Exchange project are very profitable now that people in crypto are saying the future of ICO is on exchange which IEO is the next big thing to happen. Doing ICO today however may not be as good because if you notice, most of the project last year who postponed their ICO aren't even back yet to resume. Knowing all these, I think projects that will also not getting much funds or without softcap will have difficulties later on.
some exchanger projects are very promising, but because many are successful with the exchanger project, more and more are intending to commit fraud by impersonating an exchanger project.
There are a lot of them now, even popular sites have a list of exchanges where people change money there and their credit cards just don't get