Graded
The item has been sent to a grading company, assessed, and sealed in a holder with a certificate number and a grade on the label. The judgement is the grading company's, not eBuy's.
Check that the certificate number in the listing matches the number visible in the photos, and look up that number on the grading company's own website.
Raw
Ungraded. Nobody independent has assessed it. What you are relying on is the seller's description and the photos, which is why detailed photos of a raw item matter so much.
Raw is not worse. Most collectibles are raw, and grading only makes sense above a certain value. It just means the checking is yours to do.
Three different things, often confused
- Seller verified — eBuy confirmed who the seller is
- Expert reviewed — eBuy checked the listing quality before publishing
- Graded — an outside company assessed the item itself
"Reviewed", "graded", and "authentic" are not the same word. A listing can be expert reviewed and still be a raw, ungraded item.