Nanoparticles are important tools used in medicine, for diagnosis as well as for treatment of various diseases. Their sizes can be controlled, ranging from tens to hundreds of nanometers, enabling them to interact with cells, bacteria, and viruses. Magnetic nanoparticles have a core of magnetic material coated with layers of different materials, including silica or a polymer. This coating is responsible for their functionalization, so they can carry out specific tasks serving as a marker for diagnostic purposes and / or as a carrier for drugs. The knowledge of the magnetic properties of nanoparticles is very important in the manufacturing process and their use. With this aim, we built a magnetometer based on a cryorefrigerator capable of measuring their magnetic properties as a function of temperature from room temperature to 6 K. We used a low cost GaAs Hall element as its magnetic sensor. The magnetometer built has a different configuration from the traditional Hall magnetometers, since in this case the sample moves in the region of the sensor. A model which takes into consideration the geometry of the sample was developed in order to increase the accuracy of the magnetic moment obtained. The magnetometer resolution is limited by the Hall sensor used in 10-7 Am2. The magnetometer was calibrated independently and its performance was compared to commercial vibrating sample magnetometers (VSM) showing errors smaller than 2 percent in the magnetization obtained from various samples. All the equipment involved in the operation of magnetometers at low temperatures is controlled by using the LabVIEW language. The M x H e ZFC-FC curves can be obtained in the current version. We manufactured the core with magnetic nanoparticles of iron oxide by coprecipitation process in an alkaline medium, coated with surfactants and SiO2. The magnetic properties of the nanoparticles were obtained using the magnetometer built. The nanoparticles showed superparamagnetic behavior and great potential for controlled drug release.