Sharing files between Mac and Windows

Just bought a 2TB external harddrive, but it is in NTFS format and is compatible with Windows 10 only. To use it with Mac it needs to be reformatted.

The choice is FAT32 or exFAT.

FAT32 is the traditional simple format, supported by most OS. But it cannot be applied to a disk larger than 2TB. Single file size cannot be larger than 4GB.

exFAT is an extended format of FAT32. It allows file size larger than 4GB.

Some links:

[1] How to format external hard drives for Mac and Windows
[2] How to share an external drive between a Mac and a PC
[3] Difference between exfat and fat32
[4] What is exFAT and how is it different from FAT32