesn't seem to be too big of a loss. I heard that there is a lot of penny stock fraud and scams such as the illegal pump and dump scheme so is it better to not invest in a penny stock and invest in a higher priced stock?

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