Dxtory is the best free alternative out there, and correctly configured it can easily beat many of the other paid options. If you're on AMD, their gaming platform (Raptr, I believe?) should've released a video recording function as well which is going to use your gpu instead of your cpu, pretty much like Nvidia does with shadowplay. Give it a try if you want.
About paid ones, I'd go for Mirillis Action or PlayClaw. I haven't tried any of both, but they're the ones I see around the most.
Fraps? That's good for taking screenshots and showing fps. Video recording is out of their reach unless you got a ton of disk space and resources to waste... Not to mention the free version stops at 30 seconds...