Want a foldable phone? This one is the cheapest in the world right now

If there’s one thing foldable phones are known for, it’s how expensive they can be. But ZTE may change that perception with the Libero Flip, which has claimed the title of the cheapest foldable phone currently on the market.

First spotted by The Verge, ZTE is selling the Libero Flip in Japan for only $420. It’s even more affordable if you pre-order, as the company will cut the price down by $155, which would put it at $265. That’s a steal compared to the $1,000 price tag that comes with the Galaxy Z Flip 5.

Of course, this price comes with a few trade-offs. This handset was designed for the midrange market, so you’re not going to get Qualcomm’s latest and greatest chip. Instead, this foldable is powered by Snapdragon 7 Gen 1 SoC. It’s also not very resistant to dust or water with IP4X and IPX2 ratings, respectively.

Despite the less powerful chip, it does boast a bigger battery than Samsung’s handset, coming in at 4,310mAh. It also has a slightly larger 2790 x 1188 foldable OLED display, measuring at 6.9 inches.

It’s most defining characteristic, however, may be the circular 466 x 466-pixel cover screen. This cover screen isn’t meant for full app experiences, rather it’s used primarily for widgets. You can also use it as a preview window when you take selfies.

Sitting inside that ring-shaped display is a 50-megapixel main camera and a 2-megapixel depth sensor. As for the punch-hole camera on the front panel, it’s a 16MP shooter.

While it’s unlikely that Samsung will release a foldable cheaper than this, there are rumors it could launch a midrange foldable in the future.