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ZTE Axon 7 preorders begin today, ships out July 27

ZTE's Axon 7 flagship phone is ready for preorder and is expected to ship out by the end of the month.

Now playing: Watch this: ZTE gets luxe with Axon 7 phone

Interested buyers in the US will be able to preorder ZTE's latest marquee handset, the Axon 7, starting today. The phone costs $400 unlocked, and will ship out on July 27. You can purchase it through retailers including Amazon, Best Buy and ZTE's own online site.

The device is the company's most powerful phone yet and features a 5.5-inch display, a 20-megapixel camera and Google Android 6.0.1 Marshmallow. Its Snapdragon 820 processor also makes it powerful enough to satisfy Google's VR initiative. Known as Daydream, it is a hardware and software standard that Google put out to guide Android phone companies to make VR headsets.

With its low price, the Axon 7 is a great value for its specs. However, it faces stiff competition against other inexpensive handsets like the OnePlus 3. That phone features comparable hardware (like a 5.5-inch screen, the 820 processor and a 16-megapixel price tag) as well as a $400 price tag.

Editors' Note: This piece has been updated with the July 27 shipping date.