i have problem with compress my images please advise me best way, this in my code

Question

I am trying to develop an image_compressor web project. I am confused about the best image type for faster page loading speeds and best compression practices. Please advise me on the best way to compress image sizes. Also, please help me to improve my code.

include('connect.php');
$path = "uploads/";
$time = rand(0, 1000);
$valid_formats = array("jpg", "jpeg", "JPG", "JPEG");
if (isset($_POST) and $_SERVER['REQUEST_METHOD'] == "POST") {
    $name = $_FILES['photoimg']['name'];
    $size = $_FILES['photoimg']['size'];
    $tmp = $_FILES['photoimg']['tmp_name'];
    if (strlen($name)) {
        list($txt, $ext) = explode(".", $name);
        if (in_array($ext, $valid_formats)) {
            if ($size < (5120 * 5120)) {
                include_once("resizeimage.php");
                $actual_image_name = base64_encode($name."+".$time).".".$ext;
                $compress = compressImage($tmp, $path.$actual_image_name, 90);
                if (move_uploaded_file($tmp, $path.$actual_image_name)) {
                    $target_file = "uploads/".$actual_image_name;
                    $resized_file = "uploads-thumb/thumb_".$actual_image_name;
                    $resize = 'thumb_'.$actual_image_name;
                    $wmax = 200;
                    $hmax = 200;
                    $resizeimg = ak_img_resize($target_file, $resized_file, $wmax, $hmax, $ext);

                    $insert = $connect->prepare("INSERT INTO `user` (`profile_image`, `profile_image_small`) VALUES (?,?) ");
                    $insert->bindValue(1, $actual_image_name);
                    $insert->bindValue(2, $resize);
                    $insert->execute();
                    echo "<img src='uploads-thumb/thumb_".$actual_image_name."' class='img-circle img-thumbnail'>";
                } else {
                    echo '<script>alert("failed");</script>';
                }
            } else {
                echo '<script>alert("Image file size max 5 MB");</script>';
            }
        } else {
            echo '<script>alert("the format of file shoulde be JPG");</script>';
        }
    } else {
        echo '<script>alert("Please select image..!");</script>';
    }
    exit;
}