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In this tutorial, we learn how to add watermarks to documents using PDF Exchange Editor. Watermarks serve various purposes such as protecting documents, indicating ownership, and preventing counterfeiting. They can be added in text or image format. To add a watermark, click the organize tab, then the watermarks drop-down menu, and select add. You can create a custom text watermark or use an image file. The preview pane displays the created watermark, which can be customized with font and alignment options. Macros can also be used for additional customization.