Over the past two decades, low-cost single-frequency Global Navigation Satellite System (GNSS) receivers have been used in numerous engineering fields and applications due to their affordability and practicality. However, their main drawback has been the inability to track satellite signals in multiple frequencies, limiting their usage to short baselines only. In recent years, low-cost dual-frequency GNSS receivers equipped with Real-Time-Kinematic (RTK) engines entered the mass market, addressing many of the limitations of single-frequency GNSS receivers. This review article aimed to analyze the observations and positioning quality of low-cost GNSS receivers in different positioning methods. To provide answers to defined research questions, relevant studies on the topic were selected and investigated. From the analyzed studies, it was found that GNSS observations obtained from low-cost GNSS receivers have lower quality compared to geodetic counterparts, however, they can still provide positioning solutions with comparable accuracy in static and kinematic positioning modes, particularly for short baselines. Challenges persist in achieving high positioning accuracy over longer baselines and in adverse conditions, even with dual-frequency GNSS receivers. In the upcoming years, low-cost GNSS technology is expected to become increasingly accessible and widely utilized, effectively meeting the growing demand for positioning and navigation.