Penny stocks mostly associated with low performance company where it doesn't deliver good results to shareholders.
That's why usually it is traded in low volume compared to those blue chip, good performance companies.
It may also will become PN17 company and soon delisted from KLSE.
The risks associated with penny stocks almost equal trading with warrants. So better trade warrants.

In my opinion, better to trade blue chip company warrants. Just invest small portion only and u will gain profits just as u bought these blue chip companies.
However, warrants is associated with high risks. Need to be careful when selecting warrants to trade.