VeraCrypt: exFAT or NTFS

NTFS has much more advantages over exFAT (which in turn is optimized version for flash drives ). exFAT basically is the same as FAT32, but doesn't have FAT32 limitation in 4Gb maximum file size and size of partition. NTFS allow you to use file permissions that applies only for running operation system as well to use ADS (alternative data streams - that allow to hide extra "invisible" files behind regular file). Many other operation system such as linux, BSD and Mac OS can use NTFS too (some of them allow read-only mode only but ntfs-3g will allow read/write operations, but should be use carefully because of permissions). If you going to use VeraCrypt mostly with windows, then NTFS might be preferable