We have studied the exchange corrections to linear electrostatic wave propagation in a plasma using a quantum kinetic formalism. Specifically, we have considered the zero-temperature limit. In order to simplify the calculations we have focused on the long-wavelength limit, i.e., wavelengths much longer than the de Broglie wavelength. For the case of ion-acoustic waves we have calculated the exchange correction both to the damping rate and the real part of the frequency. For Langmuir waves the frequency shift due to exchange effects is found. Our results are compared with the frequency shifts deduced from commonly used exchange potentials which are computed from density-functional theory.