You can use either FAT32 or NTFS it's up to you. If you want to check current file system for your drive just right click and choose Properties.
eXfat
ntfs
Executable flash files can be run on any windows file system.
FAT (file allocation table) and NTFS (Windows NT file system).
exfat
Windows 98 supports both the FAT16 and FAT32 file systems. The FAT32 file system will support drives up to 2 terabytes in size, while the FAT16 file system will support drives up to 2 gigabytes in size.
exFAT
in locking or closing the window file
exFAT file system for large external storage devices that you want to use with other operating systems. And FAT32 for small hard drives or USB flash drives because does not have as much overhead as NTFS.
Protogon is Windows 8's new file system. It will no longer be compatible with the current NTFS system, meaning you'll have to reformat your existing drives to work with Windows 8.
Most hard drives have only one partition. Each partition is formatted according to one file system. So most hard drives have only one file system. However, many hard drives have two or more partitions. One common approach is to "dual boot" a computer, with Linux on one partition in the ext4 file system format, and Windows on another partition in the NTFS file system.
For drives over 32 GB, Windows 2000 defaults to NTFS. FAT32 is also available for drives under 32 GB.