The Nexus 4, which goes on sale today, is a significant device not just because of its top-of-the-range specs. The Nexus 4 is also worthy of your attention because it’s a brand new phone that’s selling for a reasonable price and is unlocked. If you so desire, this is the perfect chance to free yourself from the terrible hegemony of the US mobile carriers. But first, you’re going to need to evaluate your options if you’re planning to jump on the Nexus train.

The Nexus 4 is a pentaband GSM phone, so you can use it on any GSM network. Two such networks exist in the US, but you have more than two options. Let’s go over what you need to know.

What you’re getting

In choosing a carrier for the Nexus 4, take into account what AT&T and T-Mobile coverage is like for you. The Nexus 4 runs only on HSPA+, not LTE. Both AT&T and T-Mobile have HSPA+, but the theoretical maximum speeds are different. AT&T tops out at 21Mbps and T-Mobile has cranked its 3G network up to 42Mbps, although both carriers insist on calling their HSPA+ “4G.”

In the US, you’re going to be on one of these two networks, but that doesn’t mean you have a relationship with the big carriers — there are pre-paid carriers out there reselling the service. You get the same signal and speeds, but a cheaper price on pre-paid. You do have to give up some features like roaming and call forwarding, which might be a problem for business users.

Pre-paid plans

The raft of smaller carriers licensing the T-Mobile and AT&T towers for pre-paid service are called mobile virtual network operators (MVNOs). Since you’ve got an unlocked phone, you can take advantage of the substantial deals they offer.

One of the biggest names in pre-paid right now is Straight Talk. It will cost you $15 for the SIM card, and $45 per month, but you get unlimited talk, text, and data (sort of). Straight Talk runs on either T-Mobile or AT&T — so make sure you ask for the SIM that will work best in your area. That unlimited data is really only unlimited until you hit the invisible throttling limit in each billing cycle. There are reports that this happens around 1GB, so be careful.

Simple Mobile is another popular option, but it only has access to T-Mobile towers. That’s fine for many folks, and the speeds will be better. The plan here is $50 per month for unlimited everything, and $13 for the SIM card. The bandwidth policy is murky here too, but users report the throttling seems to happen around 5GB of data.

Another option is Net10, which is owned by the same parent company as Straight Talk. You still have to pay $15 for the SIM, but service is $50 per month for the same basic deal. The only difference appears to be a more lenient data policy. Users report data speeds being throttled at 2-3GB. Net10 also has both AT&T and T-Mobile SIMs.

There is one more MVNO you should consider, and it’s a little bizarre. Solavei uses the T-Mobile network, but the amount you pay is determined by how many of your friends you can get on board. You pay $50 a month to start, but it’s a whopping $80 to activate and get your SIM card. For that fee, you get unlimited talk, text, and 4GB of data before throttling.

The hook comes when you use Solavei’s social network to get your friends to join. Every three people you get to sign up reduces your bill by $20 per month. If those people get their friends to join, you get a piece of the action too. Your monthly bill can actually go negative, and Solavei pays you. This is definitely intriguing, but feels a little like a multilevel marketing scheme.

You’ve also got good old T-Mobile pre-paid plans to consider. There are a few tiers, with the cheapest being a $30 deal with 100 minutes, unlimited texts, and 5GB of data. Not bad if you never talk on the phone. The plans that come equipped with unlimited minutes are not as good of a deal. It’s $50 for unlimited talk and text, but only 100MB of full-speed data before it gets throttled. At $60 the data is bumped up to 2GB, and at $70 it goes to 5GB. It gets a little pricey for pre-paid, but that $30 plan is very popular.

Post-paid plans

If you want a traditional plan with all the bells and whistles, AT&T is happy to take your money. The lowest tier with 450 minutes, unlimited texts, and 300MB of data will cost $80 per month before taxes and fees. 3GB of data is $90 and 5GB is $110.

If you have multiple devices, AT&T also has family and Mobile Share plans. These start at around $130 for 1GB of data on two lines, and go up quickly from there. The only reason you’d want be on AT&T post-paid is if you need features like call forwarding or you want to be on a family plan of some sort.

As for T-Mobile, its website is deceptively exuberant. Have your own device? No problem, take a look at this Value Plan! It has all the features of standard cell plans, but is a little cheaper because T-Mobile isn’t subsidizing a phone. That sounds great, but there’s a catch — you have to sign a 2-year contract for the Value Plans.

The Value Plans will run you $70 per month if you want one line of unlimited everything. This is not a bad deal, but you’ll have the contract and early termination fee of $200 hanging over your head. T-Mobile will only allow you to sign up with an unlocked phone if you do pre-paid or the Value Plan. You’re better off with a T-Mobile MVNO or even AT&T.

So what should you do?

If you’re going on this unlocked journey alone, you should probably go with a cheap pre-paid carrier or T-Mobile’s $30 pre-paid tier. You get access to the same network, you just lose a few features that most users won’t need. Just make sure you choose a network that has good coverage in your area.

For those of you needing roaming, call forwarding, or family plan features, you should look at AT&T first. It’s expensive, but you can set up an account without agreeing to a contract like T-Mobile requires. Half the fun of an unlocked phone is having the freedom to ditch your carrier at any time.

Now read: Google’s Nexus 4, 7, 10 strategy: Openness at all costs