Product review (2 stars): If you're looking for cheap, you've found it!
This thing is not what you want. It falls over with even the smallest of Soldering Irons. The coil holder falls off and there's no good place to put the iron in without hitting and melting the PLASTIC BASE.
The magnifier is almost useless because the focal length is too short. Forcing you to get way too close to the work.
The cheesy alligator clips are too stiff, cut through wire insulation and don't open very far.
If you're looking for cheap, you've found it!