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The only gray markets I trust is CDKeys and even that is kindof shady. The thing is, we never know how exactly these people get keys to turn around and resell them. But it isn't like they're entrusted with keys like Fanatical, Humble Bundle, GreenManGaming are. These other places, like G2A, has to get them through illicit means which could be fraud and could lead to consequences if some sources take a closer look at what's going on. Which in turn, could lead to compromise of keys or worse - permaban from Steam.
Regional pricing does also play a part, but it also still begs the question - how and where are they getting that much money to buy keys in bulk? Least enough to warrant staging a site where people can buy said keys from? It's more questions than answers, but I would still favor piracy than chancing my luck at these sites.
Can you expand on that? How are CDKeys shady?
They prompt more questions than answers about how they do business, I've gone over that.
Can you be more specific?