Should I use an IPS or LED monitor?

IPS is a kind of LED monitor. It will provide wider viewing angles and more accurate colors than other kinds of LED panel technology. Whether it is better for you or not depends on your use case. IPS is not as good at handling fast motion as other display technologies, so it will be good for office work, movie watching, and games that do not have a lot of fast motion.

Should I use IPS or LED for gaming?

IPS panels are sufficient for slower-paced games. However, they will suffer by comparison when playing games with a lot of fast motion like first person shooters. LED monitors are much better for fast-paced gaming compared to IPS monitors.