What is Uniswap used for?

Could you please explain to me the primary purpose and usage of Uniswap? I've heard about it as a decentralized exchange but I'm not entirely clear on the specifics of how it functions and what types of transactions it facilitates. Is it primarily used for trading cryptocurrencies or does it have other applications as well? How does the process of trading on Uniswap differ from traditional exchanges, and what are the benefits and drawbacks of using it? Thank you for your clarification.