There are 57 words hidden in the letters of EXCHANGE, from 12 two-letter words up to EXCHANGE (8 letters). For points, EXCHANGE is best at 21.
No other single word uses all 8 letters of EXCHANGE. EXCHANGE has 8 letters: 3 vowels and 5 consonants, worth 21 points before any board bonuses.
8-letter words 1
6-letter words 4
5-letter words 5
agene6chang11hance10hence10henge9
4-letter words 15
ache9acne6agee5cage7cane6each9eche9exec13gaen5gane5gean5gene5ghee8haen7hang8
3-letter words 20
ace5age4ane3axe10can5cee5cha8eng4gae4gan4gee4gen4hae6hag7hen6hex13nae3nag4nah6nee3
2-letter words 12
ae2ag3ah5an2ax9eh5en2ex9ha5he5na2ne2
Words are from our open word list and include some game-only words. Rude words are left out of this page; the unscrambler shows every valid word, lets you add blank tiles and filter by length.