Copy first, encode only when forced
A video file is a box of streams, and most "conversion" jobs only need a different box. This converter is built around that fact: it reads what is inside your file, checks it against what the target container accepts, and copies everything it can. A copied stream costs no time worth mentioning and no quality at all, because no frame is ever decoded.
Re-encoding happens only where it is genuinely forced, such as VP9 video heading into an MP4, or H.264 heading into a WebM. Those runs are slower than real time in a browser, and the interface treats that honestly: the row says re-encoding while it happens, shows a percentage, and the cancel button actually stops the work rather than just hiding it.
Choosing a target, practically
MP4 with H.264 is the least interesting and most correct answer for almost everyone: phones, TVs, browsers, editors and web forms all take it. MOV is worth choosing when an Apple-centric pipeline asks for it by name. MKV holds nearly any stream you throw at it unchanged, which makes it the fast target for archiving odd files. WebM is the open format the Chromium world favours; going to it always re-encodes here, so reserve it for when a platform requires it.
For pulling the soundtrack out of a video there is a dedicated audio converter, and the GIF pages handle animated output, each with the controls that job actually needs.
Limits, stated plainly
Files up to 500 MB are accepted. The first file triggers a one-time engine download whose size the page states up front. Everything runs locally: your footage never leaves your browser, whatever is in it.