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Yes, exchange is playable

...and is worth 23 points.

Found in the following dictionaries

Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)

"Exchange" Definition

noun

A bill of exchange.
A dialogue: a heated exchange between the two in-laws.
A place where things are exchanged, especially a center where securities or commodities are bought and sold: a stock exchange.
A rate of exchange.
A system of payments using instruments, such as negotiable drafts, instead of money.

adjective

Of or relating to a reciprocal arrangement between a local and a foreign institution or group: an exchange student; exchange programs for students learning foreign languages.

verb-intransitive

To be received in exchange: At that time the British pound exchanged for $2.80.
To give something in return for something received; make an exchange.

verb-transitive

To give and receive reciprocally; interchange: exchange gifts; exchange ideas.
To give in return for something received; trade: exchange dollars for francs; exchanging labor for room and board.
To give up for a substitute: exchange a position in the private sector for a post in government.
To turn in for replacement: exchange defective merchandise at a store.

verb

To engage in an exchange.
To pass or become received in exchange.
To give and receive reciprocally .
To part with for a substitute .
To have replaced by other merchandise .

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