Network where participating sites display text ads in exchange for credits which are converted (using a predetermined exchange rate) into ads to be displayed on other sites. When not given freely, text links are usually exchanged in a reciprocal agreement between two sites. Whereas banners are often dynamically rotated, text is often hard-coded onto a page. There are no text link exchanges as big as the major banner exchanges. However, there are some networks willing to give it a try.

Text link exchanges hope to combine the vast reach of their banner counterparts with the high response rates of text ads, plus the added benefit of multiple exposures per page. While this may sound good in theory, the same caveats about other exchanges still apply. Make sure you are getting a good value, and make doubly sure the link exchange does not detract from your site.