I have just installed Windows 10 and I am adding in a 4TB Storage drive.
Should I use ReFS on instead of NTFS?
I have heard it is more reliable to use - are there any drawbacks to using this filesystem rather than NTFS?
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There are pros and cons to both systems. In short, ReFS is designed to be a more robust filesystem for large data storage.
ReFS has some distinct advantages over current reigning Windows file system NTFS, but it also has some drawbacks. It boasts self-healing powers, ability to repair files without down time, less risk that data will be lost when there’s a power failure (due to the way it writes metadata), and of course the ability to create huge volumes and files and even give those files names that are longer than 255 characters if you wish. Source
For an in-depth discussion of the differences, I suggest you read the following TechNet Article
I am making the assumption from your question that this 4TB drive is in addition to an existing drive that contains your OS. It is not recommended to install Windows on a ReFS drive:
NTFS remains the file system of choice for the operating system boot volume as well as any other general needs for data storage.