a little late to the party, but my 2c on the topic:
i have a cheap no frills fryer that my dad got (used) from one of his customers who was trying to eat healthier, it has no drain, has no switches, all it has is a temp dial, not even an off position, just unplug it. it's electric, for countertop use, when i'm done with it i let it cool down and pour the oil back into the bottle it came in, through a funnel that i have lined with 1 ply (like half the proper thickness) of paper towel, the cheaper the paper towel, the better! this filters out the chunks. give it a good wipe out with paper towel, then spray some fantastic in it and wipe it again, that's all the cleaning i do with it!
i've no issues with it so far, for electric ones, as long as you don't turn it on with no oil in it, you SHOULDN'T have an issue with grease fires, the thermostat should make sure of that. gas ones are much more dangerous as far as that is concerned, if you boil over, it has an open flame to ignite on.
as far as oil goes, I use sunflower oil, IIRC it has one of the highest smoking points, so it will deal with being at a higher temperature, and will deal with being heated longer than other oils, so you won't need to replace it as much. it's a neutral tasting oil, so while it will have an impact on the flavor of your food, it's a mild flavor that has less impact than most oils. it's also quite cheap!
haven't used my frier for fish yet i don't think though...