In terms of security, IEO is relatively better than ICO or STO especially if the exchange holding the said crowdfunding scheme has a good reputation. Convenience-wise, IEO is also better since the exchange facilitating the token sale will instantly list the token on its platform once the crowdfunding has concluded. However, not all platforms are perfect. Given that a majority of cryptocurrency exchanges are centralized, there is the possibility of them getting hacked. Also, since they are not decentralized, they take fees for facilitating the token sale. We believe another feasible option is creating an investment protection mechanism for maintaining ICO security and quality.