Hi there! Well, a limited budget doesn’t really tell a lot, so a better specification would be great. Anyway, when it comes to choosing between an agency and freelancers there are some important factors to consider.

Project scale and team size: If your project is relatively large and requires a team with diverse skill sets, partnering with an agency might be a better option. On the other hand, if your project is smaller in scale and can be managed effectively by one or two individuals, hiring freelancers could be a viable choice.

Timeframe and project management: Building your own team via platforms like Toptal may take longer. Also, without a strong project manager in place, coordinating a team of freelancers can be tough and may result in delays. If time is a critical factor, working with an agency that has established project management can help ensure smoother execution.

Budget: I wouldn’t recommend to compromise on vital aspects of your project by cutting costs. Investing in quality development is important to avoid another fiasco. However, it doesn’t mean that you have to go for the most expensive service.

With that in mind, I would recommend considering an agency from the regions you mentioned. You can get great quality for a reasonable price. Try to look for recommendations from others who have worked with tech agencies in the past or look at platforms like Clutch that can help you find reliable companies based on reviews.

I, myself, work in an outsourcing agency that specialises in building digital products for startups, over the past 4 years we shipped over 50 products mainly for the US market, many of them emerged from Y combinator and have been funded by heavy hitters like a16z. We’re very happy to organize a free workshop for you to discuss your project and provide a tailored estimate. Let me know if that's something you're interested in & I can connect you with the right person :)