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URL / Links Shorteners and Redirection tools are used for making your long links into smaller and easily memorable links.

Some Good Points;

•   Very helpful in twitter like sites where u have limited space to write.
•   Very Very long urls can be shrinked to a few characters.
•   Easy to remeber.
•   Specially good for twitter because with a smaller link u can define it more and more.

You can Read More about Good Side and Drawbacks of URL Shorteners here: URL Shortener good or evil

1. Bit.ly

Bit.ly is the top most used URL shortener online. Some Good Stuff about it:

• Clicks Tracking
• Retweet Tracking
• Browser Scripts for Shortening
• Developers API Supported
• etc..

2. Ow.ly

Ow.ly is also like Bit.ly it is very handy, good interface and second most used in twitter  as well. Good Features:

• Clicks Tracking
• Files Sharing Tracks
• Visits Tracking
• You can Upload files even.
• Developers API Supported
• etc..

3. Tiny.cc

Tiny.css also known as tiny url have almost all the features of other url shorteners, it was first introduced in twitter. * Clicks Tracking

• Mostly used in twitter
• Microblogging options
• bookmarking option

4. Mylnk.us

Mylnk.us is a new yet powerful link shortener service. It doesnt track your clicks or visits, but instead it gives you more visits to your link.

• After shortening gives power to bookmark the link in bookmarking sites like digg, delicious, twitter.
• Best Feature is that after shortening when the link is tweeted , it is indexed in realtime search engines like topsy or ubervu comments etc. So u get more traffic.
• Simple Interface.

5. Is.gd

Is.gd is said to be the smallest url generator with comparison to all other url shorteners. very handy tool and easy to use.

• Smallest urls generation
• tracking
• easy to use interface