This is a newer exchange, launched in 2016. Etherdelta has grown to become the Ethereum community’s favorite places to exchange ERC20 ICO tokens – which are new cryptocurrencies built on top of the Ethereum blockchain (like Augur). This exchange is super secure too, with all personal funds stored in smart contracts that only users have control over.
Image source: steemit
Pros: Fully decentralized, no identification or registration needed, high volume trade capacity
Cons: Beginners will have a long onboarding process