Is advertising on TikTok cheaper since it's relatively new?

I am looking for a cost-effective media platform to market my business on that will give me a good bang for my buck. I am afraid that if I go to large platforms like Facebook, Instagram, or Google, I'll have to fork out an arm and a leg to get a good advertising position. I've been looking to try out Tik Tok ads because it seems it's a relatively new ad space. Is it cheap to advertise on TikTok since it is a new platform for e-commerce sellers like myself?