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> Telnyx is actually a registered carrier so other carriers are forced by law to peer with them at lower prices.

> There are other low-cost SMS API providers but AFAIK none are actual carriers and they maintain the cost by only doing messaging and relying on enormous volume to make up for tiny margins - their profitability and therefore longevity are tenuous IMO.

Depending on what you're doing, chances are you're better off ignoring everything an aggregator tells you. Measure delivery through actual user measures and cost keep active accounts with multiple providers and shift traffic where the cost/success is best for a given group of users (country/carrier/etc).

All the aggregators will tell you they have global coverage and that they use 100% direct routes, and they're all lieing.

While this is somewhat true, the point of being a registered carrier is that most countries regulate that registered carriers must peer with each other at much lower costs. It is nearly-impossible to get "direct routes" everywhere, mostly because of the logistics of signing all those agreements.

But you will generally be much better off with an actual registered carrier because they have better access to direct agreements with regulated pricing.

After what twilio did to authy and almost locked me out of my 2fa (and for what benefit to them?) I wouldn't use them if they were the only option

Is it US only?

nope!