Choose one faction, accumulate 10k of their faction points by quests and then go through the selected faction with all of your characters. It's the fastest way because you save time with getting faction for each one of them. After you have done, say Kurzick side, with all of your characters - apply the same method to the Luxons. After that it's just a matter of completing the quests you missed and exchanging faction for amber/jade. I've done this with 5 of my characters, but I don't like factions much so I wanted to skip the whole "faction war" alltogether.
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