Although IEO is guaranteed by exchanges, the risk from the IEO is still huge. Don't think the IEO will help you x your account many times. If the exchange does not have a separate coin, they will not pump the IEO. That is a waste. Look at bittrex as a bad example.
I agree with you, IEO has a big risk, especially nowadays more IEOs are implemented in large exchanges but the tokens are not clear, we should also need to be careful when choosing IEO projects