Can ICO Rating Sites be Trusted?

When you are thinking of investing in a new ICO, the first thing you may do is pop the name into google and see what arises. In many cases, among the first results to return will be from major ICO rating sites. These include the likes of ICOBench and Tokenmarket. But, you may be wondering if these sites offer a really objective and trustworthy review, given that they have had a little bad press lately.

Trust but Verify

On the face value of things, you can trust the ratings of these sites. How can we say that? – Well, most are using complex algorithms to come up with scores which take into account a number of criteria. Some others will also use professional reviewers who are tasked with writing strictly objectives views of the projects they analyze. Despite this trust, you should also verify the facts on your own initiative. This means extensively reviewing all available documents on a project before proceeding.

Nothing is promised

These sites will do their best to offer the most impartial reviews and accurate statistics. There will always be certain exceptions to the rules though. This includes the dark horses that perform outstandingly well or the hot favorites who fall at the first fence. This is a daily risk which we all take.

Unforeseen Events

In any case, even the most promising projects can falter to poor market conditions or other external factors. The current industry climate makes it even more difficult to launch a successful project and extremely hard to evaluate given the conditions. That said, the reviews of these sites still carry huge weight. Therefore, a strong review will by its own accord give a little influence to many of these ICOs and vice versa.

The most important point to note is that you can never be 100% certain. This does not exist. Therefore, only risk as much as you can afford.