Hi,

I want to know which security setting is better for securing home WIFI network ? In router we have two options, one is to use WEP with either 64bit or 128bit security key or other is to use WPA/PSK or WPA2PSK.

Don't you think 128bit encription is very high level of encryption, please suggest me which is better from both ?

It is advised to use WPA / PSK as it is secured compared to WEP. Though WEP uses 128 bit encryption but it is actually easy to break it the way it is used. Anyone with suitable knowledge and tools can bypass it easily. Hence you are advised to go for WPA/PSK security method.