After a few weeks of heavy use, the tip fell off and fell into my lap. Luckily I managed to shake it onto the concrete floor and pick it up with tongs before I burned myself or those around me. The lace design makes it easy to put on and take off. There are no set screws. Also, the design is so flimsy that the tip holder wobbles quite a bit, forcing me to epoxy the holder to the plastic. I needed a soldering iron that could handle significant heat for extended periods of time, and this thing certainly can't. Although it (surprisingly!) heats up within seconds, the control circuitry sometimes allows the tip to cool below the melting point of the solder. For safety reasons, do not buy this product, choose a better alternative.