replace vs exchange

replace is not a noun while exchange is a noun.

Word	Noun	Adjective	Verb	Adverb
replace	No	No	Yes	No
exchange	Yes	No	Yes	No

As verbs, exchange is a hyponym of replace; that is, exchange is a word with a more specific, narrower meaning than replace:

replace: substitute a person or thing for (another that is broken or inefficient or lost or no longer working or yielding what is expected)
exchange: exchange or replace with another, usually of the same kind or category

Other hyponyms of replace include change, commute, convert, change, novate.

As verbs, replace and exchange are synonyms defined as:

replace and exchange: put in the place of another; switch seemingly equivalent items

Other synonyms of replace include interchange, substitute.

replace (noun)	exchange (noun)
	reciprocal transfer of equivalent sums of money (especially the currencies of different countries)
	the act of putting one thing or person in the place of another:
	the act of changing one thing for another thing
	the act of giving something in return for something received
	(chess) the capture by both players (usually on consecutive moves) of pieces of equal value
	(chess) gaining (or losing) a rook in return for a knight or bishop
	(sports) an unbroken sequence of several successive strokes
	a workplace for buying and selling; open only to members
	a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication
	a mutual expression of views (especially an unpleasant one)
	chemical process in which one atom or ion or group changes places with another

replace (verb)	exchange (verb)
substitute a person or thing for (another that is broken or inefficient or lost or no longer working or yielding what is expected)	exchange or replace with another, usually of the same kind or category
put something back where it belongs	change over, change around, as to a new order or sequence
put in the place of another; switch seemingly equivalent items	exchange a penalty for a less severe one
take the place or move into the position of	give to, and receive from, one another
	put in the place of another; switch seemingly equivalent items
	hand over one and receive another, approximately equivalent