Verizon iPhone 5 on T-Mobile

My friend upgraded to the iPhone 5s recently, and he gave me his old iPhone 5. He's on Verizon and I'm T-Mobile.

I was wondering since the iPhone 5 comes unlocked, will it work on T-Mobile by just popping in a sim card. Or am I going to need my friend to call Verizon? Or some other complicated thing.

I know the LTE won't work on T-Mobile, but will I be able to get HSPA+? or just regular 3G?