A banner exchange is a system whereby webmasters create and submit a banner which advertises their own site, and place code on their pages that displays banners from other exchange members.

Banner exchange members earn credits by displaying banners, and those credits are then used to qualify for reciprocal displays of their own banner on other sites. Some exchanges may require two impressions (ad views) to earn one credit, since the exchange may support itself by including banners for which they are paid. Thus, a webmaster might have to show one banner from another exchange member, plus one from the exchange itself, to earn one credit (i.e. one impression on another member's site.) That would be expressed as a "2:1 Ratio."

Some of these services will offer a bonus of a certain number of impressions (e.g. 500) just for signing up.

Most banner exchanges focus on standard 468x60 banners, although some offer other sizes, with various limits upon the maximum size of the graphic files (usually, but not always, limited to GIFs.)

Many banner exchanges are also interested in buying ad impressions from publishers.

A variation on this is exit exchanges. In an exit exchange, when a visitor leaves your site, they will then have a new browser window opened to another exchange member's site. You would then earn credits to have your own site opened for visitors exiting other exchange members' sites.

PopInAds - Specializes in pops. Offers up to $2 CPM. Minimum 500 page views per day required. Also offers a 1:1 ratio traffic exchange. Category-targeted ads, only paying for traffic from U.S., Canada, UK, and Australia. Pays Net 15, with a $50 minimum, by PayPal or US or Canadian dollar check. International publishers OK. We use this network, and have received payments.

123 Banners - 2:1 Ratio. Seems to require 400x40 pixel banners, with a 10k maximum file size. Apparently ads their own logo to the left side of the banners.

1st Banner Bank - Claims a 1:1 Ratio. Non-US Publishers OK.

Adendum - 3:2 Ratio. Allows targeting by category and time of day, along with geo-targeting.

Ad Gridwork - The impression ratio seems to be based on the CTR obtained by the ads placed on your site, to give incentive to place them prominently.

Ad Leaf - 2:1 Ratio. They allow you to enter keywords for your site's topic, but it isn't clear if they system is actually working for targeted exchanges yet.

Ad Partner Network - A New Zealand oriented banner exchange using blocks of text ads. 1:1 ratio.

Ad Quantum - 4:3 Ratio. Seems to focus on the Business-To-Business area.

Ads 4 Exchange - No longer accepting new members.

Banner-Adverts - 3:2 Ratio. Based in the UK, but non-UK sites accepted. Requires top-of-page position. Additional ad impressions can be purchased at a rate of £0.02 per impression plus £0.10 per click-through.

Banner Barter - 2:1 Ratio. Allows targeting of banners to certain categories of sites, and filtering of specific banners.

Banner Rage - Claims 1:1 Ratio.

Banners X Change - 2:1 Ratio. Note that their copyright notice says "2005," and the link to their parent company goes to a parking page. They require their banners to be visible without scrolling down the page, along with other restrictions.

BannerWomen - 2:1 Ratio. For sites attracting a primarily female audience. Additional impressions may be purchased.

Ban-X-Change - 2:1 Ratio, which also pays publishers 50¢ CPM (however, the minimum payout is $200.) Advertising can also be purchased on a CPM or CPC basis. Non-US publishers OK.

Box Adverts - 1:1 Impression based ratio, using boxes of text links.

Bpath - 2:1 ratio, with a selection of categories. Offers a free online banner maker. They also have an affiliate program that apparently relates to advertising on their share of the banner exchange impressions, along with a search engine submission service. Net 60, minimum $100. International publishers OK.

Canadian Banner Exchange - 2:1 Ratio. Requires Canada-related content. Allows you to transfer impression credits between different sites.

Canuck Resources - 3:2 Ratio For Canadian sites. Also features a PPC search engine.

Category Clicks - Based on exchanging credits for clicks, rather than impressions, with a 2:1 ratio. Two tier (for more credits.)

Dating Exchange - A banner and pop-under exchange for dating/personals/matchmaking sites. Requires top-of-page positioning. Ratio and other details aren't clear.

Disney Banner Network - Claims a 1:1 ratio for sites related to the Disney entertainment category.

E-banner-exchange - 3:2 Ratio. Five different banner sizes, and allows rich media. Extra ad impressions available for purchase at rates of $2-$14 CPM.

EIS Banner Exchange - Variable ratio, depending on positioning of their adcode. Targeting based on content ratings.

Exit City - Pop-under exchange with a 2:1 ratio.

Exit Exchange - Pop-under traffic exchange. Two tier plan to earn more impressions. International publishers OK.

Fetish Kitten - Banner and button exchange for sites attracting a "goth" fashion oriented audience.

Financial Ad Trader - 2:1 ratio for finance-related sites. Additional impressions can be purchased at rates from $2.75-$9 CPM (depending on the number of impressions.) Also features free finance-related content feeds, with which more banner exchange impressions can be earned.

Free Banners - 2:1 Ratio.

Fun Banners - 2:1 ratio. English-language sites only. Requires above-the-fold placement.

Go Pop Up - Pop exchange. Seems defunct, and referring visitors to Clicksor.

Great Banner - Doesn't specify the banner display ratio. Seems to be owned by ADMCity, which appears to be based in China.

HitExchange - Variable ratio, depending on click-throughs. Three different banner sizes. Targeting and filtering by site category. Additional impressions available for purchase.

Home & Garden Banner Exchange - 2:1 Ratio. Choose from many sub-categories, including competitor-blocking. Inquire to buy extra ad impressions.

LinkBuddies - 2:1 Ratio. Claims 30,000 member sites. Category and time/day-of-week targeting. Three different banner sizes available.

New Age Banner - 2:1 Ratio for "New age, astrology, tarot reading, I-Ching, feng-shuei, fortune telling, divination, prophecies, spell-casting, paranormal, spiritual, ghosts, holistic healing, weird phenomenon, etc." Earn an extra 35 banner impression credits for every click-through that you send them.

New Zealand's Information Network - For sites targeted to New Zealand audiences.

NZ Ads - 2:1 Ratio exchange for sites related to New Zealand.

Pop Advert - 1:1 Ratio traffic exchange, using reciprocal popups, rather than banners.

Primary Click - Targeted to the St. Louis, Missouri, USA area. One one hand, they allow bottom-of-page positioning, but, on the other hand, they charge a US$100/month fee. They also seem to operate a regular paid ad network, although details aren't given.

Racing Sites Banner Exchange - 468x60 Banners only. 2000 free impressions for joining. Oriented to Nascar stack car racing related sites.

Raleigh Banner Exchange - 2:1 Ratio exchange for businesses with an active presence in Wake County, North Carolina, USA.

Scottish Search - 3:2 Ratio banner exchange for sites based in Scotland or with Scottish content. Get 100 free impressions when you sign up. Maximum banner graphic size 20k.

SmartAge SmartClicks - 2:1 Ratio. Banners targeted to various categories.

Swap Ads - Includes exchange of banner impressions, reciprocal text links, spots in email newsletters, and article posting.

UK Banners - 10:8 ratio exchange for sites directed to a UK audience. Additional impressions can be bought starting at UK40p CPM (per thousand.) They can automatically generate a standard banner for you when you sign up.

WebAdvertising.Ca - 2:1 Ratio. Based in Canada, but doesn't give much other information. Banner ads can be purchased at rates of CN$1-1.40.