I'm another proponent of buying decent terminals to start with, whether they be insulated, non-insulated w/seam (brazed/welded seams are best), open-barrel, and so on. Decent tooling is preferred as well, but I find the terminal is more important. For example, you can get an inexpensive ratcheting crimper into proper adjustment, and still make a good connection with a decent terminal (will pass a pull force test). Yet the best tooling may not be able to get a cheap terminal into compliance.
Oh, and cheap terminals may be made of too thin a material, the wrong material, thus won't meet any safety specs whatsoever. Even if you can get it to pass a pull force test. Figure out your needs and gamble if you like. YMMV, but I don't want to chance it on a $0.10 - $0.25 terminal.
Look around, you don't have to pay a fortune for good terminals (compare brands for like terminals). Molex is one example where you get a better cost/performance ratio over say Panduit or Thomas&Betts. Cost wise, un-insulated types will come in cheaper per terminal as a general rule, and adding some heat shrink (adhesive lined in particular), will add both insulation as well as strain relief. As per what to use where, that all depends on the application.
Insulated terminals for example have absolutely no place in automotive or marine applications, as they're made for fixed wiring installations (i.e. buildings). Open barrel tend to be made for high vibration environments such as automotive applications. And it goes on and on.
OP: as to your original question, all you need is a ratcheting crimper with red, blue, and yellow die nests.