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 7-Zip, 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.