Please understand that you are not picking between LED and IPS but instead TN and IPS. TN panels are dirt cheap and have a lower response time (typically lower than 5ms) whereas IPS panels have better colour reproduction and viewing angles and have a higher response time (5ms+). LED monitors can be both IPS and TN, it just refers to how they are backlit. I would recommend if you are on a tight budget that you go for a decent TN panel which is preferably LED lit but LCD is fine bar the added energy consumption.