[vicksss]

AgNO₃ + FeCl₃ -> AgCl + Fe(NO₃)₃

How do you know if this reaction is an ion exchange reaction?

[Twigg]

Ask yourself, are these binary compounds going to exist in whatever phase the problem indicates as free ions or as latticed ions? Think about the steps involved.

[DevaDevil]

is any compound oxidized or reduced?

if no: ion exchange; if yes, redox reaction

[vicksss]

I don't understand what Twigg is saying.

@ DevaDevil

N is the only element that has a change in oxidation state. (+5 > +3) Therefore it's not a REDOX reaction.
So are you saying, if it's not a REDOX reaction then its always an ion exchange reaction?

[rabolisk]

N is the only element that has a change in oxidation state. (+5 > +3)

This is not right. It's also not possible for there to be only reduction. It's called a redox reaction because both reduction and oxidation occur.

[DevaDevil]

vicksss: look at ions as a whole, not at elements. In your reaction, nitrate (NO₃^-) exists in reactants and products. Therefore, this is an unchanged ion, and the oxidation state of N does not change (+5 in either case)