I bought tokens several times after they appeared on the exchanges and the participants of the bounty company began to sell them at a low price, and then the price increased several times and I found myself in a big profit. That was the least risk I had of losing my money. It is not known what the ICO will end and whether I will be able to return my money, and losses on the exchanges are minimized.
Well, it all depends on the type of project. You can profit if you are patient. in the current ICO problem, it might be quite profitable when you buy at the pre-sale, because there are quite a lot of bonuses. it's just that, the main problem, in this case, is when listing in a particular market, the price of coins always decreases.
In terms of IEO, I have seen the benefits that come when buying during pre-sale. this is specifically for sales in popular markets such as binance, and several other popular markets. this will be profitable when you buy in the pre-sale because some projects that do IEO on binance have very high prices when listing.