I used to exchange links in linkmarket and other related sites but after years of experience with search engine optimization would say that manual link building is the best thing. Don't take links from any site, only related sites to yours and try to anchor your keywords when putting a link to other sites. I also would suggest to find 10 to 20 link partners only with good ratings, this would be better than having thousands of link partners that have nothing to do with your website.
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