XLSX, XLSM or XLSB: Which File Type Is the Best for You?

Probably 99% of all Excel workbooks are saved in the XLSX file type these days. But there are various other file extensions available: For example XLSM, XLSB or “older” Excel users might still remember the XLS file type. What are the differences of these file types? And even more important: Which one should you use?