(First post) Long List. Not mentioning the one's confirmed.
Heroes
Green Arrow (Oliver Queen)
Trait: Arrow Switch - Switches assigned arrow type to a random other arrow type (Freeze, Explosive, Stun etc.).
Red Arrow (Roy Harper)
Trait: Arrow Switch - Switches assigned arrow type to a random other arrow type (Freeze, Explosive, Stun etc.).
Artemis (Artemis Crock)
Trait: Arrow Switch - Switches assigned arrow type to a random other arrow type (Freeze, Explosive, Stun etc.).
Kid Flash (Wally West)
Trait: Spin Doctor - Spins around uncontrollably for a limited amount of time causing damage.
Flash (Jay Garrick)
Trait: Thunder Helmet - Conducts lightning with helmet and electrifies body causing touch damage.
Impulse (Bart Allen)
Trait: Speed Force - Slows down the battle to provide illusion of super speed.
Black Canary (Dinah Lance)
Trait: Combat Reflex - Allows dodging of attacks using the block for limited amount of time.
Wildcat (Ted Grant)
Trait: Boxing Fury - Goes into a random, berserk state with enhanced skills.
Superboy (Connor Kent/Kon-El)
Trait: Super Shield - Releases suppressed Kryptonian DNA for limited amount of time.
Supergirl (Kara Zor-El)
Trait: Solar Flare - Boosts abilities for a limited amount of time.
Power Girl (Kara Zor-L)
Trait: Solar Flare - Boosts abilities for a limited amount of time.
Robin (Tim Drake)
Trait: Red Robin - Turns cape into metal wings and flies forward with force.
Nightwing (Dick Grayson)
Trait: Static - Suit becomes partially electrified and touch will result in damage.
Batgirl (Barbara Gordon)
Trait: Batclaw - Shoots Batclaw and pulls enemy toward her.
Red Hood (Jason Todd)
Trait: Lazarus Effect - Regenerates health for a limited amount of time.
Green Lantern (Hal Jordan)
Trait: Lantern Armor - Creates breakable armor to buffer attacks.
Green Lantern (John Stewart)
Trait: Architect - Creates wall that pushes forward automatically.
Green Lantern (Guy Gardner)
Trait: Gardner Fury - Creates bubble around him and then, breaks it apart, sending debris everywhere.
Green Lantern (Kyle Rayner)
Trait: Ion Channel - Boosts Power Ring attacks for a limited amount of time.
Green Lantern (Alan Scott)
Trait: Lantern Light - Creates lantern that blinds opponents.
Kilowog
Trait: Hammer Fest - Throws multiple hammers across the environment.
Guardian (Jim Harper)
Trait: Shield Power - Holds up shield to defend against any attack.
Herald (Mal Duncan)
Trait: Hornblower/Vox - Switches style from Horn of Gabriel to Sonic Vox and vice versa.
Atom (Ray Palmer)
Trait: Shrink - Shrinks down to smaller size.
Bumblebee (Karen Beecher)
Trait: Shrink - Shrinks down to smaller size.
Cyborg (Victor Stone)
Trait: Rocket Flare - Shoots a flurry of rockets from back.
Starfire (Koriand'r)
Trait: Star Burst - Launches blinding light from body to stun opponents.
Raven (Raven Roth)
Trait: Trigon's Wrath - Transforms into Half-Demon form for a limited amount of time.
Beast Boy (Garfield Logan)
Trait: Feral Instinct - Switches style from Controlled to Berserk and vice versa.
Wonder Girl (Cassandra Sandsmark)
Trait: Zeus's Might - Switches style from Lasso to Thunder Bolts and vice versa.
Donna Troy (Troia)
Trait: Spin of Troy - Spins in place to create whirlwind and damage opponents.
Aquaman (Arthur Curry/Orin)
Trait: Atlantean Skin - Negates physical damage for a limited amount of time.
Aqualad (Kaldur'ahm)
Trait: Water Bearer - Spreads water around area for faster use.
Tempest (Garth)
Trait: Waterspout - Coats body in water for touch damage.
Aquagirl (Tula)
Trait: Atlantean Magic - Creates energy eels that buffer attacks.
Lagoon Boy (La'gaan)
Trait: Lagoon Power - Transforms into Bloated form for a limited amount of time.
Queen Mera
Trait: Atlantean Magic - Creates energy tentacles to buffer attacks.
Martian Manhunter (John Jones/J'onn J'onzz)
Trait: Density Shift - Becomes intangible for a limited amount of time.
Miss Martian (Megan Morse/M'gann M'orzz)
Trait: White Rage - Unleashes White Martian form for a limited amount of time.
Hawkwoman (Shayera Hol/Shiera Hall)
Trait: Electric Mace - Electrifies mace for a limited amount of time.
Hawkman (Katar Hol/Carter Hall)
Trait: Electric Claws - Electrifies claws for a limited amount of time.
Hawkgirl (Kendra Saunders)
Trait: Electric Armor - Electrifies armor for a limited amount of time.
Plastic Man (Patrick O'Brien)
Trait: Stretch Force - Allows a hit from anywhere in the environment.
Booster Gold (Michael Jon Carter)
Trait: Skeets - Shoots an energy beam from Skeets The Robot.
Captain Atom (Nathaniel Adam)
Trait: Critical Mass - Releases massive energy blast.
Steel (John Henry Irons)
Trait: Steam Engine - Charges forward with extreme speed and strength.
Vixen (Mari Jiwe McCabe)
Trait: Animal Power - Changes assigned animal power to a random other animal power.
Red Tornado (John Smith)
Trait: Wind Force - Creates turbulence throughout the arena.
Adam Strange
Trait: Zeta Power - Teleports to a random location on current environment.
Zatara (Giovanni Zatara)
Trait: Seal of Power - Creates seal on ground which traps enemy.
Zatanna (Zatanna Zatara)
Trait: Reverse Words - Grounds any flying opponent.
Huntress (Helena Bertinelli)
Trait: Switches style from Crossbow to Knives and vice versa.
Huntress (Helena Wayne)
Trait: Combat Grapple - Grabs opponent and is able to combo into other attacks.
Blue Beetle (Jaime Reyes)
Trait: Scarab Glitch - The Scarab makes a random weapon.
Question (Charles Victor Szasz)
Trait: Conspiracy Smoke - Releases smoke that makes whoever is it completely invulnerable.
Doctor Fate (Kent Nelson)
Trait: Lord of Order - Creates ankh that buffers attacks.
Firestorm (Ronald Raymond)
Trait: Fire Mass - Coats body in fire for touch damage.
Vibe (Paco Ramone)
Trait: Vibe Dance - Break dances to release waves of energy.
Captain Marvel (Billy Batson)
Trait: SHAZAM! Power - Creates powerful blast of energy.
Black Lightning (Jefferson Pierce)
Trait: Shock Factor - Releases electric wave to damage opponents.
Static (Virgil Hawkins)
Trait: Disc Jockey - Jumps on flying disk to levitate above the ground.
Gear (Richard Foley)
Trait: Backpack - Releases robot backpack to independently to damage.
Fire (Beatriz da Costa)
Trait: Fire Touch - Touches opponent and sets them on fire for continual damage.
Ice (Tora Olafsdotter)
Trait: Ice Heels - Freezes opponent's feet to trap them.
Metamorpho (Rex Mason)
Trait: Alchemy - Changes physical state from Solid to Gas or Solid to Liquid for a limited time.
Blue Devil (Daniel Cassidy)
Trait: Trident Launch - Launches energy blast from trident.
Kid Devil (Edward Bloomberg)
Trait: Acrobatics - Jumping height is increased for a limited amount of time.
Etrigan (Jason Blood)
Trait: Blood Fury - Goes into berserk state for a limited amount of time.
Icon (Augustus Freeman IV)
Trait: Alien Tech - Swings cape to stun opponent.
Rocket (Raquel Irving)
Trait: Kinetic Force - Runs forward with kinetic energy to damage opponents.
Hotspot (Isiah Crocket)
Trait: Flame Burst - Releases a heat wave to damage opponents.
Jericho (Joseph Wilson)
Trait: Soul Catch - Astral projects out of body but body is still susceptible to attack.
Thunder and Lightning (Gan and Tavis Williams)
Trait: Rainstorm - Makes the environment wet and slippery.
Argent (Antonia Monetti)
Trait: Silver Knives - Creates energy knives ready to be used.
Kole (Kole Weathers)
Trait: Silicon Power - Turns body into pure silicon for a limited amount of time.
Terra (Tara Markov)
Trait: Earth Force - Quakes the environment to stun opponent.
Pantha (Rosabelle Mendez)
Trait: Luchadora Power - Launches at opponent and body slams opponent.
Mas y Menos
Trait: Speed Touch - Runs forward at super speed for a tackle.
B'wana Beast (Michael Payson Maxwell)
Trait: Animal Fury - Becomes feral and berserk for a limited amount of time.
Ravager (Rose Wilson)
Trait: Assassin Reflex - Allows to block and counter on attack without fail.
Swamp Thing (Alec Olsen)
Trait: Creates swampy area around opponent to trap them.
Villains
Abra Kadabra
Klarion the Witchboy (Klarion Bleak)
The Brain
Monsieur Mallah
Queen Bee of Bialya
Ocean Master (Orm Marius)
Ma'alefa'ak J'onzz
Black Manta
Poison Ivy (Pamela Iseley)
Deadshot (Floyd Lawton)
Amazo
Mister Twister (Bromwell Stikk)
Red Torpedo (Dr. Jim Lockhart)
Red Inferno (Danette Reilly)
Red Volcano
Sportsmaster (Lawrence Crock)
Cheshire (Jade Nguyen)
Captain Boomerang (George Harkness)
Mirror Master (Sam Scudder)
Black Spider
Hook
Ra's al Ghul
Talia al Ghul
Lobo
Trigon
Deathstroke (Slade Wilson)
Catwoman (Selina Kyle)
Killer Croc (Waylon Jones)
Bane
Scarecrow (Dr. Jonathan Crane)
Mister Freeze (Victor Fries)
Man-Bat (Kirk Langstrom)
Clayface (Basil Karlo)
Darkseid (Uxas, Son of Heggra)
Riddler (Edward Nygma)
Penguin (Oswald Chesterfield Cobblepot)
Two-Face (Harvey Dent)
Vandal Savage
Kobra (Jeffery Burr)
Psimon (Simon Jones)
Jinx
Blockbuster (Mark Desmond)
Mammoth (Baran Flinders)
Gizmo (Mikron O'Jeneus)
Count Vertigo (Werner Vertigo)
Black Adam (Theo Adam)
Gorilla Grodd
Atomic Skull (Albert Michaels)
Brainiac (Vril Dox)
Shimmer (Selinda Flinders)
Devastation
Ares
Circe
Killer Frost (Crystal Frost)
Felix Faust (Dekan Drache)
Icicle Sr. (Joar Mankhet)
Icicle Jr. (Cameron Mankhet)
Black Mask (Roman Sionis)
Plasmus (Otto Von Furth)
Cheetah (Barbara Ann Minerva)
Ultraman (Clark Kent)
Owlman (Thomas Wayne Jr.)
Superwoman (Diana)
Sinestro (Thaal Sinestro)
Atrocitus (Atros)
Star Sapphire (Carol Ferris)
Parasite (Raymond Maxwell Jensen)
Wind Dragon
Long Shadow
Downpour
Shifter
Juice
Amanda Waller
Updated. Added the Earth 2 Characters suggested by Malcopunch.
Added Amanda Waller.
Added Power Girl (Kara Zor-L)
Added Parasite (Raymond Maxwell Jensen) and B'wana Beast (Michael Payson Maxwell)
Added the Ultimen
Moved Amanda Waller to the Villains side, because she opposes the Justice League
Added Ravager (Rose Wilson)
Added Swamp Thing (Alec Olsen)
Added my idea of Traits for some characters.
Changed and added the Hero traits to make them more unique.
Changed Booster Gold's trait to have Skeets involved.