The Apple iPhone will be sold by Verizon starting in early February, officials announced Tuesday morning, ending the exclusive hold AT&T had on the popular smart phone since 2007.

The announcement was made in New York City at a press conference where officials said the Verizon iPhone will cost $199 for the 16GB model and $299 for the 32 GB model, according to reports.

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Those prices are for 2-year contracts.

What’s the difference between AT&T’s iPhone and Verizon’s iPhone?

AT&T users can talk and surf at the same time, while Verizon users won’t be able to. However, Verizon users can turn their iPhone into a personal wireless hotspot, where up to five devices can connect to the internet — and AT&T’s iPhone can’t do that.

Both will have FaceTime.

Current Verizon customers can pre-order the iPhone starting Feb. 3. Others will have to wait until Feb. 10 to order the new phones either online or in a store.

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