OnePlus has officially unveiled its first flagship device. The OnePlus One carries flagship specifications, but you won’t have to break the bank to get it. The device will be available starting at $299 for the Silk White 16GB model, and $349 for the Sandstone Black 64GB model.

The OnePlus One packs a 5.5-inch LTPS IPS with TOL 1080p display, 2.5GHz quad-core Snapdragon 801 processor, 3GB of RAM, 3,100mAh battery, a 5MP front-facing camera, and a 13MP rear camera. The device has a magnesium frame, giving the device a total weight of 162 grams. OnePlus claims this is the “lightest 5.5-inch phone in the world.”

Along with the specifications, OnePlus revealed the new flagship phone’s design, and to be honest, it looks exactly like the Oppo Find 7. Though, if you weren’t aware, OnePlus was founded by Oppo’s former vice president Pete Lau, so the similarities make some sense. The OnePlus One will run the Android 4.4 KitKat-based CyanogenMod 11S. It will be available in two colors at launch, but will also feature interchangeable backplates in a wide variety of colors.

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With such a great deal for a smartphone, there has to be a catch, right? Well, you’ll need to receive an invite to preorder it. Yes, you read that correctly.

AndroidAuthority explains the initial ordering process:

Unfortunately, its general public release date has yet to be revealed, though OnePlus has several contests in the works and other ‘invite only’ ways of getting your hands on the device. OnePlus is even holding a special “smash” contest”, where you can apply and offer to smash your current phone and in exchange you’ll get a OnePlus One for just a buck!

There hasn’t been any announcement of an official release yet, but the OnePlus One will initially be available in Austria, Denmark, Belgium, Finland, Germany, France, Italy, Netherlands, Hong Kong, Spain, Sweden, Portugal, Taiwan, the UK and the United States. If you’re planning on getting your hands on a OnePlus One, you’ll need to enter one of their upcoming contests to get an invite to purchase it.

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So far, this is the best device we’ve seen delivered in 2014. At an amazingly low price with high-end specifications, it’ll be hard for OnePlus to fail at this point. We’re looking forward to getting our hands on this new device and hope to bring your more coverage of the OnePlus One in the near future. Check out the press pictures below.

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