DEX on its way to boom

Pros

You retain control of your funds
You do not have to trust a third party to safely manage your coins and tokens
They provide increased privacy to traders
No risk of server downtime
Lower trading fees than centralized exchanges
The decentralized nature reduces the risk of government regulation or crackdowns
Cons

Not easy to use as conventional exchanges
It can be confusing for the new users
They do not provide advanced trading tools as centralized exchanges
They do not offer as much liquidity as centralized exchanges
Some platforms offer limited customer support
Lack of regulation may concern some users

What is a Decentralized Exchange?
A decentralized exchange is a platform that eliminates the middleman and allows the users to trade cryptocurrency directly with one another. This ensures that the traders are in full control of the funds at all times of the transaction.

The decentralized exchanges eliminate the risk of hacking due to the distributed network of the nodes. They also overcome the issue of server downtime which is faced by the users during trading.

They provide an open and transparent network that makes crypto trading accessible to everyone. There are several decentralized exchanges that are already live and offering peer-to-peer trading across a range of cryptos.