Link exchange is not black SEO however you have to be careful when choosing who to exchange your links with and also how you implement your links. For example if you hide them then it will be black SEO. Some advices I could give you when selecting who to exchange your links with.
-Check their ranking
-Make sure the links are relevant to you topic
-Try to find links that connect to pages with good content
-Don't link to pages that could offend your regular visitor
-Don't link to scams
In my opinion the whole process of back linking consist on exchanging links so also make sure that you offer some value (content, ranking..) to the back linker so you have a higher chance of convincing them to link back to your site.
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