Here are some of the main problems they faced.
Security
Centralised exchanges have become targets of major sophisticated attacks. The pursuit of wallet keys by hackers makes it a worthwhile long-term venture due to the high potential reward.Control of assets
You are never in control of your funds when using a centralised exchange. Any outage or downtime by the exchange leaves you without any recourse. Any losses incurred by the exchange can be passed on to you.Liquidity
The smaller exchanges have less liquidity, as there are fewer trades. Liquidity can even be non-existent, as some tokens are not listed on all exchanges.High trading fees
Due to the nature of asset pairing, any exotic trade is expensive and inefficient. These exotic trades can incur three or four trades as you manoeuvre across the various tokens.User experience
Several major exchanges deliver a poor user experience. Complicated sign-up processes can hinder on-boarding new users. There are often complicated deposit and withdrawal processes. Support is weak on some exchanges.Fiat integration
One of the main disadvantages of decentralised exchanges is fiat integration. The limitation presents a formidable barrier to long-term adoption.