Is this seen as a Link Exchange

[DavidKonigsberg]

If i give a self serve banner ad to someone on my blog or a image with a link and they give me a text link ad is that in googles eyes a link exchange or a one way link.

[RyanPurkey]

I think you can find examples on both sides that would be consider perfectly white hat, or completely spammy. If your links are relevant and part of your niche then I wouldn't worry too greatly about the interlinking although I would make the effort for the text link to be more contextual than an ad.  If you end up hosting a lot of banners for things unrelated--like casino ads if you are a child education site--that would be considered spam.  If both links are straight up ads, Google asks that you have those no-followed or sent through an ad server anyways, so that negates their organic significance.

[DavidKonigsberg]

so my best bet is to make the, nofollow ?