You don't need any special equipment to deep-fry. A saucepan or deep skillet and a slotted spoon are all that's needed. A fry/candy thermometer will help keep the oil at the right temperature (350-375F) so that your food doesn't get greasy, but a rough test is to drop a drop of water into the oil - if it sizzles and evaporates immediately, the oil is hot.

I just can't stand wasting the amount of oil it takes to fry, and I don't like to fry so often that oil doesn't get wasted. Still, we make falafel two or three times a year. We strain and refrigerate the used oil. I feel reasonably safe doing that as long as I use oils like canola that are primarily monounsaturated and have a high smoke point.