Hi Guys,
Im pretty keen to understand more about ICOs and intend to invest in some.
ANY recommended ICOs and any advise how you guys determine whether is it a legit or Scam?
Thanks in advance.
99% of ICOs are designed for one purpose only - and that is to enrich the creator(s). In other words, yes, most of them are scams.
However, there are plenty of legit ICOs out there too. You just need to be very careful about which ones you choose to invest in. Do a lot of research in terms of the development team, whitepaper, road-map, etc. to gauge how successful you think it will be and then decide.
One more thing to add look at the MVP project team provides and what type of activity the team members did before. Keep in mind that the Whitepaper is only declaration and you can only rely on your own opinion if the team has the right attitude to do the project or not. The investors usually invest into teams and not just projects.
Legit ICO in terms of lawyers is another big question. The project has to have a company but at the same time if they do not need a bank account and will just use the collected funds without withdrawing to fiat (some do things like that yet) the company is just a legal entity you interact with while signing SAFT (Simple Agreement for Future Tokens).