what is link exchange in seo?

Link Exchange is a technique of exchanging the url between two websites but At present link exchanges are not nearly as effective as they once used to be. Search engines have become smarter and shady linking schemes have become detectable. By participating in link exchange schemes, you bear the risk of getting penalized or even banned by the search engines.
 
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. In contrast to a web ring, where the HTML code simply comprises simple circular ring navigation hyperlinks, in a link exchange the HTML code causes the display of banner advertisements, for the sites of other members of the exchange, on the member web sites, and webmasters have to create such banner advertisements for their own web sites.[
 
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.
 
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.
 
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