Link exchanges are basically mutual agreements between the two different websites to link to each other. Although this might seem to be a simple and fast way to build backlinks, link exchanges become risky if not done in a strategic manner. Search engines have harsh penalties for excessive or unnatural link exchanges. The main goal is quality, not quantity. It is generally better to try to earn backlinks naturally through good value content and outreach than to rely on link exchanges. When you do so, make sure that both linking websites are relevant to your niche and have good authority.