Hello Kiran. Depends on what you need. For quantitative samples, which require weight to sedimentation in a Utermohl chamber, iodine lugol's solution is the best. But use an amber jar, lugol is sensitive to light. For qualitative samples, the best preserver so far I used was Transeau solution: 6:3:1. Contains 6 parts water, 3 parts ethyl alcohol (95%), 1 part Formalin (commercial). 1 should be used 1:1 with the water of the sample. Best regards.
The most widely used fixative for analyzing microphytoplankton communities is Lugol's iodine (0.2 to 0.5 ml of solution added to 100 ml of sample). Lugol's effect is instantaneous. It also increases the weight of the organisms and thus decreases the time it takes for particles to settle in settling chambers (Utermohl method). It may discolor some particles, which may hinder identification, but before analysis the sample can be bleached using sodium thiosulfate.
In terms of cell structure retention, buffered glutaraldehyde is the best preservative. Lugol's solution (1% final concentration) is effectively bacteriostatic, but it causes a number of changes in algal cells. Iodine will bind with starch to form a blue-black complex, rendering the whole chloroplast or cell so dark in color that identification is difficult.