An investment implies giving money to acquire a cash flow.
Crypto coins have no cash flow. You're betting on their value increasing over time.
This is called speculation.
I made this video a few years ago discussing the two words: https://youtu.be/QEACN_QVEvE
If you'd like to discuss a business investment, please arrange a call.
For ICOs, here is what I check:
1. Is there a prototype? I almost never put my money into ICOs with no products. No matter how many things their whitepaper and roadmap promises.
2. The team.
3. Whitepaper. Is it a platform (like etheruem) or an application? Platform is riskier but it yields better return.
4. Valuation. I will pass if the valuation is too high, even when the project is great.
In a way ICOs are more similar to angel investment than buying IPO stocks.
I know a few tricks. :)
One is to check John McAffee's tweets. Every coin he tweets goes up by 50% or more within the next 24.