Two-Way Link Exchange (or simply called as link-exchange) is simply looking for other sites that is somehow related to your website and ask its webmaster to place link from their website to yours and in return, you will do the same. This is now done by almost all of the webmasters in the world. This means increase of inbound links plus of course helping your site visitor to look for other sites, which might be helpful to them.
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Three-Way Link Exchange is somehow similar to two-way link exchange but the difference is instead of putting a link to another site on your own site, you will place its link on the other site you have. Sounds complicated? Let me discuss it furthermore.
Three-Way link exchange is a cultivated term not a generic term. This term is used in case when more than two pages are involved in linking. It means that Page A is linking to Page B and Page B is linking to Page C. But Page B is not linking to Page A and Page C is not linking to Page B.
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