ICO is choice to go. Because you can easily double your money in a month or two. Bounties are also given on ico phases so you can also make money that way freely. Exchange buying is very risky..
Risk if we buy in exchange? All have risk so there is no decision without risk. All activity involve with risk mate.
Joiningbin ico and buy in exchange have its own risk. However, i will choose both and i separate my money to join in ico and buy in exchange.