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So apparently the Verizon iPhone 5 comes factory unlocked for GSM networks. Does this mean I can buy a Verizon iP5 on contract and pop in a T-Mobile SIM and use it with their $30 Monthly4G plan? Any help on this matter would be appreciated because I am not familiar with cell networks and plans.

Source: http://www.cultofmac.com/192238/ver...ut-of-the-box-works-on-gsm-carriers-like-att/

Thanks,
wws

I believe it's unlocked for GSM International Roaming only, and not unlocked CDMA to GSM domestically.
 
I think it's for any carrier worldwide. As stated in this post, " Aside from handling Verizon's LTE waves just fine, the nano-SIM slot will also accept cards from any other GSM carrier worldwide".

Also would I still have to pay Verizon or just T-Mobile? I shouldn't have to pay Verizon because I'm not using their service, just their device.

Another source: http://www.engadget.com/2012/09/21/verizon-iphone-5-unlocked-att-t-mobile-video/
 
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