We tried the local swap for our 9 year-old daughter and were not successful. The gear was pretty worn out, dated, or too close to MSRP to be worth it. We ended up buying from the Burton line at REI and she's been very happy with the gear and has made good progress. We got the Feelgood Smalls v-rocker and it has been easy to learn on, plus she likes how it looks. Her boots were on sale at a significant discount so the total cost wasn't too bad, plus we get that ~10% dividend back for the board/bindings. I think they're pretty much sold out for this season though. Shop early next season, don't cheap out (she's your daughter), get what fits immediately rather than what she might grow into.
Feelgood Smalls V-Rocker Snowboard | Burton Snowboards
Smalls Binding | Burton Snowboards
Edit: on sale at Dick's