Yes, EXCHANGEABLE is a Scrabble word!

Letter values in Scrabble US: E 1, X 8, C 3, H 4, A 1, N 1, G 2, E 1, A 1, B 3, L 1, E 1.

Is it a valid word?

EXCHANGEABLE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

suitable to be exchanged
capable of being exchanged for or replaced by something of equal value
capable of replacing or changing places with something else; permitting mutual substitution without loss of function or suitability