I don't see any difference between the listings on cd keys and gmg, the process to collect my key was the exact same. I don't see what's grey about this market, nothing stopping anyone from purchasing a ton of steam keys and using them as a loss leader to build a customer base
My understanding, which could be wrong, is that sites like CDKeys buy copies of games from Russia, Brazil, and other countries that sell games for much less than European or North American countries. These keys are only supposed to be sold in those specific countries, but CDKeys resells them to anyone. That's why people call CDKeys grey market, because technically those keys aren't meant for people outside of those specific countries. They have no direct interaction with the publishers of the games and are just a reseller. GMG on the other hand is an official partner of most (or all) major publishers and gets their keys directly from them. Some people prefer GMG because they know the developers/publishers get paid directly.
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