What is link exchange?

Link exchange is simply when two sites agree to link to each other. This is also referred to sometimes as reciprocal linking

A link exchange is a confederation of websites that operates similarly to a web ring. Webmasters register their web sites with a central organization, that runs the exchange, and in turn receive from the exchange HTML code which they insert into their web pages.

Link exchange is a pretty straightforward process. In order to promote your business on as many websites as possible, you would find your partner website.