ELI5: Trading IOU tokens on HitBTC

Hi guys, I am trying to wrap my head around the IOU trade of recently ICOed tokens on HitBTC. This is what I understand so far:

1- IOU tokens can only be purchased on HitBTC once they are listed there;

2- IOU tokens are backed up by token reserves HitBTC acquire during ICOs;

3- There is no way to have IOU tokens credited to my HitBTC account unless I first buy them from the exchange;

4- Thus, buying IOU tokens in the first place means buying overpriced tokens and hope a greater fool will buy my bags.

Am I missing something? I'd love to hear from people who have traded IOU tokens on hitBTC before.

Thanks

Cryptoflame