I had a debate with a friend about which is better, purchasing a token new token before its listing on an exchange or the moment it gets listed.
If the token has good potential, then accumulating before getting listed on exchange is better than buying the token after it gets listed.
There's a lot of perks buying on the presale. The presale has a bonus stage, like you can have 20 to 30% if you bought in the first round of token sale, its different when it gets listed on exchange; you have to rely on the sell price of those who bought it first, usually they are selling a portion of what they bought in the presale for profit.
If the presale has a bonus stage, it's going to be a money grab / rug pull and fundamentals for it are going to be bad. And that i say from experience. There's really not a good reason for bonus stage to exist, and if it has referrals on top of it, it's resembling more and more a common ponzi.
Main reason people should buy it before it get listed is that marketcap is usually very low at that point, but depending on the issuance rate and marketcap at the time, it can already be overvalued, and if it has a bonus stage, then those involved are trying to flip it with profit soon after listing. At that point, if it's overvalued, there will not be enough liquidity to get profits.