The Ibanez TL5 Tremolo is a great inexpensive tremolo pedal. It has 3 knobs - level, speed and depth. It is easy to use, and the speed knob is the one you'll find yourself tweaking the most.
A great feature is the blinking LED light that blinks with the speed of the wave. This tremolo pedal has a warm, deep analog tone - similar in character to a vintage Fender amp tremolo, although I am not claiming it to be as good as a Fender tremolo. It is still quite impressive for an inexpensive plastic pedal. There is absolutely no colouration on guitar sound.
This tremolo pedal is probably the best bang for the buck if you can't afford something like the Line 6 Tap Tremolo or a 3ms Tremulus Lune. This doesn't do as much as such expensive pedals, but the tone is great and you'll save around $100 or more compared to those pedals.
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