Link exchange is not a healthy way of link building and your rankings will drop whenever google capture this. Search engine give more value to natural content and naturally placed links so do not go for link exchanges or if you are really eager to go for it then do it in small amount.
That is risky. Make sure the sites that you link to or vice versa are websites of good "quality". Topic should be relevant to your website and should not be spammy sites full of links from other sites..
After a lot of updates from Google against link spamming, it is quite risky to do link exchange if it is not legitimate. Which means that you can do link exchange but you will have to do it in a very safe and natural way. Most of the people used to do link exchange just by putting a link in their already existed post which is only 450-500 words length. But this does not look natural to the search engine. If you really want to do link exchange then you can do the follow things: Create one unique article after doing research on a topic Create the content with more than 1000 words Use some other references from your own blog (like link from an old article) Put one video regarding that topic Add one image created by you Add the link as a reference or in a place of the article where it looks natural. In other words, add the link in that place where it seems that without the link the article will not perfect. The above points are just some common tips. You can give your article more quality and use one link. But please remember that unnatural link exchange is really risky. Try to exchange links only with those sites which are very much related to your site.