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VPN's are USE AT OWN RISK
2) Buying a cheap regional key will mean you'd have to activate the game in its applicable region via a VPN and then sit on that country for 3 months else the product will be region locked. This will cause massive headaches elsewhere.
Not only that, we don't know how sensitive Valve's detection is in this aspect but region-rigging and geographical masking is against the SSA so any attempt can cause a trigger which would lead to an account lock of sorts.
It is simply best to just to buy the game in the sale or through a legitimate retailer that supports your region and provides worldwide keys. This has been tightened up massively in recent years on Steam and at retail-level so people can't manipulate their locations to get cheap stuff and bypass content restrictions.
You can no longer do either. Valve stopped referring to IP address for store purchases and game key activations around 2018/2019. Even if you connect to a VPN to match the region of a key, Steam will return the error that your purchase was cancelled if your Steam store region doesn't match. And if you Steam store region does match, you don't need a VPN.
And the people that used a VPN to buy at cheaper price from others regions before that time, will be account disabled?
Ip blocking is so 1999, I use vpn all the time for added online security, but you can't buy games from a cheaper store unless you have that countries bank account and a registered residential home address tied to that account, steam has made the security basically impossible to be bypassed.
I activated only a key at cheaper price using vpn, 6 years and half ago, now i deleted that and i bought it again on a lecit way... steam assistance said me, they shouldnt do anything to my account, but i'm not 100% secure lol... maybe is better if i use another account? That one have only 2 games atm.
A. Payment Authorization
You agree that you will not use IP proxying or other methods to disguise the place of your residence, whether to circumvent geographical restrictions on game content, to order or purchase at pricing not applicable to your geography, or for any other purpose. If you do this, Valve may terminate your access to your Account.
Accounts were disabled. And, after a few months, returned if you were polite to Steam support. Nowadays, you'd keep access to all your games, but ever other aspect of Steam (community, marketplace, buying or activating new games) will be disabled. But the point is moot, you can't cheat the system with that loop hole anymore.
And they warn you when keys are not activatable in your region. For example:
OR
They also don't allow you to buy ALL games regardless of region, some will give you this error on adding to cart:
Well, that is sort of good so you don't buy wrong keys, bad if you were reselling or gifting.