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The phrase "are exchanging" is correct and usable in written English.
It can be used to describe an ongoing action where two or more parties are giving and receiving something from each other.
Example: "The two companies are exchanging ideas to improve their collaboration on the project."
Alternatives: "are trading" or "are sharing".
Dictionary
are exchanging
verb
To trade or barter.
Exact(57)
He said: "People are exchanging their cultures.
They are exchanging one danger for another.
"As much as we are exchanging drawings we are exchanging ideas about them," Ms. Tonkovich said.
The sides are exchanging ideas instead of insults.
Players are exchanging tips on clothing and cologne.
"You have to trust the people you are exchanging with.
An hour later soldiers are exchanging fire with Taliban fighters.
Vladimir and Estragon are exchanging clipped sentences by a tree.
Or maybe it's lovers who are exchanging their thoughts about what a book means to them".
By this time passengers are exchanging train stories, and a sense of camaraderie prevails.
"They are exchanging shopping lists and paying for the milestones of life".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com