What's the difference between an IPS monitor and a LED monitor?

The LED moniker is quite misleading in this context.

Actual LED displays are very expensive, of the order of ₹50,000 ($1000). So what you hear is a marketing gimmick. This is what you need to understand about these terms:

LED is a backlight technology, IPS is a panel technology.

LED can also be a display technology.

LED = LCD screen with an LED backlight

They are different things. IPS is a display panel technology. LED monitors may have IPS or TN panels, and they are illuminated via LED lighting.

An LED backlit display can have an IPS, TN or PLS display. Similarly, an IPS panel can have an LED or Incandescent backlight. Actual LED screens are different, they use coloured LED subpixels to generate displays. LED-backlit-LCDs make use of polaroid filters on coloured subpixels to make colours out of the white LED backlight. An LED-backlit-IPS-LCD does the same with a slight difference in the polarizer.

It has the electric fields arranged in such a way that the rotation of liquid crystals occur about the perpendicular plane. Hence there is no concentration of light reflected perpendicularly from the crystals. This enhances viewing angles.

IPS is a panel type so you can have an LED IPS monitor. They are not mutually exclusive. IPS is all about better colour and overall viewing for the user. If you’re into photo editing/gaming go wild with an IPS monitor.

Otherwise, a normal LCD monitor with LED will do just fine for other purposes.

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