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Rest assured, coconut oil -- with its low smoke point -- is not a good fry oil.
Do you have a budget? Some of the best deep fry oils are relatively pricey.
You are better off with refined safflower, sunflower, or peanut oil. You can use an extra light olive oil, but that might get rather spendy. Your call on how you want to use your dollars, of course.
canola oil is the standard in the u.s.
Just because it's the most used doesn't make it the best. Commercial operations will tend to use high-performance, inexpensive fry oils and ignore healthfulness.
Canola is not a plant. It is a marketing term created by a Canadian rapeseed growers association. About twenty years ago, Monsanto manufactured rapeseed that was resistant to certain common herbicides. Today, almost all of the world's canola oil is derived from genetically modified rapeseed plants.
Anyhow, enjoy your fryer.
Meg is a trusted home cook.
Somewhat off topic, but yesterday I made a falafel recipe from Honey and Co, which I reviewing for the Community Piglet. (my,that looks odd in print) and the falafel will spoil you forever for other falafel. Fried in peanut oil, strained and re used from Hanukkah latkes. In a regular pan w a candy thermometer. My mom had a fry kettle but I don't (yet). I think olive oil's smoke point is low for deep frying.
Olive oil is processed different ways. Each version has a different smoke point. Same with many other oils.
This article from Serious Eats
lists common oils and their various smoke points. Extra-virgin olive oil has a low smoke point but refined/light olive oil that I mentioned earlier has a high smoke point.
As you can see from the list, coconut is near the bottom and isn't suitable for frying.