Argon2 is the winner of the password hashing competition and should be considered as your first choice for new applications;.

bcrypt where PBKDF2 or scrypt support is not available.

md5 - плохой вариант, подвержен брутфорс-атаке.

PBKDF2 when FIPS certification or enterprise support on many platforms is required;.

scrypt where resisting any/all hardware accelerated attacks is necessary but support isn’t.