HI. Almost same. but 交換する is a little bit formal. Many children will learn とりかえる at first, then 交換する.

取り替える means to replace/ get an exchange for something, for example getting an exchange for a broken product at a store. 交換する means to exchange something as in a phone number, you could say something like 「今度 ケー番交換しませんか」 which means "Next time can we exchange phone numbers?"