Most of cheap hosting company are come in one way or another of limitation in something. You should read their terms of use clearly before sign up with them. The common problem of cheap hosting is low uptime due oversold. They gives you cheap so they have to get a volume of visitors to cover their expenses instead. If you are serious enough about online venture I would recommend stay out of the too cheap hosting company as always.
1and1.com .. They are the best & the reasonabl.. using 1and1 since 4 yrs.. GoDaddy was good too.. but 1and1 was better.. Trust me..
because of high competition in hosting there are many good host with cheap prices you have to search for them. I have come accross the below while googling your question http://www.bestwebhostings.net/world-cheapest-web-hosting
JustHost, Hostgator, 1and1 are good choices.. But you can try other web hosts, like us, DomainWink.com. The best thing about us is we can offer an anytime money back guarantee, so you can always try us, risk free.
I like Just Host. Unlimited everything and great support. $3.49 gets you reliable hosting at a budget friendly price.