O yeah...there is a way!Check this link to youtube :
It is entirely homemade ferrofluid and it's of great quality.spikes are about 1.5cm high.I made this ferrofluid from simple and easy to find materials:
1.feric chloride and few pieces of iron
2.olive oil
3.ammonia
4.kerosene
5.drain pipe cleaner (sodium hydroxide)
6.any acid(i used the toilet cleaner solution-mixture of clorhidric acid and sulphuric acid)
7. alot of care
The result is an excellent ferrofluid.