I have used one and it did work, but it wasn't what I wanted. I felt I did the most work out of the exchange. What do you think about link exchanges?

Link exchanges do work. Getting linked by a high PR site can get you indexed faster and can also raise your PR in the next exchange. Moreover, it can also bring some quality targeted traffic from the site which has linked to you.

I think link exchange if fine if you find the correct link partners and you do three way link exchange rather than direct exchange between two sites

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What do you mean by a 3-way exchange? How do you do that? I'm doing some link exchange, but I never heard of a 3-way exchange. It's probably a stupid question, but I'm interested.

Would you willing to exchange link with a newly launched website? If you do let me know your terms. This is one way we can determine how link exchange works given a zero PR site . It is a blogsite related to web topics.

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As a backlink, depends on the site, but if you will use it for traffic, maybe its so minimal.

yes it does, especially if your link exchange partner is related to your site

Reciprocal links or link exchange is considered and is the most effective way to increase traffic to your site.

Some of the most important reasons to exchange links:
- Increased link popularity = Increased search engine ranking
- Traffic from your reciprocal links on other sites
- Swap links and build partnership with other webmasters

3 way link exchange is a link exchange between 2 person that has 2 or more sites...

for example i have 2 sites and want to link exchange with your site...

mysite1 --> your site --> mysite2

ill place your link to mysite1 then you will place mysite2 link to in your site...

by that,, we can get direct 1 way links by using this 3 sites...

Link exchange doesn’t really work, at least for me. I get link exchange offers as well, but never considered them. But monetizing is a new thing I have to think about.