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If you do soldering where your iron could damage a countertop, a table, or the carpet, you can make things a lot safer by usung this stand on a baking sheet. Little chance of damage with such precautions, and the stand is really inexpensive.
If you're ordering something else, than go ahead and buy this instead of the identical and cheaper Tenma 21-8160. You'll get something that with a bit of work can be made into something far superior. At this price you can't make one from scratch. To start with, a heavier base would be an improvement, as would a support for the coil, which flexes under the weight of the cord. Consequently, unless you compensate by lifting the iron slightly before extracting it, the holder wants to come along with the iron. The tube inside the coil is steel and the iron's tip is likely to contact it, again, as a consequence of the cord's weight. Will this cause a heat transfer from the tip? Some people may judge these faults to be minor and inconsequential and it certainly is usable as is, despite the annoying flexing.
This inexpensive item is really needed to assure the iron does not roll on the workbench or burn its user. This is money well- spent for safety for anyone who uses a soldering iron!
This thing is great. For the longest time I didn't have a soldering stand, so I was having soldering iron tips getting eaten up like crazy. I also don't burn the carpet when my iron falls off the workbench onto the floor any more. You can't beat the price..