The Free Dictionary gave the following rules that will help us learn how to use exchange for vs exchange with.
(a). exchange for (something)
-To return or trade an item for something else.
Ex. These shoes are way too big. I need to exchange them for a smaller size.
(b). exchange (something) with (someone)
-To trade or swap something with someone else.
Ex. Don’t tell mom that I exchanged half of my sandwich with one of the others kids for a bag of chips.
To read more about this topic, please click here: Exchange for / Exchange with
To take the quiz, please click here.