There is just SO much risk associated with ICOs.
- They might be scams (well some can be spotted a mile away, but some are quite well planned).
- There's no guarantee that tokens will be listed on any of the exchanges and even if they do get listed, they can get dumped.
- If you're not failiar with the field it's super hard to figure out if the idea behind the project makes any sense (especially if there's nothing there but an idea).