This article sums up and compares the most important techniques for magnetic sensing of ferromagnetic nanoparticles. In addition, the most well-known magnetic sensing instruments are presented, while the advantages and disadvantages of each instrument category are summarized. Finally, a measurement system based on fluxgate magnetometers is proposed for the magnetic characterization of a cobalt-based material applicable in the catalysis process. The authors conclude that this arrangement can provide ferromagnetic material sensing with the most advantages for this catalysis application. Indeed, as nanoparticle materials can be used in many applications, like catalysis, their properties and the phase of the catalyst should be known at any time. Moreover, as the industrial processes operate at a rapid pace, the need for simple, fast, and low-cost measurement systems that will also enable in vivo material characterization is rising. Consequently, this article aims to propose the best candidate magnetic sensing method as well as the best candidate instrument for every application based on the advantages and disadvantages of each sensor.