Hi, you should consider the relevant site, say for example if your's is wholesale site then the site with which you you are exchanging your link shold be a wholesale site.
Before going to do link exchange,first you have to select the relevant sites to post with high page rank.And try to post in dofollow sites instead of nofollow sites. Good luck.
Link exchange is a better way to get good ranking for your website but once Google see that links then he could be panelized your website. So if you want link exchange for your website then do not put your link in header/footer or side bar. You can exchange your links through guest blogging. Thats a better way for exchanging the links, you can find out some blog related to your business and ask him to you want to contribute in her blog.
Ask the blog owner put your link in the content which you provide.
Also you need to describe what is the niche of your website. Mostly, the good quality sites accepts specific niche sites only for there link exchange program.
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