I hesitated a bit when deciding whether to answer your question or not, since the use of traffic exchange websites is a sensitive topic. Many people frown at traffic websites, since they are mainly used for black hat purpose. However, the websites are just tools. They alone cannot do any harm. It depends heavily on how the websites is used.
Will it work?
To answer your question, traffic exchange websites will not provide much benefit for search engine ranking, but may bring you more traffic. Much traffic may help on the long run to improve your ranking.
I'd also not fail to mention that you may have a problem, if you are using affiliate programs such as Googles AdSense. They do not condone traffic exchange to boost earning, etc.
or does it have a bad effect?
If used wrongly, it may lower your SEO ranking. If people are instantly clicking through your website, it would increase your bounce rate, that wouldn't be good for SEO. If the traffic exchange websites allow you to set timers for how long your page should be viewed, that would be better, as it could also help with your bounce rate.
Simply put, traffic exchange websites could result in both positive and negative results, depending on how it is used.