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Link exchanges really had their heyday in the late '90's, when search engines gave a lot of weight to the sheer volume of links linking in to your website. In today's environment, Link Exchanges are valuable but it's generally agreed by SEO experts that the quality of the link influences the value to the site more than the sheer number of links coming in. Link Exchanges often require that you provide a reciprocal link, meaning you place a link to the referring site somewhere on your website. Link exchanges also result in link dilution, which occurs when a search engine feels you have too many links leaving your site from one specific page or section of your site.