A fully distributed exchange-based anonymity P2P reputation system--EARep was proposed. EARep can provide all the peer's anonymity in a fully distributed structured manner. In EARep, each peer's anonymity is achieved by changing pseudonyms. Analysis and simulation results showed that compared with DARep, which is an existing representative scheme, our system has two main features. First, EARep increased anonymity degree (measured by linkage probability) and was much more scalable than DARep. Specifically, with the same message overhead, EARep reduced the linkage probability by more than 50% compared with DARep. Alternatively, to achieve the same anonymity degree, the message overhead in EARep was less than 25% of that in DARep. Second, the service selection success , tio of EARep was greater than 90% even when the percentage of malicious peers was up to 70%, which makes our system robust to malicious behaviors of peers.