While many tools claim to be free, TinyJPG (and its sibling TinyPNG) is the industry standard for smart compression. It uses "smart lossy compression" to reduce file size by up to 80%.
If you are dealing with obscure file formats, CloudConvert is your best bet. It supports more than 200 formats and allows you to control image resolution, quality, and file size during the conversion process. 4jpg top free
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Supports over 200+ formats, adjustable quality settings, secure SSL encryption. File Limit: Up to 25 free conversions per day. Best For: Cross-platform file formatting. 3. ILoveIMG (Best All-in-One Image Toolkit) It supports more than 200 formats and allows