Rivalry in the hotly-contested smartphone space seems to be intensifying, with companies trying their best to outdo each other.

In a bid to stay ahead in the race and entice consumers, carriers and retailers often offer fantastic bargains, so we're taking a look at the top five smartphone deals available currently.

These are offers which won't burn a hole in your wallet and range from one cent to $50. The smartphone deals include top-of-the line handsets from major players: the Nokia Lumia 920, Samsung Galaxy S3, Nexus 4, HTC 8X and iPhone 4.

1. Nokia Lumia 920 For $0.01

Want to snap up a brand new Nokia Lumia 920 for just $0.01? U.S. retailer CarToys has the AT&T variant of the best-selling WP8 smartphone from Nokia up for grabs for next-to-nothing on a two-year contract. AT&T retails the Lumia 920 for $99.99.

The Lumia 920 deal is valid only for online orders and CarToys is offering only the black model. The deal is valid for both new and existing customers who are eligible for an upgrade.

CarToys' Web site does not indicate how long the deal will last.

2. Samsung Galaxy S3 For $0.01

Samsung may be gearing up to release the much-touted Galaxy S4 soon, but that hasn't reduced the popularity of the smartphone market leader's best-selling Galaxy S3.

The Galaxy S3 normally retails for $199.99 on a two-year contract with U.S. carriers Sprint, AT&T and Verizon, whereas T-Mobile retails it for $279.99.

Thanks to a new Amazon Wireless deal, consumers need to shell out only one cent to pick up the 16GB version of the Galaxy S3 (Sprint variant). Take your pick from either Marble White or Pebble Blue.

The deal is only valid for new contracts and those eligible for upgrades with Sprint will need to lay out $119.99, which is still an $80 saving.

Amazon Wireless has not disclosed how long the offer is valid, so if you're looking to purchase a new Galaxy S3, check out the $0.01 deal.

3. iPhone 4 For $0.99

If you've been hankering for an Apple smartphone, then this deal from AT&T will make you sit up and take notice. AT&T is offering the iPhone 4 (8GB) for just $0.99 on a two-year contract. What's more, AT&T has also thrown in free overnight shipping, so you'll have the handset in a jiffy.

 You have the option to choose either the black or white iPhone 4. To take advantage of the deal, head here.

4. LG Nexus 4 For $49.99

The LG-made Google Nexus 4 smartphone is one of the hottest-selling Android smartphones around. While several deals for the Nexus 4 are on offer, none can beat the T-Mobile one.

T-Mobile USA is offering a Web-only special discount on the Nexus 4 smartphone, through which you can purchase the handset for just $49.99. The Nexus 4 normally costs $199.99 on a two-year contract, so with this deal you save nearly $150 (after a $50 mail-in rebate).

The T-Mobile offer, however, is only valid till Feb. 18. Stocks are running low; T-Mobile's Nexus 4 offering is here.

5. HTC 8X For $49.99

Rounding out the top five deals list is yet another WP8-powered smartphone, the high-end HTC 8X. AT&T has discounted the price of the HTC 8X from $99.99 to $49.99 for the 8GB version. Not only do you save $50 and qualify for free overnight shipping if ordering online, you also have the option to choose between California Blue and Limelight colors.

It is not known if this is a limited time offer; pick up the HTC 8X from here.