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The purpose of this list is to highlight low-upkeep, easily available mercenaries; Class A, Item Mall and super rare mercenaries won't be listed for this reason. Recommended mostly for low level and alt-character formations. 

Sword & Shield

Kim Choon Sam

Excellent tank with a great healing skill and good damaging AoE. Beggar's Wit can also heal catapults in TBS. Has a combo with Chueh Shui. Upgrades with Giant Soul Crystals and Jewels. Recommended for formations in need of a hardy frontliner. Available from the A Tense Moment (Quest)

Lady Knight

Excellent tank with a decent damage skill, but not much else. Has a combo with the Oracle. Books are very easy to get. Upgrades with Giant Crystals and Jewels. Available from the Lady Knight Recruitment (Quest)

Dual Sword

Pirate

(Listed for neccesity, the merc itself is relatively expensive)

Very high damage input increased by her passive skill, plus great debuffing skills. Books are kind of rare. Upgrades with Phoenix Soul Crystals and Jewels. Recommended for Blademaster Mains. Available from the Pirate Recruitment (Quest) and as a random drop from the Ghost Ship of the Caribbean ND reward

Spear

Spartan

Can tank damage and has good damage input. War Cry seriously reduces the enemy's attack power, plus Sparta increases the power of Spear users including himself. Books are somewhat uncommon. Upgrades with Giant Soul Crystals and Jewels. Available from the Spartan Recruitment (Quest) and as a random drop from the Chaotic Tower of Babel ND reward

Chueh Shui

Good damage input and durability, and great damage skill. Also has a combo with Kim Choon Sam. Upgrades with Phoenix Soul Crystals and Jewels. Available from the Groundless Rumor (Quest)

Axe

Soranggoon

A passable Tarkan substitute with decent durability and versatile skillset. Upgrades with Ashen Crystals and Jewels. Available from the Shaolin Sect 1 quest

Northern Viking

Decent damage input with somewhat low durability, but redeems himself with access to two freezing skills. Upgrades with Giant Crystals and Jewels. Available from the Viking Upgrade (Quest) , using the reward item on a LV 100 Viking.

Gou Chen Nam

Comparable to the Nothern Viking, with better durability and a vertical (instead of horizontal) freezing skill. Upgrades with Ashen Crystals and Jewels. Available from the Gou Chen Nam's Pure Heart (Quest)

Armor Fist

Guangmo

Can tank damage thanks to his durability, plus his AoE reduces enemy Defense and Magic Defense. Great for formations in need of more damage input (can be used alongside Xuanzang). Upgrades with Ashen Crystals and Jewels. Available from the Recruit Guangmo (Quest)

Power Saw

Punisher

A support merc with good damage input but low durability. Can use Awakening, weaken Bow users, and has a decent damage AoE. Upgrades with Giant Crystals and Jewels. Books are very common. Available from the Punisher Recruitment (Quest)

Heisha Modi

A poor man's Bounty Hunter. Has great damage input, plus his active skill makes enemies receive more damage from melee attacks. Upgrades with Phoenix Soul Crystals and Jewels. Sadly can only be obtained from events.

Rifle

Bai Xian

A great Sheriff substitute with high damage input and a stun-effect passive. Upgrades with Dragon Soul Crystals and Jewels. Sadly can only be obtained from events.

Janissary

An upgrade from the basic Gunner with decent damage input. His only skill increases his attack power at the expense of 1 turn for activation. Upgrades with Dragon Crystals and Jewels. Books are very common. Available from the Janissary Recruitment (Quest)

Gunner

Despite her low rank, she can remain useful for a long time. Has slightly less damage input than the Janissary, but doesn't require an extra turn of buffing and her damage skill increases combo count. Excellent for Colesseum League, even at high levels. Ugrades with Ashen Crystals and Jewels. Books are very common. Available from NPCs Jang Gil San, Ou Yang Feng, Shuichi, Im Guk-jung and Neti, or as a roaming recruitable mercenary.

Bow

Empress

Great damage input and support skills. Has both a Holy Guard skill and an enemy magic blocking skill. Upgrades with Dragon Soul Crystals and Jewels. Books are a bit uncommon. Available from the Empress Recruitment (Quest) or as a random drop from the Haunted Tatami Room GD reward

Hwarang

Less damage input than the Empress, but compensates with versatile skills. His Ranged buffing skills make him a staple of ranged formations,  plus he can block Instrument users. Upgrades with Phoenix Crystals and Jewels. Books are common. Available from the Hwarang Recruitment (Quest)

Whip

Shen Hong

A great damage dealing mercenary. Her AoE reduces enemy Action Power while Soul Wound deals DoT and makes enemies take more damage from ranged attacks. Recommended for ranged formations. Upgrades with Phoenix Soul Crystals and Jewels. Available from the Shen Hong Recruitment (Quest)

Cannon

Bai Yigai

Greater damage input than the Cannoneer, further increased by his passive. Not much use beyond dealing damage, but he's great at it. Upgrades with Dragon Soul Crystals and Jewels. Available from the For Acknowledgment (Quest)

Cannoneer

Less damage input than Bai Yigai, but his AoE reduces Accuracy of an enemy formation. Has a combo with the Princess. Books are very common. Upgrades with Dragon Crystals and Jewels. Available from the Cannoneer Recruitment (Quest)

Staff

Monk

The best basic support merc in the game despite his low class. Can use Awakening, Holy Guard and increase the MC's durability. A staple of PvP, especially Free League. Upgrades with Ashen Crystals and Jewels. Books are very common. Available from the Monk Recruitment (Quest) or as a roaming recruitable mercenary

Oracle

A cheaper healer alternative to the Vampire or Ching Ya. Skills are identical to the Shaman but more effective, plus Healing can revive characters in TBS. Upgrades with Redemption Crystals and Jewels. Has a combo with the Lady Knight. Books are common, but Healing can be sometimes expensive in Market. Available from the Oracle Recruitment (Quest)

Witch

The only flying mercenary with a great AoE skill. Aside from her AoE, she also has Mana draining and Magic crippling skills. Much recommended for TBS. Upgrades with Redemption Crystals and Jewels. Has good synergy with the Exorcist as Mage killers. Books are common, but Meteor Strike can be sometimes expensive in Market. Available from the Witch Recruitment (Quest)

Xuanzang

A relatively durable enemy debuffer. His AoE reduces enemy Health and deals DoT. Has a combo with Trainee Dharma. Great for formation in need of more damage input (can be used alongside Guangmo). Upgrades with Giant Soul Crystals and Jewels. Available from the Shaolin Sect 1 quest

Instrument

Maitreya

A durable support merc. Her skill can block Magic use, including that of bosses. Not much use beyond sealing Magic. Upgrades with Dragon Soul Crystals and Jewels. Available from the Shaolin Sect 1 quest.

Chiu Hong

A good, if unorthodox support mercenary. Has two AoE: one increases the player formation's Health and Critical rate, while the other weakens the enemy formation's melee units. Upgrades with Dragon Soul Crystals and Jewels. Sadly can only be obtained from events.