WAV files are about ten times larger than an MP3 of the same recording. TTA stores audio losslessly in a smaller file than WAV. WAV is at home in recording, editing and mastering; TTA is the usual choice for archiving CDs without losing quality.
The defaults suit most files. Under Options you can trim the start and end.
This pair uses the compatibility engine, ffmpeg built for the browser, because TTA cannot be written by the browser's built-in codecs. It is a one-off download of about 10 MB that the browser keeps, it is slower than the built-in codecs, and it takes files up to 1 GB.