PeaZip is more than a compression utility, as it is able to compress, convert, encrypt, safely delete and open up to 150 archive formats, including RAR, ZIP, ZIPX, 7Z and TAR. Also available in a portable version, this Open Source tool has the capability to test and extract all file formats you may have encountered until now. With context menu integration, a drag-and-drop function and a simply to use interface, it seems to be the complete alternative to all compression utilities yet created.
As it benefits from the reliability of all Open Source technologies, such as 7Zip, FreeArc and others, you should expect a decent speed and one of the best compression ratios.
In terms of security, it does it all: two factor authentication, encryption, including of passwords, secure deletion of files, duplicate finder and split & join features.