How to buy ICO drops?

Could you elaborate on the process of buying Initial Coin Offering (ICO) drops for those who are new to the cryptocurrency market? I'm interested in understanding the steps from start to finish, including how to identify potential ICOs, the risks associated with investing in them, and the specific platforms or exchanges one should utilize to participate in these offerings. Additionally, I'd like to know if there are any regulatory considerations or legal requirements that investors should be aware of before participating in ICOs. Thank you for your guidance in this matter.